Athene Performance Elite 10 review

Yes, for someone whose primary goal is guaranteed lifetime income. This is a strong income-focused FIA with a competitive rollup rate, a short waiting period, and features like the earnings-indexed income option and confinement enhancement that many competitors do not offer. It is less appealing for someone who primarily wants accumulation, because the crediting rates are lower than what you would find in a product designed for that purpose.

The main reason to buy Performance Elite 10 is to build a guaranteed lifetime income stream that you cannot outlive. The 8% simple interest rollup on the benefit base means your guaranteed income floor grows predictably every year, regardless of what the markets do. The 1-year waiting period means you can start income relatively quickly if needed, unlike products that require 5 or 10 years of deferral. The earnings-indexed income option means your income payments can increase over time if the contract performs well, which helps address inflation concerns. And the enhanced income benefit doubles your payout if you are confined to a care facility, for up to 5 years.

I think Performance Elite 10 is best for someone age 50-80 who is primarily focused on creating a reliable income stream in retirement and wants the security of knowing their income floor is growing at 8% simple interest even if the market underperforms. It is also a good fit for someone who values the confinement enhancement as a partial hedge against long-term care costs. It is less attractive for someone who is primarily focused on growing their money as aggressively as possible, because the crediting rates are lower than accumulation-focused products. And it is not the right product for someone who may need significant access to their principal within the next 10 years.

You are buying a guaranteed income machine. The principal protection and index-linked crediting are part of the package, but the core value proposition is the lifetime income guarantee. The benefit base — which is the number used to calculate your income payments — grows by the greater of 8% simple interest or actual interest credits. That means even in a zero-return market environment, your future income is growing. The contract value may grow more slowly than an accumulation-focused product, but that is not the point. The point is the income guarantee.

The built-in Lifetime Income Benefit creates a separate benefit base that starts at your initial premium and grows by the greater of 8% simple interest or the actual interest credits applied to the contract. After a 1-year waiting period, you can activate lifetime income payments at any time. The payout rate depends on your age at the time you start income — older ages receive higher payout percentages.

The earnings-indexed income option is a distinctive feature. Instead of locking in a fixed income payment, this option allows your income to increase in years when the contract earns positive interest credits. That means your income has the potential to grow over time, which is valuable for someone concerned about inflation eroding their purchasing power. The tradeoff is that the initial payout may be slightly lower than the fixed-income option, because the product is designed to allow for future increases.

The enhanced income benefit for confinement is the most important secondary feature. If the contract owner is confined to a qualifying care facility, the income payout doubles for up to 5 years. That is a meaningful benefit for someone who is concerned about the cost of long-term care but does not want to buy a separate long-term care insurance policy. It is not a replacement for comprehensive LTC coverage, but it provides a meaningful layer of protection.

The accumulation component is secondary but still relevant. The contract does earn interest credits through the same index-linked strategies available in other Athene products, though at lower rates. The S&P 500 cap is 8.00%, the BNP MAD 5 participation rate is 180%, the Nasdaq FC participation rate is 110%, and the fixed rate is 4.00%. These rates are lower than the Ascent Pro lineup because the product is designed around income, not growth. But they still provide some accumulation potential, which matters because the contract value is what determines the death benefit and the amount available for withdrawal.

This annuity allows free withdrawals of up to 10% of contract value per year, or the required minimum distribution amount if greater. Amounts above that are subject to the surrender schedule of **9% / 9% / 8% / 7% / 6% / 5% / 4% / 3% / 2% / 1% / 0%**. A market value adjustment may also apply to withdrawals subject to surrender charges.

The RMD-friendly withdrawal provision is important for buyers who are using qualified money and need to take required distributions. The confinement and terminal illness waivers provide additional access in qualifying situations. The bailout provision offers another potential exit path. For an income-focused product, the liquidity structure is reasonable — the expectation is that the buyer will take income payments rather than lump-sum withdrawals, so the 10% free withdrawal and RMD provisions cover the most common access needs.

The built-in income rider carries a 1.00% annual charge, which is deducted from the contract value. Because the rider is built in, every buyer pays this fee — there is no option to decline it. Some index strategies also carry strategy charges.

The main tradeoff is that this product prioritizes income guarantees over accumulation. The crediting rates are lower than Athene's accumulation-focused products. The 1.00% rider fee further reduces the accumulation value each year. Over 10 years, the combination of lower crediting rates and the annual fee means the contract value will grow more slowly than a comparable accumulation product. That is the cost of the income guarantee, and it is a reasonable cost for someone whose primary goal is income. It is a less reasonable cost for someone whose primary goal is growth.

Performance Elite 10 is issued by Athene Annuity and Life Company, headquartered in West Des Moines, Iowa. Athene is a subsidiary of Apollo Global Management and carries ratings of A+ from A.M. Best, A+ from Fitch, A+ from S&P, and A1 from Moody's, with a Comdex score of 88. Founded in 1909, Athene manages $363.3 billion in total GAAP assets and issues annuities in 49 states (excluding New York) and the District of Columbia. Athene is one of the largest fixed annuity issuers in the United States, and the carrier's financial strength is particularly relevant for an income-focused product where the buyer is relying on the company to make lifetime income payments that could span decades.