Performance Elite 10 Plus review

It depends on the buyer. For someone with a 10-year time horizon who is specifically drawn to the bonus structure and comfortable with the Liquidity Rider fee, this is a strong accumulation FIA with broad index access and clean liquidity terms. For someone who might need access to more than 10% per year, or who wants a lower ongoing fee load, the math works less well. The bonus is real, but so is the commitment.

The main reason is the premium bonus. A 26% credit at issue for buyers under 71 gives the contract a substantial starting advantage that many plain-vanilla accumulation FIAs cannot match. The secondary reason is the index menu — 26 indexed strategies across seven indices gives buyers meaningful flexibility to allocate across different crediting approaches. Buyers who want that combination — a bonus-led start and a wide strategy shelf — will find fewer direct competitors at this bonus level.

I think Performance Elite 10 Plus is best for pre-retirement buyers in their 50s or early 60s who are parking a portion of retirement savings for 10 years and want the bonus to work as a return accelerator. It is also worth considering for buyers who have a large lump sum — a rollover, for instance — where the percentage bonus translates into a meaningful dollar figure. It is less attractive for buyers who want to keep all options open in the early years, those who are sensitive to ongoing fees, or anyone who prioritizes simplicity over a complex-bonus-plus-fee structure.

The premium bonus is the headline, but what you are actually buying is principal-protected accumulation with a 26% head start and a 10-year commitment in exchange. The contract does not give you uncapped market participation. Instead, it credits interest based on the performance of selected indices under caps, participation rates, or strategy charges — whichever crediting method you choose for each allocation. The bonus vesting adjustment exists to protect the carrier if you exit early; the Liquidity Rider fee is how the carrier funds the bonus economics over time. Understanding both of those mechanics is essential before buying.

The premium bonus credits to the Accumulated Value at issue — 26% for buyers aged 0-70, 24% for ages 71-75, and 22% for ages 76-78. That credit happens immediately, so from day one your contract value reflects the bonus. The vesting adjustment is the catch: if you take excess withdrawals or surrender within the 10-year period, a vesting adjustment reduces the bonus proportionately. Vesting begins in Year 7.

For crediting, the product offers 26 indexed strategies and a fixed account. Index options include the S&P 500, S&P 500 FC Index, AI Powered Global Opportunities Index, AI Powered US Equity Index, BNP Paribas Multi-Asset Diversified 5 Index, Nasdaq FC Index, and UBS Innovative Balanced Index. Crediting methods include Annual Point-to-Point and Biennial Term End Point. The S&P 500 annual point-to-point without a strategy charge carried a 5.50% cap as of the rate sheet in the brochure materials; adding the optional 1.25% annual strategy charge can lift that cap to 8.00% or boost participation rates on other strategies. There is also an Optional Strategy Preset feature that allows automatic allocation and periodic rebalancing across three predetermined index combinations for buyers who do not want to manage allocations manually.

The Confinement Waiver and Terminal Illness Waiver are the secondary features worth noting. These waivers allow you to access funds beyond the normal free-withdrawal limit if you are confined to a nursing home or diagnosed with a terminal illness, without triggering the full surrender charge structure. For a 10-year product, these provisions meaningfully reduce one of the most serious liquidity risks — a health event forcing an early exit. They are not available in all states, so buyers in California and Massachusetts should confirm exactly what applies in their jurisdiction.

Performance Elite 10 Plus starts with a front-loaded surrender schedule — 12% in each of the first three years — before stepping down to 4% in Year 10. That is among the heavier early-year penalties in the 10-year FIA peer group. An MVA — Market Value Adjustment, which means the surrender penalty can move up or down based on changes in interest rates — also applies in most states (not Maryland or Missouri).

The Plus version provides 10% free withdrawal from Year 1, which is a genuine improvement over the base version. If you skip a withdrawal in one year, the following year allows up to 20% cumulative free withdrawal. RMDs are allowed from Year 1 without triggering surrender charges. The $5,000 minimum account balance requirement is a detail worth remembering if you plan to run the contract down to a small balance in later years.

The 0.95% Liquidity Rider fee is the primary ongoing cost. It is deducted from Accumulated Value annually during the 10-year surrender charge period. There is no base contract fee, no M&E charge, and no administration charge, which keeps the cost structure relatively clean aside from this rider.

The optional 1.25% strategy charge is a choice, not a requirement — it applies only to the specific indexed strategies you elect to use with that feature, in exchange for higher caps or participation rates. A potential offset: the Strategy Charge Credit provision says that if cumulative strategy charges exceed cumulative credits over the surrender period, a credit may be applied at the end of the withdrawal charge period. The practical value of that provision depends on actual index performance, so treat it as a potential offset rather than a guaranteed rebate.

The real tradeoff is simple: the 0.95% fee runs for 10 years. Over the full term, that is roughly 9.5% of Accumulated Value in fees before compounding effects. The 26% bonus has to work hard enough to justify that cost alongside the locked-in commitment.

Legal Entity: Athene Annuity and Life Company

Parent: Apollo Global Management

A.M. Best Rating: A+