Performance Elite 7 review

Yes, for the right buyer. It is a competitive accumulation FIA for someone who wants principal protection, a deep crediting menu, and no mandatory rider fees. It is less compelling for someone who wants a shorter surrender window, needs more than 10% annual liquidity, or is primarily shopping for lifetime income benefits.

The main reason to choose Performance Elite 7 is accumulation depth. Athene gives buyers 26 indexed strategies — including uncapped participation-rate options across several indices — and lets them decide whether to pay a strategy charge for higher upside potential. The fixed account rate and RMD-friendly free-withdrawal terms make it a reasonable fit for IRA money. The low $10,000 minimum also opens it to buyers who want to start with a smaller allocation.

I think Performance Elite 7 works best for someone in their 50s or early 60s who wants principal-protected accumulation over a 7-year window, is comfortable choosing among index strategies, and does not need the annuity to produce guaranteed income. It fits both qualified and non-qualified accounts well. It is less attractive for someone close to retirement who may need more flexibility, someone whose primary need is lifetime income, or someone who wants the simplest possible product with one or two crediting choices.

You are not buying direct stock market exposure. What you are buying is a principal-protected insurance contract that credits interest based on how one or more indices perform during each contract period. If the index falls, your Accumulated Value is protected from that loss — you just earn nothing. If the index rises, you earn a portion of that gain based on whichever crediting strategy you have chosen. This product does not give you full index participation by default; it gives you principal protection plus structured upside, and the optional strategy charge is how you can expand that upside at an explicit annual cost.

Performance Elite 7 offers 26 indexed strategies plus a fixed account. The indexed strategies span Annual Point-to-Point and Biennial Term End Point crediting methods across seven indices: the S&P 500, AI Powered Global Opportunities Index, AI Powered US Equity Index, BNP Paribas Multi-Asset Diversified 5 Index, Nasdaq FC Index, S&P 500 FC Index, and UBS Innovative Balanced Index.

On the S&P 500, standard annual point-to-point cap strategies ran at 8.75%–11.50% as of the rate sheet. Participation-rate strategies on the specialty indices are uncapped but use participation percentages that range up to 355% when the optional strategy charge is applied. The fixed account was declared at 4.60%.

The optional strategy charge — up to 1.25% annually, deducted monthly from Accumulated Value — lets buyers access higher caps and participation rates than the standard no-charge versions. That tradeoff is worth understanding clearly: you are paying an ongoing annual fee out of your Accumulated Value in exchange for a higher ceiling on potential interest credits. Whether that improves your outcome depends entirely on index performance during the contract period.

Athene also offers a Strategy Preset option — a hands-free blend that automatically allocates across strategies — though it is not available in New Hampshire.

The most meaningful secondary feature is the combination of confinement and terminal illness waivers. After the first contract year, if the annuitant is confined for 60 or more consecutive days, up to 100% of the Accumulated Value can be accessed without surrender charges. The Terminal Illness Waiver provides similar relief after the first contract anniversary if the annuitant is diagnosed with a terminal illness. These waivers are not available in all states — the confinement waiver is excluded in California and Massachusetts, and the terminal illness waiver is excluded in California. But for most buyers, having a genuine liquidity valve for health emergencies is a meaningful feature in a 7-year product.

Performance Elite 7 allows free withdrawals of 10% of Accumulated Value starting in Contract Year 1, with RMDs also available penalty-free from the first year. That is a stronger liquidity baseline than FIAs that restrict free withdrawals until year two. Above the 10% threshold, the surrender charges apply.

The surrender schedule runs 9.00%, 8.80%, 7.90%, 6.90%, 5.90%, 5.00%, 4.00% over the 7-year period. A Market Value Adjustment also applies to excess withdrawals and surrenders during the charge period. The MVA — which fluctuates with interest rates — means the effective penalty can be higher or lower than the stated surrender charge depending on the rate environment at the time. That adds real uncertainty for anyone considering a mid-contract exit, and it is the most material liquidity risk in this product. This is not a contract for money you might need in full before year eight.

The base contract carries no annual product fee, no M&E charge, and no administration charge. That is a clean fee structure for an FIA.

The main fee decision is whether to use the optional strategy charge. At up to 1.25% annually (deducted monthly from Accumulated Value), it provides access to higher caps and participation rates. The cost is real and ongoing regardless of index performance — so in a flat or negative year, you are paying the charge and earning nothing on the indexed portion. Buyers should weigh whether the enhanced upside potential justifies that drag.

The MVA on surrenders and excess withdrawals is the other cost to understand. It is not a fixed fee but a market-rate-dependent adjustment that can work for or against the contract owner depending on interest rate conditions. In a rising-rate environment, it typically increases the effective surrender cost.

Legal Entity: Athene Annuity and Life Company

Parent: Athene Holding Ltd.

AM Best Rating: A+

Athene is a large, well-capitalized annuity carrier with an A+ AM Best rating. It is a significant player in the FIA market and offers broad national distribution. The A+ rating reflects strong financial strength relative to obligations, though as with any insurance product, the carrier's ongoing financial condition matters over the full surrender period.