Performance Elite 7 Plus review

Yes, for the right buyer. This is a good FIA for someone who wants a premium bonus, multiple index choices, and principal protection, and who is committed to holding the contract for at least seven years. It is less compelling for someone who wants to minimize ongoing fees, is mainly shopping for lifetime income, or wants the flexibility to exit early without penalty — the mandatory fee and MVA risk both argue against using this as anything other than a long-hold accumulation vehicle.

The most common reason to choose Performance Elite 7 Plus is the 6% account-value bonus. That bonus compounds immediately and gives buyers a larger base from which future index credits are calculated. Athene is an A+ rated carrier under A.M. Best, which provides financial-strength comfort for long-dated commitments. Beyond the bonus, the index menu is notably wide for a 7-year FIA, offering exposure to seven different indices across annual and biennial term structures. The Strategy Preset auto-allocation blends also make portfolio construction easier for buyers who do not want to actively manage allocations.

I think Performance Elite 7 Plus is best for someone in their mid-50s to mid-70s who has a lump sum to deploy, wants a premium bonus rather than the highest possible cap rate, and is comfortable with a 7-year commitment on retirement savings. Qualified and non-qualified money both work here. The broad issue age range — 0 to 83 — is unusual and worth noting; older buyers who can demonstrate the time horizon may qualify. The mandatory fee structure and surrender recapture provisions mean this is not the right fit for someone who values flexibility or might need capital access above the free-withdrawal amount before year seven.

You are buying a principal-protected insurance contract that credits you 6% of your premium at issue, then applies index-linked interest formulas to that boosted balance each year. The 6% bonus is not a return — it becomes part of your account value, and index credits in year one and beyond are calculated against that larger starting number. What you are trading away is a fee-free structure: the mandatory 0.95% Liquidity Rider charge comes out of your account value monthly during the surrender period, regardless of which crediting strategies you use. That charge reduces the net impact of any interest credited. This is a trade that makes sense if the bonus exceeds the cumulative fee drag over the surrender horizon — and at 6% initial versus 0.95% per year for seven years, the bonus starts ahead but the math gets tighter over time.

The index crediting engine covers seven indices across two term structures. For the S&P 500, you can choose an annual point-to-point strategy with an 8.75% cap (no fee) or an 11.50% cap with the optional 1.25% strategy charge. The contract also includes annual strategies tied to the 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 — the last five of these are proprietary or fee-controlled indices that typically offer higher participation rates (up to 355%) in exchange for embedded index costs built into the index construction itself. A biennial term end point option extends some strategies to a two-year measurement period, which can increase the probability of capturing a meaningful index gain across a longer window. There is also a fixed account earning 4.60% as of the brochure date.

Rate structures for the proprietary index options will vary from the brochure snapshot — ask for the current rate sheet before purchasing.

The Liquidity Rider is the secondary feature worth understanding clearly, because it is both a benefit and a cost. On the benefit side, it expands your annual free withdrawal from the standard 10% to a 20% cumulative allowance in any year you skipped a withdrawal the prior year. For buyers who want extra flexibility around uneven cash-flow needs, that doubling of the free amount in eligible years is genuinely useful. On the cost side, the rider is mandatory at 0.95% annually, charged regardless of whether you use the enhanced liquidity. That changes the math for buyers who plan to take only the standard 10% or no withdrawals at all — they are paying for a benefit they may not use.

The 7-year surrender schedule starts at 9% in year one and steps down to 4% in year seven. That is a steeper entry than some 7-year FIAs. An MVA — Market Value Adjustment — can also apply to withdrawals above the free amount during the surrender period. MVA means the surrender penalty fluctuates with interest rate movements, and if rates have risen since you purchased, the MVA can amplify the penalty above the schedule amount. Both factors argue strongly against treating this contract as accessible capital.

On the positive side, the Liquidity Rider provides up to 20% cumulative access in years where no prior-year withdrawal was taken, and RMDs are available from year one without triggering surrender charges. The Confinement Waiver allows full surrender after year one following 60+ consecutive days in a qualified care facility (not available in CA or MA). The Terminal Illness Waiver provides similar relief for a qualifying terminal diagnosis (not available in CA). The premium bonus is fully vested at death, nursing home waiver, or terminal illness waiver — which protects the bonus in several key scenarios. A Return of Premium benefit becomes available beginning in year four, less withdrawals, fees, and any applicable recapture adjustments.

There are two fee layers to understand. The first is the mandatory 0.95% annual Liquidity Rider charge, deducted monthly from account value during the surrender period. This is unavoidable — it is not an optional add-on. The second is the optional 1.25% annual strategy charge, which applies only if you elect indexed strategies that require it in exchange for higher caps or participation rates. Layering both fees would cost 2.20% per year — a meaningful hurdle against index crediting in a flat or modest market.

The premium bonus carries its own tradeoff: a Premium Bonus Vesting Adjustment applies if you take excess withdrawals or surrender during the surrender period. Early exits can recapture a portion of that bonus on top of the standard surrender charge and MVA. That vesting structure means the bonus is only unambiguously yours at death, nursing home, terminal illness, or contract maturity.

There is no income rider, so no third fee layer exists there. But buyers who want both a bonus and eventual income conversion will need to annuitize or roll to a different contract at the end of the surrender period.

Legal Entity: Athene Annuity and Life Company

Parent: Apollo Global Management

A.M. Best Rating: A+

Athene is one of the larger fixed annuity issuers in the U.S. and carries a strong A+ rating from A.M. Best. The Apollo parentage means the investment portfolio is managed with a more alternative-heavy approach than many traditional insurance carriers — that drives competitive crediting rates but is worth understanding for buyers focused on carrier credit quality. The A+ rating reflects strong balance sheet and claims-paying ability based on available ratings information.