New Index Annuity Combo Solves Retirement Quandaries
|Business Wire, Inc.|
ATHENE Benefit 10 is a fixed index annuity paired with an enhanced benefit rider that provides up to five discrete benefits funded by a benefit base account. Clients can access their benefits when and if they are needed; at death, the remaining value in the base account is paid to their beneficiary.
“The enemies to a secure retirement are the ‘what ifs’ – life events we cannot predict and are difficult to plan for,” said
Solving for retirement’s “what ifs?”
“What if I outlive my money?” The rider’s guaranteed lifetime withdrawal benefit provides a stream of income in retirement.
“What if I become incapacitated?” Income is enhanced by 50 percent if the client becomes unable to perform two of six activities of daily living on a permanent basis.
“What if I’m confined to a health care facility, or am diagnosed with a terminal illness?” The balance of the rider’s benefit base is paid out over a period of five years;
“What if I die before my money is gone?” Beneficiaries will receive the remaining value of the benefit base account upon the death of the owner.
For example, a client can start a stream of guaranteed income at retirement, increase that income by 50 percent if she breaks her hip and requires assistance in dressing and bathing, then activate her confinement benefit if she moves to a nursing home. The amount of each benefit is guaranteed, and determined by the balance in her benefit base account at the time of activation.
“The real advantage of ATHENE Benefit 10 is a concept we call the ‘total client benefit,’ said Grady. “The client can draw on a range of benefits to provide income or meet expenses in retirement, and any balance remaining in the benefit base account at death is paid out to her beneficiary.”
ATHENE Benefit 10 features a 6 percent premium bonus that vests over a 10-year period. The enhanced benefit rider includes early income bonus of up to 10 percent if lifetime withdrawals are begun prior to the eighth contract anniversary.
The contract includes a fixed account with a 5-year guaranteed rate and two indexed accounts, one monthly additive, the other annual point-to-point, both linked to the S&P 500. These accounts provide safety of principal and interest rate guarantees, along with the potential to earn interest based on the performance of an index.
ATHENE Benefit 10 with Enhanced Benefit Rider is currently available in 21 states.
About Athene Annuity
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