Athene USA bills itself as one of the top fixed annuity providers. Of course, it’s worth investigating their offerings for yourself before sinking money into a policy. Here are a few things you might appreciate knowing about this company and its products.
About Athene USA
Athene USA is a subsidiary of Athene Holding. The company is licensed to operate in all 50 states, and it boasts a significant capital base.
At the time of this review in October 2016, Athene annuity customers could take advantage of some 22,300 independent agents. The company also received A- or better financial strength ratings from S&P, A.M. Best and Fitch. Purchasing Athene products may mean that you end up working with an insurance subsidiary domiciled or licensed in Delaware, Iowa or New York.
What Annuities Does Athene Offer?
Athene’s annuity products come in three flavors:
These annuities link the interest rate on a chunk of your premium to a stock market index. This ostensibly safeguards your principal from losses caused by market downswings.
You can also customize your fixed indexed Athene annuities. Different products permit you to add various riders that offer perks such as:
- Death benefits,
- Higher financial liquidity, or
- Lifelong income.
2. Single Premium Immediate Annuities
Athene’s Single Premium Immediate Annuities, or SPIAs, are designed to facilitate retirement planning. You pay Athene a lump sum known as a single premium, and the annuity is guaranteed to pay you a predetermined quantity for the term of the arrangement or until you die.
3. Multi-Year Guarantee Annuities
Athene also offers Multi-Year Guarantee Annuities, or MYGAs, that help you increase your savings or provide income that lasts throughout your whole retirement. These products combine fiscal growth with deferred tax obligations and fixed interest rates. The length of the fixed interest period is specified by Athene and contractually guaranteed.
The Potential Advantages of Purchasing Athene Products
Athene seems to facilitate easy investment decision making. In addition to providing ready agent access, the company maintains an online platform where you can download various forms and educate yourself about how annuities work free of charge. The firm also has a web-based platform that you can use to manage your account details.
At first glance, Athene USA seems to provide a comprehensive range of services. Unlike some of its competitors, it also focuses exclusively on annuity and insurance products, which might work to your advantage.
The Problems Athene Customers Might Face
Online, some consumers raise big concerns about how this company operates. For instance, a few point out that even though the Athene agent network includes many people who seem helpful and friendly, certain agents have been misleading in their declarations and the actions they took to drive policy sales. Athene’s lack of Financial Industry Regulatory Authority, or FINRA, oversight may permit its agents to get away with less than full disclosure concerning the risks and downsides of various products.
Other people say that the ease of contacting customer service doesn’t make up for the fact that customer service isn’t entirely helpful. Withdrawal requests may take overly long, and in some cases, consumers reported that their policies were actually lost or incorrectly labeled as inactive.
So should you purchase policies from Athene? While the options for low fixed rates and other perks may look attractive, it appears that your overall experience depends largely on the quality of the agent you’re assigned. In other words, you should proceed cautiously and shop around within the Athene agent network if you end up working with this company.