- The Athene Agility 10 is a fixed indexed annuity issued by Athene Annuity, rated A+ by AM Best, with a 10-year surrender schedule.
- Includes a lifetime income rider at NO separate annual fee, uncommon in the FIA category and the product's main differentiator vs Allianz 222.
- Multiple index strategies including S&P 500, BNP Paribas Multi Asset Diversified 5, and Nasdaq FC. Confinement and terminal illness waivers included.
- Best fit: buyers 55-70 with a 10-15 year deferral horizon who specifically intend to use the income rider. Poor fit for pure accumulation.
The Athene Agility 10 is one of the most-sold fixed indexed annuities in the U.S. and a flagship product in the Athene lineup. It combines principal protection with a built-in lifetime income rider, a 10-year surrender charge schedule, and a participation rate based crediting structure across multiple indexes. This independent review covers how the Athene Agility annuity actually works, the fees you need to understand, and the specific buyer profile for whom this product makes sense.
What is the Athene Agility 10?
The Athene Agility 10 is a fixed indexed annuity issued by Athene Annuity and Life Company. The "10" in the name refers to the 10-year surrender charge schedule that applies to the contract. The product is designed for buyers seeking moderate growth potential with downside protection, plus a guaranteed lifetime income rider at no separate cost.
This is one of the few fixed indexed annuities on the market that includes a built-in lifetime income rider rather than charging an additional fee for it. That structural choice makes the Athene Agility annuity stand out from competitors like the Allianz 222, where the income rider carries an explicit annual cost.
How Athene Agility 10 credits interest
The contract uses interest crediting through index crediting strategies. These tie to several market indexes. The most common options are the S&P 500, the BNP Paribas Multi Asset Diversified 5 Index, and the Nasdaq FC Index. Each index offers multiple crediting methods. The two main ones are annual point-to-point with a cap rate, and annual point-to-point with a participation rate.
If your chosen index posts a positive return for the contract year, you receive a portion of that return as an interest credit to your account value. The portion is determined by either the cap rate (which caps your upside at a stated percentage) or the participation rate (which gives you a percentage of the index's return with no cap). If your chosen index posts a negative return, you receive zero for that period but do not lose money. This is the principal protection feature of a fixed indexed annuity.
Athene refreshes cap interest rates and participation rates annually, so the rates you start with may change in future contract years. The rate environment at the time of purchase matters significantly to the long-term performance of the contract.
The lifetime income rider
This is the centerpiece of the Athene Agility 10. The included lifetime income rider creates a separate benefit base. The benefit base grows at a guaranteed rate during the deferral period (currently around 7 to 8 percent simple interest). When you decide to begin income, the benefit base gets multiplied by an age-based withdrawal percentage. That product is your annual lifetime income payment.
Once income begins, the payment continues for your lifetime regardless of whether your account value falls to zero. This is the longevity protection most annuity buyers seek. For couples, the rider can be structured as a joint lifetime income that continues for as long as either spouse lives.
The rider is included at no separate annual fee. That is genuinely uncommon in the fixed indexed annuity category. Most competing products charge 1 percent or more per year for a comparable rider. Athene builds the cost into the cap rates and participation rates instead. For buyers who specifically want guaranteed lifetime income, the structure can deliver real value.
Other contract features
Free withdrawal allowance. You can withdraw up to 10 percent of your contract value annually without penalty during the surrender period. Withdrawals beyond that trigger surrender charges and may include a market value adjustment.
Enhanced death benefit. The Athene Agility 10 includes an enhanced death benefit feature that pays beneficiaries the greater of the account value or a contractually defined amount, depending on the specific contract terms in your state.
Confinement and terminal illness waivers. If you are confined to a qualified care facility for at least 60 days or are diagnosed with a terminal illness, the surrender charges may be waived, allowing access to the full account value. These waivers are valuable real-world features that most buyers do not anticipate needing but often appreciate.
Long term care positioning. The combination of the income rider and the confinement waiver makes the Agility 10 a credible vehicle for buyers building a long term care contingency into their retirement plan without buying a separate LTC policy.
Surrender charge schedule
The surrender charge schedule runs the full 10 years of the contract. The charge typically starts at 9 to 10 percent in year one and declines by approximately 1 percentage point per year until reaching zero in year 11. This is consistent with the broader fixed indexed annuity category but worth understanding before committing.
Pros and cons of the Athene Agility 10
Pros:
- Lifetime income rider included at no separate annual fee
- Multiple index crediting strategies including the BNP Paribas Multi Asset and Nasdaq FC options
- Strong death benefit and waiver features
- A+ rated carrier with deep history in the U.S. annuity market
Cons:
- 10-year surrender schedule is on the longer end of the industry
- Cap rates and participation rates may renew at lower levels in future years
- Income rider value is heavily front-loaded in the early benefit base growth, which may not be needed by buyers who do not actually use the rider
- AI powered marketing materials sometimes overstate the typical outcomes; real-world results depend on the specific rate environment at purchase
Who the Athene Agility 10 actually fits
The product is a strong fit for buyers age 55 to 70 with a 10 to 15 year deferral horizon who specifically want guaranteed lifetime income and downside protection. The included income rider is the differentiator, and buyers who actually intend to turn on income later get the full benefit of the structure.
It is a poor fit for buyers who want pure accumulation without an income component. The cap rates and participation rates are set with the assumption that the income rider creates value, so buyers who never use the rider effectively subsidize the carrier's pricing of it.
It is also not the best fit for buyers needing flexibility within the 10-year surrender window or those who want shorter-duration products.
The bottom line
The Athene Agility 10 is a well-designed fixed indexed annuity with a built-in income rider that genuinely competes with products that charge for similar features. The 10-year surrender schedule is real, the cap rate and participation rate environment matters, and the income rider design rewards buyers who actually use it.
If you are considering the Athene Agility 10 or already own one, an independent review of how the specific cap rates, participation rates, and rider math apply to your retirement plan is worth doing before any decision.
How the Athene Agility 10 compares to other fixed indexed annuities
The closest competitors are the Allianz 222, the Nationwide New Heights, and the Lincoln OptiBlend. Each takes a different approach to the income rider question. The Allianz 222 charges an explicit annual fee for its income rider but offers more flexibility in income timing. The Nationwide New Heights does not include an income rider by default and is built more for accumulation. The Lincoln OptiBlend sits between the two.
The Athene Agility 10 is most directly competitive with the Allianz 222. The trade-off is fee structure versus cap rate. Athene includes the rider at no fee but uses lower cap rates. Allianz charges the rider fee but offers higher cap rates. The right answer depends on whether you actually intend to use the income rider. Buyers who plan to turn on income win with the Athene structure. Buyers who never use the rider would have been better served by a product without it.
Frequently asked questions
Does the Athene Agility 10 have a fee? The base contract has no explicit annual fee. The lifetime income rider is included at no separate annual cost, which is rare in the fixed indexed annuity category. Cap rates and participation rates reflect the carrier's pricing of the embedded features.
What is the minimum premium for the Athene Agility 10? The minimum premium is typically $10,000, though the threshold can vary by state and distribution channel.
Can I add money to an existing Athene Agility 10 contract? Additional premium is generally accepted only during the first year of the contract. After year one, the contract is closed to new premium.
Is the Athene Agility 10 available in all states? State availability is broad but not universal. Verify availability and current cap rates with the issuing carrier for your specific state at the time of purchase.
How long is the surrender charge period? The surrender charge schedule runs 10 years, with charges starting at approximately 9 to 10 percent in year one and declining each year until reaching zero in year 11.
Considering the Athene Agility 10 for your retirement?
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