Athene Annuity and Life Company, a unit of Bermuda-based insurer Athene, has launched a new fixed indexed annuity (FIA) product in a bid to help retirees achieve their savings goals.
The new proposition, dubbed Athene Agility, provides a fixed crediting strategy and indexed crediting strategies alongside protection from loss due to stock market downturns.
The product also offers liquidity for help with the unexpected, a death benefit for the nominees, and opportunities to build up wealth for retirement. Liquidity benefits include free annual withdrawals up to 10% based on the greater of the accumulated value or initial premium.
Further, Agility includes a built-in income and death benefit rider without any extra charge. The built-in income enables insureds to realise long-term income and legacy goals with a benefit base bonus as well as participating features in the growth and income phases.
Athene USA executive vice president and head of retail sales Chris Grady said: “Research shows 84 percent of retirees do not have a formal retirement plan. Even those that do must deal with the unexpected. For example, 55 percent of retirees stop working earlier than they anticipated, mainly due to health reasons or job loss.
“Athene Agility has the potential to grow and adapt to changing needs, turning every stage of retirement into an opportunity.”