Athene Life Insurance: Cashing In On Your Policy

Athene offers a range of annuity and life insurance products to help individuals plan for retirement and protect their savings. In 2013, Athene sold most of its life insurance business to Accordia Life and Annuity Company, a subsidiary of Global Atlantic Financial Group. However, Athene continues to offer various annuity options, including fixed, indexed, and immediate annuities, which provide tax-deferred growth and guaranteed income streams. These products aim to help individuals increase their savings, manage market risk, and ensure they don't outlive their money. While Athene's focus seems to be on annuities, they still provide some life insurance products, such as accidental death, cancer expense, and disability income insurance.

Athene annuity products and how to access them online

Athene annuity products are designed to help people build remarkable retirements with savings-growing products that can help create a retirement "paycheck". The company distributes its annuity products through various channels, including banks, broker dealers, and independent marketing organizations.

Athene offers fixed annuities that provide tax-deferred growth at a fixed rate of interest for a predetermined amount of time. With a fixed annuity, you can choose how much you want to save, with initial premium amounts ranging from $5,000 to $1 million, and how long you want to save, with options for three-, five-, or seven-year term periods.

To buy an Athene annuity, the company recommends dealing directly with a financial professional. If you are not currently working with one, you can connect with a knowledgeable Athene representative in your area by filling out a short online request form.

If you already have an annuity issued by Athene Annuity and Life Company (formerly Aviva USA), you can register for My Athene to access your annuity information online. My Athene allows you to view statements, change beneficiaries, update your contact information, and request withdrawals. You can also set up Required Minimum Distributions (RMDs) online.

To opt for electronic communications and documents, you can enroll in e-Delivery during the annuity application process or change your communication preferences online in the Service Center of your MyAthene account.

Additionally, My Athene users can change their address and request withdrawals online. They can also call the Athene Customer Contact Center or complete the appropriate form found in the forms library for various requests, such as changing beneficiaries or setting up monthly income direct deposits.

Athene annuity distribution channels

Athene distributes annuity products through a variety of channels, including banks, broker dealers, and independent marketing organizations. Their products are sold through independent marketing organizations and financial institutions.

Athene has developed dedicated distribution channels that support origination across differing market environments. These channels include retail, flow reinsurance, funding agreements and pension group annuities, and acquisitions and block reinsurance.

Athene has experienced significant organic growth by expanding its retail, flow reinsurance, pension group annuities, and funding agreement distribution channels. They have also completed several acquisitions and block reinsurance transactions.

Athene's ability to structure reinsurance agreements with US-based life insurance companies and their expansion into the pension risk transfer market in 2017 have also contributed to their success. Their pension group annuity business reflects their financial strength and exclusive focus on the retirement services market.

Athene's distribution channels enable them to achieve stable asset growth while maintaining attractive returns. They serve customers in all 50 states and are licensed to distribute products across the United States.

Athene annuity tax implications

Annuities are a form of insurance that provides a guaranteed income for life, helping to ensure that you don't outlive your savings after retirement. While they may appear to function like an investment, many annuities are actually insurance contracts, providing certain guarantees in return for adhering to the rules of the contract.

Athene annuities can be purchased through Banks, Broker Dealers, and Independent Marketing Organizations. It is recommended that you consult a financial professional when purchasing an annuity.

Athene offers a range of annuities, including fixed annuities, immediate annuities, and fixed-indexed annuities. Each type of annuity has different features and benefits, but all Athene annuities offer tax-deferred growth, meaning you won't pay taxes on the growth of your savings until you make a withdrawal.

With a fixed annuity, you can choose the amount you want to save and how long you want to save it for. The interest rate is guaranteed for the term you select, and you have the option to turn your savings into a steady stream of retirement income.

Immediate annuities provide more predictable retirement planning as they offer a guaranteed income for a specified time period in exchange for a lump sum of money.

Fixed-indexed annuities allow you to benefit from market trends without directly investing in stocks. Your principal is protected from market downturns, and you have the opportunity to purchase additional riders that offer benefits such as lifetime income, increased liquidity, or a death benefit option.

When considering the tax implications of an Athene annuity, it is important to note that you won't pay taxes on the growth of your savings until you make a withdrawal. This means that your savings can grow tax-deferred, providing you with a larger sum to be taxed at a later date.

Additionally, under current tax law, funding a qualified contract, such as an IRA, with an annuity does not provide any additional tax benefits. However, annuities offer other benefits such as lifetime income and a death benefit.

It is always recommended to consult a qualified tax advisor or financial professional to understand the specific tax implications of an annuity purchase, as regulations vary from state to state.

Athene annuity withdrawals

The frequency of statement mailings and the specific withdrawal options available depend on the type of annuity contract held. For Single Premium Immediate Annuities (SPIAs), statements are mailed twice per year, while most other annuity contract holders receive statements annually, with some receiving quarterly or semi-annual statements.

It's recommended that individuals consult with a qualified tax advisor before making any withdrawals, as there may be tax implications, especially if the annuitant is under a certain age, such as 59.5 years old. Additionally, the IRS requires individuals to take a Required Minimum Distribution (RMD) each year after reaching a certain age, and failing to do so may result in an excise tax.

Athene life insurance sold to Accordia Life

In 2013, Athene sold most of its life insurance business acquired from Aviva USA to Accordia Life and Annuity Company, a subsidiary of Global Atlantic Financial Group. The sale included over 50,000 policies issued to Californians. Athene continued to administer the life insurance business during a two-year transition period, with the final affected life insurance policies transferred to Accordia Life in early 2016.

Accordia Life set up a website to help answer common questions during the transition period: accordiapolicyconversion.com. Customers could also contact Accordia Life via email at [email protected] or by phone at 877-462-8992.

During the transition period, Athene assured customers that their policies would remain in force, including all guarantees provided by the policy, and that all valid claims would be paid. The company also stated that it was working with Accordia Life to service affected customers and their financial representatives.

The California Department of Insurance received over a hundred complaints from consumers regarding Accordia Life and Athene Annuity and Life Company. The complaints stated that consumers were not receiving their statutorily-mandated annual reports or billing statements and were unable to pay premiums or access any policy benefits. As a result, the department sought an order to suspend both companies' certificates of authority for one year and to cease and desist from practices harming California consumers.

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