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Balanced Allocation Lifetime Income Rider ® Flex Growth SM Athene ® BCA ® 12 2.0 (05/20) 83166 In FL, the Product Brochure is required to be used in conjunction with the Additional Information Insert (83151). This material is provided by Athene Annuity and Life Company (61689) headquartered in West Des Moines, Iowa, which issues annuities in 49 states (excluding NY) and D.C., and Athene Annuity & Life Assurance Company of New York (68039) headquartered in Pearl River, New York, which issues annuities in New York. Secure Your Future with Guaranteed Lifetime Income

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Page 1: Secure Your Future with Guaranteed Lifetime Income...Secure Your Future with Guaranteed Lifetime Income 2 A Flexible Opportunity to Grow Retirement Income BCA 12 2.0 fi xed indexed

Balanced Allocation Lifetime Income Rider®

Flex GrowthSM

Athene® BCA® 12 2.0

(05/20)83166

In FL, the Product Brochure is required to be used in conjunction with the Additional Information Insert (83151).This material is provided by Athene Annuity and Life Company (61689) headquartered in West Des Moines, Iowa, which issues annuities in 49 states (excluding NY) and D.C., and Athene Annuity & Life Assurance Company of New York (68039) headquartered in Pearl River, New York, which issues annuities in New York.

Secure Your Future with Guaranteed Lifetime Income

Page 2: Secure Your Future with Guaranteed Lifetime Income...Secure Your Future with Guaranteed Lifetime Income 2 A Flexible Opportunity to Grow Retirement Income BCA 12 2.0 fi xed indexed

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A Flexible Opportunity to Grow Retirement IncomeBCA 12 2.0 fi xed indexed annuity offers potential growth for your retirement savings with protection from downside market risk. The optional Balanced Allocation Lifetime Income Rider®

(BALIR®) – Flex Growth option offers a source of retirement income you canʻt outlive.1 Available for an additional charge, Flex Growth provides three powerful ways to grow future lifetime income:

1 Withdrawals in excess of the Maximum Lifetime Income Withdrawal amount may reduce the Accumulation Value to zero, after which Lifetime Income Withdrawals will not be available.

2 The Income Base Bonus will vary by product and will be lower if a Family Endowment Rider® is purchased. The Income Base is different from the Accumulation Value, cannot be withdrawn as a lump sum and is used only for the calculation of Lifetime Income Withdrawals.

3 Any Interest Earnings greater than the 4.5% annual roll-up are credited to the Income Base every 2 years and when you elect to begin taking Lifetime Income Withdrawals. The rate of interest is equivalent to a compound annual rate of 4.5%. Annual Strategy Charges, if any, are deducted from the 200% Interest Earnings only. If the combination of Interest Earnings minus Annual Strategy Charges is less than the 4.5% guaranteed annual increase, Annual Strategy Charges do not reduce the Income Base for the Strategy Term. On the 10th contract anniversary, you may elect to extend Income Base growth up to the 18th contract anniversary. If you elect to extend Income Base growth, the rider charge may be increased by up to 0.20% per year times the number of years extended from the beginning of the 11th contract year. The roll-up credits interest to the Income Base on a daily basis.

A 10% Income Base Bonus immediately increases the Income Base, which is used to determine future lifetime income.2

Guaranteed 4.5% Annual Increases to Your Income Basecredited daily throughout each policy year.

200% of Any Interest Earnings, if greater than the Guaranteed 4.5% Annual Increase, will be credited to your Income Base at the end of every 2-year term.3

For more information on the Income Base and Income Base Bonus, please see the Additional Information Insert.

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Objective: Sarah needs to create a source of income that will last throughout retirement, and she wants guaranteed growth with the opportunity to participate in upside market potential.

Solution: Sarah allocates $100,000 of her retirement savings to BCA 12 2.0 with the Flex Growth option. A 10% Income Base Bonus immediately increases her Income Base, which will be used to determine future guaranteed lifetime income.

Result: Over the next 16 years, Sarah’s Income Base grows by the greater of a guaranteed 4.5% compound annual increase or 200% of Interest Earnings, credited to her Income Base every two years. By age 82, Sarah’s Income Base has increased to $450,229.

The following page illustrates how Flex Growth provides Income Base growth potential.

This is a hypothetical example to show how BCA 12 2.0 and Flex Growth can work. Your experience will differ. Past performance is no guarantee of future performance.Hypothetical Assumptions: $100,000 premium in BCA 12 2.0 with Flex Growth, 80% Participation Rate, 1.75% Annual Strategy Charge, 1.00% Annual Income Rider Charge Rate and no other optional riders elected. Based on index performance for the most recent 10 calendar years, repeated every 10 years, for the Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index.

SarahAge 66

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Guaranteed 4.5% Annual Roll-Up Lock-in 200% of Interest Earnings Lock-in

Guaranteed Growth in Slow and Down Markets

Participation in Market Upswings

200% of Interest Earnings Guaranteed 4.5% Annual Roll-Up

Harnessing Market Growth and Guarantees

Receive the Higher of Two Values

Flex Growth helps you harness market growth and guarantees by automatically providing the greater of a guaranteed 4.5% annual roll-up or a percentage of any Interest Earnings, credited to your Income Base every two years.

15%

10%

15%

10%

15%Income BaseLock-In

9.2%Income Base Lock-In

Year 2 Year 2Year 1Year 1

4.5% GUARANTEED GROWTH

4.5% GUARANTEED GROWTH

1 2OR

4 Interest Earnings are tracked daily and credited when they exceed the 4.5% annual roll-up at the end of every 2-year term, and when you elect to begin taking Lifetime Income Withdrawals.

These graphs track the hypothetical progression of 200% of Interest Earnings over a 2-year term. This calculation uses the base contract Balanced Allocation Value (BAV), which is calculated daily but is not available for surrender. For additional information on the BAV, please refer to the Additional Information Insert (83151).This is a hypothetical example to show how BCA 12 2.0 with Flex Growth can work. Your experience will differ. Past performance is no guarantee of future performance.The graph above is for informational purposes only and intended to demonstrate how the Income Base can grow. It is hypothetical and does not demonstrate actual performance of any BCA 12 2.0 or Flex Growth contract or index. This does not demonstrate the potential impact of Annual Strategy Charges and withdrawals, which will reduce the Income Base. Please remember that the Income Base is used for calculating Lifetime Income Withdrawals and cannot be withdrawn in a lump sum. The length of each term is two years. For more information about Flex Growth, please ask your insurance professional for an illustration.

200% of Interest Earningsexceeded the 4.5% annual growth4The guaranteed

4.5% annual growthexceeded 200% of Interest Earnings

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5 Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index with 80% Participation Rate and 1.75% Strategy Charge.6 Participating Income Base is net of Annual Strategy Charges.Hypothetical Assumptions: $100,000 premium with BCA 12 2.0 with Flex Growth, 16 years of deferral prior to beginning Lifetime Income Withdrawals, at the following rates: 10% Income Base Bonus, guaranteed 4.5% annual roll-up in years 1-16, Single Life, Level Income Option, 1.00% Rider Charge. Based on the index performance for the most recent 10 calendar years, repeating every 10 years, for the Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index. Assumes no withdrawals before beginning lifetime income. The Income Base is used for calculating Lifetime Income Withdrawals and cannot be withdrawn in a lump sum. All values are net of applicable Annual Strategy Charges. For more information, please see the BALIR rate sheet and ask your insurance professional.

Best of Both Worlds — Guarantees + Growth

Every two years, the greater of a guaranteed 4.5% annual roll-up or 200% of any Interest Earnings is credited to Sarah’s Income Base, establishing a new locked-in Income Base on which future growth is calculated.

Hypothetical Example Based on Non-Guaranteed Values

End of Year Age Non-Guaranteed

Strategy Growth5Guaranteed Income Base

Participating Income Base6

Income Base

0 66 0.00% $110,000 $110,000 $110,000 1 67 0.00% $114,950 $108,250 $114,950 2 68 12.51% $120,123 $130,157 $130,157 3 69 0.00% $136,014 $128,300 $136,014 4 70 26.97% $142,135 $180,333 $180,333 5 71 0.00% $188,448 $178,116 $188,448 6 72 4.89% $196,928 $187,588 $196,928 7 73 0.00% $205,790 $194,750 $205,790 8 74 29.80% $215,050 $261,883 $261,883 9 75 0.00% $273,668 $259,245 $273,668

10 76 15.88% $285,983 $301,262 $301,262 11 77 0.00% $314,818 $298,418 $314,818 12 78 12.51% $328,985 $333,418 $333,418 13 79 0.00% $348,422 $330,450 $348,422 14 80 26.97% $364,101 $412,288 $412,288 15 81 0.00% $430,841 $408,800 $430,841 16 82 4.89% $450,229 $423,470 $450,229

Guaranteed 4.5% Annual Roll-Up Lock-in 200% of Interest Earnings Lock-in

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Key Terms and DefinitionsWhat is a Fixed Indexed Annuity?A fixed indexed annuity is a contract issued by an insurance company. In exchange for your premium, the insurance company provides the opportunity for growth based in part on the performance of an underlying index, or group of indices, within a larger strategy while protecting your money from downside market risk. All guarantees are backed by the claims-paying ability of the issuing carrier and may be subject to annual charges. Fixed indexed annuities are not stock market investments and do not directly participate in any stock or equity investments or index. It is not possible to invest directly in an index. Other restrictions and limitations may apply. For more information, please see the BCA 12 2.0 product brochure. Balanced Allocation Lifetime Income Rider (BALIR) – Flex GrowthThe BALIR – Flex Growth is an optional rider that must be elected at contract issue and is available for an annual Income Rider Charge of 1.00%. The Annual Rider Charge is calculated at the beginning of every contract year. The charge is deducted in monthly installments from the Accumulation Value and, in some states, the Minimum Guaranteed Contract Value. On the 10th contract anniversary, you may elect to extend Income Base growth up to the 18th contract anniversary. The rider charge may increase by up to 0.20% per year times the number of years extended starting at the beginning of the 11th contact year. Income BaseThe Income Base is used to determine the annual Lifetime Income Withdrawals and Annual Income Rider Charge, if applicable. Flex Growth offers Income Base growth that is the greater of a daily rate that is equivalent to 4.5% annual compound interest and the net of 200% of BCA 2.0 Interest Earnings, if any, minus the Annual Strategy Charge, if applicable. Interest Earnings, if any, are credited to the Income Base until the earlier of Lifetime Income Withdrawals beginning or the 10th contract anniversary (or up to the 18th anniversary if the Income Base growth is extended). If you begin Lifetime Income Withdrawals before the end of a two-year term, interest, if any, will be credited pro rata to the Income Base. The Income Base is not an amount that has a cash value or surrender value that can be paid out partially or in a lump sum. Withdrawals, prior to commencing Lifetime Income Withdrawals, will reduce the Income Base by the same percentage that the Accumulation Value is reduced for the withdrawal. However, the dollar amount of this reduction will not be less than the deduction from the Accumulation Value. After Lifetime Income Withdrawals have commenced, withdrawals up to the Lifetime Income Withdrawal amount will reduce the Income Base by the dollar amount of the withdrawal, while withdrawals in excess of the Lifetime Income Withdrawal amount will reduce the Income Base and future Lifetime Income Withdrawals by the same percentage that the Accumulation Value is reduced for the withdrawal. Withdrawals may also be subject to Withdrawal Charges, Premium Bonus Vesting Adjustments or MVAs, if applicable. For more information, please see the Certificate of Disclosure. Lifetime Income WithdrawalsLifetime Income Withdrawals are calculated by multiplying the greater of the Income Base or Accumulation Value by the current Lifetime Income Withdrawal Percentage when Lifetime Income Withdrawals begin. The Lifetime Income Withdrawal Percentage depends on the income option elected and is determined by the "Age" Lifetime Income Withdrawals begin. "Age" means your attained age for Single Life or the younger of your attained age or your spouse's attained age for Joint Life when your spouse is listed as the sole beneficiary or the contract is jointly owned. In general, the longer you wait to take income, the greater the initial Lifetime Income Withdrawal Percentage will be. When you're ready to begin Lifetime Income Withdrawals, Flex Growth offers the following options:

• The Level Income Option offers the highest initial amount.• The Inflation-Indexed Income Option increases the lifetime income annually based on increases in the Consumer Price Index, if any.

Increases are capped at 10% per year and stop when the Maximum Inflation Adjustment Period has elapsed, which varies by state.• Earnings-Indexed Income Option may increase the lifetime income at the end of every 2-year strategy term based on the rate of

interest credited, if any, to the Strategy Options elected. The Inflation-Indexed Income Option and Earnings-Indexed Income Option offer less initial income than the Level Income Option but may provide more income over your lifetime due to potential increases after beginning Lifetime Income Withdrawals. Lifetime Income Withdrawals will continue even if they ultimately reduce the Accumulation Value to zero. Withdrawals in excess of the Lifetime Income Withdrawal may be subject to a Withdrawal Charge, MVA and Premium Bonus Vesting Adjustment and will reduce future Lifetime Income Withdrawals. Withdrawals in some instances could terminate the rider. For more information, please see the Certificate of Disclosure and ask your insurance professional. Withdrawals and surrender may be subject to federal and state income tax and, except under certain circumstances, will be subject to an IRS penalty if taken prior to age 59½.

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Barclays Capital Inc. and its affiliates (“Barclays”) is not the issuer or producer of the Products referenced herein and Barclays has no responsibilities, obligations or duties to purchasers in these Products. The Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index and the Shiller Barclays Global Index (collectively, the “Indices”) are trademarks owned by Barclays Bank PLC and licensed for use by Athene Annuity and Life promoted by Barclays and Barclays makes no representation regarding the advisability of the Product(s) or use of the Indices or any data included therein. Barclays shall not be liable in any way to the issuer or to other third parties in respect of the use or accuracy of the Indices or any data included therein or in connection with the administration, marketing, purchasing or performance of the Product(s).The Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index and the Shiller Barclays Global Index (collectively, the “Indices”) have been developed in part by RSBB, LLC, the research principal of which is Robert J. Shiller. RSBB, LLC is not an investment advisor and does not guarantee the accuracy and completeness of the Indices or any data or methodology either included therein or upon which it is based. RSBB, LLC shall have no liability for any errors, omissions or interruptions therein and makes no warranties expressed or implied, as to the performance or results experienced by any party from the use of any information included therein or upon which it is based, and expressly disclaims all warranties of the merchantability or fitness for a particular purpose with respect thereto, and shall not be liable for any claims or losses of any nature in connection with the use of such information, including but not limited to, lost profits or punitive or consequential damages even, if RSBB, LLC is advised of the possibility of same. Company (“Athene”) as the issuer of one or more fixed indexed annuities (the “Product(s)”). Barclays’ only relationship to Athene is the licensing of the Indices which is determined, composed and calculated by Barclays without regard to Athene or the Product(s). While Athene may for itself execute transaction(s) with Barclays in or relating to the Indices in connection with the Product(s), purchasers acquire the Product(s) from Athene and purchasers neither acquire any interest in the Indices nor enter into any relationship of any kind whatsoever with Barclays upon making a purchase of the Product(s). The Product(s) are not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the Product(s) or use of the Indices or any data included therein. Barclays shall not be liable in any way to the issuer or to other third parties in respect of the use or accuracy of the Indices or any data included therein or in connection with the administration, marketing, purchasing or performance of the Product(s).The Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index and the Shiller Barclays Global Index (collectively, the “Indices”) have been developed in part by RSBB, LLC, the research principal of which is Robert J. Shiller. RSBB, LLC is not an investment advisor and does not guarantee the accuracy and completeness of the Indices or any data or methodology either included therein or upon which it is based. RSBB, LLC shall have no liability for any errors, omissions or interruptions therein and makes no warranties expressed or implied, as to the performance or results experienced by any party from the use of any information included therein or upon which it is based, and expressly disclaims all warranties of the merchantability or fitness for a particular purpose with respect thereto, and shall not be liable for any claims or losses of any nature in connection with the use of such information, including but not limited to, lost profits or punitive or consequential damages even, if RSBB, LLC is advised of the possibility of same.The licensing agreement between Athene Annuity and Life Company and Barclays is solely for the benefit of Athene Annuity and Life Company and Barclays and not for the benefit of the owners of the product or other third parties. BARCLAYS SHALL HAVE NO LIABILITY TO THE ISSUER, PURCHASERS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE SHILLER BARCLAYS CAPE® US SECTOR RISK CONTROLLED 10% USD TOTAL RETURN INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE SHILLER BARCLAYS CAPE® US SECTOR RISK CONTROLLED 10% USD TOTAL RETURN INDEX. BARCLAYS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE PURCHASERS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE SHILLER BARCLAYS CAPE® US SECTOR RISK CONTROLLED 10% USD TOTAL RETURN INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE SHILLER BARCLAYS CAPE® US SECTOR RISK CONTROLLED 10% USD TOTAL RETURN INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE SHILLER BARCLAYS CAPE® US SECTOR RISK CONTROLLED 10% USD TOTAL RETURN INDEX, AND BARCLAYS SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF SHILLER BARCLAYS CAPE® US SECTOR RISK CONTROLLED 10% USD TOTAL RETURN INDEX. BARCLAYS SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE SHILLER BARCLAYS CAPE® US SECTOR RISK CONTROLLED 10% USD TOTAL RETURN INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE PRODUCT. Because the index applies a volatility control mechanism, the range of both the positive and negative performance of the index is limited. The index is managed to create stabilized performance and avoid very high positive returns and very low negative returns. None of the information supplied by Barclays and used in this publication may be reproduced in any manner without the prior written permission of Barclays Capital, the investment banking division of Barclays Bank PLC. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP. Barclays and Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index are trademarks of Barclays Bank PLC or its affiliates (“Barclays”) and have been licensed for use in connection with the issuance and distribution of the product. The product is not sponsored by, endorsed, sold or promoted by Barclays, and Barclays makes no representation regarding the advisability of purchasing it. Under current tax law, the Internal Revenue Code already provides tax deferral to qualified money, so there is no additional tax benefit obtained by funding an IRA with an annuity. Consider the other benefits provided by an annuity, such as lifetime income and a death benefit. Withdrawal Charges may vary by state. Withdrawals and the surrender of the Contract may be subject to federal and state income tax and, except under certain circumstances, will be subject to an additional tax if taken prior to age 59½. For more information, please see the Certificate of Disclosure.

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Athene Annuity and Life Company 7700 Mills Civic Parkway West Des Moines, IA 50266-3862

Athene.com

We are Athene. And we are relentless when it comes to creating an innovative portfolio of fixed annuities to meet your accumulation and retirement income needs.

At Athene, we see every day as a new opportunity to measure ourselves against the best — and then we don’t stop until we’ve set the bar even higher. We stand ready to help you achieve more.

83166 (05/20)

Athene BCA 2.0 [ANN19 (01/19), ANN19CS12 (01/19)] or state variation, Family Endowment Rider [PBEDB (01/19), PBEDBRS (01/19)] or state variation, Balanced Allocation Lifetime Income Rider [ANNIRS (01/19), ANNIRSRS (01/19), ANNIRF (01/19), ANNIRFRS (01/19)] or state variation are issued by Athene Annuity and Life Company, West Des Moines, IA. Product features, limitations and availability vary; see Certificate of Disclosure for full details. Products not available in all states. This material is a general description intended for general public use. Athene Annuity and Life Company (61689), headquartered in West Des Moines, Iowa, and issuing annuities in 49 states (excluding NY) and D.C., and Athene Annuity & Life Assurance Company of New York (68039), headquartered in Pearl River, New York, and issuing annuities in New York, are not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. Please reach out to your financial professional if you have any questions about Athene products or their features.

ATHENE ANNUITIES ARE PRODUCTS OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSURED BY FDIC OR NCUA/NCUSIF. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT.This brochure contains highlights only — for a full explanation of these annuities, please refer to the Certificate of Disclosure which provides more detailed product information including all charges or limitations as well as definitions of capitalized terms.© 2020 Annexus®

BCA®, Balanced Allocation Lifetime Income Rider® (BALIR®) and Family Endowment Rider® are registered trademarks of Annexus. All rights reserved.