Is the Athene Performance Elite 15 a good annuity?
For money you are certain you will not need for 15 years, it offers the largest day-one bonus in the Performance Elite family, 24% on Base and 27% on Plus for ages 0 to 70, with crediting rates that beat the 10-year version. The trade is steep: withdrawal charges start at 15%, none of the bonus vests until year 12, and it is not sold in 17 states. Plus is the version to consider if there is any chance you will need access, because its return of premium floor after year 4 and 10% yearly free withdrawals soften that lockup, though its 0.95% yearly rider charge costs far more over 15 years than the 3 extra bonus points. If 15 years feels long, the Performance Elite 10 or 7 is the better fit.
Athene Performance Elite 15 at a glance
| Product type | Single premium fixed index annuity |
|---|---|
| Issuing carrier | Athene Annuity and Life Company, West Des Moines, Iowa |
| Versions | Base (no rider) and Plus (Liquidity Rider with a larger bonus) |
| Withdrawal charges | 15%, 15%, 14%, 14%, 13%, 13%, 12%, 11%, 10%, 9%, 8%, 7%, 6%, 5%, 4%, then 0% from year 16 |
| Premium bonus | Base 24% (ages 0 to 70) or 19% (71 to 73); Plus 27% or 22% |
| Bonus vesting | 0% through year 11, then 20%, 40%, 60%, 80%, and 100% from year 16 |
| Liquidity Rider | Plus only, 0.95% of accumulated value a year for 15 years |
| Free withdrawals | Base: 0% in year 1, 5% from year 2. Plus: 10% from year 1, up to 20% after a year with none |
| Minimum and maximum premium | $10,000 to $1,000,000 |
| Issue ages | 0 to 73 in most states where sold; 0 to 64 in FL; 0 to 50 in SC and TX |
| Crediting options | 13 index strategies plus a 1-year fixed strategy |
| Rate sheet date | Rates effective August 7, 2026 (subject to change) |
| Market value adjustment | Yes, except in MD and MO |
| Availability | 33 states and D.C.; not sold in AK, CA, CT, DE, ID, LA, MN, MT, NV, NJ, NY, OH, OK, OR, PA, UT, WA |
Today's rates for Athene Performance Elite 15
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
What is the Athene Performance Elite 15?
The Athene Performance Elite 15 is a single premium fixed index annuity issued by Athene Annuity and Life Company, with a 15-year withdrawal charge period. It is the longest contract in the Performance Elite family, and it pays the largest premium bonus: up to 24% of your deposit on the Base version and up to 27% on the Plus version, added to your accumulated value on the day the contract is issued.
After that, it works like the rest of the family. You split the money among index strategies and a fixed strategy, interest is credited at the end of each 1-year or 2-year term, and a 0% floor means an index loss never reduces your value. Credits, once added, are locked in.
It comes in two versions, and the choice changes the math. Base has no rider and no rider charge. Plus includes the Liquidity Rider for 0.95% a year, and in exchange pays 3 extra points of bonus and gives you much better access to your money. Both versions offer the same strategies at the same rates. Neither has an income rider. For the carrier's background and ratings, see our Athene company review.
Base vs Plus on the Performance Elite 15
| Feature | Performance Elite 15 Base | Performance Elite 15 Plus |
|---|---|---|
| Premium bonus, ages 0 to 70 | 24% | 27% |
| Premium bonus, ages 71 to 73 | 19% | 22% |
| Annual rider charge | None | 0.95% of accumulated value, years 1 to 15 |
| Free withdrawal, year 1 | 0% | 10% |
| Free withdrawal, year 2 on | 5% a year | 10% a year, or up to 20% after a year with no withdrawals |
| Return of premium | No | After year 4, cash surrender value never below net premium |
| Enhanced annuitization | No | After year 9, annuitize with no withdrawal charge, vesting adjustment or MVA (not in FL) |
| Death benefit | Greater of accumulated value or Minimum Guaranteed Contract Value | Same, or the return of premium amount if higher |
The bonus rate is set by the age of the oldest owner or annuitant on the issue date. As a hypothetical example, a 62-year-old who puts in $100,000 starts at $124,000 on Base or $127,000 on Plus. At 72, the same deposit starts at $119,000 or $122,000.
What the Plus rider really costs
The liquidity rider charge is 0.95% of accumulated value, taken at the end of each contract year and whenever you withdraw, annuitize, surrender or die, for all 15 years of the withdrawal charge period. You cannot cancel the rider during that time.
Do the rough math. Fifteen years at 0.95% is about 14.25% of your value, and more in dollars as the value grows. The extra bonus is 3 points. On a hypothetical $127,000 starting value, the first year's charge alone is about $1,207. So Plus does not pay for itself through the bonus. Its value is in the exits it creates from a very long contract:
- Return of premium after year 4. On Base, a year-5 surrender would face a 13% charge, the loss of the entire bonus and any MVA. On Plus, your cash surrender value after year 4 cannot fall below your premium, less prior withdrawals and any charges taken on them.
- 10% free from year 1, or 20% after a quiet year. Base gives you nothing free in year 1 and 5% after that. On a hypothetical $125,000 value, that is about $6,250 a year on Base versus $12,500 on Plus, or $25,000 if you skipped the previous year.
- Enhanced annuitization after year 9. You can turn the whole accumulated value into income payments under one of five settlement options with no withdrawal charge, bonus recapture or MVA. Once payments start, the choice is permanent. Not available in Florida.
If any of those could matter to you over 15 years, Plus is the more forgiving version. If the money is truly set aside, Base keeps more of it compounding.
How the bonus vests
The bonus is credited at once but becomes fully yours only gradually. If you surrender, or withdraw more than the free amount, Athene takes back the unvested share of the bonus and of the interest it has earned.
| Contract year | Bonus vested | Withdrawal charge |
|---|---|---|
| 1 | 0% | 15% |
| 2 | 0% | 15% |
| 3 | 0% | 14% |
| 4 | 0% | 14% |
| 5 | 0% | 13% |
| 6 | 0% | 13% |
| 7 | 0% | 12% |
| 8 | 0% | 11% |
| 9 | 0% | 10% |
| 10 | 0% | 9% |
| 11 | 0% | 8% |
| 12 | 20% | 7% |
| 13 | 40% | 6% |
| 14 | 60% | 5% |
| 15 | 80% | 4% |
| 16 and later | 100% | 0% |
Using the hypothetical $124,000 Base contract: surrender in year 11 and the full $24,000 bonus and its earnings come back out, an 8% withdrawal charge applies, and an MVA may push the result up or down. By year 13 you would keep 40% of the bonus. Free withdrawals, required minimum distributions, the nursing home and terminal illness waivers, and the death benefit never trigger the recapture. That last point matters for legacy money: if the annuitant dies in year 3, beneficiaries receive the full accumulated value, bonus included, with no surrender charges.
Market value adjustment
A market value adjustment applies to the part of any withdrawal or surrender above the free amount during the 15 years, except in Maryland and Missouri. Athene's brochure spells out the direction: if interest rates are higher than when you bought, unchanged, or lower by less than 0.25%, the MVA is negative; if rates have fallen by more than 0.25%, it is positive. Our surrender charges guide shows how charges, the MVA and bonus recapture combine.
Crediting strategies and current rates
There are 13 index strategies and a 1-year fixed strategy, and you can reallocate when each term ends. Six custom indexes are offered in 1-year and 2-year point-to-point versions with a participation rate and no cap. The S&P 500 is a 1-year point-to-point strategy with a cap rate. Every index strategy comes with or without a 1.25% yearly strategy charge.
These rates are from Athene's Performance Elite 15 product guide, rates effective August 7, 2026. They are the same on Base and Plus, locked only for the first term, and subject to change; your strategist will confirm today's rates for your state.
| Strategy | With 1.25% strategy charge | No strategy charge |
|---|---|---|
| 2-year point-to-point, participation rate, no cap | ||
| AI Powered Global Opportunities (AIGO) | 210% | 160% |
| AI Powered US Equity (AIPEX) | 230% | 175% |
| BNP Paribas Multi Asset Diversified 5 (BNPIMAD5) | 300% | 225% |
| Nasdaq FC (BOFANFCC) | 200% | 150% |
| S&P 500 FC (SPXFCDUE) | 135% | 100% |
| UBS Innovative Balanced (UBSIBAL) | 210% | 160% |
| 1-year point-to-point, participation rate, no cap | ||
| AI Powered Global Opportunities (AIGO) | 155% | 120% |
| AI Powered US Equity (AIPEX) | 170% | 130% |
| BNP Paribas Multi Asset Diversified 5 (BNPIMAD5) | 215% | 165% |
| Nasdaq FC (BOFANFCC) | 127% | 97% |
| S&P 500 FC (SPXFCDUE) | 97% | 75% |
| UBS Innovative Balanced (UBSIBAL) | 155% | 120% |
| 1-year point-to-point, cap rate | ||
| S&P 500 (SPX) | 9.50% cap | 7.00% cap |
| 1-year fixed strategy | Not offered | 3.70% |
Two-year strategies are not available in New Hampshire. Athene may add strategies with regulatory approval or drop one, in which case the money may move to the fixed strategy when its term ends.
The six custom indexes are excess return indexes with volatility controls and built-in costs: 0.85% a year for AIGO, 0.50% for AIPEX and BNPIMAD5, and a 0.50% decrement inside the S&P 500 FC. The Nasdaq FC also limits how much it can rise in a month. Most launched between 2016 and 2023 (AIGO, UBSIBAL and the S&P 500 FC in 2023), so earlier history is back-tested. Our guide to proprietary indices explains why their participation rates run so high.
The strategy charge and its safety net
A charged strategy costs 1.25% of its value a year, set each anniversary and deducted monthly, with the rate locked for the first term and redeclared after that. Splitting money between charged and uncharged strategies lowers the blended cost to about 0.31%, 0.63% or 0.94% a year for a quarter, half or three quarters charged.
At the end of year 15, if your total strategy charges exceed your total interest credits, a one-time Strategy Charge Credit adds back the difference. A withdrawal that incurs a withdrawal charge, including a surrender, forfeits it. The credit does not cover the Plus rider charge, so a Plus owner in fully charged strategies pays 2.20% a year with only the 1.25% portion backstopped.
Strategy Preset
Strategy Preset is Athene's automatic allocation option for Performance Elite. It holds the six custom indexes at fixed weights (20% each in UBSIBAL, AIGO and BNPIMAD5, 15% each in S&P 500 FC and Nasdaq FC, 10% in AIPEX) and rebalances the renewing money every anniversary. Conservative uses 1-year strategies. Balanced ladders the money, starting half in 1-year and half in 2-year strategies and then moving the 1-year half into 2-year terms, so part of your value renews every year. Growth uses the same ladder with the strategy charge. You can add the no-charge 1-year S&P 500 or fixed strategy alongside. Switching to manual allocation during the 15 years ends your access to it, and after year 15 the preset money moves to 1-year strategies for you to manage. Not available in New Hampshire.
Free withdrawals, waivers and the death benefit
- Free withdrawals: Base, 5% of the prior anniversary value a year from year 2; Plus, 10% from year 1. Required minimum distributions are treated as free from year 1 on both versions. Withdrawn money earns no index credit for that term.
- Nursing home waiver: after year 1, up to 100% of the value with no withdrawal charge or MVA if the annuitant has been in a qualified care facility 60 days in a row, was not confined at issue, and the stay began at least a year after issue. Not available in Massachusetts.
- Terminal illness waiver: after the first anniversary, up to 100% of the value if the annuitant is diagnosed, at least a year after issue, with an illness expected to be fatal within a year.
- Death benefit: before annuitization, the greatest of accumulated value with no surrender charges, the Minimum Guaranteed Contract Value, or on Plus the return of premium amount.
Neither waiver is long-term care insurance. Gains are taxed as ordinary income when withdrawn, and the IRS 10% penalty can apply before age 59 and a half.
Performance Elite 7 vs 10 vs 15
| Performance Elite 7 | Performance Elite 10 | Performance Elite 15 | |
|---|---|---|---|
| Withdrawal charge period | 7 years | 10 years | 15 years |
| Year 1 charge | 9.0% | 12% in most states | 15% |
| Base bonus (youngest ages) | None | 20% in most states | 24% |
| Plus bonus (youngest ages) | 6% in most states | 23% in most states | 27% |
| Bonus fully vested | Year 8 (Plus) | Year 11 in most states | Year 16 |
| Base free withdrawal | 10% from year 1 | 5% from year 2 | 5% from year 2 |
| Issue ages | 0 to 83 | 0 to 78 | 0 to 73 |
| Where sold | All states but NY | All states but NY | 33 states and D.C. |
Which Performance Elite term fits you
All three contracts share the same strategies, riders and waivers. What changes is how long you commit, how big the bonus is, how much you can take out along the way, and the rates. Here is a practical way to decide.
Start with the money you will not touch
Be honest about the shortest time you might need this money. If a real need could show up before year 10, the 15 is the wrong tool even with Plus: a return of premium floor protects your principal, not your bonus or growth. A useful test is whether you have other savings that could cover a large surprise, such as a roof, a car or a health event, without touching the annuity.
Compare the bonus per year of commitment
Bigger bonuses come with longer lockups, and the extra years do not all pay the same. On Base in most states, the 10 pays 20% for 10 years, about 2 points per year of commitment. The 15 pays 24% for 15 years, about 1.6 points per year. Moving from the 10 to the 15 buys 4 more points for 5 more years. The 7 pays no Base bonus at all but has the highest rates.
Compare the rates you give up or gain
| Strategy (as of each guide's date) | Performance Elite 7 | Performance Elite 10 | Performance Elite 15 |
|---|---|---|---|
| S&P 500 1-year cap, with charge | 11.50% | 8.00% | 9.50% |
| S&P 500 1-year cap, no charge | 8.75% | 5.50% | 7.00% |
| BNPIMAD5 2-year, with charge | 355% | 255% | 300% |
| S&P 500 FC 1-year, no charge | 92% | 60% | 75% |
| 1-year fixed rate | 4.60% | 2.90% | 3.70% |
The Performance Elite 7 rates are effective May 1, 2026; the 10 and 15 are effective August 7, 2026. Rates change and are only locked for the first term, but the pattern is clear: the 7 has the most crediting power, the 15 sits in the middle, and the 10 trails both. The larger bonus is one reason, and Athene notes that bonus contracts can carry lower rates than similar contracts without one.
Check your age and state
The 15 is open only through age 73, through 64 in Florida and through 50 in South Carolina and Texas, and it is not sold in 17 states. If you are 74 to 78, or live where the 15 is not offered, the 10 is the longest term available to you. Buyers up to 83 can use the 7.
A quick guide
| If this sounds like you | Consider |
|---|---|
| You want the highest rates and the shortest lockup, and a bonus does not matter | Performance Elite 7 Base |
| You want 7 years with a small bonus and a 20% carryover or early annuitization option | Performance Elite 7 Plus |
| You want a large bonus but 15 years is too long, or you are 74 to 78 | Performance Elite 10 |
| The money is truly long-term, you are within the age and state limits, and you want the biggest bonus | Performance Elite 15 Base |
| You want the 15's bonus but need a safety valve on access in the early years | Performance Elite 15 Plus |
| Part of the money is meant for heirs | A longer term can make sense, since the bonus is not recaptured at the annuitant's death |
Many buyers split the difference by placing only the truly long-term share of their savings in a longer contract and keeping the rest shorter or liquid. A licensed strategist can run all six versions side by side for your age and state.
Other annuities to consider
- Athene Performance Elite 10: a large bonus with a five-year shorter commitment
- Athene Performance Elite 7: the family's shortest term and richest rates
- Athene Ascent Pro 10 Bonus: Athene's FIA built for lifetime income
- Best fixed index annuities for accumulation
How to get a Performance Elite 15 quote
- Request a Performance Elite 15 quote with your age, state and premium, so we can confirm it is available to you.
- Decide between Base and Plus based on how much access you might need, not the 3-point bonus difference.
- Choose your own strategies or a Strategy Preset profile, and how much should carry the strategy charge.
- Read the Certificate of Disclosure during your free look period.
Tax Free Wealth Plan is a licensed independent insurance agency appointed with 25 companies. We can compare the Performance Elite 15 with other top-rated carriers side by side, and the insurance company pays us if you buy, so there is no fee to you.
Pros and cons
Pros
- The largest bonus in the Performance Elite family: 24% on Base and 27% on Plus for ages 0 to 70, added to your value on day one.
- Crediting rates above the Performance Elite 10 on every strategy, as of August 7, 2026 (for example, a 9.50% S&P 500 cap with the charge versus 8.00% on the 10).
- Plus offers a return of premium floor after year 4, 10% free withdrawals from year 1 and penalty-free annuitization after year 9 (not in FL), which are real exits from a long contract.
- The bonus is not recaptured at the annuitant's death, and the death benefit pays the full accumulated value with no surrender charges.
- The Strategy Charge Credit makes up any shortfall if strategy charges exceed your interest credits over the 15 years, as long as you took no charged withdrawals.
Cons
- A 15-year commitment with a 15% withdrawal charge in years 1 and 2, still 8% in year 11.
- None of the bonus vests until year 12. A surrender or large withdrawal in the first 11 years gives back the whole bonus and its earnings, plus charges and an MVA.
- On Plus, fifteen years of the 0.95% rider charge adds up to roughly 14% of your value, several times the 3 extra bonus points.
- Not sold in 17 states, including New York, California, Pennsylvania, Ohio and New Jersey, and issue ages top out at 64 in Florida and 50 in South Carolina and Texas.
- Rates are only locked for the first term and are lower than the Performance Elite 7's. The custom indexes carry built-in costs and have mostly back-tested histories.
Frequently asked questions
What is the Athene Performance Elite 15 Plus?
It is the Plus version of the 15-year contract. It includes Athene's Liquidity Rider for 0.95% of your accumulated value each year during the 15-year withdrawal charge period. In return it pays a larger bonus (27% instead of 24% at ages 0 to 70, 22% instead of 19% at 71 to 73), lets you withdraw 10% a year free from year 1, or up to 20% after a year with no withdrawals, guarantees your cash surrender value will not drop below your net premium after year 4, and allows penalty-free annuitization after year 9 (not in Florida).
What is the minimum premium for the Performance Elite 15?
$10,000, with a $1,000,000 maximum unless Athene approves more. It is a single premium contract. Qualified contracts, such as IRAs, must have one owner; non-qualified contracts can be jointly owned.
When is the Performance Elite 15 bonus fully vested?
The bonus is 0% vested in years 1 through 11, then 20% in year 12, 40% in year 13, 60% in year 14, 80% in year 15 and 100% from year 16. Vesting only matters if you surrender or withdraw more than the free amount. Free withdrawals, required minimum distributions, the waivers and the death benefit do not trigger recapture.
Where is the Performance Elite 15 available?
According to Athene's product guide, it is sold for ages 0 to 73 in AL, AZ, AR, CO, DC, GA, HI, IL, IN, IA, KS, KY, ME, MD, MA, MI, MS, MO, NE, NH, NM, NC, ND, RI, SD, TN, VT, VA, WV, WI and WY, for ages 0 to 64 in Florida, and for ages 0 to 50 in South Carolina and Texas. It is not sold in AK, CA, CT, DE, ID, LA, MN, MT, NV, NJ, NY, OH, OK, OR, PA, UT or WA. The Performance Elite 10 is sold in all of them except New York.
Are the Performance Elite 15 rates guaranteed?
Only for each strategy's first term, 1 or 2 years. After that, Athene declares new caps, participation rates and strategy charge rates. The rates on this page are from Athene's product guide with rates effective August 7, 2026, and your strategist will confirm the current rates for your state.
Should I choose the Performance Elite 10 or 15?
Choose the 15 only if you are confident the money can stay put for 15 years and you are within its age and state limits. It pays 4 more points of bonus than the 10 on Base and has higher crediting rates, but it adds five years of withdrawal charges and five more years before the bonus fully vests. See the term-by-term guide on this page.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
- Athene Performance Elite 15 Product Guide, form 68071, rates effective August 7, 2026
- Athene Performance Elite Fixed Indexed Annuity and Liquidity Rider brochure, form 68000 (04/22/26)
- Athene Performance Elite: Plan for performance, indexed crediting strategies, form 68080 (03/31/26)
- Athene Performance Elite: Choosing an allocation is as easy as 1-2-3, form 68089 (01/26/26)
- Athene Performance Elite: Finding value in a charge, form 68090 (05/01/26)
- Athene Strategy Preset, form 68224 (01/26/26)
- Athene Performance Elite 7 Product Guide, form 68070, rates effective May 1, 2026
- Athene Performance Elite 10 Product Guide, form 68069, rates effective August 7, 2026
- AM Best rating search
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
