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Fixed Indexed Annuity

Athene Protector 5

Athene Annuity and Life Company

9.75%

Best Cap

10%

Free W/D

50

Jurisdictions

Product data status: May 29, 2026

Rates, state availability, rider terms, and contract language must be confirmed with a licensed financial advisor or insurance professional before purchase. Guarantees are backed by the issuing insurer.

Live product data

Rates as of May 29, 2026, based on the latest AdvisorWorld scan of CANNEX data.

S&P 500 annual cap rate

9.75% cap on S&P 500

A five-year-surrender fixed indexed annuity from an A+-rated carrier built around recognizable S&P 500 cap and trigger strategies (each available in one-year and five-year locked-rate variants) plus a fixed account and a few proprietary participation-rate indexes, with no income rider and no premium bonus.

1-year termAdvisorWorld + CANNEX data

Best fit

Accumulation-focused buyers who want a comparatively short five-year deferral, recognizable S&P 500 cap or trigger exposure with the option to lock the rate for the full surrender term, and a large multi-agency-rated carrier — and who do not need a guaranteed lifetime-income rider built into the contract.

AM Best

A+ Superior

Surrender period

5 years

Free withdrawal

10%/yr

Availability

50 jurisdictions (excl. New York)

Featured crediting strategies

Index / strategyRate mechanics

S&P 500

S&P 500 Index

9.75% cap rate

Rate varies by premium band.

S&P 500

S&P 500 Index

100% participation rate + 7.5% declared rate

Rate varies by premium band.

S&P 500

S&P 500 Index

8.5% cap rate

Rate varies by premium band.

S&P 500

S&P 500 Index

100% participation rate + 6.25% declared rate

Rate varies by premium band.

Fixed Account

Fixed Account

4.9% declared rate

Rate varies by premium band.

+ 3 volatility-controlled index options (BNP Paribas, Nasdaq FC, S&P 500)

Product analyst notes

How to think about this contract

Why it can stand out

  • Surrender term runs five years rather than the seven- or ten-year terms common on many indexed annuities, so the deferral commitment is comparatively short for the FIA category.
  • Carrier financial strength is rated by four independent agencies (A.M. Best, Fitch, Moody's, and Standard & Poor's), so the strength view on this page is not a single-source read.
  • Crediting menu includes a recognizable S&P 500 annual point-to-point cap as well as an S&P 500 declared-trigger strategy, so buyers who want a like-for-like benchmark comparison or a stated-trigger alternative can hold either inside one contract.
  • Both the S&P 500 cap and the S&P 500 trigger have five-year rate-lock variants alongside the one-year strategies, so a buyer who prefers a single locked rate for the full surrender term has that option without leaving the same index.
  • Free-withdrawal allowance, the full surrender ladder, the nursing-home and terminal-illness waivers, and the absence of a market-value adjustment are all visible on this page rather than gated behind a sales brochure.

What to confirm

  • This is not a guaranteed-lifetime-withdrawal product — there is no GLWB income rider attached and no Protected Income Value chassis on this contract. The only optional riders on this page are a return-of-premium rider and a guaranteed-minimum-account-value rider, neither of which is a lifetime-income guarantee. Do not compare its payout side-by-side with a rider-led income FIA.
  • There is no premium bonus on this contract, which keeps the day-one account value equal to the premium paid but also removes the upfront credit that many commission-paid retail FIAs use to offset a longer surrender term.
  • The headline cap rates published here apply at the $100,000-and-above premium band — buyers funding below that threshold receive a lower cap, lower participation rate, or lower trigger rate on the same strategies, and the page's premium-band table is the place to confirm the rate that applies to a specific funding amount.
  • Several of the participation-rate options are proprietary volatility-controlled or excess-return indexes (BNP Paribas Multi Asset Diversified 5, Nasdaq FC, S&P 500 FC TCA decrement). Their participation rates can look high in absolute terms but are not directly comparable to an S&P 500 cap — evaluate each on its own merits and on its live-track record.
  • The standard death benefit on this contract pays cash surrender value, not account value or a rolled-up income base — heirs receive what a buyer would receive on a non-penalty surrender, which can be materially lower than an account-value-based death benefit on a competing contract.

Not ideal for

Buyers who need a contractually guaranteed lifetime withdrawal rate from a GLWB rider, want a premium bonus to boost the day-one account value, need an account-value-based or rolled-up death benefit, or are funding under the $100,000 premium band and expect the same headline cap that applies to larger funding amounts.

All crediting strategies

View rate listings (16 rows)

These are the current crediting strategy listings returned for this product. Use the filters to narrow by index, term, premium band, or rate type.

Par: 215% · 1-yr

BNP Paribas Multi Asset Diversified 5 Index

participation

5-yr surrender$100,000+

Par: 128% · 1-yr

Nasdaq FC Index

participation

5-yr surrender$100,000+

Par: 100% · 1-yr

S&P 500 FC TCA 0.50% Decrement Index (USD) ER

participation

5-yr surrender$100,000+

Cap: 9.75% · 1-yr

S&P 500 Index

cap

5-yr surrender$100,000+

Par: 100% + Fixed: 7.5% · 1-yr

S&P 500 Index

trigger

5-yr surrender$100,000+

Fixed: 4.9% · 1-yr

Fixed Account

fixed

5-yr surrender$100,000+

Par: 100% + Fixed: 6.25% · 5-yr

S&P 500 Index

Trigger Rate Lock · trigger

5-yr surrender$100,000+

Cap: 8.5% · 5-yr

S&P 500 Index

Cap Rate Lock · cap

5-yr surrender$100,000+

Par: 215% · 1-yr

BNP Paribas Multi Asset Diversified 5 Index

$100,000+

Par: 128% · 1-yr

Nasdaq FC Index

$100,000+

Par: 100% · 1-yr

S&P 500 FC TCA 0.50% Decrement Index (USD) ER

$100,000+

Cap: 9.75% · 1-yr

S&P 500 Index

$100,000+

Par: 100% + Fixed: 7.5% · 1-yr

S&P 500 Index

$100,000+

Fixed: 4.9% · 1-yr

Fixed Account

$100,000+

Par: 100% + Fixed: 6.25% · 5-yr

S&P 500 Index

Trigger Rate Lock

$100,000+

Cap: 8.5% · 5-yr

S&P 500 Index

Cap Rate Lock

$100,000+

Income riders

Accumulation-focused — no income rider

This contract is designed for tax-deferred accumulation, not guaranteed lifetime income. No GLWB rider was returned because none is part of the contract design — compare against other accumulation FIAs on cap, participation rate, and surrender terms rather than lifetime income.

Key Features

Free withdrawal

10%/yr

Annual amount that may be available without surrender charges, subject to contract terms.

Surrender waivers

2

Nursing home waiver, Terminal illness waiver

Death benefit

Death Benefit - CV

Beneficiary value depends on contract terms, withdrawals, and rider elections.

Strategy guarantee

Minimum guaranteed cap: 0.50%

Strategy guarantee

Minimum guaranteed declared rate: 0.25%

Strategy guarantee

Guaranteed minimum interest rate (fixed): 0.25%

Annuitization options

Single and joint

Contract conversion options should be confirmed before purchase.

Fund types

Non-qualified, Qualified

Availability can vary by state and product terms.

Surrender schedule

Yr 1

8%

Yr 2

8%

Yr 3

7%

Yr 4

5.9%

Yr 5

4.6%

After

0%

Nursing home waiver, Terminal illness waiver, Surrender waivers

Documents

brochure

42000.pdf

Confidence: highReviewed Apr 2, 2026

Direct link not published — request the document from the carrier.

Carrier Ratings

AM BestA+
S&PA+
Moody'sA1
S&PA+

Contract notes from product data

Crediting design

How the interest-crediting choices are framed

Athene Protector 5 currently shows 8 distinct indexed or fixed crediting choices across 16 current rate listings, including S&P 500 Index and S&P 500 FC TCA 0.50% Decrement Index (USD) ER, with 2 volatility-controlled index options grouped separately. These choices matter because caps, participation rates, fixed accounts, spreads, and renewal terms are different mechanics and should not be ranked as one simple rate list.

  • S&P 500 Index: 9.75% cap
  • S&P 500 Index: 100% participation
  • S&P 500 FC TCA 0.50% Decrement Index (USD) ER: 100% participation

Liquidity terms

Why access rules deserve as much attention as rates

A fixed indexed annuity can preserve more control than an income-only contract, but access is still governed by the surrender schedule, free-withdrawal terms, and waiver language. Those details are where many product comparisons become more meaningful than a simple rate list.

  • 10%/yr free withdrawal
  • 5 surrender years
  • Nursing home waiver
  • Terminal illness waiver

Verification note

Use carrier materials as term evidence, then confirm the current version

Carrier materials such as 42000.pdf help explain the contract language behind the data on this page; the latest document activity we see is Apr 8, 2026. For the current brochure, rate sheet, or specimen contract, confirm the state-specific version with the carrier or a licensed financial professional.

  • Rates and rider terms can vary by state and issue age
  • Carrier guarantees depend on claims-paying ability
  • Current contract forms should be confirmed before purchase

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