Goldstein Scorecard: B+ (dated October 4, 2026). See how it is graded.
Athene SPIA (Athene Activate) Review: Published Payout Rates and How the Contract Works
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Athene's Activate payment rate sheet (form 40021, effective 09/23/26), product guide and brochure on October 4, 2026 · Updated
Athene's single premium immediate annuity is Athene Activate, issued by Athene Annuity and Life Company. Athene publishes its payouts: on $100,000 with income starting in one month, a 65-year-old man gets $674 a month for life and a 65-year-old woman $646 (rate sheet effective September 23, 2026).
Minimum premium is $10,000. Payments are backed by the claims-paying ability of Athene; once income starts, the premium is converted to income and is not available as a lump sum except through limited options.
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Correction (October 4, 2026): earlier versions of this page relied on a June 2026 CANNEX comparison and described a cost-of-living rider that lowers payments "about 25%" and no liquidity.
Athene publishes its own dated Activate payment rates (shown below), its increase option is a 1% to 5% compounding Annual Automatic Increase Option, and non-qualified contracts include a one-time withdrawal option. The June comparison, composite client stories, star rating and unverified scores have been removed.
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge.
In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Athene Activate payout rates (effective September 23, 2026)
| Payment option | Gender and issue age | Monthly payment per $100,000 | Annual payment % |
|---|---|---|---|
| Single Life | Male 65 | $674 | 8.10% |
| Male 70 | $745 | 8.95% | |
| Male 75 | $851 | 10.21% | |
| Male 80 | $1,005 | 12.06% | |
| Female 65 | $646 | 7.76% | |
| Female 70 | $708 | 8.51% | |
| Female 75 | $802 | 9.63% | |
| Female 80 | $943 | 11.32% | |
| Single Life with 10-Year Period Certain | Male 65 | $671 | 8.06% |
| Male 70 | $734 | 8.81% | |
| Female 65 | $645 | 7.75% | |
| Female 70 | $702 | 8.44% | |
| Single Life with Cash Refund | Male 65 | $654 | 7.85% |
| Male 70 | $713 | 8.56% | |
| Female 65 | $632 | 7.59% | |
| Female 70 | $685 | 8.23% | |
| Joint Life | Male 65 / Female 65 | $590 | 7.09% |
| Male 70 / Female 70 | $635 | 7.63% | |
| Joint Life with Cash Refund | Male 65 / Female 65 | $593 | 7.12% |
| Male 70 / Female 70 | $638 | 7.67% | |
| Period Certain only | 5 years, any age 0 to 90 | $1,860 | 22.33% |
| 10 years, any age 0 to 90 | $1,046 | 12.56% |
How Athene's published payout compares (dated public sheets only)
| $100,000, income in about one month | Athene Activate (eff. 9/23/2026) | Securian IncomeToday! 2.0 (eff. 10/1/2026) |
|---|---|---|
| Male 65, life only | $674 | $685.58 |
| Male 65, life with 10-year period certain | $671 | $665.05 |
| Female 65, life only | $646 | $654.71 |
Contract basics (verified)
| Feature | Athene Activate |
|---|---|
| Issuer | Athene Annuity and Life Company (49 states and DC); Athene Annuity & Life Assurance Company of New York in New York |
| Premium | Single premium. Minimum $10,000; maximum $1,000,000 without company approval |
| Issue ages | Period certain only: 0 to 90. Single or joint life only: 0 to 80. Life with period certain, installment refund or cash refund: 0 to 85 |
| Payment options | Period certain (5 to 30 years); single life; single life with 5, 10, 15 or 20 years certain; installment refund; cash refund; joint and survivor at 100%, 66.67% or 50%, with the same certain and refund choices |
| Payment frequency and start | Monthly, quarterly, semi-annual or annual; any day 1 to 28; start can be deferred up to 12 months from application |
| Annual Automatic Increase Option | 1% to 5% a year, compounding, chosen at issue; purchaser must be 59½ or older |
| One-time withdrawal option | Non-qualified contracts: withdraw 10% to 90% of the present value of remaining liquidity-period payments (10% to 100% on period certain only), owner 59½ or older; not on life-only options |
| Lump sum at death | Beneficiaries can take the present value of remaining guaranteed payments on period certain and installment refund options |
| Plans | IRA, inherited IRA (spouse and non-spouse beneficiaries, with option limits), non-qualified individual, trust or company |
Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A | AM Best A+, S&P A+ and Fitch A+ (as of August 2025) and Moody's A1 (as of July 2025) for Athene's operating subsidiaries, per Athene's investor relations site (checked October 4, 2026) and Athene product brochures dated 04/22/26. |
| Payout competitiveness | B+ | Male 65 life only $674 (Athene, 9/23/2026) vs $685.58 on Securian's public sheet (10/1/2026); female 65 $646 vs $654.71. Few carriers publish, so a wider comparison needs same-day quotes. |
| Guaranteed floor | A | The payment amount is fixed in the contract at purchase, backed by the claims-paying ability of Athene; no index or renewal rate is involved. |
| Liquidity | D+ | Premium is converted to income. Limited one-time withdrawal on non-qualified contracts (age 59½+, not on life-only), lump sum at death on certain and installment refund options. |
| Costs | B | No separate annual fees are listed in Athene's guide; costs and commission are built into the payout rate. Added features lower payments. |
| Transparency | A | Athene publishes dated payout rates by age, gender and option for $100,000. |
| Overall | B+ | A+ rated issuer with published, dated payouts close to other public sheets and more payout options than most. |
Pros and cons
| Pros | Cons |
|---|---|
| Payout rates are published and dated, so you can check a quote. | Income is fixed unless you elect the increase option at issue, which lowers the starting payment. |
| $10,000 minimum premium. | Life-only payments stop at death with nothing to heirs. |
| Wide option set: period certain 5 to 30 years, refunds, joint at 100%, 66.67% or 50%. | The one-time withdrawal is only on non-qualified contracts and not on life-only options. |
| Start can be deferred up to 12 months; any payment date 1 to 28. | Female 65 life-only payout was $8.71 a month below Securian's public sheet on nearby dates. |
Who it's for, and when to look elsewhere
Fits: a retiree who wants a fixed check for life or a set period, can give up the lump sum, and wants an A+ rated issuer whose payout rates can be checked against a published sheet.
Look elsewhere if:
- You may need the principal back. A SPIA is not a savings account; consider keeping that money liquid.
- You are comparing payouts. Ask for same-day quotes from several carriers at your exact age and option; see SPIA rates.
- You want growth for a set term rather than income. A MYGA locks a declared rate for the term, backed by the claims-paying ability of the issuing insurer. For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026). Current rates: MYGA rates.
Run the numbers: immediate annuity calculator and annuity payout calculator. Related: Securian SPIA, Global Atlantic ForeCertain, how SPIA income is taxed and Athene product hub.
Questions to ask your agent
- What is the monthly payment for my exact age, state, premium and option today, and what is the effective date of the rate?
- There is no index cap or minimum rate on a SPIA: is the payment amount fixed in the contract for life, and what happens to it if I change nothing?
- Which options keep money for my heirs (period certain, cash refund, installment refund), and how much lower is each payment than life only?
- Is there any surrender or withdrawal right on my contract type (qualified or non-qualified), and what does the one-time withdrawal give me in dollars?
- How are you paid on this product? Commission comes from Athene and is built into the payout rate, not deducted from my premium. What percentage is it? (Background: how annuity commissions work.)
From my desk
On a SPIA I check three things first: the effective date on the quote, the payment option, and whether the money is qualified or non-qualified, because that decides both the tax and whether Athene's one-time withdrawal is even available.
The number buyers misread most is the annual payment percentage. 8.10% for a 65-year-old man is not an interest rate; each payment is partly your own premium coming back. Athene says so on its own rate sheet.
Against a MYGA, I compare what the buyer needs: if it is income for life, a SPIA does what a MYGA cannot. If it is a known rate with the principal intact, a MYGA keeps the principal and pays a declared rate for the term.
Hans Goldstein, independent licensed insurance producer, CA license 4273294, NPN 20602398. No carrier paid for this review.
Frequently asked questions
What is Athene's immediate annuity called?
Athene Activate, a single premium immediate annuity (SPIA) issued by Athene Annuity and Life Company (and in New York by Athene Annuity & Life Assurance Company of New York), per Athene's Activate product page checked October 4, 2026.
How much does Athene Activate pay on $100,000?
Per Athene's rate sheet effective September 23, 2026, with income starting one month after issue: Single Life, male 65 $674 a month (8.10% a year), female 65 $646 (7.76%); male 70 $745, female 70 $708. With a 10-year period certain, male 65 gets $671 and female 65 $645.
What is the minimum premium for Athene Activate?
$10,000. The maximum is $1,000,000 without company approval, per Athene's Activate product guide (06/01/26).
Can I get money out of an Athene Activate SPIA?
Only in limited ways. Non-qualified contracts include a one-time withdrawal of part of the present value of the remaining liquidity-period payments (10% to 90%, or up to 100% on period certain only), from age 59½, not on life-only options. Period certain and installment refund options also offer a lump sum to beneficiaries at death.
Does Athene Activate have inflation protection?
An Annual Automatic Increase Option lets income rise by a compounding 1% to 5% a year, chosen at issue, if the purchaser is 59½ or older. Starting payments are lower when it is elected; Athene does not publish how much lower.
What is Athene's financial strength rating?
Athene's investor relations site lists AM Best A+ (August 2025), S&P A+ (August 2025), Fitch A+ (August 2025) and Moody's A1 (July 2025). SPIA payments are guaranteed only to the extent of the claims-paying ability of the issuing Athene company.
Sources (checked October 4, 2026)
- Athene, Athene's Activate page: product overview, payment options and policy forms, checked October 4, 2026.
- Athene, Athene Activate payment rates, form 40021, rates effective September 23, 2026.
- Athene, Athene Activate product guide, form 40015 (06/01/26), and Activate brochure, form 40014 (06/01/26).
- Athene, investor relations site, ratings: AM Best A+, S&P A+, Fitch A+ (August 2025), Moody's A1 (July 2025), checked October 4, 2026.
- Securian, Securian IncomeToday! 2.0 rate announcement, rates effective October 1, 2026 (comparison only).
- MYGA and CD benchmark: public carrier rate sheets (MYGAs, October 14, 2026) and DepositAccounts (CDs, September 24, 2026).
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
SPIAs are irrevocable. Once you sign, your principal is gone. Before you commit, how does this insurer's payout compare with other quotes for your age? Are you choosing the right payout option (life only vs. cash refund vs. joint)? Payouts for the same deposit can differ between insurers, so compare quotes before you sign.
Send your details. Within one business day you get a written review of your quote, a side-by-side with two alternatives, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.