Were you a former policyholder with Athene Life Insurance Company of New York? Are you wondering what has happened in the last few years and why finding information on Athene is difficult? You are hardly alone. As of 2012, Athene announced an agreement to sell the Aviva life insurance business to Commonwealth Annuity and Life Insurance Co., which is owned by Global Atlantic Financial Group.
Athene USA still exists, but it focuses on fixed annuities, rather than typical life insurance offerings. So, let’s dig a little deeper into who has the life insurance business Athene had previously, and what sort of help Athene still offers in the life insurance world. And remember is Athene not Athena life insurance.
What’s an Annuity?
Annuities are insurance products that help you do two things. They help to provide you with income throughout your entire retirement. They also help you protect and grow your money up until that retirement age has come and gone. It provides a way of saving towards life in the older years, in addition it protects your family’s financial future.
Reasons to Consider an Annuity
If you are saving for retirement, an annuity can be an excellent option if you are already contributing the maximum to your 401k, IRA, or other plan. Your money will grow and be tax-deferred as it does so.
Another reason to consider an annuity is if you don’t expect to need the money before you’re 60. That will ensure the most money is available from the plan.
If you are concerned you may not have enough money to pay for the rest of your life, an annuity helps with that by giving you peace of mind.
An annuity helps care for your family’s financial needs in the event of your death as well.
Types of Annuities
A Single Premium Immediate Annuities (SPIA) is the most predictable annuity option. You provide a single premium, or sum of money, and the SPIA will pay out a certain amount at a specific time or when you or your spouse pass away.
Multi-Year Guarantee Annuities (MYGA) give you tax-deferred growth options with a fixed interest rate for a specific amount of time. This type of annuity offers you a stream of income throughout retirement that you can count on, no matter how old you are.
Fixed Indexed Annuities take the interest rate portion of your premium and tie it to a stock market index, allowing you to benefit from trends without owning stocks. Your principal investment is protected from market downturns. There may be other riders that can be attached that give other benefits, but that depends on the specific situation.
Other Helpful Options
Athene provides many other services, including help with deciding on how the rest of your life will play out. You can fill out an inventory about what you own and what you make, along with what your goals are in the future, both big and small. You might list visiting Australia or running with the bulls in Spain, but also list car payments and new roofing. There are many different resources to help available on the site.
Accordia Life and Annuity Company
Accordia is the company that has taken over any policies from those who were with Athene, except in New York. In New York, First Allmerica Financial Life Insurance Company takes care of these policies. These companies offer more typical life insurance plans. You can choose from term life insurance, whole life insurance, variable universal life insurance, and universal life insurance.
To find out about other lower priced options available to you, please click on our “View Your Quotes” button in addition you can speak with a licensed agent by calling 866-936-3831. Gary W Blackmon is helping customers from California to New York find cheap life insurance.