Jackson National Life At a Glance: Rates, Products and Reviews
Founded in 1961, Jackson National Life Insurance is a leading U.S. annuity provider, ranked #1 in traditional annuity sales in 2023 and #7 in registered index-linked annuities. Known for strong financial ratings, the company focuses on clarity and simplifying retirement planning for customers.
- Written by Christy Bieber
- Edited By Sierra Campbell
- Published: December 19, 2024
- Updated: December 19, 2024
- 6 min read time
- This page features 4 Cited Research Articles
- Jackson National Life is a leading annuity provider, ranked #1 in traditional annuity sales in 2023.
- The company is rated A by A.M. Best, Fitch and S&P for strong financial stability.
- While fees are reasonable, customer reviews often mention challenges with account closures and claims.
Types of Annuities Offered
Jackson National Lifer offers various types of annuities including variable annuities, registered index-linked annuities, fixed annuities and fixed-index annuities. With Jackson’s wide range of offerings and customizable add-ons, most investors can find something to fit their portfolio. Here’s what you need to know about Jackson National Life’s annuity offerings.
Fixed Annuities
Fixed annuities provide the ultimate stability, with guaranteed returns and a variety of payment options. Jackson offers two fixed annuity products:
- Jackson RateProtector
- This annuity comes with a multi-year guaranteed rate of return, with the choice to guarantee your rate for three, five or seven years. You can withdraw up to 10% of the accumulated contract value each contract year, free of withdrawal fees or market value adjustments. Higher interest crediting is also available with premiums of $100,000 or more. Rates range between 3.95% and 4.5% as of November 2024.
- Immediate Annuity
- Jackson's immediate annuities offer multiple income options including guaranteed lifetime income with or without an optional cash or installment refund. You can also opt for a period-certain annuity to receive income for five to 60 years, or one to ensure your annuity pays out to beneficiaries if you pass away before the end of the selected timeframe.
Learn More About Your Annuity Options
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Variable Annuities
Variable annuities offer the chance at higher returns as you can invest in the market and benefit when your assets perform. Jackson offers numerous variable annuities including:
- Perspective Family
- Perspective II and Perspective Advisory II give you the option to choose from up to 99 investments and adjust your asset allocation up to 25 times per contract year. There are no investment restrictions, and you can select from model investments or build an individualized portfolio. You can also customize your annuity with optional add-ons through the Flex Suite living benefit option. Perspective Advisory II also offers access to money managers.
- Elite Access Suite
- Elite Access II and Elite Access Advisory II are accumulation products that offer a variety of investment options. You'll benefit from tax-deferred growth and have multiple options for legacy and estate planning. You can customize your portfolio, continue tax-deferred growth for heirs while controlling future payouts and customize your annuity through add-ons. One add-on option is called Principal Guard, which offers a guaranteed minimum accumulation benefit.
Index Annuities
Index annuities link the value of your annuity to financial indexes, although there’s an upper and lower limit on potential returns. When you choose an index annuity, you’ll get equity exposure with limited downside risk.
- Registered index-linked annuities (RILAs)
- Four registered index-linked annuities are available at Jackson. These link performance to financial indexes while protecting against market downturns. You can choose from multiple protection options, including limiting the percentage your account can decline and setting a floor for your account value. You can also select your crediting method and customize your annuity with add-on benefits like Performance Lock to lock in your gains and maximize growth.
- Fixed index annuities
- Fixed index annuities make a portion of your growth dependent on the market while also providing guaranteed income and tax-deferred growth. Options include MarketProtector and MarketProtector Advisory, which offer index option periods of five or seven years, as well as a guaranteed minimum value.
Key Features and Benefits
- Fixed annuities are tax-deferred investments. They come with a terminal illness and an extended care waiver to allow penalty-free withdrawals after a medical diagnosis, hospitalization or nursing home admittance. You can also pre-select how the death benefit will be paid or opt for an optional Income Escalator to protect against inflation.
- Variable annuities can provide tax-deferred growth while adding the flexibility to choose investments and grow your account value faster if they perform well. Many add-ons are available through Flex Suite's living benefits, including guaranteed income growth, customizable income growth options, extra access to earnings, more up-front income and legacy protections.
- Index annuities provide tax-deferred growth and the ability to customize your annuity with add-ons like +Income to provide guaranteed withdrawal amounts at no extra cost, or like Performance Lock to capture your gains.
Fees and Charges
Fees and costs vary by product but typically include annual contract charges, annual operating expenses, fund expenses and withdrawal fees.
For example, Perspective Advisory II® has a core product expense of 0.45% to 1.30% and an add-on benefit expense of 0.20% to 2.15%, while Elite Access Advisory II® has a core product expense of $20 per month unless your account is valued at $250,000 or higher. It also comes with add-on benefit expenses totaling 0.35% to 1.00%.
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Customer Service and Financial Strength
- A.M. Best: A (Excellent), the third highest of 13 rating categories
- Fitch: A (Strong), the sixth highest of 19 rating categories
- Standard & Poor's 500: A (Strong), the sixth highest of 20 rating categories
- Moody's Investors Service, Inc: A3 (Good), the seventh highest of 21 rating categories
The insurer is not Better Business Bureau accredited, but it does receive a B grade from the BBB. However, like many annuity providers, customer reviews on the BBB site are largely unfavorable with complaints about difficulty closing accounts and making claims.
Evaluating Jackson National Life Products
Jackson National Life is a top annuity provider in the U.S. for good reason. It offers a wide variety of products, allows you to customize your annuity with add-ons and charges reasonable fees in line with the industry. The solid financial strength ratings can also provide peace of mind.
Of course, before investing with Jackson, you should compare annuities from multiple providers to understand all your options. Be sure to focus on expenses, potential returns and rules for withdrawals. You may also wish to consult with a financial advisor to understand what role annuities can play in your portfolio and what types of portfolios could help you achieve financial security.
Previously, Jackson was owned by the UK-based insurance group Prudential plc, but it was spun off in 2021 to operate as an independent, publicly traded company headquartered in Lansing, Michigan, USA.
Editor Norah Layne contributed to this article.
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4 Cited Research Articles
- Jackson National Life. (2024, December). Pursue growth and protection. Retrieved from https://www.jackson.com/pdf/cmv107966.pdf
- Jackson National Life. (2024, October). Jackson RateProtector. Retrieved from https://www.jackson.com/pdf/jmf22249.pdf
- BBB. (n.d.). Jackson National Life Insurance Company. Retrieved from https://www.bbb.org/us/mi/lansing/profile/insurance-services-office/jackson-national-life-insurance-company-0332-4971
- Jackson National Life. Fixed annuities. (n.d.). Retrieved from https://www.jackson.com/annuities/fixed-annuities.html