Features of Jackson National Life Insurance

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Susan Kelly

Jun 30, 2022

Instead, it focuses on assisting American retirees via the sale of fixed and variable annuities. Annuities function in a manner that is distinct from life insurance products. An annuity is a financial instrument that ensures a steady flow of money to its owner once they reach retirement age. During the accumulation period of an annuity, you will normally make payments on a monthly or one-time basis or in a lump amount.


Annuities with fixed rates, fixed indexes, and variable rates are available for purchase via Jackson. However, not all of its annuities are offered in every state where they are sold. You will not be able to receive rates online; instead, you will need to get in touch with an insurance agent or a financial expert to get an estimate and buy an annuity.


The Annuity Is Fixed


Fixed annuities from Jackson are ideal for individuals with a cautious investment strategy. They offer a consistent flow of income and a risk level that is often lower than that of other types of annuities. Set annuities are a kind of insurance policy that guarantees Jackson will pay you a fixed interest rate on your payments for a certain amount of time. The length of time that is specified might vary. After the first period that is guaranteed, the interest rates on any subsequent renewals may change annually.


Annuity with a Fixed Index


Income payments from a fixed index annuity are linked to the success of a stock market index, such as the performance of the S&P 500. The growth potential of fixed index annuities is higher than that of fixed annuities, but they typically have a lower risk profile than variable annuities. They often come with a minimum return that is guaranteed, but if your annuity does well, you have the potential to earn a bigger return on your investment.


Variable Annuity


Long-term investment products known as variable annuities can generate growth free from further taxation. However, there is a possibility that your investment may be worth less in the future. Your annuity's interest rate is based on the performance of a corresponding investment portfolio. You may be eligible for increased payments if your portfolio has a positive return.


Available Riders


An annuity policy, like a life insurance policy, often gives you the option to attach riders to the contract. Adding riders to your contract might result in a rise in the annuity cost since riders are stipulations that can modify your payouts. The following riders are available for purchase with Jackson's annuities:



Death Benefit


The death benefit rider, available on variable annuities, stipulates a payment be made in the event of the demise of the annuitant, who is the beneficiary of the annuity payments. In most cases, the value of the death benefit is equivalent to the whole amount deposited.


Living Benefit


A living benefit rider is an option that may be added on to variable annuities, and it ensures that the annuitant will continue to receive payments even if they die.


Assistance to Customers


You can only acquire an annuity from Jackson via an insurance agent, broker, or another financial expert; you cannot purchase an annuity directly from Jackson's website, nor are you able to receive quotations online. The number to call to get in touch with customer assistance is 800-644-4565. When submitting inquiries online, you can also use a protected email form.


Complaint Index


The National Association of Insurance Commissioners (NAIC) is responsible for upkeeping a database containing all consumer complaints against insurance firms. The National Association of Insurance Commissioners (NAIC) publishes firms' complaint ratios annually. This ratio is a statistic that represents the number of complaints a company receives concerning its market share.


Cancellation Policy


A free look period of ten days applies to Jackson's annuities; however, this period is extended to a greater extent in certain areas. You can quit your contract at any time during the free look period without incurring any surrender costs, and you will get a refund for the whole amount you have paid. If you cancel your subscription after the free trial time has ended, your account may be subject to costs and penalties; thus, you should read the contract very carefully.


Price


You will need to speak with an insurance agent or broker if you want information on the costs associated with the annuities since quotes are not accessible online.


Competition


Life insurance protects your beneficiaries in the event of your passing, whereas annuities are designed to provide income throughout retirement. Consider State Farm as an option if you are interested in purchasing life insurance from a respected organization. You have the option of purchasing a policy from the firm that covers simply your last costs, as well as term, universal, and whole life insurance plans.



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