Jackson National Life Insurance Company is making a new benefit guarantee option available with an existing guaranteed minimum withdrawal benefit.
Jackson National, Lansing, Mich., a unit of Prudential P.L.C., London, says the new LifeGuard Freedom DB GMWB feature will be available to clients who choose to get the LifeGuard Freedom GMWB option.
Jackson National sells the original option and the new option with the company's Perspective variable annuities and the Retirement Latitudes variable annuity.
The LifeGuard Freedom DB option gives purchasers the ability to guarantee a lifetime withdrawal stream of up to 7%, with a 7% benefit increase each year for at least the first 10 years of the contract, when no withdrawals are taken in that year, the company says.
