Jackson National Adds Annuities With Lifetime Benefits Option

The purchaser of either product can get a 1% fixed annual crediting rate ranging on the guaranteed minimum value, or 87.5% of the premiums paid into the annuity.

Both products also guarantee that, at the end of the indexed option period, the minimum value of the annuity will be at least equal to the value of the premiums paid in, minus the value of any withdrawals or add-on benefit charges.

The People

The maximum issue age for the annuities is 85, and the maximum annuitization age is 95.

The minimum initial premium is $25,000.

Commission-Based Product Extras

Consumers who buy the commission-based version of the annuity get an extended care waiver and a terminal illness waiver.

The extended care waiver applies to an annuity owner or joint owner who is confined to a nursing home or hospital for 90 days by medical necessity at some point beginning during or after the second contract year.

The terminal illness waiver applies to an annuity owner or joint owner who is diagnosed with a terminal illness during or after the second contract year.

Consumers who end up needing either the extended care waiver or the terminal illness waiver can take out up to 100% of the contract value free of withdrawal charges, up to a maximum withdrawal of $250,000.

— Read Jackson National Aims at Fee-Based, Investment-Only Market on ThinkAdvisor.

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