Jackson National Life Insurance Company will be marketing 2 new fixed annuities through banks and other financial institutions.
The OptiMAX Level Rate One and OptiMAX Level Rate Two contracts both offer a choice of interest rate guarantee periods and premium payment options, according to Jackson National, Lansing, Mich., a unit of Prudential P.L.C., London.
Buyers of the annuities can add the EarningsMAX optional death benefit feature. The feature can increase the benefits payment by up to 40%, to help cover taxes and other expenses, Jackson National says.
The Level Rate Two contract permits contract holders with some serious medical conditions to withdraw up to 25% of their accumulated value without incurring a withdrawal charge.
A Jackson National affiliate, Jackson National Life Insurance Company of New York, will sell a similar product, the OptiMAX NY Level Rate contract, in New York.