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Jackson Designs Annuities For Bank Channel

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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.