Annuity Product Update: Jackson, Nationwide, AIG
The Jackson product can come with a three-year, five-year or seven-year rate guarantee.
Jackson National Life Insurance Company has introduced the Jackson RateProtector multi-year guaranteed fixed annuity (MYGA) contract.
The new single-premium product can provide a rate guarantee period of three years, five years or seven years.
(Related: Morgan Stanley Gets Index Into Nationwide Annuity)
A contract owner can take out up to 10% of the initial premium in the first year without having to pay a withdrawal charge.
An owner can also take out up to 10% of the accumulated contract value every following contract year.
The feature menu also includes terminal illness and extended care waivers.
In other annuity product news:
Nationwide has introduced the Nationwide Peak 5 indexed annuity.
The new contract is a single-premium, deferred annuity that’s filed as a fixed insurance product.
The index menu now includes the Morgan Stanley 3D Index option in addition to the S&P 500 price return index, the MSCI EAFE index, the J.P. Morgan Mozaic II index and a fixed account.
Another feature is a joint option feature. If one spouse in a couple dies, the feature allows the death benefit to be paid to either surviving spouse, no matter which spouse dies first, or which spouse owns the contract.
A unit of American Insurance Group Inc. is giving purchasers of AIG’s Polaris variable annuities an option they can use to choose from a menu of 77 different investment portfolios.
AIG Life & Retirement is making the long investment menu available through a new Polaris Income Plus Daily Flex feature.
The new feature is aimed at consumers who are getting help from financial professionals, AIG says.
AIG is also adding another Polaris feature, the Polaris Income Plus Flex feature.
Consumers can use both of the new features to add money to a Polaris contract after the first contract year, and to make contract adjustments in response to major life changes, such as the death of a spouse, AIG says.
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