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March 20, 2018 at 11:09 AM
Jackson National Life Insurance Company is rolling out two new indexed annuity products that offer a lifetime income benefits option.
One version, the MarketProtector contract, pays commissions. The other version, the MarketProtector Advisory contract, is aimed at fee-based advisors.
(Related: U.S. Individual Annuity Sales Drop Slows: LIMRA)
The Issuer
Jackson National is a unit of Prudential PLC of London. The company has its operating headquarters in Denver, but it has its official state of domicile in Michigan, and Michigan insurance regulators oversee the product.
The Index Menu
The index menu includes the S&P 500 Index, which focuses on stocks from large U.S. companies, and the MSCI EAFE index, which includes large and midsize companies based in countries all around the world.
The Contract Design
The fee-based product has no withdrawal charge.
The commission-based product comes with a choice of 5-year, 7-year or 10-year option periods.
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.
