Jackson National Life Insurance Review
An In-depth review of Jackson National Life Insurance
If you want a good financial plan, there are some very important considerations that you must look at, which includes life insurance. It an essential requirement in this day and age for people, because it allows you to not only protect your assets but also secure the financial future of your loved ones. A good life insurance policy will provide continuous income for your family so that their lifestyle isn’t compromised after your death.
There are a lot of different options available in the market, but if you were looking for reviews about life insurance companies, then you should know that Jackson National Life Insurance Company doesn’t offer life insurance products. However, it offers some of the best financial products and annuities that you will find in the United States. We have reviewed the company and dug into their history, financial, strengths, and products, so you can make an informed decision.
Here is our review of Jackson National Life Insurance Company.
Established in 1961, Jackson National Life Insurance Company has been offering retirement annuities and mutual investments for several years. It is headquartered in Lansing, Michigan, and was named after the seventh U.S. President Andrew Jackson. The parent company of Jackson National is Prudential PLC, a British Insurance company, which acquired the firm in 1986.
Among the more established names in the life insurance industry, Jackson National Life Insurance is a relative newcomer, since it has only been in business for over 50 years. The company has got an excellent record when it comes to customer services and offers the best annuities and investment products in the United States. They have expanded their product range, and converted them into three major categories, which are:
- Fixed Index Annuities
- Fixed Annuities
- Variable Annuities
Jackson National Life Insurance Company started off humbly, but quickly turned into a multi-billion-dollar company, due to their impressive line of products. The company has won several awards, which include the prestigious:
- Detroit Free Press Top 100 Workplaces in Michigan list (2015)
- Best Places to Work in Nashville (Large), Nashville Business Journal, 2012
- 101 Best and Brightest Companies to Work for in West Michigan, 101 Best & Brightest Companies to Work For, 2008
Jackson National Life Insurance Company began its operations in 1961 but was initially only a family business. The company always had a strong focus on attention to detail, and its expansion into a large corporation is a testament to their outstanding work over the years. In the beginning, the company only focused on offering pure protection life insurance, but in 1975 began offering annuities.
This culminated in massive success for the company, and led to their sales tripling in less than 10 years! Jackson National had grossed over $1 billion in sales by 1987 and made a massive mark on the industry. That was just the beginning for the company, because, in 2014, Jackson National made over $28 billion in sales for the year!
Financial Stability and Customer Service Ratings
Jackson National Life Insurance Company had modest beginnings, but the value of the business tripled through annuity sales. It only took the company two decades to see their value rocket from $50 million to an impressive $160 million. The company had crossed the illustrious billion-dollar mark in sales figures in the beginning of the 1990s, as it totaled $2 billion in sales.
Before the turn of the century, Jackson National had opened in New York, which was a landmark moment for them. It allowed them to provide and distribute their products all over the United States, and quickly led to their brand expanding. Their growth was so impressive that they could purchase Life Insurance Company of Georgia, and Reassure America Life Insurance Company. They also launched Curian Capital LLC.
Today, Jackson National Life Insurance Company has company assets that are valued to be more than $250 billion, and it has earned exceptional ratings from all major rating organizations.
Jackson National Life Insurance Coverage
Anyone that has heard the name of Jackson National Life Insurance, has assumed that the company sells life insurance products. However, that isn’t the case, because the company shifted their niche market to annuities, and found great success in that. Therefore, Jackson National made variable annuities for their flagship product, and it is a solid choice because the company ranks as the #1 seller of variable annuities in the United States.
The company managed to sell more than $17 billion in variable annuities in 2016 alone! The company also ranked #1 among providers of variable annuity (VA) for Overall Brand Awareness and Brand Equity. Jackson National also ranked #1 among VA providers for CoRe Score™, which measures the momentum and company strength of an organization. It got the #1 position again amongst VA providers in Variable Annuity Ownership.
Jackson National Life Insurance offers several products in the annuity market, but none for life insurance. The products it offers are variable, fixed, and fixed index annuities.
Other Products Offered
There are plenty of quality annuity products offered by Jackson National Life Insurance, and we are going to look at them in greater detail. These products include:
Ø Variable Annuities
A variable annuity is a long-term financial retirement product, which will be subject to ups and downs in the market. This can cause it to lose value, which includes its principal value. However, you can choose where you want to distribute your money from separate variable sub-accounts. All variable annuities are sold by prospectus, which can only be given by the life insurance company that has issued the annuity.
All major annuity advisors favor the variable annuities offered by Jackson National because the company has chosen to have fewer restrictions for investment. This is very different from other companies that are offering variable annuities in the industry. There are four main variable annuities products offered by Jackson National, which include:
· Elite Access
This is available for people till the age of 85, and you must make a minimum first investment of $5,000 if you fail to quality, and $2,000 if you manage to quality. Elite Access, is an annuity that lets you manage your risk throughout the economic cycle. This means you will always have a strategy, with so many investment opportunities available to you.
· Elite Access Advisory
Elite Access Advisory has the same basics but is different in the way that it offers an extensive array of options, while the minimum initial investment is set at $25,000, irrespective of qualification. The investment allows you to choose 99 other investments from hundreds.
· Perspective II
These are the best-selling and most popular annuity products in the United States, and allow you to choose your investments to prepare for retirement. It allows you to stop relying on your Social Security payments, and focus of this annuity is to provide you with tax benefits and complete financial freedom.
· Perspective Advisory
Perspective Advisory has an age limit, which means you can make investments till the age of 85, but you can invest high amounts of money. The minimum initial payment for this annuity is set at $25,000.
Ø Fixed Annuities
If you don’t want to depend on the unpredictability of the market, then you should invest in fixed annuities. These products allow you to receive tax-deferred growth, along with other benefits, since they will grow at fixed rates. There are several options for fixed annuities products, which include:
· MAX Family
This is for people who have planned a short retirement. This policy provides strong interest rates and guaranteed retirement income.
This also offers guaranteed income in retirement, but you will get additional interest in the first year, which will mean you get a higher return on your investment.
· Action Family
If withdrawing your money early is what you want, then you should get the Action Family policy. It offers a first-year boost, along with guaranteed retirement income.
· SuperMAX Family
This fixed annuity product has a high renewal interest rate, and offers a lot of other benefits.
· Immediate Annuity
If you want income right at this moment, instead of withdrawing it after years, then you should get the Immediate Annuity Product. It starts in a year, and you get payments in retirement as well.
Ø Fixed Index Annuities
If you want steady growth for your investment, without risking it on the volatile market, then a Fixed Index Annuity is the best product for you. Everyone has different goals for their retirement funds, and the extensive range of annuity products offered by Jackson National is proof they care about every one of their clients and their investments. Their fixed index annuities also include several products like:
· AscenderPlus Select
This is a classic annuity policy, like a death benefit or fixed annuity benefits. It comes with an optional income rider, which can be combined for a small fee. You can also merge your policy to three indexes to get better returns on your investment.
· Elite Choice
Elite Choice provides you with additional interest, which is linked to one index. You only have the choice to choose two indexes in the market.
· Elite Choice Rewards
Elite Choice Rewards offers you more incentives as you can avail a regular 2.5% to 5% increase in the value of your annuity.
· Select Annual Reset
This annuity product is meant to act like a retirement fund and is linked to either one or two indexes. The policy offers you 2 different time frames, while the other ones offer you 3 different time frames, which is something you should consider.
The Bottom Line
Looking at all the impressive financial ratings of National Life Insurance Company, it is safe to say that it is the best in the United States when it comes to annuity products. The company has been around for more than 50 years, which demonstrates longevity, and has an excellent track record for keeping its clients happy. The biggest issue we have with Jackson National is that it doesn’t sell any life insurance product anymore, and you can only purchase one type of insurance product, which is an annuity. This makes the company the best for all types of annuity products, but if you are in the market for life insurance policies and products, you should look elsewhere.
That concludes our review of Jackson National Life Insurance Company. There is an extensive range of separate annuity products offered, and you plan on buying any from them, it is advised to first speak with someone who has experience in the industry or an agent, who can help you choose the best product depending on your circumstances. Jackson National has superb ratings and an exceptional record with customers, which is what makes them an outstanding company. If you are looking for annuity products, there is no one better in the industry than Jackson National Life Insurance Company.