Jackson National Life Insurance Company is looking to help more Americans secure their financial futures in retirement with an addition to its suite of registered index-linked annuity offerings.
The leading annuity provider announced Monday that it has launched a new +Income option to complement its Market Link Pro suite of RILAs.
That add-on, available for an additional fee, helps retirement-focused investors with an offer of guaranteed lifetime income, allowing them to either begin an immediate income stream or opt for deferred withdrawals for potentially increased income over time.
Brian Sward, head of product solutions at Jackson National Life Distributors, emphasized the value of RILAs in offering asset growth opportunities and protection for risk-averse consumers.
"With the addition of +Income, Jackson’s RILA offerings can now provide clients with guaranteed retirement income that can withstand unexpected market events, together with the same benefits they’ve become accustomed to when utilizing RILAs in their portfolio," Sward said in a statement.
For the uninitiated: RILAs are structured as long-term, tax-deferred insurance contracts aimed at retirement planning. These contracts involve a certain degree of investment risk, including possible loss of principal.
The earnings from RILAs are taxed as ordinary income upon distribution, and early withdrawals could incur an additional 10 percent tax if taken before age 59 and a half, with certain exceptions.
Jackson’s Market Link Pro suite includes five index options and three crediting methods to customize fund allocations, though the possible combinations of those are limited depending on the term of the specific index account option. It also features built-in death benefits at no extra cost, aiming to help clients create a financial legacy.
Accompanying the launch of +Income, Jackson has enhanced its digital tools to support the product's integration into financial planning. The RILA Digital Ecosystem, described as a comprehensive, user-friendly platform, provides detailed product information, marketing materials, and the latest rates.
It now includes a new feature in its data-driven tool that allows clients to generate customized, hypothetical scenarios to explore how lifetime income could influence their financial strategies.
"Jackson has a strong track record of serving as a trusted provider of guaranteed lifetime income strategies for financial professionals and their clients,” Sward said. “The introduction of +Income expands on this experience and confirms our commitment to bringing new products, resources, and tools that can help clients meet their financial planning goals,” he said.
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