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GMWB's and Death Benefits From Jackson

Jackson National Life Insurance Company had a press release Monday introducing their newest annuity option, “Jackson Introduces LifeGuard Freedom 6SM Net GMWB.”  The guaranteed minimum withdrawal benefit allows investors to increase their withdrawal amounts, thereby increasing their overall income and reducing their tax liability.  The benefit is optional and comes at an extra charge.  It is available on all of the variable annuities in Jackson’s Perspective group of products.  Those who opt for this LifeGuard Freedom 6 Net can lock in yearly increases to the guaranteed withdrawal balance if there is an increase in the value of the contract greater than the withdrawal adjusted premium payments.  Investors may also be able to receive a bonus of 6% annually by not taking withdrawals for the first ten years of the contract.

Annuities with this GMWB may allow for a 4 to 7% withdrawal, depending on the age at which they take their first withdrawal.  A portion of taxable earnings on this annuity can be covered by investors’ ability to gross up their withdrawals.  Jackson’s goal with this new product is to offer more flexibility and customization to advisers.  The LifeGuard Freedom 6 Net also offers a Joint Option which will provide death benefits to spouses.  The options available from Jackson are all meant so that investors can take advantage of what works for them and their individual goals.  Investors only pay for the options they want and have no obligation to use those they do not.

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