Jackson National Life Insurance Company has introduced Jackson Income Assurance and Jackson Income Assurance Advisory, two fixed index annuities (FIAs) with an embedded guaranteed minimum withdrawal benefit (GMWB).
These products are designed to provide lifetime income protection and additional opportunities for guaranteed withdrawal balance (GWB) growth. Both commission-based and fee-based versions are available, with 7- and 10-year options.
The launch comes as the US life and annuity insurance sector continues to demonstrate resilience and steady growth. According to AM Best, the segment maintains a stable outlook, supported by strong capitalization, robust topline growth in core business lines, and stable profitability trends.
Jackson’s new suite of annuities includes features such as an embedded GMWB, which offers protected lifetime income and allows for GWB growth through deferral and step-ups. The product credits an 8% annual roll-up daily for up to 10 years.
A 30% GWB premium bonus is applied immediately to the GWB for initial and additional premiums received in the first year. The products offer multiple crediting methods based on S&P 500 Index returns, including a cap on positive index returns and a performance trigger that provides a stated rate if the index return is flat or positive.
Alison Reed, chief product development and strategy execution officer, said, “Jackson is committed to delivering innovative products that address the evolving needs of today’s consumers, including increasing demand for guaranteed income and protected growth.”
Reed noted that the launch expands the company’s product offerings to support a range of retirement planning goals.
The introduction of these products aligns with broader industry trends. AM Best projects that the life and annuity segment will enter a period of consolidation and growth in 2025, driven by demographic changes such as the aging US population and the increasing need for financial security in retirement. Insurers are expected to respond by modernizing product offerings and expanding access to annuity solutions.
Additionally, AM Best highlights the growing role of private equity and asset manager-backed insurers in supporting the sector’s growth. These entities are investing in technology, expanding distribution channels, and improving operational efficiencies, contributing to ongoing innovation and competitiveness in the annuity market.
Brian Sward (pictured above), executive vice president and head of product solutions at Jackson, said, “Our Jackson Income Assurance Suite was designed with simplicity in mind and features several differentiating factors that position us well for growth in the fixed index annuity space.”
He added that the advisory-friendly version allows registered investment advisors to take fees from the contract without affecting the income benefit, supporting advisors who are increasingly incorporating annuities into retirement plans for their clients.
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