NASHVILLE, Tenn.–(BUSINESS WIRE)–Jackson National Life Insurance Company^® (Jackson^®) today announced the launch of Jackson RateProtector^SM, a single premium, multi-year guaranteed fixed annuity. Jackson RateProtector offers consumers the opportunity to protect and grow their assets through guaranteed interest rates that will not fluctuate during a selected time period, combined with the ability to defer taxes on any earnings until money is withdrawn.

The multi-year guaranteed annuity (MYGA) market is booming. According to Wink’s Sales and Market Report for 1Q 2019, sales of MYGAs have grown nearly 80 percent over the same period last year — more than any other product line¹. Alison Reed, executive vice president of Operations for Jackson National Life Distributors LLC (JNLD), the sales and marketing arm of Jackson, said Jackson RateProtector provides consumers access to a product that consistently grows every year, assuming they do not take withdrawals.

“At Jackson, we’re pleased to honor our commitment to continually enhance our spectrum of quality product offerings to serve the long-term needs of consumers who are preparing for their financial futures,” Reed said. “The release of Jackson RateProtector allows the company to meet advisors and their clients where they are in the planning process, while providing access to a vehicle that can ensure a portion of their savings experiences reliable growth while staying protected from the unpredictability of the market.”

Jackson RateProtector’s key features include:

• Interest Rate Guarantees: Initial interest rates will be guaranteed for the selected 3-, 5- or 7-year² period. Following the initial guaranteed option period, no withdrawal charge or Market Value Adjustment (defined below) would apply, and renewal interest rates will be guaranteed for one-year periods, never falling below the contract’s declared guaranteed minimum interest rate.
• Market Value Adjustment (MVA): Jackson applies an MVA to certain amounts that are withdrawn or annuitized. The MVA may result in an increase or decrease to amounts that are removed from the contract.³
• 10 Percent Free Withdrawals: In the first contract year, contract owners may take up to 10 percent of their initial premium without incurring a withdrawal charge or MVA⁴. Every following contract year, contract owners may withdraw up to 10 percent of the accumulated contract value.
• Tax Deferral⁵: RateProtector is a tax-deferred annuity, meaning the contract’s earnings are sheltered from taxes that can erode savings until withdrawal.
• Death Benefit: Guaranteed death benefits provide family and legacy protection, with options to preselect an income stream for beneficiaries⁶ in addition to a lump sum.
• Terminal Illness and Extended Care Waivers: Effective on the first contract anniversary, if contract owners (or a joint owner) are diagnosed with a terminal illness or confined to a nursing home or hospital for 90 consecutive days by medical necessity, up to 100 percent of the accumulated contract value may be withdrawn (one time only) without incurring a withdrawal charge. Both waivers are subject to a maximum of $250,000⁷.

Reed said the launch of a multi-year guaranteed annuity enhances the company’s fixed annuity product suite, which combines asset protection with the potential to benefit from competitive interest rates and tax-deferred growth.

“As financial professionals continue to work with a trusted annuity partner like Jackson, they can now offer a product to more risk-adverse clients,” Reed said. “Furthermore, Jackson RateProtector allows contract holders to protect their assets and leave a legacy for their family, helping to ensure their loved ones can remain financially secure.”

Jackson is committed to providing education, service support and digital tools to increase the ease of doing business through a new product offering. Financial professionals who would like to learn more about Jackson RateProtector can call the company at 800-711-JNLD (5653) or visit www.jackson.com.