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Jackson National Life Insurance Company has expanded its OptiMAX
family of fixed annuities, and it has done so with banks in mind.
Jackson’s
OptiMAX Level Rate OneSM and OptiMAX Level Rate TwoSM
fixed annuity contracts offer a choice of interest rate guarantee periods,
flexible withdrawal provisions, and a guarantee of principal with tax-deferred
earnings to help customers preserve and grow their retirement savings.
A similar contract, OptiMAX NY Level Rate, will be available
in New York.
According to Doug Mantelli, vice president of business
development for Jackson National Life Distributors LLC, the new products
demonstrate Jackson’s
commitment to the bank channel and to create products that meet the unique
needs of financial institutions and their clients.
“Research shows that investors tend to consider how a fixed
annuity’s base rate compares to the rate available on a one-year CD when choosing
between the products,” Mantelli said. “The competitive base rates and extended
guarantee periods offered by Jackson’s
new Level Rate options provide bank programs with an excellent fixed rate
alternative for their customers in today’s low interest rate environment.”
Both OptiMAX Level Rate One and OptiMAX Level Rate Two offer
Jackson’s
optional earnings protection death benefit, EarningsMAX, which pays contract
holders’ beneficiaries up to an additional 40 percent of the contract earnings
to help cover taxes and other expenses. For another additional cost, OptiMAX
Level Rate Two also features an accelerated benefit that allows contract
holders with certain qualified medical conditions to withdraw up to 25 percent
of their accumulated value without incurring a withdrawal charge.
Both products give contract holders the option of converting
the value of their OptiMAX annuity into a retirement income stream, including
the option for guaranteed lifetime income.
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