Jackson National Life Insurance Company (Jackson), the main operating subsidiary of Jackson Financial Inc.(NYSE: JXN), has recently introduced an additional benefit called +Income to its suite of registered index-linked annuities (RILAs). This add-on benefit offers guaranteed lifetime income to clients who are willing to pay an extra charge. With +Income, clients have the option to create an immediate income stream or defer withdrawals, allowing for the potential growth of their income over time.
RILAs are investment products that combine the features of traditional insurance policies with the potential for investment gains based on the performance of an underlying index. Jackson’s Market Link Pro suite of RILAs provides clients with the opportunity to participate in the market’s upside while offering downside protection against market volatility.
By adding +Income to its RILA suite, Jackson aims to provide clients with the reassurance of guaranteed lifetime income. This benefit can be particularly appealing for individuals approaching retirement or those who desire a stable income stream throughout their lifetime. Clients have the flexibility to choose whether they want to start receiving income immediately or delay withdrawals to potentially increase their income over time.
It is worth noting that +Income comes at an additional cost to the clients. However, the peace of mind that comes with the guarantee of lifetime income may outweigh the extra expense for those who prioritize financial stability and security in their retirement planning.
The introduction of +Income by Jackson reflects the growing demand for annuity products that offer flexible income solutions. With increasing life expectancies and uncertain economic conditions, individuals are seeking ways to secure their financial future and ensure a steady income during retirement.
In summary, Jackson National Life Insurance Company’s +Income benefit adds to their Market Link Pro suite of RILA products, offering clients the option of guaranteed lifetime income for an additional charge. This feature allows clients to choose between an immediate income stream or deferring withdrawals to potentially grow their income over time. While the added cost should be considered, the benefit provides peace of mind and financial security for individuals seeking stable income options during retirement.
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