Jackson National Life Insurance Review [2023]

Annuities and permanent life insurance are designed to build cash value that serves as an income source at some point, depending on your needs. Most annuity providers will have options that offer immediate or future income assistance.

Permanent insurance? Cash value? Annuity? We know there are a lot of life insurance terms out there. Our life insurance glossary might help if these are new terms to you.

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What annuity products are offered through Jackson National?

Jackson National Life offers a few different annuities. All its annuities will build cash value, but there are subtle differences that make each annuity slightly different, as shown below.

Fixed Annuity: Jackson National fixed annuities offer a consistent premium that also delivers a guaranteed and constant rate of return. This means you can anticipate a specific percentage of interest on your account each year.

Fixed annuities are predictable and easy to use. In most cases, the insurer will be responsible for choosing the investment sources to assure you get your guaranteed rate. There is little risk associated with fixed annuities.

Fixed Index Annuity: Jackson National fixed index annuities have some similarities to fixed annuities. The key difference with fixed index annuities is that they reach new milestones or increments each year.

This means that even without a guaranteed return, your account won’t be able to drop below your account balance from the beginning of the year. Since you will be more proactive with your investment sources, there is more risk than a fixed annuity.

An index basically provides a threshold that your account won’t go below again.

Variable Annuity: Jackson National variable annuities hold the most potential return but have the greatest risk. The policyholder will be responsible for the investment sources and how those sources perform.

If the market crashes as it did at the start of the COVID-19 crisis, your sources very well may have dwindled away. On the contrary, they may have boosted as the market was rejuvenated just a few months later.

A variable annuity through Jackson National Life might be best for an educated investor.

How much does Jackson National Life cost?

There is a large variance in the Jackson National Life Insurance rates since they aren’t traditional life insurance policies. What should I expect from the cost of investment? Since Jackson National relies on annuities, the cost is more about your initial investment.

Jackson National offers an assortment of annuities within each of the aforementioned categories. Of those, you could expect to invest as little as $2,000 and all the way up to $25,000 as an initial investment.

Some Jackson National annuities have minimum additional premiums and minimum terms. Their guaranteed interest rates were at 1.75% in 2019. They also offered first-year interest rates of up to 5.75% for a nine-year insurance contract.

How do I make claims with Jackson National Life Insurance?

The expense of an annuity might be your first concern, and rightfully so. What happens when it’s time for somebody to get your invested money? How are claims processed and how do I contact them?

Jackson National Life Insurance does have all of the claims forms you need on its website. You’ll need to weed through the large assortment of documents to find the one you need.

There are documents for claims on disabilities, death benefits, terminal illnesses, accelerated benefits, and more. Considering there are so many documents, it might be worthwhile to call the Jackson National life insurance customer service phone number listed in the overview atop the page.

If you are using your Jackson National annuity for a death benefit, you’ll want to be sure your beneficiaries are aware of the policy. Having information such as the account number is always helpful, too.

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What is the history of Jackson National Life Insurance?

Jackson National Life Insurance was founded in 1961 and admitted to the NAIC in 1976. They are currently a subsidiary of Prudential and are considered one of the largest life insurance providers in the United States.

The Jackson National Life Insurance market share for annuities was at 4.64% in 2019 and at 3.46% for life and annuities. Since the new millennium, Life Insurance Company of Georgia and Reassure America Life Insurance Company have both merged with Jackson National.

Who owns Jackson National Life Insurance? Since Prudential technically owns Jackson National, John F. Dryden might be considered the owner. Dryden is the founder of Prudential.

What are the pros and cons of Jackson National Life Insurance?

We’ve covered a substantial amount of information about Jackson National Life. Here, we’ll simplify the essentials for Jackson National.

Pros of Jackson National Life

• Strong financial ratings
• Market share leader for annuities
• Good investment options

Cons of Jackson National Life

• No term life insurance
• Require substantial first-time investments
• Could improve company reviews

Jackson National Life Insurance Company seems to be a better investment company than a true life insurance provider. This may or may not be the right fit for you.

Jackson National Life Insurance: What’s the bottom line?

Looking for cheap Jackson National Life Insurance quotes? You might have some trouble finding those. You will, however, be able to find a strong assortment of Jackson National annuities for immediate or future supplemental income.

It’s always good to find insurance companies with strong financial ratings. If you’re interested in finding options comparable to Jackson National Life Insurance, it’s a good idea to shop for multiple quotes. 

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