Jackson National Life Insurance Review (2024)

Pros Explained

• Multiple annuity options: Jackson has multiple annuity products available, including fixed, variable, and fixed index annuities.
• Online education tools available: There are multiple tools, calculators, and resources you can use to calculate your income needs in retirement and plan for your future.
• You can supplement your retirement: With an annuity, you have a guaranteed income stream in retirement. They can be useful options to supplement your retirement savings.

Cons Explained

• Financial professionals and agents have an incentive to sell you products: Annuities are sold by some insurance agents, brokers, and financial professionals. They receive a commission based on the annuity sold, so they have a financial incentive to encourage you to purchase an annuity.
• Life insurance products are not available: Jackson no longer offers life insurance products. If you are looking for a term, universal, or whole life policy, you’ll have to work with another company.
• Annuities cannot be purchased online: You cannot get a quote or purchase annuities online from Jackson. Instead, you have to work with an insurance agent or financial professional.

Available Plans

Annuities operate differently than life insurance policies. Annuities are financial products that give you a guaranteed income stream during your retirement. With an annuity, you typically make monthly or lump-sum payments during its accumulation phase. Once it reaches its annuitization phase, the annuity issues regular payments to the account holder.

Customers can purchase fixed, fixed index, and variable annuities through Jackson. However, not all of its annuities are available in all states. Online quotes are not available; you’ll have to contact an insurance agent or financial professional to get a quote and purchase an annuity.

Fixed Annuity

Jackson’s fixed annuities are best suited for conservative investors. They typically have a lower level of risk than other annuities and provide a steady stream of income.

Fixed annuities are insurance contracts that guarantee that Jackson will pay you a fixed interest rate on your contributions for a predetermined period. After your initial guaranteed term, renewal interest rates can vary annually.

Fixed Index Annuity

A fixed index annuity’s income payments are related to the performance of a stock market index, such as the S&P 500. Fixed index annuities have more growth potential than fixed annuities, but tend to pose less risk than variable annuities.

They usually have a guaranteed minimum return, but if your annuity performs well, you could earn a higher return.

Variable Annuity

Variable annuities are long-term investment products that can offer potential tax-deferred growth. However, there is risk involved, and your investment can lose value. The interest rate of your annuity is linked to an investment portfolio. If your portfolio performs well, you can get higher payments. But your payments can decrease if the portfolio doesn’t perform well.

Available Riders

Like life insurance policies, annuities typically allow you to add riders to your contract. Riders are provisions that can adjust your benefits, but adding riders to your contract can increase the annuity’s cost.

Jackson offers the following riders for its annuities:

Death Benefit

Available on variable annuities, the death benefit rider provides a payout if the annuitant—the person entitled to the annuity payments—passes away. The death benefit is usually equal to whatever amount is invested.

Living Benefit

The living benefit rider is available on variable annuities and guarantees payouts while the annuitant is still alive.

Customer Service

With Jackson, you purchase annuities through an insurance agent, broker, or financial professional; you cannot purchase one yourself through its website, nor can you get quotes online.

Annuity contract owners can contact Jackson with questions between Monday and Friday from 8 a.m. to 7 p.m. EST. You can reach customer support at 800-644-4565. You can also use a secure email form to submit questions online.

Complaint Index

The National Association of Insurance Commissioners (NAIC) maintains a database of all customer complaints against insurance companies. Every year, the NAIC releases companies’ complaint ratios, a score that reflects the number of complaints they received relative to their market shares.

The national complaint index is 1.0. A company that receives a high number of complaints relative to its market share will have a complaint ratio above 1.0, and a company with fewer complaints will have a ratio below 1.0.

Jackson typically receives fewer complaints each year than would be expected for a company of its size. In 2021, its complaint ratio was 0.08, well below the national complaint index.

Third-Party Ratings

AM Best puts Jackson’s Financial Strength Rating (FSR) an “A” (Excellent), recognizing the company’s strong operating performance.

In the 2021 J.D. Power U.S. Individual Annuity Study, Jackson was ranked eighth, with a rating that was slightly below the industry average. The study took into account factors like companies’ product offerings, pricing, and communication with customers.

Cancellation Policy

Jackson’s annuities are subject to a 10-day free look period, though the free look period can be longer in some states. During the free look period, you can terminate your contract without paying surrender fees, and you’ll receive a refund for the amount you paid.

Once the free look period expires, your account may be subject to charges and penalties if you cancel, so read your contract carefully.

Price

Quotes are not available online, and you’ll have to contact an insurance agent or broker for information about fees on the annuities.

Competition

While annuities provide income in retirement, life insurance is designed to protect your beneficiaries if you die.

Because Jackson only offers annuity products, you are better off working with another company if you want a term, whole, or universal life policy.

If you’re looking for a reputable life insurance company, consider State Farm. The company offers term, universal, and whole-life policies, or you can select a policy that covers only your final expenses.

State Farm was ranked the top individual life insurance company in the 2021 J.D. Power Life Insurance Study, with a rating of “above average” for its pricing and product offerings.