Jackson National Life Insurance Company, Michigan (MI) : Overview, Contact Details, Annuities, Riders, Financials, Ratings & Reviews

Jackson National Life Insurance Company was established in 1961 as a family-owned venture with its headquarters in Lansing, Michigan.

This company draws its name from President Andrew Jackson.

Despite its growth into a large corporation, Jackson National maintains a steadfast commitment to meticulous attention to detail, reminiscent of its small family business origins.

Initially, the company primarily dealt in pure protection life insurance.

However, in 1975, they embarked on a diversification journey by introducing annuities into their portfolio.

This strategic move proved highly successful, leading to a remarkable tripling of their sales within a decade.

By 1987, the company had achieved an impressive milestone with over $1 billion in sales.

Jackson National Life Insurance Company
Jackson National Life Insurance Company: Photo(IdStrong)

It consistently ranks high among annuity providers and dominated variable annuities for over a decade, reaching the 2nd position in 2022.

Remarkably, Jackson is strategically exiting the complex variable annuity market.

It’s now refocusing on Registered Index Linked Annuities (RILAs)

And actively entering the Registered Investment Advisor (RIA) market, aligning with changing client needs and market dynamics.

Jackson National Life Insurance Company Overview

Jackson Annuity Contact Information

  • Values & Contract Information: (877) 565-2968
    • 24-hour Automated
  • Contract Owners: (800) 644-4565
    • Monday – Friday, 8 a.m. – 7 p.m. ET
  • General Information: (517) 381-5500
    • Monday – Friday, 8 a.m. – 7 p.m. ET

Mailing Addresses:

  • Regular Mail (Including Premium Payments): Jackson P.O. Box 24068 Lansing, MI 48909-4068
  • Overnight Mail: Jackson 1 Corporate Way Lansing, MI 48951

Jackson National Group Of Companies

We operate as a family of companies, all united by a shared purpose and core values.

However, each of our businesses retains its independence and distinctive culture, enabling us to deliver the personalized, close-knit service that has been our hallmark since our inception.

Jackson National Life Insurance Company®

At Jackson National Life Insurance Company® (Jackson®), we offer a range of products, tools, and support designed to assist Americans in planning for a purposeful retirement.

Jackson National Life Insurance Company of New York®

Headquartered in Purchase, New York, Jackson National Life Insurance Company of New York® (Jackson of NY®) provides exceptional products and services to help Americans pursue financial freedom.

Jackson National Asset Management, LLC®(JNAM)

Serves as the investment manager responsible for selecting and overseeing external asset managers for the JNL Funds—a series of proprietary mutual funds on the Jackson variable annuity platform.

Additionally, JNAM offers accounting and administrative services for the Funds;

And directly manages a range of risk-based multi-strategy fund-of-fund offerings, exclusively available through Jackson products.

PPM America, Inc.

This is a client-centered investment manager with the expertise and substantial resources to provide clients with investment solutions across various markets.

And they include fixed income, private equity, and commercial real estate.

PPM operates with the agility and responsiveness characteristic of a smaller firm, led by investment professionals attuned to opportunities discovered collaboratively.

Also Read: Metropolitan Life Insurance Company, NYC: Contacts, Services, Financials, Coverage, Claims

Jackson National Life Insurance Company Financial Analysis

  • Capital and Surplus: $6,612,599,000
  • Total Surplus & AVR (As % of General Account Assets): 9.2%
  • Assets: $303,194,153,000
  • Liabilities: $297,095,967,000

Pros:

  1. Multiple Annuity Options: Jackson offers various annuity products, including fixed, variable, and fixed index annuities.
  2. Online Education Tools: The company provides online tools, calculators, and resources to help you plan for retirement and calculate your income needs.
  3. Supplement Your Retirement: Annuities offer a guaranteed income stream in retirement, which can complement your retirement savings.

Cons:

  1. Incentives for Sales: Agents and financial professionals receive commissions for selling annuities, creating a financial incentive that may influence their recommendations.
  2. No Life Insurance Products: Jackson no longer offers life insurance products, so if you require term, whole, or universal life coverage, you’ll need to explore other providers.
  3. No Online Annuity Purchases: You cannot obtain annuity quotes or purchase annuities online through Jackson. Instead, you must work with an insurance agent or financial professional.

Jackson National Life Insurance Available Annuity Plans

Jackson offers fixed, fixed index, and variable annuities.

The availability of these annuities varies by state, and online quotes are not provided.

You’ll need to contact an insurance agent or financial professional for quotes and annuity purchases.

Fixed Annuity:

Jackson’s fixed annuities suit conservative investors.

They guarantee a fixed interest rate for a predetermined period, with renewal rates potentially varying annually after the initial term.

Fixed Index Annuity:

Fixed index annuities link income payments to stock market index performance, providing growth potential with relatively lower risk than variable annuities.

Variable Annuity:

Variable annuities are long-term investments with potential tax-deferred growth.

However, they involve risks as their performance is tied to an investment portfolio.

Also Read:Integrity Life Insurance Company, Ohio (OH): Address, Phone Number, Products, Claims, Reviews & Ratings 

Jackson National Insurance Available Riders:

You can typically add riders to annuity contracts.

They offer two primary riders for its annuities:

  1. Death Benefit: This rider, available for variable annuities, provides a payout if the annuitant (the person entitled to annuity payments) passes away.
  2. Living Benefit: Offered for variable annuities, this rider ensures payouts while the annuitant is alive.

Jackson National Life Insurance Customer Service

The company requires you to purchase annuities through insurance agents, brokers, or financial professionals.

You cannot buy annuities or get quotes through their website.

Customer support is available between 8 a.m. and 7 p.m. EST on weekdays at 800-644-4565.

An online secure email form is also provided for inquiries.

Complaint Index:

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

Jackson National Life Insurance Third-Party Ratings

AM Best rates Jackson’s Financial Strength as “A” (Excellent), reflecting strong operating performance.

In the 2021 J.D. Power U.S. Individual Annuity Study, Jackson ranked eighth, slightly below the industry average.

Jackson National Life Insurance Cancellation Policy

Jackson’s annuities offer a 10-day free look period, which may be longer in some states.

During this period, you can cancel your contract without incurring surrender fees and receive a refund.

Price:

Quotes for annuities are not available online; you must contact an insurance agent or broker for fee information.

Competition:

While annuities provide retirement income, life insurance is designed to protect beneficiaries upon the policyholder’s death.

Since Jackson exclusively offers annuities, you’ll need to seek another provider for term, whole, or universal life coverage.

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