Jackson National Life Insurance Co., a Lansing, Mich., unit of Prudential PLC, launched an optional benefit that provides guaranteed minimum annual withdrawals and the opportunity to increase retirement income.
The LifeGuard Freedom benefit is available at an additional cost on Jackson National's Perspective and Retirement Latitudes variable annuities. LifeGuard Freedom and a companion benefit, LifeGuard Freedom with Joint Option, let customers establish a guaranteed lifetime withdrawal stream of up to 7%, and receive a 7% benefit increase each year during the first 10 years of the contract, when no withdrawals are taken in that year. In addition, LifeGuard Freedom offers annual step-ups that lock in gains automatically each year.
Jackson National had more than $82 billion of assets at yearend.
