LANSING, Mich.--(BUSINESS WIRE)--Jackson National Life Insurance Company® (Jackson®) serves as a co-chair and founding member of the Alliance for Lifetime Income, and is helping lead the charge in uniting 24 of the nation’s financial services companies to raise awareness of the country’s looming retirement crisis. As part of the kickoff activities in Washington D.C., Chief Executive Officer Barry Stowe addressed the need for protected retirement income — income that is sheltered from market volatility and longevity risk.
“Jackson helped to establish the Alliance for Lifetime Income because it is critically important for our industry to work together to solve a genuinely pressing social issue — millions of Americans are retiring every year without adequate financial security,” said Stowe. “Financial freedom at its core means freedom from worry. By partnering with third-party advocates, academic experts and policymakers to address this problem, we can provide Americans with protected income solutions that will last through their entire retirement lives.”
The Alliance is an important next step in Jackson’s commitment to changing the narrative around the need for more comprehensive retirement planning and providing educational resources for financial professionals and consumers. The company has also rolled out an integrated educational marketing campaign addressing the need for lifetime income at RetireReassured.com, and is planning several upcoming initiatives over the coming year to support the campaign.
A recent study conducted jointly by Jackson and the Insured Retirement Institute (IRI), The Language of Retirement 2017: Advisor and Consumer Attitudes Toward Securing Income in Retirement, revealed most Americans favor financial strategies that offer guaranteed lifetime income1, yet they are largely unaware that annuities can provide this feature. The study found that while three-quarters of all consumers surveyed said they were familiar with annuities, less than half understood an annuity can provide lifetime income.
“This disconnect is devastating to American savers and the advisors who are trying to serve the best interests of their clients,” said Stowe. “It’s our job to educate Americans and ensure they know annuities are designed to prevent consumers from outliving their income.”
Through its nationwide, multi-year, integrated educational campaign, the Alliance seeks to motivate consumers and financial advisors by bringing together key member companies within the retirement industry to offer important educational resources, including an interactive website (RetireYourRisk.org). The Alliance will also be focusing on developing new, simpler language that the retirement industry can use with consumers and financial advisors to break down the complexities and answer common questions about lifetime income solutions, including annuities.
Jackson is a leading provider of retirement products for industry professionals and their clients. The company offers a diverse range of products including variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, and fixed income products for institutional investors. With $264.4 billion in IFRS assets*, Jackson prides itself on product innovation, sound corporate risk management practices and strategic technology initiatives. Focused on thought leadership and education, the company develops proprietary research, industry insights and financial representative training on retirement planning and alternative investment strategies. Jackson is also dedicated to corporate social responsibility and supports nonprofits focused on strengthening families and creating economic opportunities in the communities where its employees live and work. For more information, visit www.jackson.com.
*Jackson has $264.4 billion in total IFRS assets and $250.0 billion in IFRS policy liabilities set aside to pay primarily future policyowner benefits (as of December 31, 2017). International Financial Reporting Standards (IFRS) is a principles-based set of international accounting standards for reporting financial information. IFRS is issued by the International Accounting Standards Board in an effort to increase global comparability of financial statements and results. IFRS is used by Jackson's parent company.
Jackson National Life Insurance Company is an indirect subsidiary of Prudential plc, a company incorporated in England and Wales. Prudential plc and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for over 165 years and has $905.4 billion in assets under management (as of December 31, 2017). Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.
Jackson is the marketing name for Jackson National Life Insurance Company and Jackson National Life Insurance Company of New York.
This press release may contain certain statements that constitute “forward-looking statements.” Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements which are other than statements of historical facts. However, as with any projection or forecast, forward-looking statements are inherently susceptible to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in such forward-looking statements. There can be no assurance that management’s expectations, beliefs or projections will result or be achieved or accomplished. Any forward- looking statements reflect Jackson’s views and assumptions as of the date of this press release and Jackson disclaims any obligation to update forward-looking information.
Before investing, investors should carefully consider the investment objectives, risks, charges and expenses of the variable annuity and its underlying investment options. The current contract prospectus and underlying fund prospectuses, which are contained in the same document, provide this and other important information. Please contact your representative or the Company to obtain the prospectuses. Please read the prospectuses carefully before investing or sending money.
Annuities are issued by Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York). Variable products are distributed by Jackson National Life Distributors LLC. May not be available in all states and state variations may apply. These contracts have limitations and restrictions, including possible withdrawal charges, recapture charges and excess interest adjustments (interest rate adjustments in New York). Contact your representative or the Company for more information.
Annuities are long-term, tax-deferred investments designed for retirement. Variable annuities involve investment risks and may lose value. Earnings are taxable as ordinary income when distributed and may be subject to a 10 percent additional tax if withdrawn before age 59½.
Guarantees are backed by the claims-paying ability of the issuing company, and do not apply to the principal amount or investment performance of a variable annuity’s separate account or its underlying investments. They are not backed by the broker/dealer from which this annuity contract is purchased, by the insurance agency from which the annuity contract is purchased or any affiliates of those entities, and none makes any representation or guarantees regarding the claims paying ability of the issuing company.
Optional benefits are available for an extra charge in addition to the ongoing fees and expenses of the annuity.
Annuities are issued by Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and in New York by Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York). Variable annuities are distributed by Jackson National Life Distributors LLC, member FINRA.
1 Guarantees are backed by the claims-paying ability of the issuing insurance company. Guaranteed lifetime income is available through two different options, annuitization and optional living benefits. Please note that not all optional living benefits offer guaranteed lifetime income, are not available on all annuity products and may have an additional charge.