Jackson National Life Insurance Company Review (2024)

Jackson National Life Insurance Company is a subsidiary of a British-owned insurance company. If you were looking for Jackson National life insurance rates, you wouldn’t find any. Jackson National, despite the company name, does not provide term life insurance quotes.

In this Jackson National Life Insurance Company review, we’ll talk about what the company provides for its customers and give you more information about its parent company Prudential plc.

If you want to compare companies besides Jackson National Life Insurance Company, enter your ZIP code in the FREE comparison tool above.

What is the history of Jackson National Life Insurance Company?

The Jackson National Life Insurance Company was founded in 1961, and it was named after the seventh president of the United States, Andrew Jackson. It started out providing term life insurance policies for those who didn’t need whole life insurance.

When Jackson National acquired $1 billion in total assets, the international British insurance company Prudential plc. bought Jackson National in 1986.

Prudential plc. is not connected to Prudential Financial Inc.

From 1995 to 2012, Jackson National acquired smaller companies. Today the company consists of Jackson National Life Insurance Company, Jackson National Life Insurance Company of New York, and Brooke Life Insurance Company. All three companies are still under Prudential plc.

However, Jackson National Life Insurance was involved in a discrimination lawsuit in January 2020. According to the U.S. Equal Employment Opportunity Commission, Jackson National settled a $20.5 million lawsuit for discrimination against female and African-American employees.

According to Insurance News Net, Prudential plc. has since released Jackson National to focus on Asia and Africa markets. As of June 2020, Jackson National has entered into a $27.6 reinsurance agreement with Athene Holding Ltd.

What does this mean?

It means that Prudential plc. won’t be the parent company to Jackson National. It also means that Jackson National has entered into a $27.6 billion reinsurance agreement with Athene Holding just if they take tremendous losses.

Jackson National Life Insurance Rates

Although there’s a lot of information on Jackson National from the website, you won’t be able to get Jackson National life insurance quotes unless you speak to an agent by phone or in person.

There are several forms on the Jackson National website, but we imagine there’s a qualification process. Even if you wanted life insurance, you wouldn’t be able to get it from Jackson National.

What products are offered?

What does Jackson National Life Insurance Company have? The company has two products: annuities and retirement. Although they’re different from life insurance, they share some similarities. Let’s go through each product and find out what they mean.

Annuities

What is an annuity? Annuities are contracts between you and an insurance company that requires the insurance provider to make payments to you, the policyholder. These payments can be made immediately or paid to you in the future.

You can buy Jackson National Life Insurance Company annuities by making a single payment or several payments over time. Your payout could be one lump-sum or as a series of payments over a period of time.

Most people get annuities as a death benefit in case they pass away before payments start. The beneficiary will receive the payments instead if the policyholder has passed away.

What are fixed annuities?

Fixed annuities are like regular annuities. However, your insurance company will pay you a guaranteed rate (fixed) as they send you payments. The fixed rate will remain the same throughout the annuity.

What are fixed indexed annuities?

Fixed indexed annuities are connected to the S&P 500. This means your annuity will be based on the performance of the stock market, but your annuity won’t be exposed to the stock market. Your rate of interest will depend on the S&P 500.

What are variable annuities?

Variable annuities are like fixed indexed annuities, but they’re different in determining the rate of interest. Your rate of interest depends on your investment portfolio under variable annuities.

Retirement

Jackson National Life Insurance Company also provides retirement options. From 401ks to IRAs, you can choose which type of retirement plan you need. Weigh your options to see which retirement strategy is best for you.

Jackson National Life Insurance Company Review: Financial Strength and Credit Risk Ratings

We’ll show you the financial strength and credit risk from several reliable rating agencies for an unbiased view of how Jackson National performs. Go through each subsection to learn how each agency grades Jackson National’s ability to manage money.

Before we move on to the company ratings, let’s examine a quick summary of Jackson National Life Insurance Company.

Despite the lawsuit and its new partnership, Jackson National continued to earn millions throughout 2020.

A.M. Best

One of the most reliable rating agencies is A.M. Best. Jackson National Life Insurance was rated an “A.” Under A.M. Best, the “A” rating is an excellent rating, which says Jackson National has a stable financial outlook, and it has a superior ability to meet customers’ needs.

Fitch

Under Fitch ratings, Jackson National Life Insurance Company has an “AA,” which is the third-highest rating. It’s still a good rating and represents a low credit risk.

J.D. Power

Unfortunately, we couldn’t locate any J.D. Power ratings. Jackson National may have decided not to participate in J.D. Power’s insurance studies.

Moody’s

Although they didn’t participate in J.D. Power’s study, they were judged by Moody’s. Jackson National Life Insurance Company was downgraded from “A2” to “A1” — the fifth-highest rating on Moody’s rating system.

S&P Global

The final grade comes from S&P. Jackson National has a “AA” score, the third-highest rating. It represents a low credit risk and a healthy financial outlook.

Jackson National Life Insurance Company: The Bottom Line

Despite the COVID-19, Jackson National Life Insurance Company has managed to buy itself more time in the annuity and retirement industry. But is it a good company? It isn’t easy to say. If the global outlook improves, Jackson National will bounce back and see more profits.

If you’re looking for life insurance policies, you’ll have to look to the best life insurance companies in your area. You won’t be able to get life insurance from Jackson National Life Insurance.

To compare companies in your area to Jackson National Life Insurance Company, enter your ZIP code in the FREE online quote tool below.