Jackson National Life Insurance Company announced the launch of two new registered index-linked annuities (RILAs): Jackson Market Link Pro II (JMLPII) and Jackson Market Link Pro Advisory II (JMLPAII).

JMLPII is commission-based while JMLPAII is a fee-based annuity that the firm sees as an opportunity for investors to help increase their assets before and during retirement. They will protect against unanticipated market disruptions, according to the firm.

“Our goal and objective was to enhance and fill additional needs of consumers as well as to further differentiate our product offerings from other RILA products in the market today,” said Alison Reed, chief operating officer of Jackson National Life Distributors.

The company allows investors to allocate the RILAs among five different index options: the S&P 500 Index, the Russell 2000 Index, the MSCI EAFE Index, the MSCI Emerging Markets Index, and the MSCI KLD 400 Social Index, which is an ESG option.

“You have complete flexibility to mix and match the indices with different crediting methods and buffers without any restrictions,” Reed said.

The RILA provides a positive index adjustment, which is equal to the index return, along with an additional 10% performance boost rate if the index return is flat, positive, or negative within the buffer, which is also 10%. The total boost is limited by the performance boost cap rate, which is 11% on the S&P 500, according to Reed.

Jackson is also offering an intra-term performance lock feature, which the firm said will provide greater transparency for contract holders. At any point during an index account option, the contract holder can lock in their interim value.

“So, you don’t have to wait till the end of the term to transfer [the assets],” Reed said. “If an advisor or their consumer feels like the markets have hit their high point and it’s within the term, they can transfer that to a fixed account and not risk any reduction in the index crediting method.”

JMLPII and JMLPAII will offer a three-year term in addition to the traditional one- and six-year terms, Reed said. The firm also increased the return of premium death benefit age range to 0 to 80 from 0 to 75. Jackson will distribute the funds through its traditional channels, including wire houses, banks, independent broker-dealers and RIA channels. 

The RILAs are available on multiple platforms including Envestnet Insurance Exchange, SIMON from iCapital and Jackson’s Outsourced Insurance Distributors (OIDs) which are Halo, Bonsai, FIG, PCN, RetireOne, TruChoice, and DPL. They will also be on Cannex, Beacon, Morningstar, FIDx and the Annuity Order Entry systems such as Hexure/Firelight, Ebix, and iPipeline, according to the firm.

JMLPII offers four levels of up-front commission-based fees ranging from an all up-front fee to a minimum up-front fee with a trail throughout, Reed said. The other fund will include fees that advisors charge. The funds themselves do not have any explicit fees, but they will be incorporated into the cap, according to Reed.

“Because the advisory version does not pay a commission, the caps are going to be higher to the end consumer on the advisory version,” she said.