When you are considering the purchase of an annuity – or for that matter, any type of insurance or financial product (especially one that realistically could constitute a large chunk of your retirement savings) – it can be helpful to step away from the marketing that is put out by the insurance carriers, and to instead take a look at how the product has performed for other consumers and investors before you move forward.
When doing so, it is also important to keep in mind that an annuity is often purchased with the intent of providing some (or all) of your future retirement income. So with this in mind, it is even more crucial that the product fits in with your specific financial goals, both now and down the road.
The Jackson National Perspective II variable annuity has had its ups and downs throughout the years. This is particularly the case as the stock market has been so volatile, and unpredictable – in turn, leaving some investors high and dry (or more like low and dry) when it comes to achieving returns. This has led some to complain publicly about their experience with this product.
Take a look at some of the more recent Jackson National Perspective II complaints that have popped up just over the past few months:
My mom passed. This company is not paying out $100k life insurance. Giving my dad the runaround. I copy EVERYTHING! They said he didn’t sign the signature box. He clearly did.
I also thought Jackson Annuity guaranteed an annual increase in the principle of 5% per year. Now I understand they guarantee an increase in the monthly annuity amount – not the principle. So you can lose the entire principle (you’d still have the monthly annuity for life if you’re paying the fee). Jackson has performed very poorly the last two years – not even a 3% return for those two years combined. So if you put in $200,000 and you’ve only increased to $206,000, you’ve likely lost money. Most of my other retirement investments are earning 7%. So on $200,000 I might have earned $14,000 if the investment had been elsewhere. Compound this loss of income over 5 to 10 years and the guarantee on a monthly annuity doesn’t seem worth it.
When reading over the Jackson National Perspective ll annuity variable literature and Investment Options Guide, it would seem to indicate that this annuity offers a much better experience and outcome for its investors. But clearly, this is not the case.
Given these complaints, does it mean that the Jackson National Perspective II annuity is a scam?
Not at all.
In fact, for some people, this annuity provides a nice fit with their other financial objectives, and it may be able to also offer them the growth that they are looking for now, and the income that is needed later.
But, that doesn’t necessarily mean that it will be right for you. With all of the annuity product offerings that are available in today’s market place, it is likely that there are other products that can perform better for you. This is especially the case if you are seeking a nice return, along with safety of your principal.
And, if your advisor is telling you anything different, then you may want to be sure that he or she isn’t just a product pusher, and that they are truly looking out for your best interests. In this case, it can put your mind at ease to take a peek at your agent or broker’s background in order to determine if their credentials are really real, as well as to determine whether or not there are any complaints, licensing actions, and/or disciplinary issues against them.
This is relatively easy to do, by going to BrightScope and then adding in the financial professional’s name, area of specialization, and/or geographic location.
Also, because a representative must also be securities licensed in order to offer variable annuity products, you can check the website of FINRA – the Financial Industry Regulatory Authority – to view an advisor’s background.
With FINRA’s BrokerCheck, you can search via the advisor’s name, as well as by his or her firm’s name in a specific location.
Still Have Questions About the Jackson National Perspective II Annuity? Need Additional Help?
Even though insurance companies are required to provide in-depth details regarding past returns, fees, and other items that can make a big difference in your ultimate purchase decision, oftentimes reading through this information can be like trying to navigate your way through a dense forest. In other words, trying to focus can actually make everything seem even more like one big blur.
But if you still have questions or concerns about the Jackson National Perspective II variable annuity, we can help. So, please feel free to reach out to us for an unbiased opinion of how this product really works – and how it may, or may not, work for you.
My wife and I’s socialist financial advisor got us into the Jackson Perspective L series Policy Jn/s&p managed aggressive growth and was wondering if thats the same fund as the Perspective ll Variable? Plus he said he took less of a comission humm believable?
Hi Al – Thank you for your comment. The Jackson Perspective L and Perspective ll are actually two different annuities (although both are offered via Jackson National). While all are variable annuities, the Perspective II has seven-year withdrawal charge schedule with minimum investment of 5000 dollars, the Perspective L series has a four-year withdrawal charge schedule with 10,000 dollars as minimum investment, and then there is also the Perspective advisors II with no minimum withdrawal charge period and 25,000 minimum investment. Hope this helps. Please let us know if you have any further questions. You can contact us directly by phone at (888) 440-2468, or though our secure online contact form at http://www.annuitygator.com/contact/. Best! The Annuity Gator