Relationship adds leading annuities to State Farm agents’ product offerings
October 03, 2018 — NASHVILLE, Tenn.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) and State Farm® today announced a new marketing alliance between the two firms.
Beginning in the second half of 2019, authorized State Farm agents will begin offering a select group of Jackson’s variable annuity and fixed index annuity products. While Jackson currently maintains one of the largest sales teams in the industry, this alliance will add significant distribution access through its growing network of qualified producers.
“We could not be more thrilled about the relationship we are building with State Farm and their dedicated agents,” said Barry Stowe, chief executive officer of Jackson Holdings LLC. “Jackson and State Farm are both committed to helping consumers prepare for the risks they may face in life, and that includes increasing their readiness for life after work. We have been serving customers for more than 150 years combined. We look forward to working together to provide quality products to consumers who want and need to protect their financial futures.”
Although State Farm has traditionally offered fixed annuity products, the addition of a select group of Jackson’s industry-leading variable and fixed index annuities will allow authorized State Farm agents to introduce a more robust suite of annuity products to consumers.
Helping People Live Confidently
“Our goal is to help people live life confidently, and an important component of that is helping people grow their savings, then position those savings to last a lifetime,” said Joe Monk, senior vice president, Financial Services for State Farm “As a top provider of annuities in the country, Jackson brings a proven track record of strong product offerings, solid risk management, consistent financial strength and award-winning service. The addition of these annuity products positions State Farm agents to help customers in more ways.”
Jackson and State Farm are both members of the Alliance for Lifetime Income, a nonprofit 501(c)(6) organization formed and supported by 24 of the nation’s leading financial services organizations to create awareness and educate consumers and financial professionals about the importance of protected lifetime income.
“As a founding member and current co-chair of the Alliance, we believe it is critically important for our industry to work together to solve a significantly pressing social issue — millions of Americans are retiring every year without adequate financial security, and they are genuinely concerned about outliving their savings,” Stowe said. “This new relationship with State Farm is a prime example of how collaborating with others in our space, particularly those who share the same vision to alleviate our country’s retirement crisis, can increase Americans’ access to critical products that can help protect their income for as long as they live.”