Jackson National Life Insurance Company launched MarketGuard Stretch, an option for policyholders of the Perspective family of variable annuities. A guaranteed minimum withdrawal benefit allows beneficiaries the flexibility to spread distribution payments over their lifetime, keeping more money in a tax-deferred account for continued growth potential.

With the new product, policyholders can provide for potentially young and inexperienced beneficiaries by avoiding a lump sum death benefit in favor of longer-term distributions. The beneficiary's required minimum distributions (RMD) are determined annually based on the current account value and life expectancy.

Contract owners have control over beneficiaries' distributions and can spread wealth to future generations. The withdrawal benefit can also help guarantee return of premium on a stretch contract over a number of years, regardless of investment performance. Policyholders can take up to 5.5 percent of their protected balance each year, or their stretch RMD, if higher, depending on their age at the time of the first withdrawal. The options allow for distribution of the original investment amount without risking an excess withdrawal.