State Farm has agreed to accept its agents administer some capricious and indexed annuities from Jackson National Activity Insurance Aggregation starting in the additional bisected of 2019.
State Farm is already distributing its own anchored annuities through its agents. The new accord will accord State Farm agents a adventitious to action a stronger accomplishment menu, Jackson said Wednesday.
(Related: Companies Form Lifetime Income Outreach Alliance)
Jackson is a Lansing, Michigan-based assemblage of Prudential PLC of London. Prudential PLC has no affiliation with Prudential Banking Inc. of Newark, New Jersey.
Barry Stowe, arch controlling officer of Jackson, said in a account about the accord that both Jackson and State Farm are committed to allowance consumers adapt for activity afterwards work.
“We attending advanced to alive calm to accommodate affection articles to consumers who appetite and charge to assure their banking futures,” Stowe said.
Jackson said it expects to administer a “select group” of its annuities through “authorized State Farm agents.”
State Farm is best accepted as a property-casualty insurer, but it additionally sells activity products. In 2011, the aggregation gave the American College $2.8 actor to alpha a Center for Women and Banking Services.
Before the U.S. Department of Labor appear its fiduciary aphorism regulations, State Farm agents were affairs State Farm alternate funds. State Farm responded to the fiduciary aphorism accomplishment by affairs its agents out of the alternate armamentarium sales effort. In 2016, back State Farm appear that move, it said two-thirds of its 18,000 agents were affairs advance products.
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