Goldstein Scorecard: B- (dated October 4, 2026). See how it is graded.
Jackson Elite Access II Variable Annuity Review: Fees, Withdrawal Charges and Add-Ons (2026)
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Jackson’s Elite Access II prospectus (April 27, 2026), product profile and AM Best on October 4, 2026 · Updated
Jackson Elite Access II is a variable annuity issued by Jackson National Life Insurance Company (AM Best A, affirmed December 18, 2025). Per its April 27, 2026 prospectus, it charges a 1.00% core contract charge (0.85% at $250,000 or more) plus fund expenses of 0.52% to 2.38%, with a 5-year withdrawal charge starting at 6.5%. It offers more than 100 investment options and no lifetime income rider. Subaccount values rise and fall with the markets, so you can lose money.
Correction (October 4, 2026): An earlier version of this page listed M&E and administrative fees of 1.20% to 1.60% and an optional “Lifetime Check” income rider costing 1.10% to 1.50%. Jackson’s April 27, 2026 prospectus shows a 1.00% core contract charge (0.85% at $250,000 or more) and no lifetime income rider on Elite Access II. We also removed the “most-sold VA” claim, a competitor fee comparison, and ratings we could not verify at a primary source (S&P, Moody’s and Fitch without a dated carrier page, Weiss, KBRA, COMDEX, renewal and service tiers).
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Elite Access II fees and charges
| Charge | Current (applications signed on or after April 27, 2026) | Contract maximum |
|---|---|---|
| Core contract charge | 1.00% of investment division value a year; 0.85% when contract value is $250,000 or more on the latest quarterly anniversary | 1.00% |
| Annual contract maintenance charge | $50, waived at $50,000 or more | $50 |
| Fund (subaccount) expenses | Gross 0.52% to 2.38%; net 0.52% to 2.30% | Varies by fund |
| Liquidity Option (removes withdrawal charges) | 0.25% | 0.25% |
| Return of Premium death benefit | 0.20% (election through age 80) | 0.40% |
| EarningsMax death benefit | 0.35% (owners through age 75) | 0.70% |
| Principal Guard GMAB, 7-year term (100% of premium) | 1.00% of benefit base | 3.00% |
| Principal Guard GMAB, 10-year term (110% of premium) | 0.90% of benefit base | 3.00% |
| Transfers | Free up to 25 a contract year; $25 each after that | $25 |
Also see: Brighthouse Shield Level II RILA Rates · Prudential Defined Income Variable Annuity Review
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What the fees cost in dollars
| Hypothetical, $250,000 in subaccounts for one year | Low-cost funds | High-cost funds |
|---|---|---|
| Core contract charge (0.85% at $250,000+) | $2,125 | $2,125 |
| Fund expenses (gross 0.52% or 2.38%) | $1,300 | $5,950 |
| Total before any add-on | $3,425 (1.37%) | $8,075 (3.23%) |
Contract basics
| Contract feature | What Jackson publishes |
|---|---|
| Issuer | Jackson National Life Insurance Company, Lansing, Michigan |
| Product type | Variable annuity: subaccounts plus an optional 1-year fixed account; investment risk stays with you |
| Investment options | More than 100; up to 99 at once |
| Minimum premium | $5,000 nonqualified; $2,000 qualified |
| Maximum issue age | 90; age 95 is the latest income date |
| Free withdrawals | Each contract year, the greater of earnings or 10% of remaining premium still subject to withdrawal charges |
| Market value adjustment | Can apply to amounts taken from a Fixed Account Option before its period ends; prospectus maximum potential loss 12.5% |
| Fixed account | 1-year guaranteed period; rate never below the fixed account minimum interest rate (1% to 3%, tied to the 5-year Treasury rate) |
| Standard death benefit | Contract value only, unless an add-on death benefit is elected |
| Lifetime income rider | None offered on Elite Access II; the add-ons are Principal Guard GMAB, two death benefits and the Liquidity Option |
| Annual cost estimate (prospectus) | Lowest $1,451, highest $3,760 per $100,000, assuming 5% appreciation (Rate Sheet Prospectus Supplement) |
Withdrawal charge schedule by year
| Completed years since each premium | 0 to 1 | 1 to 2 | 2 to 3 | 3 to 4 | 4 to 5 | 5+ |
|---|---|---|---|---|---|---|
| Withdrawal charge (% of remaining premium) | 6.5% | 6.0% | 5.0% | 4.0% | 3.0% | 0% |
Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A- | Jackson National Life Insurance Company: AM Best FSR A (Excellent) affirmed and Long-Term ICR upgraded to “a+”, December 18, 2025 (AM Best). |
| Rate or cap competitiveness | Not applicable | A variable annuity has no declared rate or cap; results follow the subaccounts. For a known rate, the 5-year MYGA benchmark was 5.50% to 6.05% on October 14, 2026. |
| Guaranteed floor | D | No floor on subaccounts; principal protection only through the Principal Guard GMAB at 0.90% to 1.00% of the benefit base, with 30% allocation requirements. |
| Liquidity | B | 5-year withdrawal charge from 6.5% per premium; free withdrawal of earnings or 10% of remaining premium; optional 0.25% Liquidity Option removes charges. |
| Costs | C | 1.00% core charge (0.85% at $250k+) plus fund expenses of 0.52% to 2.38% every year; Jackson rate sheet supplement cost estimate $1,451 to $3,760 per $100,000. |
| Transparency | A | Prospectus, rate sheet supplement and product profile with full fee tables are public on jackson.com. |
| Overall | B- | Weighted toward financial strength, guaranteed floor and liquidity for a buyer who wants a known result. |
Pros and cons
Pros
- Core contract charge is 1.00%, and falls to 0.85% at $250,000 or more.
- Short 5-year withdrawal charge schedule, or none with the 0.25% Liquidity Option.
- More than 100 investment options, 25 free transfers a year, growth is tax-deferred.
- Issuer rated A (Excellent) by AM Best, with its issuer credit rating upgraded in December 2025.
Cons
- Subaccount values can fall; there is no floor unless you pay for Principal Guard.
- Fund expenses of up to 2.38% sit on top of the core charge every year.
- No lifetime income rider, so income means annuitization or withdrawals from a value that moves with the market.
- Gains come out as ordinary income, not capital gains, and withdrawals before 59½ may carry a 10% additional tax.
- The standard death benefit is contract value only.
Who it’s for, and when to look elsewhere
Fits: an investor who has already used other tax-deferred accounts, wants tax-deferred growth on a broad menu of funds, plans to hold for years, and accepts market losses. The 0.85% charge tier at $250,000 or more matters for larger contracts.
Look elsewhere if: you want a known result. A MYGA locks a declared rate for the term with no market exposure, backed by the claims-paying ability of the issuing insurer. For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026). Current rates: MYGA rates.
Also look elsewhere if you want lifetime income from day one (compare an immediate annuity) or downside limits without a separate rider (see the Nationwide Defender RILA review for a buffered alternative).
Questions to ask your agent
- Which funds are you recommending, and what is each one’s expense ratio? What will my total annual cost be in dollars?
- Is there any guaranteed minimum value on my money? If you suggest Principal Guard, what is the guaranteed minimum percentage, the term, and the allocation requirement, in writing?
- What is the full withdrawal charge (surrender charge) schedule by year for each premium, does an MVA apply to the fixed account I am using, and what is my free withdrawal amount?
- Why this variable annuity instead of a taxable account, a MYGA or an IRA I already have?
- How are you paid on this product? Commission comes from the insurer and is built into pricing, not deducted from my premium. What is the percentage, and would the Liquidity Option version pay you differently? (See how annuity commissions work.)
From my desk
When I review an Elite Access II proposal, I start with the fund list, not the contract. The core charge is fixed at 1.00% or 0.85%, but fund expenses range from 0.52% to 2.38%, and that choice can more than double the yearly cost, as the table above shows.
The number buyers most often misread on a variable annuity is the “tax-deferred” benefit. Deferral is real, but gains come out as ordinary income, and inside an IRA there is no extra deferral at all. I check whether the money is qualified before anything else.
Against a MYGA, these products do different jobs. A MYGA gives a declared rate and a known ending value; Elite Access II gives market exposure with no floor. If the buyer is choosing between them, the real question is how much loss they can live with. Model withdrawal charges with the annuity surrender charge calculator and growth with the annuity calculator.
Hans Goldstein, independent licensed insurance producer, CA license 4273294, NPN 20602398. Questions: 213-414-2808 or [email protected].
Frequently asked questions
What are the fees on Jackson Elite Access II?
A 1.00% annual core contract charge (0.85% when contract value is $250,000 or more), a $50 annual maintenance charge waived at $50,000, and fund expenses of 0.52% to 2.38%. Optional add-ons cost extra, per the April 27, 2026 prospectus.
Does Elite Access II have a lifetime income rider?
No. The add-on benefits are the Principal Guard GMAB, the Return of Premium and EarningsMax death benefits, and the Liquidity Option.
What is the Elite Access II withdrawal charge?
6.5%, 6.0%, 5.0%, 4.0% and 3.0% over the first five years after each premium, then 0%. The 0.25% Liquidity Option removes withdrawal charges.
What is the minimum investment?
$5,000 for nonqualified money and $2,000 for qualified money. The maximum issue age is 90.
Can I lose money in Jackson Elite Access II?
Yes. It is a variable annuity, and subaccount values rise and fall with the markets. Only the optional Principal Guard GMAB sets a minimum value at the end of its term.
What is Jackson’s AM Best rating?
AM Best affirmed the Financial Strength Rating of A (Excellent) for Jackson National Life Insurance Company and upgraded its Long-Term Issuer Credit Rating to a+ on December 18, 2025.
Related reviews: Fixed vs variable annuity · Nationwide Destination Freedom+ VA · Nationwide Defender RILA · Are annuities FDIC insured? · Annuity second opinion
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Sources (checked October 4, 2026)
- Jackson National Separate Account I: Elite Access II prospectus, SEC Form 485BPOS filed April 21, 2026: effective April 27, 2026
- Jackson: Elite Access II product profile (CMV23433): dated 04/26
- AM Best: AM Best Upgrades Issuer Credit Ratings of Jackson National Life Insurance Company and Its Affiliates: December 18, 2025
- public carrier rate sheets and DepositAccounts (MYGA and CD benchmark): September 24, 2026
- Jackson: Elite Access II Rate Sheet Prospectus Supplement (current add-on charges, Principal Guard terms and annual cost estimates), for applications signed on or after April 27, 2026, distributed with the prospectus on jackson.com
Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.
I do not sell securities products. Jackson Elite Access II is a registered security sold by prospectus through securities-registered representatives; this page is education, not an offer.