Goldstein Scorecard: C+ (dated October 4, 2026). See how it is graded.
Jackson Perspective II Variable Annuity Review: Fees, Withdrawal Charges and Income Add-Ons (2026)
Written & reviewed by Hans Goldstein, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Facts verified against Jackson’s Perspective II and Perspective Advisory II prospectuses (April 27, 2026) and Rate Sheet Prospectus Supplement (August 13, 2026) on October 4, 2026 · Updated October 4, 2026
Jackson Perspective II is a variable annuity, not a fixed indexed annuity, issued by Jackson National Life Insurance Company (AM Best A, stable outlook, per Jackson’s 10-Q as of July 27, 2026). Per its April 27, 2026 prospectus it charges a 1.30% core contract charge (1.15% at $1 million or more) plus fund expenses of 0.52% to 2.38%, with a 7-year withdrawal charge starting at 8.5%. Optional lifetime withdrawal benefits cost extra. Its fee-based sibling, Perspective Advisory II, has a 0.45% core charge and no withdrawal charge.
Correction (October 4, 2026): an earlier version of this page was titled “Jackson National Perspective FIA: Honest Review (2026)”. Jackson does not sell a fixed indexed annuity called Perspective; Perspective II and Perspective Advisory II are variable annuities, with no index caps or renewal rates. This page now reviews Jackson Perspective II (and notes Perspective Advisory II) from the April 27, 2026 prospectuses on SEC EDGAR. We removed the cap, renewal-rate and complexity scores, the Weiss, KBRA and COMDEX ratings, the Moody’s A2 rating (Jackson reports A3), and competitor FIA comparisons.
Perspective II fees and charges
| Charge | Perspective II |
|---|---|
| Core contract charge | 1.30% a year of Investment Division value; 1.15% when contract value is $1 million or more |
| Annual contract maintenance charge | $35, not deducted when contract value is $50,000 or more |
| Fund expenses (as of December 31, 2025) | 0.52% to 2.38% a year |
| Withdrawal charge | 7 years per premium payment, starting at 8.5% (schedule below) |
| Market value adjustment | Applies to amounts taken early from a Fixed Account Option; maximum potential loss 12.5% |
| Transfer charge | $25 per transfer after 25 in a contract year |
| Optional add-on benefits | Extra; current charges set by the Rate Sheet Prospectus Supplement (see table below) |
| Prospectus cost range, $100,000 at 5% growth | $1,701 lowest to $5,322 highest annual cost (supplement dated August 13, 2026) |
Withdrawal charge schedule
| Completed years since premium | 0-1 | 1-2 | 2-3 | 3-4 | 4-5 | 5-6 | 6-7 | 7+ |
|---|---|---|---|---|---|---|---|---|
| Withdrawal charge | 8.5% | 7.5% | 6.5% | 5.5% | 5.0% | 4.0% | 2.0% | 0% |
Free of the withdrawal charge each contract year: earnings, premiums older than seven years, and a free withdrawal of 10% of Remaining Premium (minus earnings). Amounts taken for a required minimum distribution count against the free amount. A Terminal Illness Benefit/Extended Care Benefit is included at no added charge.
Contract basics
| Feature | Perspective II | Perspective Advisory II |
|---|---|---|
| Type | Flexible premium variable and fixed deferred annuity | Same, sold through fee-based advisors |
| Minimum initial premium | $10,000 non-qualified; $5,000 qualified | $25,000 |
| Additional premiums | $500 minimum ($50 automatic plan); over $1 million needs approval | $500 minimum ($50 automatic plan) |
| Maximum issue age | 85 | 85 |
| Core contract charge | 1.30% (1.15% at $1 million+) | 0.45% (0.40% at $1 million+) |
| Fund expenses | 0.52% to 2.38% | 0.26% to 2.08% |
| Withdrawal charge | 7 years, from 8.5% | None |
| Market value adjustment (Fixed Account) | Up to 12.5% of the amount | Up to 100% of credited interest, not original investment |
| Advisory fee | Not applicable | Charged separately by your advisor; can be deducted from contract value |
| Basic death benefit | Greater of contract value or total premiums paid; withdrawals reduce it | See prospectus; advisory fee deductions reduce it |
| Latest income date | Contract anniversary at owner age 95 | See prospectus |
| Free look | 10 days (30 for a replacement); longer in some states | See prospectus |
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Lifetime withdrawal add-ons: current charges
| Add-on (single life, at issue) | Current annual charge | Bonus to GWB | GAWA % at ages 65 to 69 |
|---|---|---|---|
| Flex GMWB, Value option | 0.30% of GWB | 5% | 4.00% |
| Flex GMWB, Core option | 1.25% of GWB | 6% | 5.65% |
| Flex GMWB, Plus option | 1.70% of GWB | 7% | 6.15% |
| Flex Net GMWB, Core option | 1.40% of GWB | 6% | 5.85% |
| Flex Strategic Income GMWB | 1.75% of GWB | 5% | 7.00% accelerated / 4.00% standard |
| AutoGuard (not lifetime) | 0.85% of GWB | None | 6.00% (all ages) |
Maximum charges in the prospectus run up to 3.00% of the GWB for the Flex family, so a charge can rise within that limit as the contract allows. Joint versions cost more (Flex GMWB Joint Core 1.55%). Death benefit add-ons are also extra (for example Highest Quarterly Anniversary Value GMDB 0.30% of its benefit base). Compare a rider against annuitizing or an immediate annuity with the income rider vs annuitization calculator.
What the fees cost in dollars
| Hypothetical: $250,000 in Investment Divisions | Low-cost funds, no add-on | High-cost funds + Flex GMWB Core |
|---|---|---|
| Core contract charge (1.30%) | $3,250 | $3,250 |
| Fund expenses (0.52% or 2.38%) | $1,300 | $5,950 |
| Flex GMWB Core (1.25% of GWB) | $0 | $3,125 |
| Total for the year | $4,550 (1.82%) | $12,325 (4.93%) |
Fixed Account. Perspective II also offers Fixed Account Options that credit a declared rate for a set term. The prospectus lists a 1-year Fixed Account Option with a minimum interest rate of 2.40%; amounts in the Fixed Account are backed by the claims-paying ability of Jackson National Life Insurance Company, and early withdrawals may carry a market value adjustment. Fixed Account Options are not available with certain death benefit add-ons.
Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A- | Jackson National Life Insurance Company: AM Best A, outlook stable, as of July 27, 2026 (Jackson Financial 10-Q). |
| Rate or cap competitiveness | Not applicable | A variable annuity has no declared rate or cap on its subaccounts; returns follow the funds you pick. |
| Guaranteed floor | C | No floor on subaccount value. Basic death benefit returns at least premiums paid; lifetime withdrawals need a paid add-on (0.30% to 2.00% current). |
| Liquidity | C | 7-year withdrawal charge from 8.5%; 10% free withdrawal a year; Fixed Account MVA up to 12.5%. |
| Costs | C- | 1.30% core charge plus 0.52% to 2.38% fund expenses, plus any add-on; prospectus cost range $1,701 to $5,322 a year per $100,000. |
| Transparency | A | Prospectus, fee tables and each Rate Sheet Prospectus Supplement are public on SEC EDGAR, with historical add-on rates in appendices. |
| Overall | C+ | Weighted toward costs, liquidity and the guaranteed floor, as of October 4, 2026. |
Pros and cons
Pros
- Lifetime withdrawal add-ons with published current charges and withdrawal percentages (supplement dated August 13, 2026).
- Core charge drops from 1.30% to 1.15% at $1 million or more.
- 10% free withdrawal of Remaining Premium each year, plus earnings.
- Basic death benefit of at least premiums paid, at no extra charge.
- Issuer rated A (stable) by AM Best as of July 27, 2026.
Cons
- Subaccount values can fall; you can lose money, as the prospectus states.
- 7-year withdrawal charge starting at 8.5%, on each premium payment.
- Costs stack: 1.30% core, up to 2.38% in fund expenses, and up to 2.00% currently for a lifetime add-on.
- The GWB is a benefit base, not cash; the bonus only applies in years without withdrawals.
- Gains come out as ordinary income, and an IRA gets no extra tax deferral from the annuity.
Who it’s for, and when to look elsewhere
Fits: an investor working with a securities-licensed advisor who wants market exposure in a broad fund menu, plans to hold seven years or more, and is willing to pay for a lifetime withdrawal benefit on top of the core charge. Fee-based investors should compare Perspective Advisory II, which has a 0.45% core charge and no withdrawal charge but adds an advisory fee.
Look elsewhere if: you mainly want a known rate. 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 5.80% to 6.00% on 5-year MYGAs and the best nationally available 5-year CDs about 4.35% to 4.50% APY on September 24, 2026 (AnnuityRateWatch carrier data; DepositAccounts). Current rates: MYGA rates.
Also look elsewhere if you want income starting now (compare an immediate annuity with the immediate annuity calculator) or a lower-cost Jackson variable annuity without a lifetime rider (see the Jackson Elite Access II review). For the basics, read fixed vs variable annuity.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
A fixed indexed annuity ties up your money for 7 to 15 years. Cap rates renew annually and can drop. Income riders have separate benefit bases that aren't cash. Get an independent review before you commit your retirement savings to a multi-year contract.
Send your details. Within one business day you get a written review of your quote and a side-by-side with two alternatives.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer
Questions to ask your agent
- Which add-on are you recommending, what is its current charge and its maximum charge, and what is the GAWA percentage at my age, from the Rate Sheet Prospectus Supplement in effect on the day I sign, in writing?
- Is there any guaranteed minimum on my account value, or only on the GWB and death benefit? What is the minimum interest rate on the Fixed Account Option you suggest?
- Show me the full withdrawal charge schedule for each premium, the 10% free withdrawal, and the market value adjustment on any Fixed Account money.
- How are you paid on this contract? Is it a commission from Jackson, built into the contract charges rather than deducted from my premium, and what percentage? If this is Perspective Advisory II, what is your advisory fee? (See how annuity commissions work.)
- What will my total annual cost be in dollars with the funds and add-on you picked?
- If this replaces an existing annuity, what surrender charge and benefits am I giving up?
From my desk
Hans Goldstein is a licensed insurance producer, not a securities representative, and does not sell variable annuities; read the prospectus. What I can offer is a check of the numbers you were shown.
When I read a Perspective II proposal, I go straight to the add-on. The core charge is fixed at 1.30%, but a Flex GMWB adds 0.30% to 2.00% of the GWB at today’s rates, and the charge is figured on the benefit base, which can grow larger than your account value. I ask for the dated Rate Sheet Prospectus Supplement, because that document sets the charge and the GAWA percentage you lock in.
The number buyers most often misread is the GWB. A 6% bonus is added to the benefit base, not to money you can withdraw, and only in years with no withdrawal. The cash you can walk away with is the contract value, less any withdrawal charge.
Against a MYGA, the question is what you are paying for. A MYGA states its rate up front and has no annual charge on top. Perspective II offers market growth and a lifetime withdrawal benefit for about 1.8% to 4.9% a year in the hypothetical above. Model the 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 hans@hansgoldstein.com.
Frequently asked questions
Is there a Jackson National Perspective fixed indexed annuity?
No. Jackson’s Perspective products, Perspective II and Perspective Advisory II, are variable annuities. Their value moves with the subaccounts you choose and can lose money. There are no index caps, participation rates or renewal rates.
What are the fees on Jackson Perspective II?
Per the April 27, 2026 prospectus: a 1.30% annual core contract charge (1.15% at $1 million or more), a $35 annual maintenance charge waived at $50,000, fund expenses of 0.52% to 2.38%, and any optional add-on, which currently costs 0.30% to 2.00% for a single benefit.
What is the withdrawal charge on Perspective II?
Each premium has its own 7-year schedule: 8.5%, 7.5%, 6.5%, 5.5%, 5.0%, 4.0%, 2.0%, then 0%. Each year you can take earnings plus 10% of Remaining Premium (minus earnings) without the charge.
What is the difference between Perspective II and Perspective Advisory II?
Perspective Advisory II is the fee-based version: a 0.45% core charge (0.40% at $1 million or more), a $25,000 minimum, no withdrawal charge, and fund expenses of 0.26% to 2.08%. Your advisor charges a separate advisory fee.
Does Perspective II have a lifetime income rider?
Yes, optional. The Flex GMWB family and Flex Strategic Income GMWB provide lifetime withdrawals for a charge on the Guaranteed Withdrawal Balance. For applications signed on or after September 1, 2026, Flex GMWB single costs 0.30%, 1.25% or 1.70% with a 5%, 6% or 7% bonus to the benefit base.
How is Jackson National Life rated?
Jackson Financial reports that, as of July 27, 2026, AM Best rated Jackson National Life Insurance Company A with a stable outlook. Contract values in the Fixed Account and any benefit guarantees are backed by the claims-paying ability of Jackson National Life Insurance Company.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
A fixed indexed annuity ties up your money for 7 to 15 years. Cap rates renew annually and can drop. Income riders have separate benefit bases that aren't cash. Get an independent review before you commit your retirement savings to a multi-year contract.
Send your details. Within one business day you get a written review of your quote, a side-by-side with two alternatives, and a 15-minute call only if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
Email only. Hans replies within one business day, and only calls if you ask him to. Privacy Policy.
Sources (checked October 4, 2026)
- Jackson National Separate Account I: Perspective II prospectus (contracts offered on and after June 24, 2019), SEC Form 485BPOS filed April 21, 2026: dated April 27, 2026
- Jackson: Perspective II Rate Sheet Prospectus Supplement, SEC Form 497: dated August 13, 2026, for applications signed on or after September 1, 2026
- Jackson National Separate Account I: Perspective Advisory II prospectus, SEC Form 485BPOS filed April 21, 2026: dated April 27, 2026
- Jackson Financial Inc. Form 10-Q for the second quarter of 2026, filed August 3, 2026: financial strength ratings as of July 27, 2026
- MYGA and CD benchmark: AnnuityRateWatch carrier rate data and DepositAccounts, September 24, 2026
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.