“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.

“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.”

As the years passed, Ron and Kelly were faced with a multitude of challenges. Ron experienced a back injury, forcing him into early retirement from his construction career. To keep the bills paid, Kelly took over the family finances and began pursuing her real estate license. When Kelly passed away suddenly in 2009, it came as both an emotional and financial shock to Ron and their two children.

“Every day you get up and go to work. Every day you get up and start your car. You take that for granted,” Ron said. “You never take [for] granted something unexpected. When Kelly passed away, it was very unexpected. She was worth everything to us.”

Fortunately, they had someone on their side: Their longtime friend (and insurance agent) Steve. It was now, when things looked their worst, that advice Steve had given years before paid off, enabling Ron to keep his family together.

Investing in the future

Many years before, based on Steve’s counsel, Ron and Kelly had chosen a permanent life insurance plan that accumulated cash value, which had allowed them to fulfill their dream of buying a home and paying for unforeseeable costs, like Ron’s medical bills.

But because of his health problems and the state of the economy in 2009, when Kelly had become the primary wage-earner in the family, finances were so tight that Ron told Kelly that he thought they should cancel their life insurance policy. They met with Steve again, who took the time to walk through their financial options and encouraged them to consider keeping their policy.

“The real lightbulb moment was when Ron realized how much Kelly really did for him and the household and family, and the fact that she did bring in income that he would have to do without if something should happen to her,” said Steve.

For most Americans, the death of a primary wage-earner would mean big living changes. According to LIMRA’s life insurance consumer studies, one-third of Americans believe they would feel the financial impact from the loss of a primary wage earner within one month of the wage earner’s passing. Half say they would feel an impact within six months.

After loss, some relief

Ron was in the group that would feel the impact immediately, and he feared what it could mean for his family. “With Emmet being a minor and Jamie just getting out of school and my serious back problems the last year that Kelly was alive, I’m afraid to think of what would have happened to all of us without our life insurance policy,” said Ron.

In the wake of Kelly’s death, Ron had to take over financial responsibility for the household. He reached out to Steve again, who reminded him they had kept their life insurance policy. In fact, he told Ron, they had actually increased their coverage, a decision that provided the necessary funds for Ron to remain with his sons and keep his home.

“It was a great relief when Steve told me we weren’t going to lose our house, and I was going to be able to stay here with the boys,” said Ron, “[Without insurance] I would have had to instantly liquidate everything or look to my relatives for help. Life insurance takes care of that unexpected stuff.”

State Farm Life Insurance Company (Not licensed in MA, NY or WI) State Farm Life and Accident Assurance Company (Licensed in NY and WI) Bloomington, IL LIAM-1009.0 

What came next, though, was unexpected.