Bellevue , Wash. - Symetra Life Insurance Co. launched a new product to help protect retirees from outliving their savings. With nearly $20 billion in assets, the Bellveue, Wash. , provider of retirement plans, employee benefits, life insurance and annuities issued the “Symetra Freedom Income Annuity,” which is designed to enable clients to use a small portion of current savings to buy guaranteed income for their later years of retirement.

Using Symetra Freedom Income, clients can buy future income at today’s prices with a small portion of their retirement savings — as little as 10 to 15%. Capturing today’s pricing is particularly valuable because the future cost of income annuities will increase if average life spans continue to lengthen. 

Today’s retirees are expected to live longer than any previous generation. Yet while nearly nine out of 10 pre-retirees believe their financial resources will last up to age 80, only 55% are confident their savings will stretch to age 90, notes the company. For those who expect to live into their eighties and perhaps hit the centenarian mark, longevity insurance guarantees their money will last as long as they do. Just as life insurance protects families from the financial risks of dying too soon, longevity insurance provides protection from the financial risks of outliving your retirement savings.

Symetra Freedom Income allows clients to choose a future date, typically 10 to 20 years, to begin collecting income based on their family history and their unique financial needs. Additionally, because they are insured against outliving their retirement savings, clients have more flexibility with their portfolio investments than they might with other income options.

Symetra Freedom includes several optional features including a death benefit, an annual payment increase to help counter the effects of inflation, and an installment refund.


Source: Symetra Financial




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