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.
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