Symetra Life Insurance Company announced the introduction of an enhanced death benefit rider to its suite of fixed indexed annuity (FIA) products.
The optional feature is available on select Symetra fixed indexed annuities, including Symetra Edge Pro Fixed Indexed Annuity, and is designed to provide beneficiaries with a potentially larger death benefit than they would otherwise receive from an annuity contract.
The enhanced death benefit rider may appeal to customers seeking the stability and safety of a fixed indexed annuity, but who want the potential to leave a little ‘extra’ to their beneficiaries. This may mean placing a higher priority on enhancing the wealth transfer ability of the FIA than maximizing the annuity’s value for the contract holder’s use.
"There are clients who may not have any current or anticipated need for certain funds themselves and would prefer to leave them to their heirs. At the same time, they recognize their needs may change and they want to retain access to those funds for their own use. Symetra’s new feature can help serve that evolving need for flexible legacy planning very well," said Kevin Rabin, vice president of Retirement Products.
Enhanced death benefit rider highlights:
The benefit is effective and the rider charge is deducted at the end of the first interest term — no extended waiting period.
A full lump-sum death benefit available to beneficiaries, with no annuitization requirement.
Annual rollup percentage of 7% simple interest for a rollup period of 10 years.
Available for issue ages 0-75.
Annual charge is 0.90% of the enhanced death benefit amount.
Sold through banks and broker-dealers, Symetra Edge Pro is designed to help meet the retirement planning needs of customers looking for diversification and principal protection.