Symetra Life Insurance announced the introduction of Symetra Income Edge, a single premium fixed indexed annuity that includes a lifetime withdrawal benefit that offers withdrawals that can last a lifetime—with upside potential both before and after withdrawals begin.

"Symetra Income Edge is designed for retirement customers who want to dedicate some of their retirement funds to establish a future stream of lifetime income, but don’t want to lose access to those funds if their needs change," said Dan Guilbert, executive vice president of Symetra’s Retirement Division.

"Income Edge differs from many of our competitors by offering growth potential for the future lifetime withdrawals and a more transparent calculation of those lifetime withdrawals. We think advisors and their clients will appreciate those aspects in particular."

Symetra Income Edge’s guaranteed lifetime withdrawal benefit provides lifetime withdrawals up to a Maximum Withdrawal Amount each year. The Maximum Withdrawal Amount can never decline due to account performance. Amounts up to the Maximum Withdrawal Amount may be withdrawn annually, regardless of the contract’s remaining value.

Before lifetime withdrawals begin —

The Maximum Withdrawal Amount is guaranteed to grow each year for up to 10 years after issue.1

As the contract value grows, the future Maximum Withdrawal Amount also increases — even after 10 years. Potential contract value growth is based on the accounts selected — S&P 500® Point-to-Point; JPM ETF EfficienteSM 5 Point-to-Point; Fixed Account.

After lifetime withdrawals begin —
Once ready to begin lifetime withdrawals, a client has two options:

Level withdrawals — Guaranteed, level amount for life. Designed for those wanting a higher first year Maximum Withdrawal Amount and the certainty of knowing they will receive the same amount each year.

Index-linked withdrawals — Guaranteed withdrawals for life with potential for increases each year. Designed for those concerned about inflation eroding their purchasing power over time and wanting to give their Maximum Withdrawal Amount opportunities for future growth.

Contract value continues to earn interest (if applicable) based on the performance of the selected accounts.

In the event of an unexpected need, any remaining contract values may be accessed (charges may apply), but this will reduce the future Maximum Withdrawal Amount.

Even if the contract value falls to zero, lifetime withdrawals continue.

Income Edge is designed for the long term, but should circumstances change clients have multiple ways to access funds, including:

Free annual withdrawals of up to 10% of the contract value.

Nursing home and hospitalization waiver.

Death benefit.

Annuitization any time after the first 12 months of the contract.