Symetra Life Insurance Company has launched Freedom Income Annuity to help protect retirees from outliving their savings.

The Symetra Freedom Income Annuity functions as longevity insurance. The new product enables clients to use a small portion of current savings to buy guaranteed income for their later years of retirement, providing financial security for when they need it most.

Rich Lindsay, senior vice president of Symetra’s life and annuities division, said: It now only costs you $10,000 to purchase a stream of income you cannot outlive. That’s how cost-effective longevity insurance can be. With Symetra Freedom Income you get more guaranteed income down the road for less money up front.