Now when an unexpected expense arises, your clients can access a portion of the value in their income annuity as often as every 36 months.
For many retirees, placing savings into an income annuity can be intimidating. You may often face clients reluctant to “tie-up” their liquid assets. As life expectancy increases, however, so does the likelihood of ending up in a circumstance requiring a cash-fueled remedy. New vehicles, medical expenses and leaking roofs can all generate hefty bills.
The ability to pay for these expenses without incurring early withdrawal or surrender penalties1, selling a major asset (such as a home), or prematurely liquidating an investment can be invaluable — and purchasing an income annuity shouldn’t mean giving up the right to access additional funds to cover these costs.
Symetra Life Insurance Company has an Advance Access commutation endorsement to Advantage Income and Income Builder contracts. Now when an unexpected expense creeps up, after the contract has been in force for 36 months your clients can request up to 30 percent of the present value of their total future payments ($5,000 minimum, during their life expectancy) at no additional cost.2
There is no underwriting required and your clients can request additional funds as often as every three years. Plus, there is no impact on your commissions or other production credits when a client exercises this option.
“We understand your clients have concerns about locking up assets in an income annuity,” says Kim McSheridan, vice president of Income Annuities for Symetra Life Insurance Co. “Adding this endorsement creates the flexibility clients want to help manage unforeseen expenses.”
McSheridan says income annuities offer a convenient way to provide retirement income. These products can also be customized to fit each client's unique financial needs. For example, a five-year income annuity might be used to fill the income gap between early retirement and their first Social Security check. Or, pre-retirees might want to lock in today to guarantee a specific income stream that starts a few years down the road.
So if you’re still hearing, “I don't want to tie up my assets,” it’s time to help your clients discover the new features and flexibility a Symetra income annuity can offer.
If you’d like to talk with someone about what Symetra Life can do for your client, call one of our regional vice presidents or contact the Sales Center at invest@symetra.com or 1-800-706-0700.
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