Symetra Annuities Combine Dependability with Flexibility
Customers Can Now Tap Funds for Cash
Bellevue, Wash. — (January 18, 2007) — Symetra Life Insurance Company announced today a new “Advance Access” enhancement to its income annuities, providing investors with greater flexibility and more control over their retirement planning.
Symetra income annuity policies now enable clients to take money from their annuity without incurring expensive fees.
Annuities provide guaranteed income that lasts a lifetime. However, many customers are reluctant to purchase income annuities because they fear losing the ability to gain access to their money when they need it. Symetra has designed an innovative new benefit for its income annuities to improve the availability of funds.
Clients can get an advanced lump-sum payment of up to 30 percent of the present value of future annuity payments with no surrender penalty. In addition, the income annuity will continue to provide regular payments based on the remaining balance. Future annuity benefits are reduced by the same percentage as the lump-sum payout with no repayment required. That means Symetra income annuities offer the security of a lifetime of guaranteed income, along with the freedom to tap into annuity funds for when circumstances change.
“Understandably, the prospect of tying up your money over several decades can make some retirees nervous about investing in income annuities,” said Kim McSheridan, vice president of Income Annuities for Symetra Life Insurance Co. “Symetra income annuities give clients access to their money so that they can better respond to unanticipated living expenses. This is just one of the ways we are working to make retirement planning simpler for America’s retirees.”
Clients can request advanced lump-sum payments as often as every 36 months. The enhancement is available on all newly issued income annuity contracts from Symetra and will not affect the price of the annuities. Contracts must be in-force a minimum of three years before exercising the feature and a minimum of $5,000 is required with each request.
About Symetra Financial
Symetra Financial is a family of companies with nearly a half-century of experience providing retirement plans, employee benefits, annuities and life insurance through independent advisors and agents nationwide. Its insurance company subsidiaries have nearly $20 billion in assets
1. Symetra Financial is owned by an investor group led by White Mountains Insurance Group Ltd. and Berkshire Hathaway Inc. For more information, visit Symetra Financial's website at
www.symetra.com.
1 Source: Total GAAP assets per financial statements of Symetra Life Insurance Company, December 31, 2005.
Annuities are issued by Symetra Life Insurance Co., 777 108th Ave. NE, Bellevue, WA 98004. Products not available in all U.S. states or any U.S. territories. Nor for use in New York.
Commutation endorsement not available in all states. Withdrawals prior to age 59 ½ may be subject to a 10% federal tax penalty. Consult your tax advisor for more information.
Enhancement is not available in all states and applies to Symetra Advantage Income Annuity LIA-26 7/00 and LIA-27 7/00, Symetra Target Income Annuity LIA-47 12/04, and Symetra Income Builder Annuity LIA-47 12/04 or LIA-61/OR 7/05 in most states. Future payments will be reduced by the percentage requested.
Symetra® and the Symetra Financial logo are registered service marks of Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004.
