Despite the fact that a lot of recent talk has gone to deferred income annuities, fixed indexed annuity products have continued to sell well also. In The Wall Street Journal’s Marketwatch article, “Symetra’s Edge Pro Fixed Indexed Annuity Surpasses $1 Billion in Sales,” Symetra’s press release details the company’s milestone. Symetra Life Insurance Company started selling their Edge Pro fixed indexed annuity two years ago as indexed annuities started increasing in popularity. It is sold through banks and broker-dealers and targeted to customers who are looking for protection of their principal and diversification of their financial holdings. As of this month, Symetra has sold more than $1 billion of this fixed indexed annuity.
Clients planning for their retirement can choose from two different indexes, the more popular S&P 500 index or the S&P GSCI excess return index. The annuity has a fixed account option and offers you a guaranteed minimum value. When you hold the Edge Pro fixed indexed annuity until the surrender period is up without taking withdrawals, you receive the benefits of principal protection, competitive returns, and you aren’t exposed to any downside risk. As the executive vice president of Symetra’s Retirement Division said, this was “the right product at the right time” for consumers dealing with an unstable financial outlook. Symetra has been working hand in hand with the banks and broker-dealers through the whole process of carrying this indexed annuity, especially with enhancements they are making.
Surrender charge periods are either five or seven years and those who don’t touch their money during that time will activate their guaranteed minimum value feature. This offers account growth even if your chosen index doesn’t perform well. Some of your money can be accessed early in the event of an unforeseen circumstance, without activating the surrender charge. Options can be added for guaranteed lifetime income or nursing home and hospitalization coverage. The Symetra Edge Pro fixed indexed annuity is one of the company’s leading products two years after being introduced. With the large growth, Symetra is increasing their wholesaling territories to 26 by adding one in New Jersey and another in north Florida. Speak with an expert if you have any questions about fixed indexed annuities.
Written by Rachel Summit