If you are worried about leaving money to your heirs when your life ends, Symetra Life Insurance Company has an enhanced death benefit rider that you might want to consider. In the Marketwatch company press release, “Symetra Adds Enhanced Death Benefit Rider to Fixed Indexed Annuity Suite,” the company introduces their newly released optional death benefit. This rider can be added to some of their fixed indexed annuities, including the popular Symetra Edge Pro. This enhanced death benefit feature offers customers the ability to leave a larger death benefit to their beneficiaries than they are able to with other annuity products.
This new feature is good for clients who are more concerned with how much money they leave to their heirs than they are with having a higher income payment for themselves. They still seek the safety that a fixed indexed annuity brings, but are not trying to maximize their personal use of the annuity’s value. Although these clients may not anticipate a great need for their annuity income now, they realize that they might need this income in the future so they want to maintain access to their money rather than simply purchasing a life insurance policy. Clients can still plan to leave a legacy with Symetra’s new death benefit rider, but maintain the option to use their fixed indexed annuity for income should they need it in the future. You also don’t have to take medical tests to offer death benefits through an annuity like you do with life insurance policies. Annuities certainly do not negate the importance of life insurance, but they are an added benefit.
Here are some of the details related to this new death benefit rider. There is not an extended waiting period for Symetra’s enhanced death benefit rider. You are charged at the end of the first interest term for your rider, which activates the benefit. Beneficiaries will receive a full lump sum benefit, rather than having to annuitize their inheritance like they do with some other death benefits. This death benefit rider can be issued when the annuity purchaser is between the ages of 0 and 75. This benefit includes a rollup period of 10 years with an annual rollup percentage of 7% simple interest. Your fee is .90% of the amount of your death benefit.
Symetra’s Edge Pro fixed indexed annuity is sold through banks and broker dealers. It helps to meet consumers’ retirement planning needs with principal protection and diversification of investments. There are two different indexing options from which to choose and each of those has two interest crediting choices. This fixed indexed annuity has a fixed account option and a guaranteed minimum value benefit. There are 5 and 7 year surrender periods that have 4 different no-cost options for taking out money. Symetra’s new enhanced death benefit rider for their fixed indexed annuities targets a specific group of consumers. If you are looking for the benefits offered by this new option, speak with an expert at Annuity FYI to help answer your annuity questions.