There are two new single-premium indexed annuity contracts available, both coming from the U.S. arm of Sumitomo Life Insurance Company of Osaka, Symetra. Symetra Stride and Symetra Edge Elite are both filed as non-variable annuities featuring crediting rate options linked to the performance of Putnam Investments’ new Putnam Dynamic Low Volatility Excess Return Index, according to a recent article from ThinkAdvisor.
Several annuity issuers have limited their annuity offerings with account value guarantees largely in part to low interest rates and market volatility. Senior vice president at Sumetra, Andrew Farrell, said that Symetra is always looking for ways to shape its products to meet the needs of their customers and distribution partners.
“Fixed indexed annuities continue to offer the principal protection and growth potential many pre-retirees and retirement customers are looking for in today’s volatile market conditions,” Farrell stated.
Both contracts offer access to credit options that are linked to the JPMorgan ETF Efficiente 5 Index and the S&P 500 index, as well as to the new Putnam index. The new Putnam index reflects the performance of low-risk U.S. stocks, U.S. Treasury bonds and cash.
The Symetra Stride annuity also comes with access to an optional Signature Withdrawal Benefit guaranteed lifetime withdrawal benefit rider. Consumers aged 50 and older can purchase the rider and use it to establish a lifetime income stream. The contract also has a 10-year withdrawal charge schedule and is being offered to independent financial professionals and insurance producers.
Symetra Edge Elite annuity is being distributed through broker-dealers and features a built-in account value protection. Purchasers of this contract can choose between a five-year or seven-year withdrawal charge period.
For more information about these and other available annuity products, visit our website, www.annuityfyi.com, or give us a call at 1-866-223-2121. You can also email us with any questions or concerns at firstname.lastname@example.org.
Written by Rachel Summit