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November 03, 2014

Symetra Adds Enhanced Death Benefit Rider to Fixed Indexed Annuity Suite

BELLEVUE, Wash.  — Symetra Life Insurance Company today announced the introduction of an enhanced death benefit rider to its suite of fixed indexed annuity (FIA) products. The optional feature is available on select Symetra fixed indexed annuities, including Symetra Edge Pro®  Fixed Indexed Annuity, and is designed to provide beneficiaries with a potentially larger death benefit than they would otherwise receive from an annuity contract.
 
The enhanced death benefit rider may appeal to customers seeking the stability and safety of a fixed indexed annuity, but who want the potential to leave a little ‘extra’ to their beneficiaries. This may mean placing a higher priority on enhancing the wealth transfer ability of the FIA than maximizing the annuity’s value for the contract holder’s use.             
 
“There are clients who may not have any current or anticipated need for certain funds themselves and would prefer to leave them to their heirs. At the same time, they recognize their needs may change and they want to retain access to those funds for their own use. Symetra’s new feature can help serve that evolving need for flexible legacy planning very well,” said Kevin Rabin, vice president of Retirement Products. “While not a substitute for life insurance, the enhanced death benefit rider does have the potential to add significant value for beneficiaries without answering any medical questions.”
 
Enhanced death benefit rider highlights:
 
  • The benefit is effective and the rider charge is deducted at the end of the first interest term — no extended waiting period
  • A full lump–sum death benefit available to beneficiaries, with no annuitization requirement
  • Annual rollup percentage of 7% simple interest for a rollup period of 10 years
  • Available for issue ages 0-75
  • Annual charge is 0.90% of the enhanced death benefit amount
 
Sold through banks and broker-dealers, Symetra Edge Pro is designed to help meet the retirement planning needs of customers looking for diversification and principal protection. The product gives clients the choice of two index options, each offering two additional interest crediting choices. It offers a fixed account option and guaranteed minimum value feature, and four no-cost options for contract holders to access their money during the five- or seven-year surrender charge period.
 
For more information about Symetra fixed indexed annuities and the new enhanced death benefit rider, call the Symetra Retirement Sales Desk at 1-800-706-0700.
 
About Symetra
Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation (NYSE: SYA), a diversified financial services company based in Bellevue, Wash. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent agents and advisors. For more information, visit www.symetra.com.

Symetra Edge Pro Fixed Indexed Annuity is an individual single premium fixed indexed deferred annuity with a market value adjustment feature. In Oregon, Symetra Edge Pro Indexed Fixed Annuity is issued as an individual single premium indexed fixed deferred annuity with a market value adjustment feature. Annuities are issued by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004. Contract form number is RSC-0415 1/14 in most states. In Oregon, contract form number is RSC-0415/OR/NQ2 1/14. Enhanced Death Benefit Rider form number is ICC14_RE2 in most states. Product and Enhanced Death Benefit Rider are not available in all states or any U.S. territory.

Market value adjustment feature does not apply in CA.

Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company.

Withdrawals may be subject to federal income taxes and a 10% IRS early withdrawal tax penalty may also apply for amounts taken prior to age 59½. Clients should consult their attorney or tax advisor for more information.

A rider is a provision of the annuity with benefits and features that should never be confused with the annuity itself. Before evaluating the benefits of a rider, carefully examine the annuity to which it is attached.
This press release is not a complete description of the Symetra Edge Pro Fixed Indexed Annuity. Please contact your advisor or sales representative for more information.


Symetra Life Insurance Company, 777 108th Ave NE, Suite 1200, Bellevue, WA 98004. All rights reserved. Symetra® and Symetra Edge Pro® are registered service marks of Symetra Life Insurance Company.
 
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SYC-1062                                                                                  11/14                                                                                                   
 


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Contact(s):

Media Relations:
Diana McSweeney

(425) 256-6167    
diana.mcsweeney@symetra.com                                                                                                    




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