Symetra Life Insurance Company today announced that total sales of its Symetra Edge Pro
Fixed Indexed Annuity have crossed the $1 billion mark.
Introduced in April 2011 and sold through banks and broker-dealers, 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 — the S&P 500
Index and the S&P GSCI
Excess Return Index — and offers a fixed account option and guaranteed minimum value feature.
“Given Edge Pro’s value proposition, it has emerged as the right product at the right time for customers in an uncertain economy. We built a product that gives clients an opportunity to seek competitive returns with principal protection and no downside risk, if held with no withdrawals to the end of the surrender charge period,” said Dan Guilbert, executive vice president of Symetra’s Retirement Division. “A big key to our success has been our close collaboration with banks and broker-dealers — from the early stages of development to our ongoing product enhancements today.”
With Symetra Edge Pro’s
guaranteed minimum value feature, customers who leave their money untouched through the end of the five- or seven-year surrender charge period will see growth regardless of index performance.
If the unexpected happens, customers have multiple ways to access their money, including the ability to withdraw up to 10 percent of the contract value annually, free of surrender charge. Guaranteed lifetime income options and a nursing home and hospitalization waiver also are available.
In just over two years since launch, Symetra Edge Pro has become a core product for Symetra with a remarkable growth curve. To help sustain this growth, Symetra’s Retirement Sales team is expanding its wholesaling support in two new territories — New Jersey and northern Florida. These additions will bring to 26 the number of wholesaling territories across the country supporting Symetra retirement products.