Symetra Life Insurance Company announced the addition of a new Cash Refund payout option on its income annuity products.

The Cash Refund payout option provides beneficiaries with a lump sum equal to the unrecovered purchase payment upon the death of the annuity owner. This option gives customers peace of mind that — no matter what happens — their annuity will pay out an amount at least equal to the purchase payment. The Cash Refund option may be elected at the time of issue with Symetra’s Advantage Income Immediate Annuity and the Freedom Income Annuity.

“With life expectancies rising, income annuities are an increasingly popular way to ensure people’s retirement dollars last as long as they do,” said Rich Lindsay, senior vice president of Symetra’s Life and Annuities Division. “Our new Cash Refund payout option helps give customers even more flexibility in meeting their income needs and the needs of their beneficiaries.”

Cash Refund joins other Symetra income annuity beneficiary payment options such as Installment Refund, which pays beneficiaries in installments and guarantees the total annuity payout will not be less than the purchase payment. Which payout option is best ultimately depends on who is in greater need of the money — the annuitant or the beneficiary.

Income annuities generate a guaranteed income stream, regardless of how the financial markets perform. Here’s how they work: Customers purchase an income annuity with a lump-sum payment and choose a date when they want to begin receiving money from the annuity. Symetra then makes the payments according to whichever option the customer chooses — monthly, quarterly, semi-annually or annually.

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.

Income annuities are issued by Symetra Life Insurance Company, 777 108 th Avenue NE, Suite 1200, Bellevue, WA 98004 and are not available in all U.S. states or any U.S. territory.

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