Symetra Expands Fixed Indexed Annuity Suite with Symetra Edge Plus and Symetra Edge Premier
March 10, 2015 by Business Wire
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company announced the introduction of two new fixed indexed annuity (FIA) products — Symetra Edge PlusSM and Symetra Edge PremierSM. Available in both FIAs is the JPMorgan ETF Efficiente 5 Index, providing interest crediting opportunities based on the performance of an industry-leading multi-asset class index that seeks to generate returns by utilizing a diverse array of exchange-traded funds (ETFs) and a cash index. In addition, the MSCI EAFE index provides a new indexed account option which may appeal to those seeking interest crediting opportunities based on the performance of markets outside of the United States.
“Symetra Edge Plus and Symetra Edge Premier are designed to help meet the needs of today’s retirement customers, who are looking for ways to protect their money but still want some opportunity for growth potential,” said Dan Guilbert, executive vice president of Symetra’s Retirement Division. “Both Edge Plus and Edge Premier’s indexed account options provide a selection of interest crediting opportunities based on indexes composed of a diverse array of asset classes, including domestic and foreign equities and more.”
Symetra Edge Plus offers five- and seven-year surrender periods, while Symetra Edge Premier’s 10-year surrender schedule provides even more opportunity for growth potential. Product features include:
Diverse array of indexed crediting opportunities — Interest crediting opportunities based on the performance of one or more market indexes, subject to either a cap or a margin.
Multiple account options — Customers may choose from five indexed accounts, plus a fixed account.
No downside market risk — Purchase payment and any previously credited interest are protected from market losses by an interest rate “floor” of 0%.
Built for diversification — Because indexes may perform differently under similar market conditions, Edge Plus and Edge Premier offer five indexed account options, based on three distinct indexes:
• The S&P 500® Index and the MSCI EAFE Index are offered with point-to-point and monthly average interest crediting, up to a declared cap.
• The JPMorgan ETF EfficienteSM 5 Index rebalances monthly to create an asset mix with the best recent returns for a given level of risk. It is a target volatility index, which means it is designed to experience gains and losses of less magnitude and frequency than indexes based solely on equity markets. It is offered with point-to-point crediting. Because it is designed to be less volatile than the other available indexes a cap is not imposed; however, it is subject to a margin, which is subtracted from the performance of the index to determine the interest that will be credited at the end of the interest term.
A fixed account is also available.
Multiple ways to access funds — Customers have several options for accessing their money during the surrender charge period:
• Free annual withdrawals of up to 10% of the contract value.
• Nursing home and hospitalization waiver.1
• Annuitization any time after the first 12 months of the contract.
Enhanced Death Benefit Rider — The rider is an optional feature designed to provide beneficiaries with a potentially larger death benefit from the annuity contract than they’d otherwise receive.
For more information about Symetra Edge Plus and Symetra Edge Premier, call the Symetra Retirement Sales Desk at 1-800-706-0700.
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 Plus Fixed Indexed Annuity and Symetra Edge Premier Fixed Indexed Annuity are individual single premium fixed indexed deferred annuities with a market value adjustment feature. In Oregon, Symetra Edge Plus Fixed Indexed Annuity and Symetra Edge Premier Fixed Indexed Annuity are issued as an individual single premium fixed indexed 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. Products and Enhanced Death Benefit Rider are not available in all states or any U.S. territory.
This is not a complete description of Symetra Edge Plus Fixed Indexed Annuity and Symetra Edge Premier Fixed Indexed Annuity. See the Contract Summary describing Symetra Edge Plus Fixed Indexed Annuity and Symetra Edge Premier Fixed Indexed Annuity for a more complete description.
Market value adjustment feature does not apply in Alaska, California, Iowa, Illinois, Indiana, Maryland, Minnesota, Missouri, Mississippi, Nevada, Ohio, or Pennsylvania.
A rider is a provision of the annuity with additional costs, potential 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 attached.
Annuity contracts have terms and limitations for keeping them in force. Please call your insurance producer or advisor for complete details.
Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company.
Symetra Edge Plus Fixed Indexed Annuity and Symetra Edge Premier Fixed Indexed Annuity have fixed and indexed accounts. Interest credited to indexed accounts is affected by the value of outside indexes. Values based on the performance of any index are not guaranteed and may increase or decrease. The contract does not directly participate in any outside investment.
If the contract is being funded with multiple purchase payments, i.e. 1035 exchanges, funds will be held and the contract will not be issued until all purchase payments have been received. Interest is not credited between the dates the purchase payments are received and the date the contract is issued.
Except for the JPMorgan ETF Efficiente 5 Index, the performance of an index does not reflect the payment or reinvestment of dividends.
Symetra reserves the right to add or remove any index or indexed interest crediting method options. If any index is discontinued or if the calculation of any index is changed substantially, Symetra reserves the right to substitute a comparable index.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Symetra Life Insurance Company (SLIC). Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and its affiliates and sublicensed for certain purposes by SLIC. Symetra Edge Plus Fixed Indexed Annuity and Symetra Edge Premier Fixed Indexed Annuity are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or their third-party licensors, and none of SPDJI, Dow Jones, S&P nor their respective affiliates or third-party licensors make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
The JPMorgan ETF EfficienteSM 5 (“JPM ETF Efficiente Index”) has been licensed to Symetra Life Insurance Company (the “Licensee”) for the Licensee’s benefit. Neither the Licensee nor Symetra Edge Plus nor Symetra Edge Premier (the “Products”) are sponsored, operated, endorsed, recommended, sold or promoted by J.P. Morgan Securities LLC (“JPMS”) or any of its affiliates (together and individually, “JPMorgan”). JPMorgan makes no representation and gives no warranty, express or implied, to contract owners in or those otherwise taking exposure to the Products. Such persons should seek appropriate professional advice before making any investment. The JPM ETF Efficiente Index has been designed and is compiled, calculated, maintained and sponsored by JPMS without regard to the Licensee, the Products or any contract owner. JPMorgan is under no obligation to continue compiling, calculating, maintaining or sponsoring the JPM ETF Efficiente Index. JPMorgan may independently issue or sponsor other indices or products that are similar to and may compete with the JPM ETF Efficiente Index and the Products. JPMorgan may also transact in assets referenced in the Index (or in financial instruments such as derivatives that reference those assets). These activities could have a positive or negative effect on the value of the JPM ETF Efficiente Index and the Products.
The Products referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Products or any index on which such Products are based. The Products’ contracts contain a more detailed description of the limited relationship MSCI has with Symetra Life Insurance Company and any related Products.
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. Consult your attorney or tax advisor for more information.
Products and services vary by distributor.
Symetra® is a registered service mark of Symetra Life Insurance Company. Symetra Edge PlusSM and Symetra Edge PremierSM are service marks of Symetra Life Insurance Company.
1 Not available in California. In Massachusetts, a waiver applies in the event of total and permanent disability beginning after the contract date.
Symetra Life Insurance Company
Diana McSweeney, 425-256-6167