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  • Symetra Expands IMO Distribution

    June 9, 2020 by Symetra Life Insurance Company

    BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company today announced the launch of Symetra PrestigeSM, a new, proprietary fixed indexed annuity available exclusively through four independent marketing organizations (IMOs) — Advisors Excel, Asset Marketing, Impact Partnership and Quantum. In addition to Symetra Prestige, the IMOs will offer a broad suite of Symetra fixed indexed, fixed deferred and income annuities.

    A longtime fixed indexed annuity leader in the bank and broker-dealer spaces, Symetra’s new distribution agreements signal a renewed commitment to the IMO channel.

    “Symetra is focused on growing all of our distribution relationships to broaden our product availability to retirement customers looking for the accumulation and income solutions fixed indexed annuities offer,” said Andrew Farrell, senior vice president, Retirement Distribution. “We’re excited about the opportunity to significantly expand our presence in the IMO channel through our strategic partnerships.”

    “We’re delighted to partner with Symetra as one of the leading field marketing organizations to carry Prestige, a product that has the opportunity to provide clients with guaranteed lifetime income and upside potential,” said Advisors Excel co-founder David Callanan.

    Symetra collaborated with Innovation Design Group to develop Symetra Prestige for independent financial professionals and insurance producers as an option for clients who are at or near retirement. Prestige provides growth potential based on the performance of two index options — the SG Columbia Global Market States Index and the S&P 500® Index — including one and two-year participation rate strategies.

    Features include:

    • Signature PlusSM — An optional lifetime withdrawal benefit rider (GLWB), which can be elected by those aged 50 and older at the time of purchase. With a current 7% compound rollup rate1, Signature Plus provides guaranteed income in the form of regular withdrawals from the contract.
    • Unique performance-based charge waiver — The annual GLWB charge can be waived if the performance of an indexed account meets or exceeds a certain threshold, which can mean more money may be passed to beneficiaries.

    “Prestige opens new markets for financial professionals by offering those seeking a distinctive retirement solution with the industry’s first-ever GLWB charge waiver based on index performance,” said Jordan Canfield, CEO, Innovation Design Group. “It’s designed to allow retirees to be worry-free when it comes to outliving their retirement savings while providing an opportunity to build an on-going legacy to leave to their loved ones.”

    For more information on Symetra Prestige and the Signature Plus optional guaranteed lifetime withdrawal benefit rider, visit www.symetra.com/prestige.

    About Symetra

    Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, a diversified financial services company based in Bellevue, Washington. 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 Prestige is an individual single-premium fixed indexed deferred annuity issued by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004.

    Products, rider, endorsements, features, terms and conditions may vary by state and may not be available in all U.S. states or any U.S. territory. This is not a complete description of Symetra Prestige Fixed Indexed Annuity with Symetra Signature Plus, an optional Guaranteed Lifetime Withdrawal Benefit Rider.

    This press release is not a recommendation to purchase a product. Important information for Symetra Prestige can be found by visiting https://financialprofessionals.symetra.com/Products/prestige-microsite.

    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.

    1Rollup rate is subject to change without notice.

    Symetra® is a registered service mark of Symetra Life Insurance Company. Symetra PrestigeSM and Signature PlusSM are service marks of Symetra Life Insurance Company.

    Contacts

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

    Originally Posted at Business Wire on June 8, 2020 by Symetra Life Insurance Company.

    Categories: Industry Articles
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