Symetra Prestige with GLWB

The Symetra Life Insurance Company finds itself in the financial service and insurance sector ever since its inception in 1957. Serving as a subsidiary of Symetra Financial Corporation, the company is known for its broad scope of life insurance policies and annuity types available. Striving to meet the ever-changing needs of its customer base, Symetra delivers customizable insurance solutions through not only its variety of offerings but also its riders and add-ons to give additional coverage and flexibility to clients. With an ongoing investment in technology and digital reform to enhance customer experience and streamline operations, Symetra has recently introduced its Symetra SwiftTerm term life insurance which offers instant coverage for eligible applicants.

Symetra Life Insurance Company
15 customer reviews
Symetra Prestige with GLWB-brochure Symetra Prestige with GLWB-brochure

Symetra Prestige with GLWB

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Ratings:

  • A.M. Best A
  • S&P A
  • Moody's A1
  • Comdex 79

About Product

Type
Fixed Index
Purpose
Lifetime Income
Term
10 Years
Surrender schedule
9%9%8%7%6%5%4%3%2%1%
Fee withdrawal:
7%
Market Value Adjustment
Yes
Return Of Premium
No x
Minimum Contribution
$25,000
Maximum Contribution
$1,000,000
Max Age Qualified
80
Types Of Funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, IRA-Roth, and 1035 Exchange
Launch Date
05/26/2020
Symetra Prestige is a single-premium fixed indexed annuity with an optional guaranteed lifetime withdrawal benefit rider (withdrawal benefit), Signature Plus.
Available in states: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY

Allocation Accounts

Name Type Rates
1-Year Fixed Account
Fixed
3.85% Fixed
2-Year SG Columbia Global Market States PTP Participation Rate
Point to Point
Biennial
230% Participation
1-Year S&P 500 PTP Cap
Point to Point
Annual
10.5% Cap
1-Year S&P 500 PTP Participation Rate
Point to Point
Annual
45% Participation
1-Year SG Columbia Global Market States PTP Participation Rate
Point to Point
Annual
155% Participation

Surrender schedule

Year 1 2 3 4 5 6 7 8 9 10
Penalty 9% 9% 8% 7% 6% 5% 4% 3% 2% 1%

Riders

Name Inbuilt Fee
Signature Plus GLWB Rider No 1.25% annually (2.50% max)

Waivers

Hospital

If clients are confined to a nursing home and/or hospital for at least 30 consecutive days, Symetra will waive withdrawal charges and applicable MVAs. This waiver must be requested during confinement or within 90 days after confinement ends. If confined on the contract issue date, a 12-month exclusion period applies.

Nursing Home

Unavailable in states: CA

If clients are confined to a nursing home and/or hospital for at least 30 consecutive days, Symetra will waive withdrawal charges and applicable MVAs. This waiver must be requested during confinement or within 90 days after confinement ends. If confined on the contract issue date, a 12-month exclusion period applies. The nursing home waiver does not include home health care.

Terminal Illness

Unavailable in states: CA

If clients are diagnosed with a terminal illness after the first contract year, Symetra will waive withdrawal charges and applicable MVAs. Additional requirements are explained in the contract.

Withdrawal Provisions

Free annual withdrawals
After the first contract year, clients can withdraw up to 7% of their contract value each contract year without paying withdrawal charges or applicable market value adjustments (MVA's). If they withdrawal more than 7% during the withdrawal charge period, a withdrawal charge and an MVA may apply on the amount over 7%. The 7% penalty-free amount is no longer available after lifetime withdrawals begin if the withdrawal benefit is elected at purchase. Any amounts withdrawn from an indexed account before the end of the interest term will not receive interest for that term (since indexed interest is only credited at the end of each interest term).

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