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 Prestige with GLWB
Ratings:
- A.M. Best A
- S&P A
- Moody's A1
- Comdex 79
About Product
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
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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