A Northwestern insurer has come out with a new “longevity insurance” product.

Symetra Life Insurance Company, a unit of Symetra Financial Corp., Bellevue, Wash, says the new Freedom Income Annuity income annuity contract is designed for consumers who want to defer collecting an income stream for about 10 to 20 years.

Options include a death benefit, an annual increase in benefits, and an installment refund feature, Symetra says.