Symetra Life Insurance Company has created a cash refund payout option for its income annuities.
The option pays beneficiaries a lump sum equal to the unrecovered purchase payment upon death of the annuity owner, according to Symetra, Bellevue, Wash.
The option pays an amount at least equal to the purchase payment no matter what happens, Symetra says. The company describes the option as a “peace of mind” feature.
Customers can elect the option at time of policy issue with Symetra’s Advantage Income Immediate Annuity and the Freedom Income Annuity, the company says.
Another income annuity beneficiary payment option that Symetra offers is an installment refund option. This pays beneficiaries in installments and guarantees the total annuity payout will not be less than the purchase payment, the company says.