Symetra Life Insurance Company has introduced the Symetra Prestige indexed annuity contract.
The contract is filed as a non-variable annuity. Symetra is distributing the product through four independent marketing organizations: Advisors Excel, Asset Marketing, Impact Partnership and Quantum.
Those IMOs will offer other Symetra annuities along with the new indexed annuity.
Symetra says it worked with Innovation Design Group to create the new annuity. The product lets the purchaser tie returns either to the SG Columbia Global Market States Index or the S&P 500 Index.
One optional feature is a guaranteed lifetime withdrawal benefit rider. People ages 50 and older can elect the rider at the time of purchaser.
Another feature lets a purchaser of the guaranteed lifetime withdrawal benefit rider skip paying the performance-based charge if the performance of the indexed account meets or exceeds a designated threshold.
In other annuity update news:
USAA Life Insurance Company has used NEOS to help launch a single-premium immediate annuity and distribute the annuity through an outside program, Fidelity Insurance Network program. The company previously sold products only through direct channels.