First Symetra Freedom Income Annuity Review
Freedom to enjoy your future
Don’t let retirement sneak up on you
You may not be there yet and may feel you’re far from it. But retirement tends to close in fast— and there’s no alarm warning you it’s breathing down your neck. The sooner you prepare, the better off you’ll be.
Here are a few things to think about:
People are living longer
The average life expectancy is at an all-time high 84 years. So there’s a chance you’ll be retired longer than you expect—and that you’ll outlive your savings.
Money for your active years
The younger you are, the more active you are. It’s true in retirement, too. You’ll want enough money early in your retirement so you can enjoy those years when you’ll probably be more active.
Ups and downs of the market
The stock market can be a wild, uncertain ride—one you might want to avoid in retirement.
How a deferred income annuity can help
Living a long life sounds pretty good. But not if your money runs out before you do. You could have some protection against that “risk”—an income annuity.
Here’s how the First Symetra Freedom Income Annuity works
1. You purchase an income annuity now using only a small portion of your savings—usually 10 to 15 percent.
2. You then choose a date when you want to begin receiving money from the annuity—usually early in your retirement.
3. We then make payments to you according to whichever option you choose (see the back cover for your six choices).
4. You can have payments deposited directly to your account monthly, quarterly, semiannually or annually.
Here’s what Freedom Income offers
Income you can’t outlive
You start collecting your money at whatever future date you choose—up to age 95.
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You can have your payments increase by up to 6.5 percent each year. The increases begin a year after your payments start. This helps your future income keep pace with—or even outpace—infl ation.
You may want to make sure your benefi ciaries receive something if you die. If you die after your scheduled payments begin, our refund features, which are available with some lifetime income options, assure you that, no matter what happens, the annuity will pay out an amount at least equal to your purchase payment.
You can also choose an optional death benefi t. It guarantees that, if you die before your scheduled payments begin, your benefi ciaries will receive a lump sum at least equal to your original purchase payment.
Flexibility for benefi ciaries
You may also want to provide your benefi ciaries with options for how they receive any payments after your death. Some might want a lump sum, others regular income payments. You can give them that fl exibility by choosing our Commutation to Benefi ciary option4 when you purchase your annuity. (If you don’t choose this option, payments will be made in the same way they came to you.)
First Symetra Freedom Income Annuity offers many income options to meet the needs of you and your family.>
Annuity payments continue for a certain period — of at least five years — that you choose at the time of purchase. This provides guaranteed payments to help cover planned costs, such as a mortgage.
Single Life with Period Certain
Annuity payments continue for a certain period or for your lifetime, whichever is longer. If you die before the period ends, the remaining payments are paid to your beneficiary.
Joint and Survivor Life with Period Certain
Annuity payments continue for a certain period, your lifetime, or the lifetime of your joint annuitant, whichever is longer. If you and your joint annuitant die before the period ends, the remaining benefits are paid to your beneficiary.
Annuity payments continue for your lifetime and end upon your death. No payments are made to your beneficiary. This gives you the highest lifetime annual payout.
Joint and Survivor Life
Annuity payments continue for your lifetime or the lifetime of your joint annuitant, whichever is longer. No payments are made to your beneficiary.
Single Life or Joint and Survivor Life with Installment Refund or Cash Refund
Annuity payments continue for your lifetime or the lifetime of your joint annuitant, if applicable. We guarantee total payments paid by us will not be less than your purchase payment. If you and your joint annuitant die before the sum of your annuity payments equals your purchase payment, the difference will be paid to your beneficiary, either as installments or a lump sum.