Interest is tax-deferred1 (its not taxed until you take it out), so it can compound over time. A single-premium immediate annuity (SPIA) featuring a variety of payout options. Withdrawals may be subject to federal income taxes, and a 10% IRS early withdrawal tax penalty may also apply for amounts taken prior to age 59. A.M. Best rated it an A (3rd highest of 16 grades), Standard & Poors (S&P) rated it an A (6th highest of 21 grades) and Moodys rated it an A1 (5th highest of 21 grades). Symetra Trek Plus is a long-term investment designed for retirement purposes. Links to the most recent versions of popular browsers can be found below. Your information is 100% confidential. Its a long-term insurance product that provides protection and growth for your retirement money. Learn More Retrieved from, Symetra Life Insurance Company. Renew the contract for the same term, if available. Withdrawal any amount free of charges and fees. Index-linked annuities give your money market-based growth potential with some protection from downside risk. Please call us using the phone number listed on this page. All investing involves risk, including loss of principal. Securities are offered through Symetra Securities, Inc. (SSI). The providers website features a Learn section where people can read about retirement and insurance topics. Retrieved from, Symetra Life Insurance Company. 1. Symetra Trek Plus is a registered service mark of Symetra Life Insurance Company. Running out of money in retirement is a concern for many Americans. Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company. This value will include all interest you have earned and be passed without any charges or fees. You Can! Fixed indexed annuities can provide more potential for your money to grow without market risk. The reviews and annuity information on this website may not be current and may not apply in the state you live in. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Who Is Our Structured Settlement Calculator For? You can earn 4.15% for 5 years with this multiple-year guaranteed annuity. As this is a fixed indexed annuity, youll receive both a fixed account and an indexed account. This is a generous percentage, as most annuities start imposing fees after youve taken out more than 10% of your contract value. In the case of qualified annuities, you should focus on the benefits offered by the annuity itself to determine if the annuity is right for you. When it comes to premature withdrawals, though, youre only entitled to 10% of your contract value annually. Retrieved from, Symetra Life Insurance Company. Symetra Life Insurance Company offers annuities, life insurance and benefits products for businesses. Your index options include ones tracking the S&P and MSCI EAFE indexes,as well asa JPMorganETF index. Timothy currently serves as a business finance manager where he researches ways to increase profitability within the supply chain, logistics and sales departments. Member FINRA. DISCLAIMER: The information on this website is for educational purposes only. We are paid from the insurance company general fund. With low fees, the ability to rebalance or trade without penalties, six annuities to choose from, and personal service. Monday through Friday, 9 a.m. to 7:30 p.m. When you purchase a fixed indexed annuity from Symetra, youll be able to choose how you want your annuity to earn interest. You might hear fixed annuities also called CD-like annuities or multiple-year guarantee annuities (MYGA's). Fixed annuity review and rates Symetra Select Max Symetra Select Max is a modified single-premium fixed deferred annuity. All rights reserved. Learn: Articles for Individuals. APA If the contract is being funded with multiple purchase payments (e.g., 1035 exchanges) funds will be held and the contract will not be issued until all purchase payments have been received. First Symetra offers a variety of annuities. And they build products that sustain the test of time. Products, features, terms and conditions may vary by state and may not be available in all U.S. states or any U.S. territory. JPMorgan ETF Efficiente 5 Index Performance Update, MSCI Emerging Markets Index (MXEF) Fact Sheet, PIMCO Equity Fusion Index (PIMEFI) Fact Sheet, PIMCO Equity Fusion Index (PIMEFI) Brochure, Putnam Dynamic Low Volatility Excess Return Index Fact Sheet, Putnam Dynamic Low Volatility Excess Return Index Brochure, First Symetra National Life Insurance Company of New York, Symetra Assigned Benefit Service Company (SABSCO). As the annuity's name infers, contract holders will receive a five-year interest rate guarantee period. SmartAsset analyzed data to find the best places for small business owners in the country. Please refer to the, Symetra: Customer-Centric And Growth-Oriented Flyer, Sumitomo Life And Symetra: Strong And Supportive Parent, JPMorgan ETF Efficiente 5 Index Performance Update, Putnam Dynamic Low Volatility Excess Return Index. Talk to your financial professional or insurance producer to find out if an annuity is right for you. The company currently has its headquarters in Bellevue, Washington. The provider allows fixed annuity holders to withdraw up to 10% of their annuitys value each year of the annuitys term without penalty. New York Disability Benefits Law and Paid Family Leave. One-Time Checkup with a Financial Advisor, MSCI Emerging Markets Index Point-to-Point, Putting together a retirement income plan on your own can get complicated, which is why many people choose to work with a, Dont forget to take Social Security payments into account as you consider what kind of income youll need in retirement. The amount of money youll receive from an income annuity depends on several factors. Please consult with a qualified financial planner, advisor, tax, and legal advisor to determine if an annuity is right for your situation. For more information about our browser support, please check out our browser standards and support page. Links to the most recent versions of popular browsers can be found below. Symetras fixed indexed annuities strike a balance between the risk and reward of other annuity types like fixed deferred or variable annuities. By submitting this form, you allow us to contact you and agree to our Privacy Policy. This website is not intended to be a recommendation for you to purchase an annuity. Selling My Structured Settlement Payments, the companys customer service department, https://www.symetra.com/globalassets/catalog/sym---1001.1.pdf, https://investors.symetra.com/sumitomo-life-insurance-company-completes-acquisition-symetra-financial-corporation, https://www.symetra.com/our-products/individuals/annuities/, https://www.symetra.com/our-products/individuals/annuities/fixed-deferred/, https://www.symetra.com/our-products/individuals/annuities/fixed-indexed/, https://www.symetra.com/our-products/individuals/annuities/income/, https://www.symetra.com/our-products/individuals/annuities/IndexLinkedAnnuity/, https://www.symetra.com/learn/articles-individuals/, Talcott Resolution Life Insurance Company, This article contains incorrect information, This article doesn't have the information I'm looking for, Over four years of experience in professional content writing and strategy, Partnered with Bloomberg Tax and Bloomberg Law Insights for Lunch & Learn series, Holds a bachelors degree in English creative writing from the University of Central Florida, Symetra Life Insurance Company. It's easy. In 2016, Symetra was acquired by Sumitomo Life Insurance Company, the largest life insurance company in Japan. To determine income tax burdens across counties, we used the national median household income. Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company (SLIC). Convert your contract value into a series of regular income payments for retirement. Symetra This website is not intended to be a recommendation for you to purchase an annuity. Join thousands of personal finance subscribers. The materials, names, logos, brochures, etc used in our annuity reviews are property of their owners and not those of AnnuityResources.com. At the end of the surrender charge period, you can: What an annuity contract is worth, including the amount of money that was added and any interest that has been earned. Because of this, income taxes can play a major role in determining the financial success of a given small business. Another type of annuity Symetra provides is index-linked annuities, also known as registered index-linked annuities or RILAs. A few simple steps used to be enough to control financial stress, but COVID and student loan debt are forcing people to take new routes to financial wellness. Contract form number is RSC-0559 3/21 in most states. There arefive indexes you can invest in, including: The strongest free features of this contract are its two downside protection benefits. What to bring to your first meeting with a financial professional, Performance & prospectus for variable products, First Symetra National Life Insurance Company of New York, Symetra Assigned Benefits Service Company (SABSCO). Products, riders, endorsements, features, terms and conditions may vary by state and may not be available in all U.S. states or any U.S. territory. When purchasing an income annuity, you can choose to receive payments for a certain number of years or over your lifetime. They want to offer products at a competitive price and offer excellent service. Available through select broker-dealers, Symetra Edge Elite offers growth potential plus principal protection and tax deferral. Ask your financial professional, registered representative or [insurance producer] if an annuity is right for you. Renew the contract for a different term, if available 4. Upcoming Rate Changes. The index is Putnams first for a fixed indexed annuity and exclusive to the Symetra Stride Fixed Indexed Annuity and Symetra Edge Elite Fixed Indexed Annuity. First Symetra Custom 5 Fixed Annuity is a fixed deferred annuity issued by First Symetra National Life Insurance Company of New York, New York, NY. Choose an investment amount and well show you how much you can earn. laura_mcnamara@putnam.com. They are located in Bellevue, WA. Andrew Farrell, senior vice president, Retirement Distribution, at Symetra Life Insurance Company. Symetra Life Insurance believes in transparency. A market value adjustment is basically an additional charge or credit for taking money out early from an annuity. 1All financial figures for Symetra Financial Corporation are reported on a GAAP basis. Symetra Trek Plus is an individual single-premium deferred annuity contract with index-linked interest options issued by Symetra Life Insurance Company (SLIC). Symetra Life Insurance is currently recognized as a Top 3 seller of fixed deferred and fixed indexed annuities through banks. Protects your principal. Maximize your retirement savings. Symetra Trek Plus is a long-term investment designed for retirement purposes. This page contains links to SmartAssets financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals. However, the specifics of your returns will be determined by a number of factors, such as your age, gender, state of residence, premium size and more. Our free tool can help you find an advisor who serves your needs. These documents are available for free by visiting EDGAR at www.sec.gov. If you have questions about your Symetra annuity or life insurance product, you can contact the companys customer service department by calling this number: An annuity provider receives credit ratings based on their overall financial stability. Places with the highest small business index are the places which ranked the highest in the study. The Custom 5 annuity is a low-cost product, as contract holders are not required to pay any annual fees to retain their ownership. Annuity information on this site may not be current or applicable in your state. That's where having an Annuity Investigator who loves math comes in. As far as payouts go, you can choose from single life and joint life options, with or without a period certain. 22136. Complete the form below and get the answers you need within 24 hours. The rate is locked for 45 days from the date of application. Member FINRA. Visit PayScale to research Symetra salaries, bonuses, reviews, benefits, and more! 22136. Also, scroll over any county to learn about that region's small business statistics. If you own the contract to maturity, they do not apply. The fees associated with the Edge Plus annuity are fairly limited. There is a risk of substantial loss of principal. Limited time offer. Select Max Fixed Deferred Annuity can help serve as a foundation of stability for your retirement portfolio by providing both accumulation and lifetime income options, and also providing for loved ones. DISCLAIMER: The information on this website is for educational purposes only. Like most annuity providers, Symetra places a cap on how much value the annuity can earn but offers options to protect against market losses. A modified single-premium fixed deferred annuity featuring a guaranteed interest rate for 3, 5 or 7 years and a 3, 5 or 7 year withdrawal charge schedule. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. The contract does not directly participate in any outside investment. 1While nonqualified annuities offer the added benefit of tax deferral, in the case of qualified annuities, the tax deferral is provided by the retirement plan itself. 3. Have you been considering the purchase of an annuity? A modified single-premium fixed deferred annuity featuring a guaranteed interest rate for 3 or 5 years and a 5-year surrender charge schedule. Symetra Trek Plus has indexed accounts and a fixed account. If you pass away before the end of your annuity contract, your beneficiaries will receive the accumulated policy value. You can only choose one of them, though. Schell, J. Subsequent rates and caps may be higher or lower than the initial rates and caps, but they will never be less than the guaranteed minimums stated in the contract. Symetra provides two fixed indexed annuity products: Symetra Edge Plus and Symetra Income Edge. It is also a Top 40 U.S. life insurance company, based on admitted assets. Small businesses are typically incorporated as pass-through entities, meaning that the business owners pay income taxes on the company profits rather than the company itself paying income tax. The materials, names, logos, brochures, etc used in our annuity reviews are property of their owners and not those of AnnuityResources.com. Annuity.org has provided reliable, accurate and trustworthy financial information to readers since 2013. Alternatively, Symetra or your registered representative will provide the prospectus by request. Annuity.org writers adhere to strict sourcing guidelines and use only credible sources of information, including authoritative financial publications, academic organizations, peer-reviewed journals, highly regarded nonprofit organizations, government reports, court records and interviews with qualified experts. Income annuity holders can also choose a beneficiary for their annuity. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAssets reviews. These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times. Subsequent rates and caps may be higher or lower than the initial rates and caps, but they will never be less than the guaranteed minimums stated in the contract. These documents are available for free by visiting EDGAR at www.sec.gov. Each company is responsible for its own financial obligations. However, if you want to take advantage of the enhanced death benefit rider, youll need to pay a 0.90% annual fee. Laura McNamara They are a percentage of the withdrawal amount, decrease over time, and go to zero when the term ends. Mailing address is P.O. If the funds are received after that period the rate might be subject to change and will be the rate in effect at that time. (n.d.). At First Symetra, you may withdraw up to 10% of your annuity's value each contract year during the surrender charge period free of charge. Symetra At-a-Glance. Symetra's products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index. Also, after your first three years of ownership, you can take out up to 30% of your future guaranteed and life-contingent payments every three years. Retrieved from, Symetra Life Insurance Company. Ibexis currently offers the best fixed annuity rate of 5.65%* in their 5-year fixed annuity as of June 26, 2023. Interest is not credited between the dates the purchase payments are received and the date the contract is issued. Neither Symetra Financial Corporation nor Symetra Life Insurance Company solicits business in the state of New York and they are not authorized to do so. If the Return Lock feature is exercised, no indexed interest will be credited to the indexed account at the end of the interest term. Contact Symetra toll-free at 1-800-796-3872 ext. Update your browser for more security, speed and compatibility. Multiple ways for you to take income, including a series of payments for life, Limited protection through a "buffer" or a "floor. Contract form number is RSC-0017/NY FP 5/09. (2022, July). There is a risk of substantial loss of principal. Fixed index annuity review and rates Symetra Edge Elite 7 Symetra Edge Elite is a single-premium fixed indexed annuity. The interest rate you receive with this annuity will vary depending on a number of factors, such as how much money you invest and when you open your account. We do business as Annuity Resources Insurance Services in CA. Symetra Life is Sumitomo Life, one of the largest insurance companies of Japan. Annuity holders can also choose up to five market indexes to grow their annuitys value. More growth potential (but less predictable). (617) 760-1108 BOSTON & BELLEVUE, Wash.--(BUSINESS WIRE)--Symetra Life Insurance Company today announced the launch of two fixed indexed annuities that feature a new custom index from Putnam Investments the Putnam Dynamic Low Volatility Excess Return Index. Amounts withdrawn from the indexed account before the end of an interest term will not receive indexed interest for that term. Symetra Life Insurance believes in transparency. Symetra Select 5 Fixed Annuity is an individual modied single-premium xed deferred annuity issued by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004. If you do nothing, the contract usually renews for the same term at the rates available at that time. We understand annuities can be confusing and that you might have questions. Symetra believes success is guided by their principles of value, transparency, and sustainability. Each company is responsible for its own financial obligations. Your web browser is no longer supported by Microsoft. You might hear fixed annuities also called CD-like annuities or multiple-year guarantee annuities (MYGA's). For more information about our browser support, please check out our browser standards and support page. Depending on your annuity, you can get your money back either all at once or in regular payments over time. Mailing address: P.O. Timothy Li, MBA, has dedicated his career to increasing profitability for his clients, including Fortune 500 companies. Interest credited to the indexed accounts is affected by the value of outside indexes. Retrieved from, Symetra Life Insurance Company. The rate associated with the fixed account will be determined by Symetra. The companys offerings include annuities and life insurance for consumers as well as benefits products for businesses like stop loss, group life and disability insurance. If the funds are received after that period the rate might be subject to change and will be the rate in effect at that time. We reviewed the Symetra Select 5 from Symetra Life. Minimum Purchase Payment $10,000 You can add purchase payments of $1,000 or more throughout the first year of your contract. Symetras income annuities convert a lump sum premium into a steady stream of income payments. Symetra believes success is guided by their principles of value, transparency, and sustainability. In Idaho, contract form number is RSC-0559/ID 3/21. The Symetra Edge Plus fixed indexed annuity comes in five- and seven-year variations, with the former giving you access to your money in five years and the latter in seven. Fixed Deferred Annuities. These products earn a fixed rate of interest throughout the term of the contract, so you can predict exactly how much your annuity will grow over time. We appreciate your feedback. Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. Read our educational articles on fixed annuities to learn more. "Symetra Life Insurance Company." Symetra is a registered service mark of Symetra Life Insurance Company. Learn about the different types of annuities and find out which one is right for you. Annuities are not offered by the US Government, not government-guaranteed, and are not FDIC insured. Box 34690, Seattle, WA 98124. The illustration system carriers prefer. Internet Explorer presents a security risk. Currently, the highest 5 year guarantee period annual yield is 5.00% on premium amounts of $100,000 - $1,000,000. Current Rates Realistic long-term return expectations How this annuity is best used How it is most poorly used Annuities can be complex. Annuity.org. Product availability varies based on the state you live. Product description Fixed annuities are for conservative investors who want safety, security, and guarantees. Throughout the life of the contract there is an opportunity each year to take a withdrawal of up to 15% of the account balance penalty-free. Last modified April 28, 2023. https://www.annuity.org/annuities/providers/symetra/. When you contact us you may speak with a licensed insurance agent in your state. (2016, February 1). At Symetra, we are always looking for ways to refine our annuity product suite to meet the needs of our distribution partners and retirement customers in a dynamic environment. Interest would be taxed, but the principal would not. First Symetra National Life Insurance Company of New York is a direct subsidiary of Symetra Life Insurance Company and is an indirect subsidiary of Symetra Financial Corporation (collectively, Symetra). A 200% match. (n.d.). ", Steady guaranteed income payments immediately after purchase, Tax-deferred compounding growth potential. Withdrawals of more than 10% during the surrender charge period may result in a surrender charge penalty. We are excited to bring our Putnam Global Asset Allocation capabilities to bear in these two fixed indexed annuities to help clients as they plan for and enter their retirement years, said Scott Sipple, Head of Putnam Retail Management. Symetra Life Insurance Company has been around for over half a century. Annuities are issued by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004. Chicago Unlike the other products Symetra offers, an income annuity does not have an interest term during which the premium grows in value. By submitting this form, you allow us to contact you and agree to our Privacy Policy. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. At least $2,000 must be allocated to each account at any one time. (n.d.). The indexed accounts with a charge will incur an annual charge that will reduce the contract value, and do not guarantee performance any greater than the indexed accounts without a charge. (n.d.). Symetra Life Insurance Company offers four types of annuities for consumers. Together with their parent company Sumitomo Life, Symetra controls over $350 billion in assets. The fixed interest rates Symetra pays for this annuity change depending on the size of your initial payment. Predictable growth. Annuity.org verifies your phone number by send a verification code through text message. However, Annuity.org is not a service provider. Contract form number is ICC19_RC1 in most states. References about "Symetra" are to Symetra Financial Corporation and its subsidiaries. Symetra offers a variety of annuities. Personal, Traditional IRA, Roth IRA, SEP-IRA, SIMPLE-IRA, 403(b). Copyright 2023 Annuity Resources, LLC - All rights reserved. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers. *Please provide an investment amount before applying. The indexed account charge, if any, is applied at the time of the Return Lock. Sorry there is a continuing error in our system. The company is headquartered in Bellevue, Washington, but it operates secondary branches in 20 other cities around the U.S. Life insurance policies, employee benefits and annuities are the main products that you can purchase through Symetra. Our suite of voluntary benefits can be customized to meet your budget and coverage goals. The JPMorgan ETF Efficiente 5 Index may not be available in all products shown.
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