Symetra Life Insurance Co. introduced an annuity Thursday for a retirement planning model intended to reduce the danger of outliving one's savings.
Symetra Income Builder, a 10-year, period-certain annuity, features guaranteed payments for 10 years and an automatic one-time payment increase beginning in the sixth year, the Bellevue, Wash., company said.
The product is the foundation of the company's trademarked Income for Life Model, a money management solution that lets retirees turn a portion of their savings into income they can depend on. The model takes a 25-plus-year view of retirement that includes asset allocation and strategic investment recommendations targeting a lifetime of inflation-adjusted income.
The new annuity's set payments are not subject to the effects of market volatility, Symetra said, and are guaranteed not to fall in value.
The parent Symetra Financial had more than $20 billion of assets at Dec. 31, 2004, and it is owned by an investor group led by White Mountains Insurance Group Ltd. and Berkshire Hathaway Inc.
