Symetra Life Insurance adds cash refund payout option

Symetra Life Insurance has announced the addition of a new cash refund payout option on its income annuity products.

The company said that the cash refund payout option provides beneficiaries with a sum equal to the unrecovered purchase payment upon the death of the annuity owner. The option may be elected at the time of issue with Symetra's advantage income immediate annuity and the freedom income annuity.

Cash refund joins other Symetra income annuity beneficiary payment options such as installment refund, which pays beneficiaries in installments and guarantees the total annuity payout will not be less than the purchase payment.

Rich Lindsay, senior vice president of Symetra's life and annuities division, said: "With life expectancies rising, income annuities are an increasingly popular way to ensure people's retirement dollars last as long as they do. Our new cash refund payout option helps give customers even more flexibility in meeting their income needs and the needs of their beneficiaries."