Symetra debuts longevity product.
Symetra Life Insurance Co. has Munched a product that enables
buyers to use a small portion of current savings to buy guaranteed
income beginning late in life. The company said its Freedom Income
Annuity would cost a 65-year-old client about $31,000 now to generate
$2,500 monthly for life beginning 20 years later, but the single premium
at age 85 would be $185,000 at today's rates. Optional features
include a death benefit, an annual payment increase and an installment refund.