Safe Solution offers a unique combination of features that are designed to help you meet your retirement goals. It provides an opportunity for potential interest growth based on changes to the S&P 500®. In addition, since the account value grows tax-deferred, your account value will accumulate faster than a taxable account. No other product type offers you the opportunity to earn upside interest based on positive changes to an index while offering the downside protection of a guaranteed minimum interest rate of 1%.
Select Choice is an excellent choice to diversify your retirement portfolio. This single premium and tax-deferred annuity is a great way to provide you with a steady income during retirement. With flexible income options, you can elect to receive income payments throughout your lifetime or for a period of time you select. You’ll pay no taxes on your earnings until you withdraw funds or start to draw on your annuity, thus making your money grow faster.
A fixed deferred annuity is a contract issued by a life insurance company. The owner makes a single purchase payment—or a series of purchase payments over a period of time—and interest on the purchase payment is credited by the insurance company (the accumulation phase). Once the owner has accumulated the amount desired in the contract, he or she may elect to begin receiving periodic annuity payments from the insurance company (the income phase).
A fixed indexed annuity (FIA) is a type of fixed deferred annuity in which the insurance company credits interest above the guaranteed minimum interest rate, based—at least in part—on the positive performance of a market index. This offers FIAs the potential to earn more (or less) than traditional fixed deferred annuities. Depending on the index, there’s usually a cap (upper limit) on the amount of interest you can earn in a given period. Generally, the contract value will not decline due to the performance of the index. An FIA is not a security and does not participate directly in the purchase of securities such as stocks or bonds tied to an index. The measurement of index growth may or may not include dividends paid on the stocks represented in the index.
Select Choice Annuity offers competitive interest rates, with an initial rate guarantee period of 3 and 5 years. After the initial rate guarantee period, you will be offered a competitive renewal rate which can never be less than 1%. The initial rate will be based on the product option(s) selected and the rate guarantee period chosen.
Under current federal tax law, you pay no taxes on your earnings until you draw on your annuity, which can help your money grow faster than a taxable account. *
Upon maturity of your Select Choice Annuity, you can choose to receive income payments:
Select Choice is available to individuals up to age 85 (18-85, qualified plans). This single premium annuity has a minimum premium of $5,000 for Non-Qualified and $2,000 for Qualified money ($5,000 for Non-Qualified and Qualified in NH). The maximum premium allowed without prior company approval is $1,000,000.
*Tax deferral feature may not be available if the owner is not a natural person. Any discussion of taxes is for general information only based on our understanding and interpretation of current tax laws. Please consult your legal or tax advisor as appropriate.
**Early withdrawals may be subject to regular income tax and, if taken before age 59 1/2, may be subject to a 10% IRS penalty. MVA may be positive or negative. For contracts issued in FL only, if the annuitant is 65 or older on the contract date, withdrawal charges and MVA will no longer apply after 10 years. If the Waiver of Withdrawal Charge or MVA Rider plan is purchased, a waiver may also apply in the event of a terminal illness, confinement, or for SEPPs depending on your plan - contact your agent for details.
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Unlike many FIAs that include multiple indexes and crediting methods, Symetra Edge GPS keeps it simple by providing growth potential with a single index option—the S&P 500® Index— and a fixed account option providing a fixed, guaranteed interest rate.
A Single Premium Immediate Annuity (SPIA) is a contract between you and a life insurance company. In exchange for your purchase payment, the insurance company provides a guaranteed income stream that lasts a specific period of time or the rest of your life.
Income annuities may play an important role in retirement by providing a base of guaranteed, stable income payments for a certain period of time or for a lifetime. These payments can complement other regular income sources such as Social Security or company pensions to help meet known expenses. A lump-sum payment is typically used to purchase an income annuity, but that payment is irrevocable once the annuity purchase is complete. As a result, it is highly recommended that income annuity purchasers also set aside funds that are readily available for emergencies such as unforeseen housing or healthcare expenses.
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