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Cash refund for life insurancePosted On Tue, May 25, 2010
A new cash refund option will be made available through Symetra Life Insurance for its income annuity products, according to the insurer.
With the cash refund option, once the annuity owner dies, the beneficiary is able to get one lump sum that is equivalent to the unrecovered purchase payment, Symetra said. The annuity will be paid out no matter what the circumstance may be, ensuring a certain monetary amount.
Rich Lindsay, senior vice president of Symetra's life and annuities division, said that "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."
Many people take out life insurance policies to ensure that their families are financially taken care of in the event of their death. This is a protection policy. Another type is an investment policy, in which the goal is to accumulate financial wealth over a period of time.
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