Symetra Life Insurance Company has created a cash refund payout option for its income annuities.
The option pays beneficiaries a lump sum equal to the unrecovered purchase payment upon death of the annuity owner, according to Symetra, Bellevue, Wash.
The option pays an amount at least equal to the purchase payment no matter what happens, Symetra says. The company describes the option as a “peace of mind” feature.