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June 2, 2008 / Author: Tim Bain

Longevity Insurance – Get Paid to Live Longer!

QuickQuote Term Life Insurance Blog

Most people are familiar with the concept of life insurance; you purchase a policy, and the insurance company will pay a death benefit to your family (or another beneficiary) if you die while covered. The concept of longevity insurance may be a bit more unfamiliar.

Symetra Life Insurance Company hopes to change that. The company recently released a new product called the Symetra Freedom Income Annuity, which the company states acts like longevity insurance. The idea is to purchase the annuity at today’s premiums to insure you do not outlive your retirement savings.

For example, a 65-year old could purchase a policy today that will begin regular monthly payments at a specific age, say 85. For a monthly benefit of $2,500, the premium would be about $30,000 today. The premium would be significantly higher if the policy were purchased at age 85.

This new product from Symetra is called a single premium deferred annuity (SPDA). It is not a new product to the industry and longevity insurance is not an insurance product at all. It’s simply a unique way of looking at the benefits provided by this type of annuity.

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Tim Bain

Tim is a licensed life insurance agent with 22 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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Applications for life insurance on QuickQuote.com are made through QuickQuote Financial, Inc. or through its designated agent, Timothy S. Bain, only where licensed and appointed. License numbers are available here and are automatically provided where required by law. QuickQuote's National Producer Number is 1927227. Timothy S. Bain is a licensed life insurance agent in 49 states, including the District of Columbia, and his resident state of Nevada. Timothy S. Bain's Nevada license number is 45949; in California, 0D23811; in Louisiana, 274924; in Massachusetts, 1762164; in Minnesota, 20267005; in Texas, 1092088; and in Utah, 134031.
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