Symetra Life Insurance Co. has enhanced its Symetra Freedom Income Annuity so clients who want to use qualified or tax deferred money, including rollovers from a 401(k) or IRA, can defer their payment start date beyond age 70.

Symetra Freedom Income is a form of longevity insurance, which provides cost-effective guaranteed, pension-like income for the later years of retirement, according to the Bellevue, Wash.-based company. Clients use a small portion of their savings, usually 10% to 15% depending on age and deferral period, to buy a future income stream today, when the initial purchase payment will be quite small compared to the potential payout down the road.

With the new patent pending enhancement, they can use qualified or non-qualified money and select a date up to age 94 to begin collecting income based on their unique financial needs. With lifetime income needs taken care of, the client has flexibility with the remaining portfolio. Once the fixed payouts begin, they provide the client payments for the rest of their life, or a certain period of time, whichever is selected at purchase.

“Previously, if a client wanted to use tax-deferred money for Symetra Freedom Income, or other longevity products in the marketplace, payments had to begin at 70,” said Rich Lindsay, senior vice president of the life and annuities division at Symetra Financial, in a statement. “Symetra’s innovative solution gives clients the flexibility to defer the payout to a later age if they so choose. Because longevity insurance provides guaranteed money for the later years of retirement, extending the age when payments begin is an important option.”