Symetra Life Insurance Company today announced the addition of a new
lapse protection benefit to its cash value universal life (UL) insurance
product, Symetra Classic UL. The optional rider guarantees that life
insurance coverage will continue for any selected period up to the
customer’s lifetime, even if the cash value becomes insufficient to pay
monthly charges. The new benefit is designed for customers looking for
guaranteed protection now, but who want the flexibility to shift their
policy’s focus to growing cash value later.
“Customers shouldn’t have to choose between protection and growth.
Symetra Classic’s new lapse protection benefit brings to the market a
familiar product design, but with a unique emphasis on cash accumulation
potential not associated with most death benefit guarantee UL products
available today,” said Mike Tinsley, Symetra senior vice president of
Life Product Development and Client Solutions. “Our new lapse protection
benefit remains true to Symetra Classic's central objective: to maximize
cash value. Whether or not customers elect the rider, their policy's
cash value will have an opportunity to grow.”
Policyholders must elect the benefit at issue and may terminate it at
any time, eliminating the benefit charges.
Tinsley added, “The lapse protection benefit was conceived with
flexibility and the changing needs of customers in mind. Its design
allows customers to easily compare the rider versus a non-guaranteed
version of the product and determine the option that best meets their
needs.”
Also new to Symetra Classic is the addition of the Cash Value
Accumulation Test (CVAT), which can provide more flexibility in premium
funding than the existing Guideline Premium Test (GPT) life insurance
option.
Symetra Classic UL is tailored to customers seeking a life insurance
policy that offers tax-advantaged growth and cash value accumulation,
which can be accessed when unplanned needs arise or as a source of
supplemental retirement income. The product offers flexible features and
payment options, and multiple ways to access the policy’s accumulated
cash value.
For more information about Symetra Classic Universal Life Insurance,
contact the Symetra Life Sales Desk at 1-877-737-3611 or visit www.symetra.com/classic.
About Symetra
Symetra Life Insurance Company is a subsidiary of Symetra Financial
Corporation (NYSE: SYA), a diversified financial services company based
in Bellevue, Wash. In business since 1957, Symetra provides employee
benefits, annuities and life insurance through a national network of
benefit consultants, financial institutions, and independent agents and
advisors. For more information, visit www.symetra.com.
Symetra Classic Universal Life Insurance is a flexible premium universal
life insurance policy issued by Symetra Life Insurance Company, 777
108th Avenue NE, Suite 1200, Bellevue, WA 98004. Policy form number is
ICC11-LC5 in most states. Product is not available in all U.S. states or
any U.S. territory.
Guarantees and benefits are subject to the claims-paying ability of
Symetra Life Insurance Company.
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