Symetra Introduces Lapse Protection Benefit to Classic Universal Life Insurance Product
New Optional Rider Offers Both Growth Potential and Guaranteed Protection
BELLEVUE, Wash.--(BUSINESS WIRE)-- 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 customers 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 policys focus to growing cash value later.
Customers shouldnt have to choose between protection and growth. Symetra Classics 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 policys 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.
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.
Diana McSweeney, 425-256-6167
Source: Symetra Life Insurance CompanyCopyright Business Wire 2012