BELLEVUE, Wash.--(BUSINESS WIRE)--
Symetra Life Insurance Company today announced the launch of a survivorship universal life insurance product, called Symetra SUL–G 1.0. Designed for clients looking for a robust legacy-planning solution, this guaranteed universal life insurance policy for two lives offers a competitive pricing structure with flexible premium payment options. The new offering is available immediately.
“With the addition of Symetra SUL–G 1.0 to our life insurance product suite, we’re delivering on our strategy to be a serious contender in the life space and underlining our commitment to the no-lapse guarantee marketplace,” said Michael Roscoe, Symetra senior vice president, Individual Life Strategy and Product Innovation.
Guaranteed survivorship universal life insurance can be an effective tool for estate planning and wealth transfer, as well as for business-protection needs. When the policy is part of an estate-planning strategy utilizing an Irrevocable Life Insurance Trust (ILIT), the death benefit will generally pass to beneficiaries free of federal and estate taxes.1
“We believe we’re well-positioned to bridge a gap in the no-lapse guarantee marketplace with a low-cost wealth transfer solution that should help make estate planning even easier for clients,” said Meg Skinner, senior vice president, Individual Life Sales and Distribution.
Symetra SUL–G 1.0 key benefits:
- Helps ensure legacy planning goals are met
- Provides guaranteed death benefit protection, payable upon the death of the surviving insured
- Optional Charitable Giving Benefit rider pays an additional benefit to the qualified charity of choice upon death of the surviving insured2,3
- Optional Estate Preservation rider provides additional term insurance coverage if both insureds die with the first four years of the policy2
Symetra SUL–G 1.0 includes an automatic lapse protection benefit that ensures the policy will be in-force for as long as the policyowner chooses, without regard to factors such as policy charges and changes in interest rates.4
Clients who might benefit from Symetra SUL–G 1.0’s legacy planning solution include those looking to:
- Maximize estate assets
- Ensure assets are managed and distributed according to their wishes
- Equalize inheritance for beneficiaries not involved in a family business
- Leave a gift to a favorite charity
- Provide care for loved ones with special needs
For more information about Symetra SUL–G 1.0, contact the Symetra Life Sales Desk at 1-877-737-3611.
Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation (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 SUL-G 1.0 is a flexible premium adjustable survivorship life insurance policy issued by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004. This policy is not available in all U.S. states or any U.S. territory; however, where available, it is usually issued under Policy form number ICC14_LC1.
Policy riders are not available in all U.S. states or any U.S. territory; however, where available, they are usually issued under the following policy form numbers: Estate Preservation Rider form number ICC14_LE2, Lapse Protection Benefit Rider form number ICC14_LE3, and Charitable Giving Benefit Rider form number ICC14_LE4.
Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company.
1 Trusts should be drafted by an attorney familiar with such matters. Failure to do so could result in adverse treatment of trust proceeds. Symetra Life Insurance Company does not provide tax advice.
2 May not be available in all states and terms and conditions may vary by states in which it is available.
3 Only available on policies with face amounts of $100,000 or more. Payment is 1% of the original base policy face amount, to a maximum of $100,000. If the policy face amount has been decreased, 1% of the remaining base policy face amount is paid. The charity must be designated at time of issue and qualify under tax code 170(c) and 501(c). If the charity is not operating at the time of the insured’s death, the estate may direct proceeds to another qualified charity.
4 The Lapse Protection Benefit prevents the policy from entering the Grace Period when the policy is in a Lapse Protection Benefit Period. Coverage will remain in effect as long as the cash surrender value of the policy is greater than the sum of all outstanding policy loans and loan interest, sufficient premiums are paid, no unscheduled loans or withdrawals are taken, no increases are made to the face amount and the Death Benefit Option is not changed.
Diana McSweeney, 425-256-6167