Symetra Life Insurance has added a latest lapse protection benefit to its cash value universal life (UL) insurance product, Symetra Classic UL, which provides both growth potential and guaranteed protection.
According to the underwriter, 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 product is suitable for customers who are seeking guaranteed protection now, but who want the flexibility to shift their policy's focus to growing cash value later, the firm said.
Symetra life product development and client solutions senior vice president Mike Tinsley said 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.
"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," Tinsley said.
The insurer has also provided the facility that the policyholders must elect the benefit at the time of issuing the policy and may terminate it at any time, eliminating the benefit charges.
"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," Tinsley added.
Symetra Life Insurance, a subsidiary of Symetra Financial Corporation offers employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent agents and advisors.
