Symetra Classic, with an optional Lapse Protection Benefit, is a flexible premium universal life insurance product designed to build cash value—money policyowners can access when needed.
- Issue ages: 15 days–90 years old
- Target ages: 35–65 years old
- Minimum policy size:
$50,000: Juvenile, Standard Non-Nicotine, Standard Nicotine
$100,000: Super Preferred Non-Nicotine, Preferred Non-Nicotine,
Standard Plus Non-Nicotine, Preferred Nicotine
- Surrender charge period: 10-year decreasing schedule based upon a rate per thousand that varies by the insured's gender, underwriting class and issue age.1
- Availability: Most states
For additional state-specific information, access the fact sheet through the marketing materials search box to the right.
Individuals and businesses seeking…
TOP SELLING POINTS
- Death benefit guarantees with cash accumulation.
- Tax-advantaged growth and ability to take loans and withdrawals.
- Insurance for business applications, such as an executive bonus plan.
- Symetra puts the value back into cash value with Classic Universal Life by providing a competitive cash value build-up in terms of cash surrender value as a percentage of premiums paid at end of year.
Even if the Lapse Protection Benefit is chosen, the client will still enjoy competitive cash value growth.
The Lapse Protection Benefit provides lifetime protection that may help address a long-term need for life insurance.2
Initial interest rate is guaranteed for 12 months from the date the premium is received.3
Guaranteed minimum interest rate is no less than 3%.4
- Up to 75% of the policy's death benefit ($250,000 maximum) can be accessed in advance with the Accelerated Death Benefit Rider for Terminal Illness; and
- Up to 50% of the policy's death benefit ($250,000 maximum) can be accessed in advance with the Accelerated Death Benefit Rider for Cognitive Impairment and Limited Activities of Daily Living, giving your clients access to their policy cash value if they need to cover medical bills or other expenses.5,6,7
Loans can be taken at a net interest rate of 1% during the first 10 years. After the 10th year, the net interest rate, currently 0%, is guaranteed to never exceed 0.25%. Withdrawals are also available.8
- The cash from a policy can be used for any reason, such as emergencies or supplemental retirement income.
- The premiums are flexible, enabling policyowners to adapt their premium payments to their changing needs.9
- Three death benefit options allow policyowners to select the level of death benefit they need today and in the future.6
Option A - Level Face Amount: Provides a benefit equal to the
policy's face amount.
Option B - Level Face Amount + Accumulation Fund: Provides a
variable benefit equal to the sum of the face amount and the
accumulation fund value.
Option C - Level Face Amount + Return of Premium: Provides a
benefit equal to the sum of the face amount and the premiums paid,
minus any withdrawals. The maximum death benefit cannot exceed
two times the initial face amount of the base policy.10
- Policyowners can move from Option A to Option B or from Option B to Option A without evidence of insurability, at any time. In the same manner, policy owners can also move from Option C to Option A or Option B.
Additional No-Cost Benefits5
- Charitable Giving Benefit: Selected at issue, this optional benefit enables your clients to continue their charitable giving by paying an additional benefit of 1% of the base policy face amount to the qualified charity of their choice upon death, at no additional cost. Issue ages are 15 days to 90 years old.11
- Safety Benefit: Automatically added at issue, provides additional $10,000 death benefit if death occurs as a result of a motor vehicle accident and a seat belt was worn at the time of the accident. Issue ages are 15 days to 90 years old.
- Transportation Benefit: Automatically added at issue, provides an additional $5,000 death benefit to help cover transportation costs if death occurs more than 100 miles from home. Proof of residency may be required. Issue ages are 15 days to 90 years old.
- No Lapse Guarantee: Automatically added at issue if the optional Lapse Protection Benefit is not selected. Guarantees the policy, including any level term riders, will remain in force for 10 years (issue ages 0-70) or 5 years (issue ages 71-75), provided the minimum premium, underwriting and insurance requirements are met.
- Lapse Protection Benefit: While in effect, this optional flexible benefit guarantees your clients' insurance coverage will continue for the time period that they select, even if their cash value becomes insufficient to pay monthly charges. It's available at issue and may be terminated at any time. Issue ages are 16 to 90 years old.2
- Additional Term Rider: Adds 20 years of level premium term life insurance coverage on the life of the insured. Issue ages are 16 to 50 years old.
- Insured Children's Benefit: Provides $1,000 to $10,000 of life insurance coverage on all dependent children, ages 15 days through 17 years. Issue ages are 16 to 90 years old.
- Accidental Death Benefit: If death is accidental, provides an additional death benefit of $250,000 or up to three times the policy's face amount, whichever is less. Issue ages are 5 to 55 years old.
- Guaranteed Insurability Option: Depending on the insured's current age, provides future options to purchase additional coverage amounts of between $10,000 and $45,000—without evidence of insurability—at regularly scheduled intervals. Issue ages are 15 days to 36 years old.12
Important Note: Flexible interest rates and insurance rates mean clients can benefit if interest rates go up or if insurance costs stay low. However, if these rates do not turn out favorably, policy may lapse if only the minimum premiums are paid.
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.
Products and services vary by distributor.
1 If this policy is surrendered, a substantial penalty may result because the cash value may be less than the premium paid.
2 Provides a Lapse Protection Benefit which prevents the policy from entering the grace period in certain circumstances even if the net cash surrender value is insufficient to pay the monthly deduction. Not available with Death Benefit Option C or on juveniles (ages 0-15). See rider for exclusions and details. The benefit will terminate and cannot be reinstated if the face amount is increased.
3 Interest rate subject to change without notice.
4 Policyowners should anticipate renewal interest rates at the Guaranteed Minimum Interest Rate regardless of future economic conditions.
5 May not be available in all states and terms and conditions may vary by states in which they are available.
Only available for issue ages 20-85, and not available on rated policies. Receipt of an accelerated death benefit may be taxable. Your client should consult a personal tax or legal advisor before applying for this benefit. Your client may also lost the right to receive certain public funds such as Medicare, Medicaid, Social Security Supplemental Income and others. 7
Basic activities of daily living consist of self-care tasks, including, but not limited to: personal hygiene and grooming, dressing and undressing, self-feeding, functional transfers (getting from bed from wheelchair, getting onto or off toilet, etc.), bowel and bladder management.
Generally speaking, a severe cognitive impairment is a deterioration or loss in intellectual capacity in which the person requires substantial supervision by another person, and is measured by clinical evidence and standardized tests that reliably measure impairment in short- or long-term memory, orientation to people, places or time, and deductive or abstract reasoning. 8
Withdrawals or loans on modified endowment contracts (MECs) may be subject to federal income tax and a 10% IRS penalty on amounts taken prior to age 59½. A loan may have a permanent effect on the policy, even if repaid. Failure to repay a policy loan or to pay loan interest may terminate the policy if the net cash surrender value is less than the monthly deductions, due on the policy anniversary.9
Changes in premium payments and payment schedule will affect the death benefit amount and duration as well as the accumulation value potential of the policy. 10
Death benefit "Option C" is not available if the Lapse Protection Benefit is selected. 11
Only available on policies with a face amount of $100,000 or more. Payment is 1% of the original base policy face amount, to a maximum of $100,000, regardless if the policy face amount has been increased. 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.
12 Guaranteed Insurability Option is not available on policies with the Lapse Protection Benefit, an additional term rider or an extra premium rating.