WHAT IS LIFE INSURANCE?
In its basic form a life insurance policy is a contract between the policyholder and the insurance company which states that in exchange for premiums, the company will pay a
death benefit when the insured person dies. Benefits will be paid to the
beneficiary(ies) named by the policyholder.
WHAT LIFE INSURANCE COVERAGE IS RIGHT FOR ME?
There are many types of life insurance products and it is important that you select the right fit for your needs. Types of coverages include:
- Term Life
- Permanent Life (Whole, Universal or Variable)
Term Life Insurance
Term life insurance provides pure insurance coverage for a stated period of time.
- It's the least expensive form of insurance.
- Term insurance provides no cash accumulation.
- As your needs change, term coverage may be converted to permanent forms of insurance.
- Insurance will terminate when the term of coverage expires.
Permanent Life Insurance
Whole Life Insurance
Whole life insurance offers protection throughout the insured's lifetime as long as required premium payments are made.
- The premium amount remains the same throughout the life of the policy.
- The policy accumulates cash value on a tax-deferred basis until withdrawn. The accumulated cash value earns interest at a guaranteed fixed interest rate.
Universal Life Insurance
- Universal life insurance (UL) is also permanent insurance that offers protection throughout the insured's lifetime as long as required premium payments are made.
- Premium payment schedules are flexible allowing you to pay as much or as little premium as you desire so long as the payments comply with policy minimums and maximums.
- The policy accumulates cash value on a tax-deferred basis until withdrawn. The accumulated cash value earns interest at a varying rate and the interest rate will never decrease below the contractually guaranteed rate of return.
- UL coverage offers a level or increasing death benefit option and provides the policy owner choices and flexibility throughout the duration of the policy.
Important Note: Flexible interest rates and insurance rates mean you can benefit if interest rates go up or insurance costs stay low. However, if these rates do not turn out favorable, it is possible that your policy could terminate even though you have paid your planned premiums.
Variable Life Insurance
Variable life insurance (VL) is also permanent insurance that offers protection throughout the insured's lifetime as long as required premium payments are made.
- Premium payment schedules are flexible allowing you to pay as much or as little premium as you desire so long as the payments comply with policy minimums and maximums.
- The policy accumulates cash value on a tax-deferred basis.
- You may make premium payments into a variety of investment options available within the policy. There are many options available so that you may select the best ones to suit your needs including stocks, bonds, money market funds and an interest bearing fixed account.
Risks: Variable life insurance does offer a guaranteed death benefit; however, it is subject to risk because the cash value and death benefit can fluctuate according to the performance of the underlying investment portfolio.
Securities are offered through Symetra Securities, Inc. (SSI). Life insurance is issued by Symetra Life Insurance Company (SLIC) and is not available in all U.S. states or any U.S. territory. SSI and SLIC are affiliates and are both located at 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004-5135.
Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company.