Symetra CAUL Universal Life Insurance
Symetra CAUL is a current assumption policy that can be tailored to your unique objectives.
WHY SYMETRA CAUL?
Symetra CAUL is designed to provide you with options—options like adjusting premium payments as your financial needs change, raising or lowering the policy’s face amount,1 or even funding the future purchase of an insurance product that better suits your changing needs. Benefits of CAUL include:
- Flexible premium payments and death benefit options.
- Federal income tax is deferred while cash value grows.
- The potential to use cash value as a future financial cushion.
- Advance access to the death benefit for a chronic or terminal illness.
In addition, each net premium is guaranteed to earn a current interest rate for a 12-month period from the date the premium is received. This rate is guaranteed to be no less than 2%.
With the Chronic Illness Rider, up to 50% of the policy’s death benefit ($500,000 maximum) can be accessed in advance if a licensed health care practitioner certifies during the prior 12-month period that you are unable to perform at least two of six activities of daily living for a period of at least 90 days due to a loss of functional capacity, or have a severe cognitive impairment, requiring substantial supervision to ensure your health and safety.3,4,5,6
With the Terminal Illness Rider, up to 75% of the policy’s death benefit ($500,000 maximum) can be accessed in advance if a licensed physician certifies you are terminally ill with less than 12 months to live. The benefit is paid in a lump sum, without surrender charges.4,6
A No Lapse Guarantee benefit is effective at issue and guarantees the policy, including any level term riders, will remain in-force for five years, provided the minimum premium, underwriting and insurance requirements are met.
Selected at issue and available at an additional cost, the Chronic Illness Plus Rider allows for up to 100% of the policy’s death benefit to be accessed in advance (with a monthly benefit of 2%, capped at the then current IRS per diem times 30) if you:
- Are certified by a licensed health care practitioner, during the prior 12-month period, as being unable to perform at least two of six activities of daily living for a period of at least 90 days due to a loss of functional capacity, or having a severe cognitive impairment, requiring substantial supervision to ensure your health and safety; and
- Are annually recertified by a licensed health care practitioner to continue receiving benefits.3,6,7
Selected at issue and available at no additional cost, the Charitable Giving Benefit provides an additional benefit of 1% of the base policy face amount (up to $100,000) upon your death to the qualified charity of your choice.8
The Accidental Death Benefit and Additional Term Rider are also available at an additional cost.
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Symetra CAUL is a flexible premium universal 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_LC2.
Policy riders are not available in all U.S. states or any U.S. territory; where available, they are usually issued under the following policy form numbers: Chronic Illness Rider form number ICC15_LE1, Terminal Illness Rider form number ICC15_LE2, Chronic Illness Plus Rider form number ICC15_LE4, Accidental Death Benefit form number ICC11_LE2, Additional Term Rider form number ICC11_LE3, and Charitable Giving Benefit form number ICC11_LE5.
A rider is a provision of the policy that may have additional costs, limitations, potential benefits and features that should never be confused with the base policy itself. Before evaluating the benefits of a rider, carefully examine the policy to which it is attached.
Life insurance policies contain exclusions, limitations, reductions of benefits and terms for keeping them in-force. Please call your insurance professional for complete details.
Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company.
Withdrawals or loans on modified endowment contracts (MECs) may be subject to federal income tax and an additional 10% tax on amounts taken prior to age 59½.
1 Increasing the policy’s face amount may require additional underwriting and reductions may be subject to policy limitations.
2 May not be available in all states and terms and conditions may vary by states in which they are available.
3 “Cognitive impairment” generally means a loss or deterioration in a person’s intellectual capacity and includes diseases like Alzheimer’s and various forms of irreversible dementia. “Activities of daily living” generally means routine daily self-care activities, such as getting dressed, eating, using the bathroom and getting in and out of bed.
4 Only available for issue ages 20-85, and not available on rated policies. Exercising the inherent Chronic Illness Rider will prohibit the policyholder from exercising the inherent Terminal Illness Rider and exercising the inherent Terminal Illness Rider will prohibit the policyholder from exercising the inherent Chronic Illness Rider.
5 The amount of death benefit that’s accelerated, plus any accrued interest, will be secured by a lien against the base policy death benefit. Upon the death of the insured, the death benefit will be reduced by the amount of the lien, and the remaining death benefit will be paid.
6 Receipt of an accelerated death benefit may be taxable, especially if the insured does not have a prescribed plan of care. You should consult your personal tax or legal advisor before applying for this benefit. You may also lose your right to receive certain public funds such as Medicare, Medicaid, Social Security, Supplemental Security Income (SSI), and possibly others. This accelerated death benefit is intended to qualify under section 101(g) (26 U.S.C. 101(g)) of the Internal Revenue Code of 1986 as amended. The death benefit and loan value will be reduced if an accelerated death benefit is paid.
7 Only available for issue ages 20-80. If this rider is elected, additional underwriting will be required and if approved, the rider rate risk class will be the same as on the base policy. It’s possible that the insured is approved for the base policy, but declined for this rider based on the rider underwriting results. If a policyholder requests an increase in face amount, it’s possible that the base policy increase is approved but the rider increase is declined. If the rider increase is declined, no subsequent rider increase requests will be allowed. This rider is not available on policies with ratings higher than Table 4, with annual flat extras exceeding $5 per $1,000, or with both flat extras and table rates. This rider is an additional accelerated benefit to the inherent Chronic Illness Rider. Exercising this rider will prohibit the policyholder from exercising the inherent Terminal Illness Rider.
8 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 of whether or not 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 federal tax code 170(c) and 501(c). If the charity is not operating at the time of the insured’s death, we may allow the estate to direct proceeds to another qualified charity.
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