Symetra Accumulator IUL Indexed Universal Life Insurance
WHY SYMETRA ACCUMULATOR IUL?
Protection for them – income opportunities for you
Providing for your family today while planning for your retirement tomorrow are two important goals. Symetra Accumulator IUL can help you achieve both.
With flexible-premium adjustable life insurance with index-linked interest options, you can get the death benefit protection you need plus the potential to accumulate the policy value you want for retirement and other future income needs.
Key features include:
- Three index crediting strategies including the JPMorgan ETF Efficiente® 5 Index, a volatility controlled option licensed exclusively to Symetra.
- Indexed strategies that lock-in any interest earnings and help protect against losses in negative markets.
- Flexible, potential tax-free access to policy value through withdrawals and policy loans.1
- Persistency bonus guaranteed by Symetra for maintaining the policy as planned.
- GoodLife Rewards
INCLUDED FEATURES AND RIDERS
Three Index Strategies and a Fixed Account
- S&P 500® Index Point-to-Point: 1-Year Capped
- JPMorgan ETF Efficiente® 5 Index Point-to-Point: 1-Year with No Cap
- Blended S&P 500® and JPMorgan ETF Efficiente® 5 Index Point-to-Point: 2-Year with No Cap
Persistency Bonus. Beginning in policy year 11, your policy will receive a guaranteed persistency bonus that increases the credits applied to your index segments and the interest applied to the fixed and holding account by 15%. For example, if the current crediting rate for the fixed account and holding account is 5%, the rate inclusive of the bonus credited to the policy value would be 5.75%. If the value for the index segment is $1,000, the index credit inclusive of the bonus would be $1,1502
Minimum overall performance guarantee. The policy’s inherent Lookback Guarantee provides an increase in your policy value if any index segment returns are not at least 2% per year cumulatively over resetting 8-year periods. The first 8-year period begins at policy issue and is recalculated over every 8-year period after the previous lookback period has ended.
No-Lapse Guarantee protects your policy from lapsing for a period of up to 20 years, depending upon the insured’s age at issue. This benefit is included at no-additional cost.
Lifestyle Rewards. Qualifying for our GoodLife Rewards program can potentially lower the overall cost of your insurance. This program is available for insureds 20-70 years old, and credits are applied during underwriting for good health and lifestyle.3
Overloan Lapse Protection Rider. Automatically included at policy issue, this rider protects your policy from lapsing due to excessive indebtedness by providing a guaranteed paid-up benefit (provided qualifications are met and the rider is exercised according to the rider terms). There is a one-time charge to exercise the rider.
Neither the IRS nor the courts have ruled on the tax consequences of exercising the Overloan Lapse Protection Rider. It is possible that the IRS or a court could assert that the policy has been effectively terminated and the outstanding loan balance should be treated as a distribution—all or a portion of which could be taxable when the rider is exercised. The Overloan Lapse Protection Rider also may not be appropriate for your particular circumstances. Consult with your tax advisor regarding the risks associated with exercising the rider.
Guaranteed Policy Value on Surrender. Your policy provides a guaranteed policy value on surrender equal to the net premium accumulated at 2% less assessed guaranteed policy charges. The amount payable on surrender will be the greater of this amount less the loan amount and the net surrender value. The death benefit may be affected. This amount is not available for loans and withdrawals.
Additional benefit riders should your health status change:
With the Accelerated Death Benefit for 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 the insured is 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 has a severe cognitive impairment, requiring substantial supervision to ensure the health and safety of him or herself.
With the Accelerated Death Benefit for 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 that the insured is terminally ill with less than 12 months to live. The benefit is paid in a lump sum, without surrender charges.
Accelerated Death Benefit for Chronic Illness Plus Rider: Selected at issue and available at an additional cost, this 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 the insured:
- Is 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 severed cognitive impairment, requiring substantial supervision to ensure the health and safety of him or herself; and
- Is annually recertified by a licensed health care practitioner to continue receiving benefits.4
Charitable Giving Benefit Rider: Selected at issue and available at no additional cost, this rider provides an additional benefit of 1% of the base policy specified amount (up to $100,000) to the qualified charity of the policyowner’s choice upon the insured’s death.
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Symetra Accumulator IUL is a flexible premium adjustable life insurance policy with index-linked interest options issued by Symetra Life Insurance Company, located at 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004-5135. 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 ICC17_LC1.
Policy riders are not available in all U.S. states or any U.S. territory, and terms and conditions may vary by state in which they are available. Where available, they are usually issued under the following rider form numbers: Accelerated Death Benefit for Chronic Illness Rider form number ICC16_LE6, Accelerated Death Benefit for Terminal Illness Rider form number ICC16_LE5, Accelerated Death Benefit for Chronic Illness Plus Rider form number ICC16_LE7, Overloan Lapse Protection Rider form number ICC17_LE5 and Charitable Giving Benefit Rider form number ICC16_LE8.
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.
Certain benefits or riders may have tax implications. Consult with your legal or tax advisor prior to purchasing.
The Overloan Lapse Protection Rider (OLPR) will prevent your policy from lapsing when, on any monthly anniversary, the outstanding indebtedness on the policy exceeds the policy’s specified amount and is approaching the policy value. Exercise of this rider will result in a “paid-up” status. In order to be eligible to exercise this rider, the insured must be at least 75 years old, the policy must have been in-force for at least 15 years, the Death Benefit Option must be Option A Level, the policy must be in corridor, and the outstanding loan balance must be the smaller of 93% of the policy value after monthly deductions or (100% minus the OLPR charge percentage) of the policy value after monthly deductions. After deduction of the one-time rider charge, all policy value will be transferred to the fixed account. No additional policy transactions or policy changes will be allowed and no further monthly deductions will be taken. Your total net death benefit will now equal the larger of the total specified amount less any indebtedness, the policy value multiplied by the appropriate attained age Guideline Premium Test corridor factor less any indebtedness, and $5,000. Exercising the rider may have tax consequences, please consult with a qualified tax advisor for more details.
The Accelerated Death Benefit for Chronic Illness and Accelerated Death Benefit for Terminal Illness Riders are only available for insureds issue ages 20-85, and are not available on rated policies. For the Accelerated Death Benefit for Chronic Illness Rider, 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. Exercising the inherent Accelerated Death Benefit for Chronic Illness Rider will prohibit the policyowner from exercising the inherent Accelerated Death Benefit for Terminal Illness Rider, and exercising the inherent Accelerated Death Benefit for Terminal Illness Rider will prohibit the policyowner from exercising the inherent Accelerated Death Benefit for Chronic Illness Rider.
The Accelerated Death Benefit for Chronic Illness Plus Rider is only available for insureds issue ages 20-80. If this rider is elected, additional underwriting will be required and the rider rate 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 policyowner requests an increase in specified 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 Accelerated Death Benefit for Chronic Illness Rider. Exercising this rider will prohibit the policyowner from exercising the inherent Accelerated Death Benefit for Terminal Illness Rider.
Receipt of an accelerated death benefit may be taxable, especially if the insured does not have a prescribed plan of care. 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. The 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. There is no restriction on the use of proceeds of these accelerated death benefits.
The Charitable Giving Benefit Rider is an optional rider offered at no additional charge. It is only available on policies with specified amounts of $100,000 or more. Payment is 1% of the original base policy specified amount, to a maximum of $100,000, regardless of whether or not the policy specified amount has been increased. If the policy specified amount has been decreased, 1% of the remaining base policy specified amount is paid. The charity must be designated at time of issue and qualify under federal tax code sections 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.
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.
Withdrawals or loans may not be allowed in certain situations. Amounts withdrawn will decrease the policy death benefit and may be subject to a withdrawal processing fee. Loans may have a permanent effect on the policy, even if repaid.
Symetra Accumulator IUL has fixed and indexed accounts. Interest credited to the indexed accounts is affected by the value of outside indexes. Values based on the performance of any index are not guaranteed. The policy does not directly participate in any outside investment or index.
Allocations to the fixed account or index strategies are based on the allocation instructions provided at time of application, and may be subsequently changed in writing by the policyowner. When allocations occur, an index segment for each respective index strategy is created. Each index segment has its own index crediting method, index value, index cap, index floor, index participation rate, index segment term, and index start and maturity date. The index caps, floors and participation rates after the initial index segment term may be higher or lower than the initial rates, but will never be less than the guaranteed minimums shown in the policy.
An index segment represents the portion of the index account that credits interest based on a change in the indexes applicable to that index segment. Index credits are calculated and credited (if applicable) on the respective index segment’s maturity date. Amounts withdrawn from the index account before the index segment’s maturity date will not receive an index credit, if applicable, for that term.
Symetra reserves the right to add, modify or remove any index strategy or crediting method. If any index is discontinued or if the calculation of any index is changed substantially, Symetra reserves the right to substitute a comparable index.
Except for the JPMorgan ETF Efficiente 5® Index, an Index does not include the payment or reinvestment of dividends in the calculation of its performance. It is not possible to invest in an index.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”) and has been licensed for use by Symetra Life Insurance Company (SLIC). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by SLIC. Symetra Accumulator IUL is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index.
The JPMorgan ETF Efficiente® 5 Index (“Index”) has been licensed to Symetra Life Insurance Company (the “Licensee”) for the Licensee’s benefit. Neither the Licensee nor Symetra Accumulator IUL (individually, the “Product”) is sponsored, operated, endorsed, recommended, sold or promoted by J.P. Morgan Securities LLC (“JPMS”) or any of its affiliates (together and individually, “JPMorgan”). JPMorgan makes no representation and gives no warranty, express or implied, to policyowners in or those otherwise taking exposure to the Product. Such persons should seek appropriate professional advice before making any investment. The Index has been designed and is compiled, calculated, maintained and sponsored by JPMS without regard to the Licensee, the Product or any policyowner. JPMorgan is under no obligation to continue compiling, calculating, maintaining or sponsoring the Index. JPMorgan may independently issue or sponsor other indices or products that are similar to and may compete with the Index and the Product. JPMorgan may also transact in assets referenced in the Index (or in financial instruments such as derivatives that reference those assets). These activities could have a positive or negative effect on the value of the Index and the Product.
This is not a complete description of your Symetra Accumulator IUL policy. For a more complete description, please ask your insurance professional.
1 Withdrawals and loans may reduce or eliminate the death benefit payable to your beneficiaries. In general, policy loans are charged interest; they are usually not taxable. If a policy lapses or is surrendered, the loan becomes immediately taxable to the extent of the gain in your policy. Withdrawals are taxable only when you take more money out of the policy than you've paid in premiums. If your policy becomes a Modified Endowment Contract (MEC), less advantageous tax provisions apply. Consult with your professional legal and tax advisors for additional information before taking loans or withdrawals.
2 The persistency bonus does not apply to loaned account value backing standard loans.
3 Restrictions may apply to Symetra GoodLife Rewards and it is subject to change without notice.
4 “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.
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