This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Symetra Introduces Lapse Protection Benefit To Classic Universal Life Insurance Product

Stocks in this article: SYA

Symetra Life Insurance Company today announced the addition of a new lapse protection benefit to its cash value universal life (UL) insurance product, Symetra Classic UL. 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 new benefit is designed for customers looking for guaranteed protection now, but who want the flexibility to shift their policy’s focus to growing cash value later.

“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,” said Mike Tinsley, Symetra senior vice president of Life Product Development and Client Solutions. “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.”

Policyholders must elect the benefit at issue and may terminate it at any time, eliminating the benefit charges.

Tinsley added, “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.”

Also new to Symetra Classic is the addition of the Cash Value Accumulation Test (CVAT), which can provide more flexibility in premium funding than the existing Guideline Premium Test (GPT) life insurance option.

Symetra Classic UL is tailored to customers seeking a life insurance policy that offers tax-advantaged growth and cash value accumulation, which can be accessed when unplanned needs arise or as a source of supplemental retirement income. The product offers flexible features and payment options, and multiple ways to access the policy’s accumulated cash value.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs