Symetra Life Insurance Company has launched a new ‘instant approval’ process for select bank partners selling its Successor Single Premium Life (SPL) insurance. This enhancement to Symetra’s online application tool instantly approves qualified applicants providing life insurance coverage on the spot. “Whether standing in line at the grocery store or inching along on a clogged freeway, waiting is a big part of life,” said Pat McCormick, Symetra senior vice president of National Accounts. “With Symetra’s new instant approval, there’s one less thing to wait for — life insurance. Most clients will walk away with coverage within 10 minutes.” A review of 2009 Successor SPL applications found that 80 percent of clients would have qualified for instant approval based on answers to medical history questions. Applicants not eligible for instant approval may still qualify for on-the-spot temporary life insurance coverage until an underwriting review is completed. “Instant approval provides our distribution partners with a customer service advantage, and it gives qualified clients peace of mind knowing they have binding coverage when they leave the bank,” said McCormick. Single premium life insurance may be ideally suited for clients in or near retirement age who are looking for a hassle-free way to protect and transfer their wealth. Purchased with one premium payment, SPL guarantees that beneficiaries will receive a federal income tax-free benefit substantially higher than the premium paid, from the very first day the policy is issued. About Symetra Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation (NYSE: SYA), a diversified financial services company based in Bellevue, Wash. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent agents and advisors. For more information, visit www.symetra.com. Symetra Successor Single Premium Life Insurance is a universal life insurance policy issued by Symetra Life Insurance Company, 777 108 th Ave. NE, Suite 1200, Bellevue, WA 98004, and is not available in all U.S. states or any U.S. territory. Restrictions may apply to binding life insurance coverage.
The policy form number for Successor Single Premium Life is L-9938 11/03 in most states.