Symetra Life Insurance Company today announced the launch of a new cash value universal life (UL) product, called Symetra Classic Universal Life Insurance. With a focus on cash accumulation, flexible premium payments and favorable access options, Symetra Classic is designed to provide policyholders and their beneficiaries with a lifetime of protection and a financial safety net if the unexpected happens. The new offering became available Sept. 30, 2011.

“Our new universal life product is the first in a planned series of life insurance offerings that will position Symetra as a more serious contender in the life marketplace,” said Jon Curley, executive vice president of Symetra’s Life Division. “With Symetra Classic, we’ve built a competitive UL product that offers tax-deferred growth and easy access to the policy’s accumulated cash value.”

Symetra Classic is tailored to customers who have a longer-term need for life insurance, such as covering end-of-life expenses or caring for a dependent. It also can be used as an additional source of income for emergencies or to supplement retirement savings. Flexible payment options mean that policyholders can skip or reduce a payment without sacrificing coverage. The product’s name underscores its traditional structure in contrast to no-lapse guarantee UL products, which trade a policy’s cash value for a fixed-payment schedule or guaranteed death benefit.

“Customers are looking for value, flexibility and choice, and Symetra Classic delivers all three. It’s a core product that represents an essential addition to our life portfolio,” said Mike Tinsley, Symetra senior vice president of Life Product Development and Client Solutions.

Unlike term insurance, which provides coverage for a set period of time, universal life insurance is permanent insurance that provides protection in case of death as well as a savings or cash value component. Premiums are paid into the policy’s account value, where they earn interest. The policy’s coverage continues as long as the cash value is sufficient to cover applicable fees and any deductions.

For more information about Symetra Classic Universal Life Insurance, contact the Symetra Life and Retirement Sales Desk at 1-800-706-0700.

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 Classic Universal Life Insurance is a flexible premium universal life insurance policy issued by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004.

Policy form number is ICC11-LC5 or ICC11-LC6 in most states, and is not available in all U.S. states or any U.S. territory.

Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company.

Premium payments are flexible but must be equal to or greater than the minimum monthly premium to guarantee coverage. The amount and timing of premiums will affect the death benefit, the accumulation fund and the duration of insurance. Changes in premium payments and payment schedule will affect the death benefit amount and duration as well as the accumulation value potential of the policy.

Copyright Business Wire 2010