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.