Symetra Life Insurance Company has introduced a new flexible premium adjustable life insurance policy – Accumulator IUL.

The latest indexed universal life (IUL) product offers permanent life insurance coverage, maximised policy value growth and supplemental income potential with index-linked interest options, claims the company.

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Symetra Accumulator IUL product benefits include strong policy cash value accumulation potential and policy distributions, three index options, S&P 500 Index, and JPMorgan ETF Efficiente 5 Index-a volatility controlled option licensed exclusively to Symetra.

Additional features include index credit based on the index segment value at the beginning of the index segment term, guaranteed persistency bonus of 15% of the index credit starting in 11th policy year.

The insurance plan also offers a 2% cumulative look-back guarantee that may increase policy values every eight years and gives insureds the flexibility to switch between standard or participating loans once per year without repaying the loan.

Symetra executive vice president of individual life and retirement divisions Dan Guilbert said: “Recognising that the number of moving parts and policyowner decision points can make the purchase of an IUL product daunting, we’ve introduced Accumulator IUL with an emphasis on a simple story: index options that are focused and specifically designed to help meet client needs while our underlying policy charges are transparent and easy to understand.

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“Symetra Accumulator IUL features a straightforward but compelling dual strategy. It’s an accumulation-focused IUL product offering inherent and optional features that can help clients achieve both their protection and retirement goals.”