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June 5, 2014updated 13 Apr 2017 8:35am

Symetra Life Insurance introduces new universal life insurance product

Symetra Life Insurance Company has introduced a survivorship universal life insurance product for clients seeking for low-cost wealth transfer and a legacy planning solution.

By Verdict Staff

Known as Symetra SUL-G 1.0, the life insurance policy for two lives will offer a competitive pricing structure with flexible premium payment choices.

The product will offer several benefits such as ensuring that legacy planning goals are met and providing guaranteed death benefit protection that is payable upon the death of the surviving insured.

It will also offer optional charitable giving benefit rider that is payable to charity upon death of the surviving insurer as well as an optional estate preservation rider, payable if both insures die with the first four years of the policy.

Additionally, Symetra SUL-G 1.0 will also feature an automatic lapse protection benefit that ensures the policy will be effective as long as the policy owner chooses, without regard to factors such as policy charges and changes in interest rates.

The product has been designed for clients who are looking to maximize their estate assets, manage and distribute assets according to their needs, equalize inheritance for beneficiaries not involved in a family business, leave a gift to a charity or provide care for loved ones.

Symetra senior vice president, individual life strategy and product innovation Michael Roscoe said: "With the addition of Symetra SUL-G 1.0 to our life insurance product suite, we’re delivering on our strategy to be a serious contender in the life space and underlining our commitment to the no-lapse guarantee marketplace."

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