Symetra Life Insurance has strengthened its flagship no-lapse guarantee universal life insurance — Symetra UL–G — enhancing the product’s Chronic Illness and Terminal Illness Riders and adding an optional Chronic Illness Plus Rider.
Selected at issue and available at an additional cost, the new Chronic Illness Plus Rider gives policyholders a greater level of control over their insurance protection when they have a qualifying event.
"We’ve enhanced Symetra UL-G to strengthen its guaranteed life insurance protection with living benefits," said Meg Skinner, senior vice president, Individual Life Sales and Distribution.
"For life insurance customers who want to leave a legacy, but also want protection in the event of unexpected health issues, our new Chronic Illness Plus Rider provides an additional way to access their money or create an income stream, should the need arise."
Symetra UL-G’s inherent, no-cost Chronic Illness Rider and Terminal Illness Rider allow policyholders to access up to 50 percent and 75 percent, respectively, of the policy’s death benefit, with the maximum amount accessible now increased to $500,000.
The new Chronic Illness Plus Rider allows for up to 100 percent of the policy’s death benefit to be accessed in advance if the policyholder is annually certified as being permanently unable to perform at least two of the six activities of daily living or having a severe cognitive impairment.
When used in conjunction with Symetra UL-G’s inherent Chronic Illness Rider, policyholders may benefit from a dual-solution approach for accessing their death benefit.
With the inherent Chronic Illness Rider, they can access a portion of their death benefit in a lump sum to cover upfront expenses and with the Chronic Illness Plus Rider, they can receive a stream of monthly payments up to 100 percent of their remaining death benefit.
Symetra UL-G is a flexible premium universal life insurance policy with a Lapse Protection Benefit that may work for those who want to:
Leave a financial legacy to family or a favorite charity.
Have lifetime protection with guarantees.
Have protection against unexpected health concerns such as chronic, critical or terminal illness.
Provide funds to help cover estate taxes, fees or final medical bills.
In addition to Symetra UL-G, the Chronic Illness Rider Plus is available through Symetra CAUL — a flexible premium current assumption UL product. Other optional riders available through both products include an Accidental Death Benefit, Additional Term Rider and Charitable Giving Benefit.