Symetra Introduces Protector Indexed Universal Life
/Symetra Life Insurance Company has announced the introduction of a new version of its protection-focused indexed universal life insurance (IUL) product — Symetra Protector IUL. The flexible-premium adjustable life insurance policy with a lapse protection benefit and seven index-linked interest options provides guaranteed death benefit protection and added potential for policy cash value growth.
“Symetra’s commitment to the IUL marketplace means offering well-rounded product solutions that provide real customer value. We know that cost-effective, no-lapse protection products remain a top priority for insurance producers and their clients. Symetra Protector IUL offers clients an indexed universal life product with transparent features and a simple story. Its new enhancements offer the opportunity for even stronger death benefit guarantees, more competitive premiums, lower policy charges and attractive cash value accumulation potential,” said Phil Bouvier, senior vice president, individual life sales and marketing.
A news release from Symetra pointed to the following highlights of the new policy:
· Improved pricing — Symetra Protector IUL is designed to be a market-leader for low premiums and strong death benefit guarantees. Together with high target premiums and lower policy costs, Symetra says Protector IUL is one of the most competitive and well-rounded protection-focused indexed universal life (IUL) products available.
· Higher index cap and participation rates — Symetra Protector IUL caps and rates have improved. Effective with the November 14, 2022, index sweep date, they will apply to all new business, including new premium, transfers (including dollar-cost averaging) and reallocations of matured segments.
· New Putnam Dynamic Low Volatility Excess Return Index™ Strategies (Putnam Index Strategies) — Exclusive to Symetra, these new index strategies seek to generate index credits based on the Putnam Dynamic Low Volatility Excess Return Index. This index pursues returns with a focus on managing volatility and avoiding unwanted surprises.
“Symetra has been very deliberate about expanding our life portfolio to help us and our BGA partners reach more customers. Enhanced products like our Protector IUL and Accumulation Ascent IUL, and new offerings like our MultiLife Business Program and award-winning SwiftTerm® digital term life insurance platform are bringing a wider array of solutions to Symetra customers and partners,” said Mr. Bouvier.