Guaranteed life insurance protection with living benefits

Transcription

1 Guaranteed life insurance protection with living benefits Symetra Classic Universal Life Insurance with Lapse Protection Benefit Not a bank or credit union deposit or obligation Not insured by any federal government agency Not FDIC or NCUA/NCUSIF insured Not guaranteed by any bank or credit union May lose value LIM /13

2 Symetra Classic Universal Life Insurance A classic solution for changing needs For most people, universal life insurance represents a lifelong financial commitment. It s not unusual, however, for protection and estate planning needs to change over time. Symetra Classic s cash value focus is designed to provide you with options options like temporarily skipping payments, raising or lowering the policy s face amount, or even funding the future purchase of an insurance product that better suits your changing needs. Classic benefits: Optional lifetime, no-lapse protection. Flexible premium payments and death benefit payouts. Federal income tax is deferred while cash value grows. The potential to use cash value as a future financial cushion. Access to cash for a cognitive impairment or terminal illness.

3 Benefits of universal life insurance Considerations Life insurance provides money to secure your family s financial future or to transfer wealth. Some types of permanent insurance can also allow you to accumulate cash value for your own income needs. Unlike term life insurance, which typically provides coverage for a certain number of years, universal life is designed to provide flexible coverage throughout your lifetime. As long as the minimum monthly premium is paid, your beneficiaries are guaranteed to someday receive a federal incometax-free death benefit. Universal life also enables you to access any accumulated cash value during your lifetime. When considering life insurance, here are some questions to ask yourself: Is the death benefit needed for financial protection or to transfer wealth? How much of a death benefit is needed? Do I want to accumulate cash value for my own use? If so, can I benefit from: Federal income tax-deferred growth? Conservative, low-risk growth? Protection from creditors? There s more to life than a death benefit.

4 Symetra Classic Universal Life Insurance Why Classic? Symetra Classic is a universal life policy that can be tailored to your unique objectives, whether that s guaranteed lifetime protection or a focus on cash value accumulation. 1 It also offers a flexible payment schedule and can adapt over time to your changing needs. Included benefits 2 Accelerated Death Benefit Rider for Cognitive Impairment and Limited Activities of Daily Living If the insured is diagnosed with a severe cognitive impairment, a portion of the death benefit can be accelerated in advance to help pay medical bills or other expenses. Up to 50% of the policy s death benefit ($250,000 maximum) can be accessed in advance if the insured: Is unable to perform at least two of six activities of daily living for a continuous 90-day period, or Has a severe cognitive impairment for 90 continuous days that requires supervision to ensure the health and safety of himself or herself and others. 3,4,5 Accelerated Death Benefit Rider for Terminal Illness If a physician certifies that the insured is terminally ill with less than 12 months to live, up to 75% of the policy s death benefit can be accelerated (maximum of $250,000) in a lump sum, reduced by any outstanding loans. 5 Charitable Giving Benefit When selected at issue, this rider provides an additional 1% of the policy face amount (up to $100,000) upon the insured s death to the qualified charity of the policyowner s choice. 6 Safety Benefit Automatically added at issue, this rider provides an additional $10,000 death benefit if the insured s death occurs as the result of a motor vehicle accident and a seatbelt was worn at the time of the accident. Transportation Benefit Automatically added at issue, this rider provides an additional $5,000 death benefit to help cover transportation costs if the insured s death occurs more than 100 miles from home. Proof of residency may be required.

5 Speak with your insurance professional to learn more about the unique lifetime protection features offered by Symetra Classic Universal Life Insurance. Other optional riders 2 The following optional riders are available for an additional cost: Lapse Protection Benefit Available only at issue, this rider may be terminated at any time, and guarantees insurance coverage will continue during any time period the policyowner selects. 1 Additional Term Rider Adds a 20-year level term life insurance rider to the insured s policy. Insured Children s Benefit Provides $1,000 to $10,000 of life insurance coverage on all dependent children, ages 15 days through 17 years. Accidental Death Benefit Provides an additional death benefit of $250,000, or up to three times the policy s face amount, whichever is less, if the insured s death is accidental. Guaranteed Insurability Option Depending on the current age of the insured, provides the option to purchase additional coverage in amounts between $10,000 and $45,000, on specific future dates, without evidence of insurability. 7 Details about Symetra s cash value growth Tax deferral on any earnings. Policy loans are available. Loans offered at a net interest rate of 1% through the first 10 years. After 10th year, the net interest rate is guaranteed to never exceed 0.25%. 8,9 Partial withdrawals, which permanently reduce the death benefit, may be taken without surrender charges year surrender charge schedule that decreases over time.

6 Symetra Classic Universal Life Insurance About us With roots dating back more than half a century, Symetra delivers retirement, benefits and life insurance solutions nationwide. To learn more about us, visit

7

8 Symetra Life Insurance Company th Avenue NE, Suite 1200 Bellevue, WA Symetra is a registered service mark of Symetra Life Insurance Company. Symetra Classic Universal Life Insurance is a flexible premium universal life insurance policy issued by Symetra Life Insurance Company, th Avenue NE, Suite 1200, Bellevue, WA Policy form number is ICC11_LC5 in most states and is not available in all U.S. states or any U.S. territory. Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company. 1 Lapse Protection Benefit is not available in all states and terms and conditions may vary by state in which it is available. The benefit is also not available with juvenile-rated policies. Insurance coverage will continue as long as the Lapse Protection Benefit remains in effect. Note that any increase in the policy s face amount after issue will terminate the Lapse Protection Benefit. 2 Terms and conditions may vary by state; may not be available in all states. 3 Generally speaking, a severe cognitive impairment is a deterioration or loss in intellectual capacity in which the person requires substantial supervision by another person, and is measured by clinical evidence and standardized tests that reliably measure impairment in short- or long-term memory, orientation to people, places or time, and deductive or abstract reasoning. 4 Basic activities of daily living consist of self-care tasks, including, but not limited to: personal hygiene and grooming, dressing and undressing, self feeding, functional transfers (getting from bed to wheelchair, getting onto or off of toilet, etc.), bowel and bladder management. 5 Only available for issue ages 20-85, and not available on rated policies. Receipt of an Accelerated Death Benefit may be taxable. You should consult your personal tax or legal advisor before applying for this benefit. You may also lose your right to receive certain public funds such as Medicare, Medicaid, Social Security Supplemental Income, and others. 6 Only available on policies with a face amount of $100,000 or more. Payment is 1% of the original base policy face amount, to a maximum of $100,000, regardless of the policy face amount has been increased. If the policy face amount has been decreased, 1% of the remaining base policy face amount is paid. The charity must be designated at time of issue and qualify under tax codes 170(c) and 501(c). If the charity is not operating at the time of the insured s death, the estate may direct proceeds to another qualified charity. 7 Guaranteed Insurability Option is not available on policies with the Lapse Protection Benefit, an additional term rider, or an extra premium rating. 8 The current net interest rate after the 10th year is 0%. 9 Withdrawals or loans on modified endowment contracts (MECs) may be subject to federal income tax and a 10% IRS penalty on amounts taken prior to age 59½.