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  • Symetra Introduces Accumulator Ascent IUL

    April 19, 2022 by Symetra

    BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra today announced the introduction of a new version of its Accumulator indexed universal life insurance (IUL) product — Symetra Accumulator Ascent IUL. The flexible-premium adjustable life insurance policy with index-linked interest options provides death benefit protection plus policy cash value growth potential that can help with future income needs.

    “Symetra is committed to the IUL marketplace and always looking for ways to offer products and services that provide significant value. Our enhanced Accumulator Ascent IUL offers clients a straightforward indexed universal life product with a simple story: the opportunity for even stronger cash value accumulation potential, more competitive policy distributions and lower policy charges,” said Phil Bouvier, senior vice president, Individual Life Sales and Marketing.

    Accumulator Ascent offers eight interest crediting options: seven indexed strategies plus a fixed interest option. Any growth within the index strategies is linked to the performance of the selected market index. Policies can benefit from the potential growth of these external indexes, but are also protected from market losses.

    Exclusive to Symetra are new Putnam Dynamic Low Volatility Excess Return Index™ Strategies (Putnam Index Strategies), which seek to generate index credits based on the Putnam Dynamic Low Volatility Excess Return Index. This dynamic index pursues attractive returns with a focus on managing volatility and avoiding unwanted surprises. In addition to the new Putnam Index Strategies, Accumulator Ascent continues to offer Symetra’s competitive Core and Allocation Index (AI) Strategies.

    Symetra MultiLife Business Program

    Earlier this year, Symetra rolled out a new MultiLife Business Program, an efficient insurance solution for small to mid-sized employers looking to retain top talent and protect their business. Program highlights include:

    • Eligible employees under the program are covered by a Symetra Accumulator Ascent IUL policy, which provides death benefit protection and growth potential based on the performance of their selected index strategies.
    • Policies are issued to program-eligible employees on a guaranteed-issue (GI) underwriting basis, removing the need for medical evidence or traditional underwriting reviews.
    • MultiLife cases are submitted through a simple three-step case review and invitation to apply process.

    “Symetra has been very deliberate about expanding our life portfolio to help us and our BGA partners reach more customers. Enhanced products like Accumulator Ascent IUL and new offerings like our MultiLife Business Program and award-winning SwiftTerm® digital term life insurance are bringing a wider array of compelling solutions to Symetra customers and partners,” said Phil Bouvier.

    To learn more about Symetra Accumulator Ascent IUL or the MultiLife Business Program, contact your insurance professional.

    About Symetra

    Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, a diversified financial services company based in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers. For more information, visit www.symetra.com.

    Important Information

    Life insurance is issued by Symetra Life Insurance Company, 777 108th Ave NE, Suite 1200, Bellevue, WA 98004. Products, riders, features, terms and conditions may vary by state and may not be available in all U.S. states or any U.S. territory.

    Symetra Accumulator IUL and Accumulator Ascent IUL are flexible-premium adjustable life insurance policies with index-linked interest options. Policy form number is ICC17_LC1 in most states.

    Life insurance policies contain exclusions, limitations, reductions of benefits and terms for keeping them in-force. Please contact your insurance professional for complete details.

    Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company.

    Symetra Accumulator IUL and Accumulator Ascent IUL have fixed and indexed accounts. Interest credited to the indexed accounts is affected by the value of outside indexes. Values based on the performance of any index are not guaranteed. The policies do not directly participate in any outside investment or index.

    Allocations to the fixed account or index strategies are based on the allocation instructions provided at time of application, and may be subsequently changed in writing by the policyowner. When allocations occur, an index segment for each respective index strategy is created. Each index segment has its own index crediting method, index value, index cap, index spread, index floor, index participation rate, index segment term, and index start and maturity date. The index caps, floors and participation rates after the initial index segment term may be higher or lower than the initial rates, but will never be less than the guaranteed minimums shown in the policy The index spreads after the initial index segment term may be higher or lower than the initial spreads, but will never be higher than the guaranteed maximum shown in the policy.

    Policy endorsements are not available in all U.S. states or any U.S. territory, and terms and conditions may vary by state in which they are available. Where available, they are usually issued under the following endorsement form numbers: Putnam Dynamic Low Volatility Excess Return Index with Bonus Index Account form number ICC22_LE2, Putnam Dynamic Low Volatility Excess Return Index with High Participation Rate Index Account form number ICC22_LE3, Symetra Allocation Index Account 1-Year Point-to-Point form number ICC20_LE6 and Symetra Allocation Index Account 2-Year Point-to-Point form number ICC20_LE7.

    Symetra reserves the right to add, modify or remove any index strategy or crediting method. If any index is discontinued or if the calculation of any index is changed substantially, Symetra reserves the right to substitute a comparable index.

    Except for the Putnam Dynamic Low Volatility Excess Return Index, the performance of an index does not include the payment or reinvestment of dividends in the calculation of its performance.

    Election of a Symetra Allocation Index and/or Putnam Index Strategy does not guarantee a greater index credit for any other index segment term.

    It is not possible to invest in an index.

    The Putnam Dynamic Low Volatility Excess Return Index (the “Index”) is the property of Putnam Investments, LLC, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Index. The Index is not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). Neither Putnam Investments, LLC nor S&P Dow Jones Indices will be liable for any errors or omissions in calculating the Index. Putnam Dynamic Low Volatility Excess Return Index™ is a trademark of Putnam Investments, LLC. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Putnam Investments, LLC. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

    This is not a complete description of the Symetra Accumulator IUL and Accumulator Ascent IUL products. For more complete descriptions, please refer to the policies.

    Restrictions may apply to the Symetra MultiLife Business Program, and it’s subject to change without notice.

    Contacts

    Diana McSweeney
    (425) 256-6167
    diana.mcsweeney@symetra.com

    Originally Posted at BusinessWire on April 12, 2022 by Symetra.

    Categories: Industry Articles
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