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Life insurance is issued by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004-5135. Not available in all U.S. states or any U.S. territory.
Symetra Accumulator IUL and Protector IUL are flexible-premium adjustable life insurance policies with index-linked interest options. In most states, the policy form number for Symetra Accumulator IUL is ICC17_LC1 and for Symetra Protector IUL it is ICC18_LC2. Symetra Term Life Insurance policy form number is ICC18_LC1 in most states. Symetra UL-G and CAUL are flexible-premium universal life insurance policies. The policy form number is ICC14_LC2 in most states.
Policy riders 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.
Automatically included in the policy, the Accelerated Death Benefit for Chronic Illness Rider is usually issued under form number ICC16_LE6 for Symetra Accumulator IUL and Protector IUL policies. For Symetra UL-G and CAUL policies, it is usually issued under form number ICC15_LE1 and under the name “Chronic Illness Rider.”
Selected at issue and available at an additional cost, the Accelerated Death Benefit for Chronic Illness Plus Rider is usually issued under form number ICC16_LE7 for Symetra Accumulator IUL and Protector IUL policies. For Symetra UL-G and CAUL policies, it is usually issued under form number ICC15_LE4 and under the name “Chronic Illness Plus Rider.”
Symetra UL-G’s Return of Premium (ROP) Rider is usually issued under policy form number ICC15_LE5. It is an optional rider offered at an additional charge. Under this rider, if a full surrender is requested during an ROP Access Period, we will pay an amount equal to the greater of the Net Cash Surrender Value and the ROP Value. There are conditions when you may not receive 100% of your premiums back. In order to qualify for the benefit, the rider must be in effect and in a ROP Access Period and all eligibility requirements must be met. Prior to the start of any ROP Access Period, we will send a communication with available options. Exercising the ROP Rider will result in the termination of the policy.
The Return of Premium (ROP) Rider is not available without Lapse Protection Benefit (LPB) Rider. If LPB is terminated or any portion of the death benefit is accelerated, the ROP will also terminate.
The Return of Premium Rider is available for all insureds age 70 and under that are rated no more than Table 4, flat extra of $3 for 5 years, or have a combination table rating and flat extra. The ROP benefit is designed to return up to 100% of the cumulative paid premiums reduced by any withdrawals, loans and outstanding loan interest. The ROP benefit will not exceed the face amount of the policy. For nicotine users and rated policies, the ROP benefit will not exceed 50% of the face amount of the policy.
Symetra UL-G’s Lapse Protection Benefit is usually issued under form number ICC13_LE5. 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.
Symetra Protector IUL’s Lapse Protection Benefit is included at no additional cost and prevents the policy from entering into the grace period during any Lapse Protection Benefit Period. Insurance coverage will continue as long as the Lapse Protection Benefit remains in effect. Note that any increase in the policy’s specified amount after issue will terminate the Lapse Protection Benefit (except when an increase is the result of a change in Death Benefit Option). Loans, withdrawals, and late or delayed premium payments may affect the duration of the Lapse Protection Benefit.
The Surrender Value Enhancement Rider for Symetra Accumulator and Protector IUL is usually issued under form number ICC17_LE4.
Receipt of an accelerated death benefit may be taxable, especially if the insured does not have a prescribed plan of care. Your clients should consult their personal tax or legal advisor before applying for this benefit. They may also lose their right to receive certain public funds such as Medicare, Medicaid, Social Security, Supplemental Security Income (SSI), and possibly others. This accelerated death benefit is intended to qualify under section 101(g) (26 U.S.C. 101(g)) of the Internal Revenue Code of 1986 as amended by public law 104-191. The death benefit and loan value will be reduced if an accelerated death benefit is paid. There is no restriction on the use of proceeds of these accelerated death benefits.
The persistency bonus does not apply to loaned account value backing standard loans.
A rider is a provision of the policy that may have additional costs, limitations, potential benefits and features that should never be confused with the base policy itself. Before evaluating the benefits of a rider, clients should carefully examine the policy to which it is attached.
Certain benefits or riders may have tax implications. Clients should consult with their legal or tax advisor prior to purchasing.
Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company.
This is not a complete description of the Symetra life insurance policies. For a more complete description, please refer to the policy.