Washington-based Symetra Life Insurance Company has launched a new cash value universal life (UL) product, called Classic Universal Life Insurance.
The company said Symetra Classic is designed to provide policyholders and their beneficiaries with a lifetime of protection and a financial safety net if the unexpected happens by focusing on cash accumulation, flexible premium payments and favorable access options.
According to the company, Symetra Classic is tailored to customers who have a longer-term need for life insurance, such as covering end-of-life expenses or caring for a dependent and also can be used as an additional source of income for emergencies or to supplement retirement savings.
Symetra executive vice president of Life Division Jon Curley said their new universal life product is the first in a planned series of life insurance offerings that will position Symetra as a more serious contender in the life marketplace. With Symetra Classic, they’ve built a competitive UL product that offers tax-deferred growth and easy access to the policy’s accumulated cash value.