BELLEVUE, Wash.–(BUSINESS WIRE)–April 12, 2022–
Symetra today announced the introduction of a new version of its Accumulator indexed universal life (IUL) product: Symetra Ascent IUL accumulator. The Flexible Premium Adjustable Life Insurance Policy with Indexed Interest Options provides death benefit protection plus policy cash value growth potential that can help with future income needs.
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“Enhanced products like the Accumulator Ascent IUL and new offerings like our MultiLife Business program are bringing a broader range of attractive solutions to Symetra customers and partners,” said Phil Bouvier, senior vice president of Single Life Sales and Marketing. (Photo: Business Wire)
“Symetra is committed to the IUL market and is always looking for ways to offer products and services that provide significant value. Our enhanced IUL Ascent Accumulator offers customers a direct 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,” he said. Phil Bouvier, Senior Vice President of Individual Life Sales and Marketing.
Accumulator Ascent offers eight interest credit options: seven index 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 indices, but are also protected from market losses.
Exclusive to Symetra are the new Putnam Dynamic Low Volatility Excess Return Index™ strategies (Putnam Index Strategies), which seek to generate indexed 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 launched a new MultiLife Business Program, an efficient insurance solution for small and medium-sized businesses looking to retain top talent and protect their business. Program highlights include:
- Employees eligible under the program are covered by a Symetra Accumulator Advancement 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, eliminating 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 insurance portfolio to help us and our BGA partners reach more customers. Enhanced products like the Accumulator Ascent IUL and new offerings like our MultiLife Business program and SwiftTerm® digital term life insurance are providing a broader range of compelling solutions for Symetra clients and partners,” said Phil Bouvier.
For more information about the Symetra Accumulator Ascent IUL or the MultiLife Business program, please contact your insurance professional.
Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, a diversified financial services company headquartered in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefits consultants, financial institutions, independent financial professionals and insurance producers. For more information, visit www.symetra.com.
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 states. the US states or any US territory.
Symetra Accumulator IUL and Accumulator Ascent IUL are flexible premium adjustable life insurance policies with indexed interest options. The policy form number is ICC17—LC1 in most states.
Life insurance policies contain exclusions, limitations, benefit reductions, and terms for their validity. Contact your insurance professional for complete details.
Warranties and benefits are subject to Symetra Life Insurance Company’s claim-paying ability.
Symetra Accumulator IUL and Accumulator Ascent IUL have fixed and indexed accounts. Interest credited to indexed accounts is affected by the value of external indices. Values based on the performance of any index are not guaranteed. The policies do not participate directly in any external investment or index.
Allocations to the fixed account or index strategies are based on the allocation instructions provided at the time of application, and may be changed in writing by the policyholder at a later time. When allocations are made, an index segment is created for each respective index strategy. 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 expiration date. Caps, floors, and index 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. Index spreads after the end of the initial index segment may be higher or lower. lower than the initial spreads, but never higher than the guaranteed maximum shown on the policy.
Policy endorsements are not available in all US states or US territories, and terms and conditions may vary depending on the state in which they are available. When available, they are generally issued with the following endorsement form numbers: Putnam Low Dynamic Volatility Index of Return with Bonus Index Account Form Number ICC22—LE2, Low Dynamic Volatility Index of Return Putnam 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 Point Form Number about 2 years ICC20—LE7.
Symetra reserves the right to add, modify or delete any index strategy or crediting method. If any index is discontinued or if the calculation of any index changes materially, Symetra reserves the right to substitute a comparable index.
With the exception of the Putnam Dynamic Low Volatility Excess Return Index, the return of an index does not include the payment or reinvestment of dividends in the calculation of its return.
Choosing a Symetra Allocation Index and/or a Putnam Index Strategy does not guarantee a higher 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 owned by 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 third party licensors (collectively, “S&P Dow Jones Indices”). Neither Putnam Investments, LLC nor S&P Dow Jones Indices shall be responsible for any errors or omissions in the calculation of the Index. Putnam Dynamic Low Volatility Excess Return Index™ is a registered trademark of Putnam Investments, LLC. “Calculated by S&P Dow Jones Indices” and 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 see the policies.
Restrictions may apply to the Symetra MultiLife commercial program and are subject to change without notice.
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CONTACT: Diana McSweeney
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PUB: 04/12/2022 12:00 pm/DISC: 04/12/2022 12:02 pm