Symetra SUL-G Survivorship Universal Life Insurance
WHY SYMETRA SURVIVORSHIP UNIVERSAL LIFE INSURANCE?
Legacy Planning and Guarantees
When you purchase SUL-G, you are buying a policy that helps ensure your death benefit coverage will be guaranteed and your legacy planning goals are being met. Your policy can be an effective tool for estate planning and wealth transfer, as well as for business-protection needs. When used as part of an estate-planning strategy utilizing an Irrevocable Life Insurance Trust (ILIT), the death benefit will generally pass to your beneficiaries free of federal and estate taxes.1
With the Lapse Protection Benefit, you can ensure that the policy will be in-force for as long as you’d like, without regard to factors such as policy charges and changes in interest rates that are outside of your control. As long as sufficient premium payments are made on a timely basis (as illustrated), no unscheduled loans or partial withdrawals are taken, and the policy loan value does not exceed the policy’s cash surrender value, the insurance coverage will remain in effect.
- Survivorship Return of Premium (SROP) Rider provides an option to surrender the policy for up to 100% of premiums paid at the end of the 15th, 20th or 25th policy year should you determine that insurance coverage is no longer needed.
- Estate Preservation Rider provides additional term life insurance coverage if both insureds die within the first four years of the policy.
- Charitable Giving Benefit pays an additional benefit to the qualified charity of choice upon death of the surviving insured.
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Symetra SUL-G is a flexible premium adjustable survivorship life insurance policy issued by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004. This policy is not available in all U.S. states or any U.S. territory; however, where available, it is usually issued under Policy form number ICC14_LC1.
The Survivorship Return of Premium (SROP) Rider, form number ICC16_LE3 in most states, is an optional rider offered at an additional charge. Under this rider, if a full surrender is requested during a Return of Premium Access Period, we will pay an amount equal to the greater of the Net Cash Surrender Value and the ROP Value. The benefit can be exercised only when the rider is in effect during a ROP Access Period and all eligibility requirements are satisfied.
Prior to the start of any ROP Access Period, we will send a communication with available options. The SROP Rider is available if the general eligibility rules of the underlying Survivorship UL product and the following additional conditions are satisfied: (1) When one insured is over the issue age of 75, the second insured must be issue age 75 or under and must be classified as a Standard Non-Nicotine rate class or better; (2) Neither insured is rated Uninsurable, and (3) Neither insured has a flat extra rating of more than $3 per $1,000 of the face amount or a flat extra rating with a duration longer than five years.
The SROP benefit is designed to return up to 100% of the cumulative paid premiums up to the beginning of the 90-day ROP Access Period, reduced by any withdrawals, loans and outstanding loan interest taken up to the time the benefit is paid. For any insured assessed with a nicotine rate class or any form of a substandard rating, the SROP benefit will return up to 50% of the face amount of the policy. In all cases, the SROP benefit will never exceed the face amount of the policy. Exercising the SROP Rider will result in the termination of the policy.
The Estate Preservation Rider, form number ICC14_LE2 in most states, is an optional rider offered at an additional charge. It is only available for issue ages 20-79.
The Charitable Giving Benefit, form number ICC14_LE4 in most states, is an optional rider offered at no additional charge. It is only available on policies with face amounts of $100,000 or more. Payment is 1% of the original base policy face amount, to a maximum of $100,000. 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 code 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.
The Lapse Protection Benefit, form number ICC14_LE3 in most states, is an included rider that prevents the policy from entering the Grace Period when the policy is in a Lapse Protection Benefit Period. Coverage will remain in effect as long as the cash surrender value of the policy is greater than the sum of all outstanding policy loans and loan interest, sufficient premiums are paid, and no unscheduled loans or withdrawals are taken. Increases to the face amount are not allowed.
Policy riders are not available in all U.S. states or any U.S. territory and terms and conditions may vary where they are available.
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, carefully examine the policy to which it is attached.
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.
Certain benefits or riders may have tax implications. You should consult with your legal or tax advisor prior to purchasing.
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.
1 Trusts should be drafted by an attorney familiar with such matters. Failure to do so could result in adverse treatment of trust proceeds. Symetra Life Insurance Company does not provide tax advice.
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