Symetra Life Insurance Co. has added a new lapse protection benefit to its cash value universal life (UL) insurance product, Symetra Classic UL. The optional rider guarantees that life insurance coverage will continue for any selected period up to the customer’s lifetime, even if the cash value becomes insufficient to pay monthly charges. The new benefit is designed for customers who are looking for guaranteed protection now, but may want to shift a policy’s focus to growing cash value later.

Symetra says policyholders must elect the benefit at issue and may terminate it at any time, eliminating the benefit charges. Also new to Symetra Classic is the addition of the Cash Value Accumulation Test, which claims to provide more flexibility in premium funding than the existing Guideline Premium Test life insurance option.

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