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Symetra Simplifies Worksite Life Insurance With New ProductSymetra(SM) Life Insurance Company has launched a new worksite universal life insurance product designed for companies looking to enhance worker benefits with no required employer contributions. The product, called Symetra WorkLife UL(1), is a voluntary universal life insurance policy that helps employees safeguard their family's financial security for just a few dollars a paycheck. Employers today are hard-pressed to fund comprehensive employee benefit packages that include life insurance coverage. Offering voluntary life insurance at the workplace is an effective way to give employees access to life insurance protection in spite of rising benefits costs to the employer. As a result, voluntary life insurance is expected to remain one of the fastest-growing worksite insurance products. Symetra WorkLife UL includes a number of features that make delivering the product at the workplace easy, such as: * No cumbersome enrollment or underwriting responsibilities. Symetra Life and its partners will handle employee enrollments and underwriting entirely on behalf of the agent. Professional enrollers will visit the worksite to sign up employees. * Employee-friendly flexibility. Symetra WorkLife UL is a portable benefit. It allows an employee to take the coverage with them and maintain coverage even if they leave their employer. * Automatic payroll deductions. Automatic payroll deductions and a specialized billing service enable employers to efficiently administer the premium process for their workers. There are no paper bills. * A turnkey worksite product. By combining a streamlined enrollment and application service, simple benefits administration, and solid benefits, Symetra WorkLife UL is a hassle-free way for agents and distributors to begin offering worksite life insurance.
Symetra WorkLife UL is designed to meet the permanent insurance needs of today's workers. The coverage guarantees a death benefit up to age 100, as long as minimum premium requirements are met. As universal life coverage, Symetra WorkLife UL provides a lifetime of protection, as opposed to conventional term life insurance policies that only offer protection for a specific time period. Also, coverage benefits do not decline as the employee ages. The coverage offers significant accelerated benefit options with no additional underwriting or premium costs. For example, a policyholder may be able to access 100 percent of a discounted death benefit to help cover costs associated with nursing home care or treatment for a terminal illness. In addition, employees can elect life insurance coverage for other family members. "This is a straightforward, easy-to-use product for workers, employers, and agents alike," said Mike Madden, Vice President of Individual Life Insurance at Symetra Life. "Symetra WorkLife UL not only provides lasting coverage and consumer value, it is simple coverage to administer for all parties. We think Symetra WorkLife UL may be a great way to meet the growing demand for voluntary life insurance at the worksite." |
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