04/29/2024 | Press release | Distributed by Public on 04/29/2024 11:09
UPDATED INFORMATION ABOUT YOUR POLICY |
KEY INFORMATION |
FEES AND EXPENSES | |
Charges for Early Withdrawals |
We will deduct a surrender charge if You surrender Your Policy during the first nine (9) Policy Years. The surrender charge is assessed per $1,000 of Initial Specified Amount. The maximum surrender charge is $57.96 per $1,000 of Initial Specified Amount. If You surrender Your Policy during the first nine (9) Policy Years, You could pay a surrender charge of up to $5,796 on a $100,000 Initial Specified Amount.
Upon each withdrawal, We may charge a $25.00 Withdrawal Processing Fee. This charge is currently waived.
For more information, see SURRENDER CHARGE.
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Transaction Charges |
In addition to surrender charges, You may also be charged for other transactions. A Premium Charge will apply to each Premium made to Your Policy. A Transfer Processing Fee of $25 may apply upon each transfer in excess of 24 transfers in a Policy Year. This charge is currently waived. For more information, see CHARGES AND FEES. |
FEES AND EXPENSES | ||
Ongoing Fees and Expenses (annual charges) |
In addition to surrender charges and transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy and the cost of optional benefits available under the Policy. These fees and expenses are set based on characteristics of the insured such as Attained Age, Issue Age, Risk Class of the Insured, and if permitted by state law, sex. Interest on any Policy loans is not reflected. You should view the Policy specifications page of Your Policy for rates applicable to Your Policy.
You will also bear expenses associated with the Funds made available under the Policy. For the fiscal year ended December 31, 2023, the minimum and maximum total operating expenses were as follows:
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Annual Fees | Minimum Maximum | |
Fund Fees and Expenses |
0.10% 0.34%
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For more information, see CHARGES AND FEES. |
RISKS | |
Risk of Loss |
You may lose money by investing in the Policy. For more information see PRINCIPAL RISKS OF INVESTING IN THE POLICY. |
Not a Short-Term Investment |
The Policy is not suitable as a short-term savings vehicle and, therefore, may not be the right kind of policy if You plan to withdraw money or surrender the Policy for short term needs. You may pay substantial charges if You surrender Your Policy. For more information see PRINCIPAL RISKS OF INVESTING IN THE POLICY. |
Risks Associated with Investment Options |
Investment in the Policy is subject to the risk of poor investment performance of the Funds and can vary depending on the performance of the Funds available under the Policy. Each Fund and the Fixed Account has its own unique risk. You should review these investment options before making an investment decision. For more information see PRINCIPAL RISKS OF INVESTING IN THE POLICY. |
Insurance Company Risks |
Investment in the Policy is subject to the risks related to Symetra Life. Any obligations, including obligations related to the Fixed Account, guarantees and benefits provided for under the Policy are subject to Our financial strength and claims paying ability. More information about Us, including Our financial strength ratings, is available upon request by calling 1-800-796-3872, or visiting Us at www.symetra.com/regulatoryreports. For more information, see THE GENERAL ACCOUNT. |
Policy Lapse |
The Policy will Lapse if the Net Surrender Value is not sufficient to cover the Monthly Deduction due and the Policy is not in a No Lapse Guarantee Period. This could happen due to poor Subaccount investment performance, withdrawals, and unpaid loans and loan interest. The Death Benefit will not be paid if a Policy Lapses. We will reinstate a Lapsed Policy only if our requirements for reinstatement are satisfied, including as to continued insurability of the Insured Person, and You will incur costs in connection with any reinstatement. For more information, see POLICY LAPSE AND REINSTATEMENT. |
RESTRICTIONS | |
Investments |
You may allocate amounts under the Policy to one or more of the Subaccounts and to the Fixed Account. We reserve the right to add, combine, restrict, or remove any Subaccount as an investment option under Your Policy. We further reserve the right to restrict or remove the Fixed Account as an investment option available under the Policy. For more information, see THE FUNDS. |
RESTRICTIONS | |
Optional Benefits |
Accelerated Death Benefit for Chronic Illness Rider
This rider may not be exercised if You have exercised the Accelerated Death Benefit for Terminal Illness Rider.We may modify or stop offering this rider at any time.
Accelerated Death Benefit for Chronic Illness Plus Rider
This rider may not be exercised if You have exercised the Accelerated Death Benefit for Terminal Illness Rider. We may modify or stop offering this rider at any time.
Accelerated Death Benefit for Terminal Illness Rider
This rider may not be exercised if You have exercised the Accelerated Death Benefit for Chronic Illness or the Accelerated Death Benefit for Chronic Illness Plus Rider. We may modify or stop offering this rider at any time.
Overloan Lapse Protection Rider
This rider is only exercisable after Attained Age 75 and once the Policy has been in force for 15 completed Policy Years. Your Policy must utilize the Guideline Premium Test for Life Insurance and cannot be a Modified Endowment Contract at the time of exercise. Once exercised, Your Variable Policy Value will be transferred to the Fixed Account. We may modify or stop offering this rider at any time.
Waiver of Monthly Deductions Rider
This rider is only available if total disability, as defined in the rider, begins prior to Attained Age 65 and has existed continuously for at least 6 months. We may modify or stop offering this rider at any time.
For more information, see OTHER BENEFITS AVAILABLE UNDER THE POLICY.
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TAXES | |
Tax Implications |
You should consult a competent tax professional before purchasing the Policy to determine the tax implications of an investment in the Policy. Withdrawals may be subject to ordinary income tax and may be subject to additional taxes. Lapse of a Policy on which there is an outstanding loan may have adverse tax consequences. For more information, see TAXES. |
CONFLICTS ON INTEREST | |
Investment Professional Compensation |
Investment professionals who solicit sales of the policies receive a portion of the commission payable to the broker-dealer firm, depending on the agreement between the broker-dealer and the investment professional. We pay commissions as a percentage of premiums invested in the Policy. An investment professional may receive different compensation for selling different investment products and may have a financial incentive to offer or recommend the Policy over another investment product. For more information, see DISTRIBUTION. |
Exchanges |
An investment professional may have a financial incentive to offer You a new policy in the place of a policy You already own. You should not exchange this Policy for a new one unless You determine, after comparing the features fees and risks of both policies, that the exchange is preferable for You. For more information, see DISTRIBUTION. |
APPENDIX: FUNDS AVAILABLE UNDER THE POLICY |
TYPE | FUND NAME AND ADVISOR |
CURRENT EXPENSES
(As of 12/31/2023)
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AVERAGE ANNUAL TOTAL RETURN
(As of 12/31/2023)
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1 Year | 5 Year | 10 Year | |||
U.S. Equity |
American Funds IS® Growth Fund - Class 1Capital Research and Management Company
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0.34% | 38.81% | 18.97% | 14.64% |
Taxable Bond |
DFA VIT Inflation - Protected Securities Portfolio
Dimensional Fund Advisors, LP
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0.11% | 4.02% | 3.10% | NA |
U.S. Equity |
Fidelity® VIP Extended Market Index Portfolio - Initial Class
FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. (*)
|
0.13% | 17.44% | 11.31% | NA |
U.S. Equity |
Fidelity® VIP Index 500 Portfolio - Initial Class
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor.Geode serves as sub-adviser for the fund. (*) |
0.10% | 26.19% | 15.56% | 11.92% |
Money Market |
Goldman Sachs VIT Government Money Market Institutional Class
Goldman Sachs Asset Management, L.P. |
0.18% | 5.05% | 1.82% | 1.19% |
Asset Allocation |
Vanguard VIF - Balanced Portfolio
Wellington Management Company, LLP
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0.21% | 14.33% | 9.59% | 7.89% |
Asset Allocation |
Vanguard VIF - Conservative Allocation Portfolio
The Vanguard Group, Inc.
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0.13% | 12.51% | 5.60% | 4.84% |
U.S. Equity |
Vanguard VIF - Diversified Value Portfolio
Lazard Asset Management LLC (Lazard) and
Hotchkis and Wiley Capital Management, LLC
The Vanguard Group, Inc.
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0.29% | 20.13% | 14.28% | 9.27% |
Taxable Bond |
Vanguard VIF - High Yield Bond Portfolio
Wellington Management Company, LLP
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0.24% | 11.66% | 5.13% | 4.34% |
U.S. Equity |
Vanguard VIF - Mid-Cap Index Portfolio
The Vanguard Group, Inc.
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0.17% | 15.83% | 12.56% | 9.27% |
Taxable Bond |
Vanguard VIF - Total Bond Market Index Portfolio
The Vanguard Group, Inc.
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0.14% | (5.58)% | 1.04% | 1.71% |
International Equity |
Vanguard VIF -Total International Stock Market Index Portfolio
The Vanguard Group, Inc. |
0.11% | 15.54% | 7.31% | NA |
U.S. Equity |
Vanguard VIF - Total Stock Market Index Portfolio
The Vanguard Group, Inc.
|
0.13% | 25.95% | 14.93% | 11.29% |