Symetra Life Insurance Co. said Monday that it had introduced a work-site universal life insurance product designed for companies that want to enhance worker benefits with no required employer contribution.
The product, called Symetra WorkLife UL, is a voluntary universal life insurance policy that helps employees safeguard their family's financial security for a few dollars per paycheck, the Bellevue, Wash., insurer said. It is not available in all states.
Symetra WorkLife UL lets the insurer and its partners handle employee enrollments and underwriting on behalf of the agent. The benefit is portable, meaning employees can take the coverage with them to a new employer. Automatic payroll deductions streamline the billing process, the company said.
