Symetra

ProdMod: Symetra Launches New Accumulation VUL Product

FROM SYMETRA…

Our new variable universal life (VUL) product continues our tradition of simplicity, transparency and cost efficiency.

Accumulator VUL is a straightforward, client-friendly VUL offering death benefit protection and the potential to help build wealth for future goals.

Features and riders include:

  • Subaccounts are managed by professional money managers, each with a focus on specific investment objectives or that track and attempt to replicate the performance of specific market indexes.
  • Optional Waiver of Monthly Deductions Rider can help clients if they are totally disabled and unable to work.
  • Embedded Overloan Lapse Protection Rider and No-Lapse Guarantee feature for advanced planning situations.
  • Embedded Accelerated Death Benefit for Chronic Illness and Terminal Illness Riders and an optional Accelerated Death Benefit for Chronic Illness Plus Rider.
  • Optional Charitable Giving Benefit Rider provides an additional benefit to the qualified charity of your client’s choice.
  • Optional Surrender Value Enhancement and Supplemental Protection Riders, which can add design flexibility in complex cases.

Find out more about these changes from Symetra…

ProdMod: Symetra’s New SwiftTerm Rates are at the Top of the Charts

FROM SYMETRA…

SwiftTerm℠: More competitive pricing and expanded sweet spots

At Symetra, we’re always fine-tuning our products to ensure they’re competitive, fulfill your clients’ financial needs, and help you build your business. That’s why we’re excited to announce that Symetra SwiftTerm now offers even more competitive pricing and product sweet spots than before!

SwiftTerm provides the only end-to-end digital platform that can provide up to $2 million in coverage in as little as 25 minutes—and now its new pricing is also bringing the heat (PDF). With our recent changes, SwiftTerm now ranks No. 1 over 90% of the time in our expanded sweet spot ages of 30 to 50 years old in non-nicotine rate classes.2 Our new rates are available for sale effective, Oct. 1, 2021.

Find out more about these changes from Symetra…

ProdMod: Symetra announces updates to their COLI

FROM SYMETRA…

Symetra has stopped new sales of corporate owned life insurance (COLI) policies effective August 24, 2021. This is part of an ongoing strategic shift in our overall product portfolio. Existing COLI policies remain in-force, and there are no plans to make any changes to these policies at this time. Symetra will continue to serve these policyholders as before, and no action is necessary by the policyholder or you.

Symetra continues to offer a portfolio of life insurance and other financial products while serving a wide range of individual customers, groups and distribution partners. We value these relationships and remain committed to the individual life insurance business.

Find out more about these changes from Symetra…

AdminUpdate: Symetra Relaxes COVID Underwriting Restrictions

FROM SYMETRA…

Last year, we announced several temporary changes to our underwriting guidelines as a result of COVID-19. Today, thanks to declining U.S. COVID-19 cases, we are happy to announce that we are removing most restrictions effective Tuesday, July 6.

Key Highlights:

  • For all ages, we will continue to require a Good Health Statement.
  • For all cases up to age 79, we are now applying routine underwriting assessment and criteria. Our underwriting team will continue to conduct a thorough review for all cases with co-morbidities.
  • Cases for ages 80 and above will continue to be postponed.
  • We will not actively ask any clients about vaccinations or past COVID-19 exposure.
  • As we announced last fall for our high-net-worth foreign national market program, we have reverted to our pre-COVID underwriting capabilities (for A and B countries up to $20 million in capacity).

 These guidelines apply to new formal and informal cases, as well as any submitted cases that are still in underwriting review.

We will continue to monitor updates from the U.S. Department of State, the CDC and other local, state and federal agencies, and we reserve the right to adjust these guidelines as conditions warrant.

Find out more about these changes from Symetra…

ProdMod: Deliver Instant Underwriting Decisions with Symetra’s SwiftTerm

FROM SYMETRA…

Symetra SwiftTerm: One easy process, three paths to success

We’re pleased to announce the launch of Symetra SwiftTerm—affordable term life insurance protection that’s fast, easy, and online.

Designed for individuals with coverage needs up to $2 million, we’re among the top carriers for low premiums. Clients can choose from terms of 10, 15, 20 and 30 years and get coverage in as little as 25 minutes. Finally, a swift life insurance solution both you and your clients can feel good about!

SwiftTerm’s easy online application process offers three potential underwriting paths to get the coverage your clients need, and we’ll communicate with you and them throughout the process.

Get a glimpse of the SwiftTerm experience: SwiftTerm: One easy process. Three paths to success.

Client-friendly features

  • Clients can benefit from SwiftTerm’s death benefit protection and built-in features. Highlights include:
  • A fast, hassle-free online application process: Clients can complete the online application anytime from anywhere, and if they qualify, they can have approval in as little as 25 minutes.1
  • Affordable and predictable pricing: Premiums are guaranteed to never increase during their coverage term, so clients will always know what their cost will be.
  • Flexibility: Your clients have the freedom to choose their payment frequency, the ability to lower their coverage amount and the option to convert to a permanent policy if their needs change.
  • Transparency: There are no hidden policy fees or surprises, and we communicate with you and your clients throughout the process.

Find out more about these changes from Symetra…

ProdMod: Symetra Releases Round 2 of their 7702 Implementation Strategy

FROM SYMETRA…

Introducing Symetra Allocation Index (AI) Strategies

Built on our guiding principles of Value, Transparency and Sustainability, we are pleased to introduce our newest innovation — Symetra AI Strategies — which will be available with our new Accumulator 4.0 and Protector IUL 3.0 products starting June 1. Symetra is the first carrier in the industry to use an external index (VIX) to determine your clients’ strategy allocations—and its use for life insurance is exclusive to us!

We designed our new AI Strategies to help clients achieve or exceed their illustrated policy performance by allocating index segments to an index account based on the level of market volatility using the Cboe VIX® Index. When volatility is low, segments are automatically allocated to the S&P 500® Index account, and when volatility is high, segments are allocated to the JPMorgan ETF Efficiente® 5 Index account.

Important dates and transition rules

  • June 1, 2021: Our illustration systems will be updated with the new versions of the products.
  • June 11, 2021: All applications for the current version of the products must be signed and dated. We must receive these applications signed and in good order no later than June 18, 2021. Applications signed and dated after June 11, 2021 will receive the new version of the products.
  • July 23, 2021: All cases for current versions of the products must be issued/paid. For 1035 exchange cases, the deadline will be extended if the only outstanding requirement is the receipt of 1035 funds.

Find out more about these changes from Symetra…

Case Success: Relaxation of COVID Restrictions Unlocks Declined Case

Most cases that go from decline to standard result from significant new information or the client taking steps to rehabilitate their medical condition in some way. In the COVID era, however, it can be much simpler. Read on to find out how a case went from decline to standard based solely on the carrier’s revision of COVID-related underwriting restrictions.

AT A GLANCE:

Underwriting: Evolution of COVID Underwriting Guidelines
Product: Symetra’s Accumulator IUL
Target Premium: $54,428

Situation:

  • A 63-year-old male was seeking $1MM of IUL coverage for estate planning purposes.
  • The economics of the case required the insured receiving a Standard offer to achieve the premium tolerance.
  • Case was submitted formally to Symetra in late March/Early April, resulting in a decline based on the client’s build and history of pulmonary nodules, both co-morbid conditions relative to COVID.

Solution:

  • AIN Member Underwriting Services
  • Symetra’s normalization of some COVID-related underwriting restrictions

Results:

  • The AIN Member reviewed the case after a call from the AIN Underwriting Team encouraging the agency to look at past COVID guideline related declines.
  • Upon review of the file, AIN Underwriting quickly zeroed in on the fact that the build COVID restrictions had been eased by Symetra since the initial declination.
  • In addition, there was a follow-up scan on the clients pulmonary nodules which would satisfy the stability requirement.
  • At AIN’s suggestion and re-packaging of the case by AIN Underwriting, the Member Firm resubmitted the case to Symetra.
  • Symetra was able to offer at Standard rates needed to meet the clients premium tolerance and move the case to issue and placement.
  • The team effort resulted in $54K of target premium placed with Symetra

AdminUpdate: Symetra Term Now Available for High Net Worth Foreign National Sales

FROM SYMETRA…

Symetra Term is now available for high-net-worth foreign nationals

In addition to our fixed permanent life insurance, we’re pleased to announce that Symetra Term Life Insurance will be available with our high-net-worth foreign national (HNWFN) market program, effective March 1, 2021.

If you’re currently working with or have referrals for HNWFN clients, when the time is right, our market expertise and product solutions can help navigate the generational wealth transfer process with a program and guidelines designed specifically for them.

Check out Symetra’s HNWFN-dedicated site for more information and our latest sales tools.

Find out more about these changes from Symetra…

AdminUpdate: Symetra Announces Temporary Face Amount & Premium Limits

FROM SYMETRA…

Temporary death benefit and premium limits on Symetra permanent and term life insurance products

At Symetra, we remain committed to the individual life business and to products that provide value to our mutual customers and are sustainable over the long term.

As a result of the continued low interest rate environment, we will be implementing the following temporary death benefit and premium limits effective Monday, March 15, 2021:

  • Temporary death benefit limit: $20 million
  • Temporary premium limit: $1 million per year

Important dates

  • March 15, 2021: All formal applications must be received at Symetra’s home office in good order (fully completed, signed and dated).
  • March 15, 2021: Symetra Life Illustrator and Winflex illustration systems will be updated to include these temporary limitations.
  • April 30, 2021: The date in which all cases must be issued/paid. For 1035 exchange cases, the deadline will be extended if the only outstanding requirement is the receipt of 1035 funds. Cases that are not issued/paid by this date can proceed, but with a reduced death benefit not to exceed the $20 million limit.

As we continue to work on expanding our product portfolio, we look forward to launching a suite of new products throughout 2021 to help meet your clients’ life insurance needs.

Find out more about these changes from Symetra…

ProdMod: Symetra to Release 7702 Compliant IUL Products

FROM SYMETRA…

Section 7702: Illustration system update

As you are aware, on December 21, 2020, Congress passed the Consolidated Appropriations Act of 2021, which included several updates to IRC Section 7702 that were effective January 1, 2021. These changes impact the interest rates used for the Definition of Life Insurance (DOLI) testing and Modified Endowment Contract (MEC) testing.

In order to be in compliance with these changes, we will be updating our illustration system effective February 17, 2021. Any policies issued after this date will include the new calculations. We will be reaching out directly to those firms with pending business as well as the ones that have placed business with us since January 1, 2021, to share with you our communication plans for affected producers and clients.

New index cap, participation and max illustrated rates for Symetra Accumulator and Protector IUL

Due to the continued low interest rate environment, we will be making changes to our Symetra Accumulator and Protector IUL products. These changes will be effective April 14, 2021, and will affect all in-force policies and new business, including new premium, transfers (including DCA) and reallocations of matured segments.

Important Dates

  • March 11, 2021: The date on which all Accumulator and Protector IUL cases must be issued/paid to receive the existing cap and participation rates (including 1035 exchanges).
  • March 15, 2021: Segments created on this date will receive the old cap rates; policies must be inforce and premium and/or transfer instructions received at Symetra no later than this date. The index new cap, participation and max illustrated rates will be available on Symetra Life Illustrator and Winflex.
  • April 14, 2021: Segments created on this date or later will receive the new cap and participation rates.

Find out more about these changes from Symetra…