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ProdMod: Symetra Announces New Rates for its Term Life Insurance

FROM SYMETRA…
 
A new year brings new rates for Symetra’s Term Life Insurance! Symetra Term now ranks in the top tier for policies with face amounts of $3 million and above in non-nicotine rate classes. Our new rates have been made available for sale since Jan. 27, 2023.

Important Dates & Transition Rules
  • Jan. 27, 2023: Quotes for our repriced term product were made available on Winflex and Symetra Life Illustrator.
  • Feb. 10, 2023: Applications must be signed and dated on or before this date to receive the current term rates. We must receive these applications signed and in good order no later than Feb. 17, 2023. Applications signed and dated Feb. 11, 2023, and after will receive the new rates.
  • March 31, 2023: All cases must be issued/paid to receive current term rates. All cases that have not been issued/paid will receive the new term rates.
 
Find out more about these changes from Symetra…

ProdMod: Symetra Introduces New Version of its Protector IUL

FROM SYMETRA…

We know that cost-effective, no-lapse protection products remains a top priority for you and your clients, and we believe in offering well-rounded product solutions that provide real customer value. That’s why we’re excited to introduce a new version of Symetra Protector IUL that hits all the high marks!

Highlights Include:

  • Improved Pricing: We’re now a market-leader (PDF) for low premiums and strong death benefit guarantees. Together with our high target premiums and lower policy charges, Protector IUL is one of the most competitive and well-rounded protection-focused indexed universal life (IUL) products available.1
  • Higher Index Cap and Participation Rates: Our new Protector IUL rates have improved! These rates (PDF) will be effective with the Nov. 14, 2022, index sweep date and will apply to all new business, including new premium, transfers (including DCA) and reallocations of matured segments.
  • New Putnam Dynamic Low Volatility Excess Return Index Strategies (Putnam Index Strategies)2: Exclusive to Symetra, these new index strategies seek to generate index credits based on the Putnam Dynamic Low Volatility Excess Return Index (PDF). This dynamic index pursues attractive returns with a focus on managing volatility and avoiding unwanted surprises. It combines three kinds of asset classes—U.S. low-volatility stocks, U.S. Treasury bonds and cash—and it has rules that seek to manage risk by dynamically adjusting its allocations to target volatility centered around 5%. Index strategy options include:
    • Putnam Dynamic Low Volatility Excess Return Index with Bonus
    • Putnam Dynamic Low Volatility Excess Return Index with High Participation Rate

In addition to the new Putnam Index Strategies, we’ll continue to offer our competitive Core and Allocation Index (AI) Strategies (PDF). We’ll discontinue our Base and Select Index Strategies to help simplify the options your clients can choose from. Other changes include the removal of our Persistency Bonus as well as updates to our fee and charge structure.

Click to view the full Symetra Protector IUL Product Guide

Transition Rules

  • Nov. 1, 2022: Our illustration systems have been updated with the new version of the product, and marketing materials are available on our product microsite and symetra.com.
  • Nov. 11, 2022: All applications for the current version of the product must be signed and dated. We must receive these applications signed and in good order no later than Nov. 18, 2022. Applications signed and dated Nov. 12, 2022, and after will receive the new version of the product.
  • Dec. 16, 2022: All cases for the current version of the product must be issued/paid. For 1030 exchange cases, the deadline will be extended if the only outstanding requirement is the receipt of 1035 funds.
1Please refer to LIM-1673 for more details on our competitive standings.
2Available in all states except New York, where it hasn’t been filed.

ProdMod: Symetra Now Offering Lower Pricing & Increased Policy Size for SwiftTerm

FROM SYMETRA…

At Symetra, we believe good things come in threes—especially when it comes to improving our products. That’s why we’re pleased to announce three exciting enhancements to Symetra SwiftTerm that are available now!

Lower Pricing
For coverage amounts $500,000 and above, SwiftTerm is once again a leader for low premium across the board — especially in our sweet spot ages of 25 to 55 years old in non-nicotine rate classes.1

Click to view the Symetra Competitive Heat Chart

Policy Size Increase to $3 Million
We’ve increased our maximum policy size from $2 million to $3 million to accommodate more of your customers’ growing coverage needs.

Coverage in as Little as 18 Minutes
Qualified clients can now get term coverage even faster than before—in as little as 18 minutes (PDF).2 That’s not just an instant decision we’re providing, but an actual policy on the spot.

Pricing Transition Rules

  • All new and pending applications will automatically receive the lowest rates available.
  • Policies issued prior to Sept. 8 (today) will keep the older rates.

Symetra SwiftTerm is the only end-to-end digital platform that can provide up to $3 million in coverage in as little as 18 minutes.2 And with its industry-leading low premiums, you can look to SwiftTerm to be your go-to online life insurance solution this fall!

1For more details about Symetra SwiftTerm’s competitive standings, refer to LIM-1637.

2Depending upon your client’s answers during the application process, they may travel down one of three underwriting paths—instant coverage, accelerated underwriting or full underwriting. The typical coverage turnaround time is about 18 minutes for instant coverage, 24-72 hours for accelerated underwriting and 30 days for full underwriting.

 

ProdMod: Symetra to Increase Index Cap & Par Rates on Accumulator Ascent IUL

FROM SYMETRA…

Great news! We’re increasing index cap and participation rates on Symetra Accumulator Ascent IUL! These increases will be effective with the September 14, 2022, index sweep date and will apply to all new business, including new premium, transfers (including DCA) and reallocations of matured segments.

Accumulator Ascent IUL’s max illustrated rates are also increasing from 6.00% to 6.24% for all index strategy options. Below are key dates on our rate changes.

Important dates

  • Aug. 26, 2022: Symetra Life Illustrator and all other illustration systems will be updated to reflect the new index cap, participation and max illustration rates.
  • Sept. 14, 2022: Segments created on this date or later will receive the new rates.

 

Index Caps & Par Rates (as of August 26, 2022)

  • Putnam Dynamic Low Volatility Excess Return Index
    • With Bonus
      • Old Par Rate = 125.00%
      • New Par Rate = 140.00%
      • Cap Rate = Uncapped!
    • With High Participation Rate
      • Old Par Rate = 165.00%
      • New Par Rate =180.00%
      • Cap Rate = Uncapped!
  • Symetra Allocation Index Options
    • 1-Year Point-to-Point
      • S&P 500 Index
        • Spread: 5%
        • Cap Rate: Uncapped
        • Old Par Rate:
        • New Par Rate: 100%
      • JP Morgan ETF Efficiente
        • Spread: None!
        • Cap Rate: Uncapped
        • Old Par Rate
        • New Par Rate: 130%
    • 2-Year Point-to-Point
      • S&P 500 Index
        • Spread: 3%
        • Cap Rate: Uncapped
        • Old Par Rate:
        • New Par Rate: 130%
      • JP Morgan ETF Efficiente
        • Spread: None!
        • Cap Rate: Uncapped
        • Old Par Rate
        • New Par Rate: 180%
  • Core Index Strategies
    • Core S&P 500 Index
      • Old Cap Rate = 9.50%
      • New Cap Rate = 10.00%
      • Participation Rate = 100%
    • Core JPMorgan ETF Efficiente 5 Index
      • Old Par Rate = 135.00%
      • New Par Rate = 140.00%
      • Cap Rate = Uncapped!
    • Blended S&P 500 Index & JPMorgan ETF Efficiente 5 Index
      • Old Par Rate = 85.00% (S&P), 150.00% (JPM)
      • New Par Rate = 80.00% (S&P), 160.00% (JPM)
      • Cap Rate = Uncapped!

Find out more about these changes from Symetra…

AdminUpdate: Symetra Now Allows Multiple Producers on SwiftTerm Policies

FROM SYMETRA…

We heard you! Thanks to your feedback, we’ve recently made another enhancement to our SwiftTerm platform. Effective June 4, 2022, multiple producers can now be listed on SwiftTerm policies. Here’s how it works:

  • Up to four producers can be listed on each SwiftTerm policy.
  • One producer will complete the drop ticket.
  • The producer completing the drop ticket will be the primary producer and will:
    • Have access to the digital customer experience portal (DCX) and online pending report (OLP), just as they do with our core products.
    • Show as the producer on the customer portal.
    • Receive all email communications.
  • Producer validation will still occur at the time of the drop ticket, and split percentages will be designated.
  • Production credit will be split according to producer percentages.

Click to view the SwiftTerm microsite for more information.

Find out more about these changes from Symetra…

AdminUpdate: Symetra Announces Enhancements to its HNWFN Market Program

FROM SYMETRA…

We’re committed to keeping up with your foreign national clients’ needs. That’s why we’re pleased to announce some important enhancements to our high-net-worth foreign national (HNWFN) market program! Updates include:

  • The minimum global net-worth requirement has been lowered to $1 million (from $2 million) for eligible clients.
  • Eligible foreign nationals currently residing in the U.S. for at least five consecutive years under specific visas and/or awaiting approval of a green card are not subject to the $1 million global net-worth requirement.
  • Symetra variable universal life is now also available for juvenile cases.
  • Basic underwriting qualification requirements for eligible clients have been updated:
    • A visa is not required for citizens of countries participating in the U.S. Visa Waiver Program.
    • For citizens of Mexico, a border crossing card is acceptable if the card is not expired. A copy of a border crossing card and a valid passport must be provided with the application.

Click to read more on the HNWFN market program details.

Find out more about these changes from Symetra…

ProdMod: Symetra to Offer Ascent IUL on their MultiLife Business Program

FROM SYMETRA…

Protecting the future of a business can be a top priority for many employers. With Symetra’s MultiLife Business Program, you can help your clients protect their business by protecting their key employees through a streamlined underwriting process designed specifically for them. And with the recent introduction of Accumulator Ascent IUL, our MultiLife Business Program just got even stronger!

Ascent replaces the program’s older IUL product version and offers clients a straightforward IUL with the opportunity for even stronger cash value accumulation potential, more competitive policy distributions and lower policy charges. Click to view Accumulator Ascent IUL guidelines.

To be eligible for the MultiLife Business Program, the following requirements apply:

Businesses

  • Minimum group size: 10 eligible employees.
  • Maximum group size: 250 eligible employees (larger groups considered on a case-by-case basis).
  • At least 80% of eligible employees must participate.
  • Premiums must be paid via list bill by the employer at the same frequency (monthly or annually) for all policies in the group.

Employees

  • An employer/employee relationship must exist.
  • Issue ages: 20 to 70 years old (average age of eligible group must be 55 or younger).
  • Executive, owner, management or white-collar roles.
  • Minimum salary: $75,000 annually, including base salary and bonuses (lower salary amounts considered based on geographic location and other factors as appropriate).
  • Actively working for the employer for a minimum of 30 hours per week. • Must not have been hospitalized or absent from work due to illness or accident for more than three days in the last three months.
  • U.S. citizens or permanent residents working in the United States. Foreign nationals (non-U.S. citizens/non-permanent residents) from our “A-list” countries working in the U.S. will be considered but may only comprise of 10% of the total group’s coverage amount. Foreign nationals must have the same benefit program as domestic employees.

Underwriting Guidelines
Our MultiLife Business Program provides coverage for eligible employees on a guaranteedissue (GI) underwriting basis. Maximum coverage amounts are determined by a formula that includes: group size, salary multiple determined by Symetra, and current total salary. To read more on underwriting guidelines and to view guaranteed issue limits, click here.

Case Review & Invitation Process
Before individual employee applications can be accepted, we must first review and approve each business group case for eligibility. Click to read more on our three-step case review process.

Want to know more? Click here to view details on the MultiLife Business Program.

Find out more about these changes from Symetra…

ProdMod: Symetra Reduces SwiftTerm Pricing Effective May 19th

FROM SYMETRA FINANCIAL…

We’re excited to announce that we’ve once again reduced our SwiftTerm pricing and expanded our product sweet spots!

For coverage amounts of $500,000 and above, SwiftTerm is now a leader for low premium across the board (PDF) — especially in our expanded sweet spot ages of 25 to 55 in non-nicotine rate classes. Our new rates are available starting May 19th, 2022.

With SwiftTerm, clients get an end-to-end digital experience that can provide them with up to $2 million of term life insurance in as little as 25 minutes. And with an easy application process that offers three potential underwriting paths to get them the coverage they need, you can look to SwiftTerm to be your go-to path to success this year.

Click here to view the Symetra Competitive Heat Chart

Transition rules

  • New SwiftTerm pricing is now available. All new and pending applications will receive the lowest rates available
  • Policies issued prior to May 19 (today) will keep old rates.

We’re excited to offer our new pricing and look forward to supporting your sales efforts!

Find out more about these changes from Symetra Financial…

Symetra’s SwiftTerm Takes Home Another Insuretech Award

FROM SYMETRA…

Symetra is the recipient of a 2022 Celent Model Insurer Award, winning in the Innovation Execution category for its Symetra SwiftTerm® digital term life insurance platform. Celent, a global research and advisory firm for the financial services industry, announced the awards at their annual Innovation & Insight Week.

Celent Model Insurer Award nominations undergo a rigorous evaluation process by Celent analysts, who assess insurer submissions on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence.

“The Celent Model Insurer Awards recognize how insurers are using technology to change the face of insurance. Achieving operational excellence requires transforming processes and systems into competitive advantages by making them leaner, faster, more flexible and of higher quality,” said Andrew Schwartz, analyst at Celent. “Our 2022 Model Insurer Award honorees should serve as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall.”

The SwiftTerm platform is modeled as a microservices-based event-driven architecture. It includes more than 80 auto-scaling RESTful API’s, a centralized API plane for all transactions. The platform can ingest and publish millions of events and is built using a fully automated CI/CD platform that includes DNS, domains, and certificates. The real-time distributed system is powered by 16+ SaaS providers, utilizing best-in-breed technology from some of the top vendors in the market today.

Please see the full press release from Symetra for more and give the SwiftTerm platform part of your agency’s 2022 strategy.

ProdMod: Now Available – Symetra’s New Accumulator Ascent IUL

FROM SYMETRA…

Ready for an IUL that can take your clients’ cash value accumulation potential to a higher level? Our new version of Accumulator IUL, Accumulator Ascent IUL, is coming April 8, 2022! Highlights include:

  • More competitive pricing
  • New Putnam Dynamic Low Volatility Excess Return Index™ Strategies
  • A more simplified IUL story
Transition Rules

Please review these key dates for transitioning our current Accumulator IUL product to the new Accumulator Ascent IUL:

  • April 7, 2022: All applications for the current version of the product must be signed and dated. We must receive these applications signed and in good order no later than April 15, 2022. Applications signed and dated after April 7, 2022, will receive the new version of the product.
  • April 8, 2022: Our illustration systems will be updated with the new version of the product, and marketing materials will be available on our product microsite and symetra.com.
  • June 15, 2022: All cases for the current version of the product must be issued/paid. For 1035 exchange cases, the deadline will be extended if the only outstanding requirement is the receipt of 1035 funds.
New Rates Coming to Accumulator and Protector IUL

We will be making index cap and participation rate changes to our Accumulator and Protector IUL products, effective with the May 14, 2022 index sweep date. These changes will affect all in-force policies and new business, including new premium, transfers (including DCA) and reallocations of matured segments. For more details on our rate changes, please review the following:

Find out more about these changes from Symetra…

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