ENHANCING MARKETING LEADING GUL PRODUCT
INTRODUCING NEW ROP RIDER AND ROLLING TARGETS
For the past two years, Symetra Life Insurance Company has been consistently regarded as a price leader in the guaranteed universal life marketplace.1 To maintain and strengthen their leadership position, they are pleased to announce exciting enhancements to their flagship no-lapse-guarantee product. No change in pricing
- They remain a price leader in the GUL marketplace, with no changes to their pricing.2
New Return of Premium (ROP) Rider3 Available on Symetra UL-G for an additional cost, this optional rider is designed to return 100% of the cumulative paid* premiums reduced by any withdrawals, loans and outstanding loan interest. The ROP benefit will not exceed the face amount of the policy. The ROP Rider provides:
- 90 day windows at years 20 and 25.
- A contractual obligation to notify policyholders prior to their window opening.
- Market leading pricing with or without the rider.
*For Nicotine users and rated policies, the ROP benefit will not exceed 50% of the face amount of the policy. New Rolling Targets
- They are pleased to announce that two-year rolling targets will be available on Symetra UL-G, Symetra SUL-G and CAUL products effective April 11th 2016.
Changes to Target Premiums and Renewal Commissions
- They will be rationalizing their approach to target premiums on UL-G and CAUL products. Effective April 11th, targets will be equal to 115% of level lifetime guarantees in the sweet spots (Non-Nicotine, Ages 50-75 with Death Benefits over $500,000). Change in target premium is consistent within the market and allows us to maintain our premium/target leadership story. Targets on SUL-G product are unchanged.
- In addition, they will be making changes to the Renewal Commissions on Symetra UL-G, CAUL and SUL-G products effective April 11th. Effective this date, and in keeping with industry norms, Symetra will be paying renewal commissions for the first 10 policy years only.
New Foreign National Underwriting Program4
- Symetra is pleased to introduce a Foreign National Underwriting program. Under this program, foreign citizens residing in the U.S. with a valid temporary visa or U.S. citizens or permanent residents living abroad for more than 12 weeks per year that meet the eligibility requirements, may apply for a Symetra UL-G, Symetra SUL-G or Symetra CAUL policy.
New Age Requirements
- They are also pleased to announce that they have increased issue ages on Symetra UL-G Super Preferred and Preferred Non-Nicotine rates. Rates are now available for issue ages 20-80.
New Part II Application
- The new Part II application will be available on March 14th. The new Part II application is now available on Symetra.com, iPipeline, Laser App and Winflex.
***Important Business Transition Rules*** March 14, 2016
- The ROP rider is available on Winflex and will be available for issue.**
- New target premiums will be shown on illustrations; current target premiums will be available on the illustration.
- New Issue Ages on Symetra UL-G (Super Preferred and Preferred Non-Nicotine) is available.
- Foreign National program and New Part II application is available.
April 11, 2016
- All formal applications received in good order (fully completed, signed and dated application) at Symetra prior to April 11th will receive the current target premiums.
- All UL-G, SUL-G and CAUL formal applications received on or after April 11th will receive Rolling Targets. Applications received on or after April 11th will receive the new renewal commission rates.
**The Return of Premium Rider is currently not approved in CA and FL. We will communicate under separate cover as we receive approval.