New Survivorship Return of Premium (SROP) Rider
For an additional cost, our new Survivorship Return of Premium (SROP) Rider returns 100%* of the client’s cumulative paid premiums (reduced by any withdrawals, loans and outstanding loan interest) should their coverage needs change. The SROP benefit will not exceed the face amount of the policy. Features include:
- Three 90-day windows at years 15, 20 and 25.
- A contractual obligation to notify policyowners prior to the opening of each window.
- Market leading pricing with or without the rider.
*For nicotine users and any form of rated policies, the SROP benefit will not exceed 50% of the face amount of the policy. The Survivorship ROP compliments our popular ROP Rider, which is available on the Symetra UL-G product.
Illustrations, applications and marketing materials
- The SROP Rider is available now and can be illustrated on Winflex.·Updated applications are now available on iPipeline, LaserApp, Winflex and Symetra.com.
- SROP and revised Symetra SUL-G marketing materials can be accessed on our SUL-G microsite.
***Important Business Transition Rules for Pending and Recently Issued Cases*** Pending SUL-G cases where no contract has been issued:
The SROP Rider may be added in all states except Florida,** if the following conditions are met:
- An updated illustration with cover letter or email is sent requesting that the SROP Rider be added to the pending case.
- A new, fully completed, signed and dated application with SROP elected and a new signed and dated illustration with SROP illustrated are received at time of delivery.
- Cases pending where a contract and delivery requirements have been sent or
- Cases issued within the past 90-days:
The SROP rider may be added if the following conditions are met:
- An updated illustration with cover letter or email is received by us requesting that the SROP Rider be added to the pending case.
- Symetra’s New Business Team will add the rider, re-execute the contract and send out with new premium requirements.
- At time of delivery, we will require a new signed/dated application and illustration with SROP elected.
**The Survivorship Return of Premium Rider is currently not approved in FL. We will communicate under separate cover as we receive approval.