On June 1, 2021, we’re launching new versions of our Symetra Accumulator 4.0 and Protector IUL 3.0 products. The persistency bonus beginning in year 11 will be changing for both products—to 10% for Accumulator IUL, and 20% for Protector IUL. All bonuses remain guaranteed. Additional changes affecting both products include:
- The ability to reduce face amounts to 25% of the original specified amount (currently 50%).
- Participating loan rates reduced to 5.00% (currently 5.50%).
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.