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
We are currently reaching out to individuals who have business in house to work through our transition process.
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.