As you are aware, earlier this year we implemented a series of actions on our Survivorship SUL-G product. At that time, we communicated that we would continue to review our guidelines and monitor economic conditions.
As a result of market dynamics that disproportionately impact our survivorship product, today we are announcing that we are temporarily suspending the sale of our Survivorship SUL-G product.
Please see important deadline dates and transition rules below.
By July 27, 2017, all formal Symetra SUL-G 2.0 applications must be received in good order (fully completed, signed and dated application by both the insured and owner).
- For all trust-owned cases, we will require that the trust is in place, established and signed by the trustee.
Any applications received after July 27, 2017, will not be accepted (regardless of signed date).
Symetra Life Illustrator and Winflex illustration systems will be updated, and Symetra SUL-G 2.0 will no longer be available to illustrate. Symetra’s Life Sales Desk will provide illustration support for applications that have been submitted prior to July 27, 2017. September 15, 2017, is the final date Symetra SUL-G 2.0 policies must be issued and paid. For 1035 exchange cases, the deadline will be extended if the only outstanding requirement is the receipt of 1035 funds. We understand this change may cause disruption, and we appreciate your patience. We remain committed to providing you and your clients with products that are sustainable in the long-term.