Product News

Temporary death benefit and premium limits on Symetra permanent and term life insurance products Feb. 25, 2021

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.

Important dates: 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.

With many carriers leaving the GUL space, Pacific Life continues to offer an excellent product with popular benefits and riders starting at $25,000 of death benefit!

Non-medical Underwriting on Max Accumulator+ II features a purchase process that is simpler for your client, faster for us to support, and easier for you to complete!

Features include:

No lab tests, physical exam or APS for proposed insured
Rate classes available up to Preferred Plus*
Ages 0-50 and face amounts $50,000 – $499,999
Electronic app processing

“Non-Medical Underwriting” or “Non-Med” as described in this email, means that no in-person paramedical examination will be required of a life insurance applicant.

IMPORTANT Reminder about the enhancements to Accelerated Underwriting (live 2/15)

INFORMAL Reviews

• Minimum face amount of $5 million
• If less than $5 million, must meet $10,000 in planned annual premium
• Minimum issue age 50; maximum issue age 75
• Ratings remain limited to Table 6 up to age 59 and Table 2 for ages 60 and over
• Term or permanent product

NEW Product was available January 19^th-most states—

-UL Provider Edge II (current assumption/GUL alternative)

-ENLG rider pushes guarantees to A100

-Some/limited cash value for flexibility

-Chronic Illness rider auto for clients Table 3 or better and 7.51 FE or less

-Business Value Increase rider available for business cases

-Pricing very comparable to the UL Protector (typically better for the A100 solve)

American National’s Life Products are available for sale in Puerto Rico!

Please contact our office for quote/illustrations. Product materials can be located below:

Click here for product materials

Important life product updates

·         Section 7702 changes: Illustration system update

·         New index cap, participation and max illustrated rates for Symetra Accumulator and Protector IUL

February 11, 2021

Section 7702: Illustration system update

As you are aware, on December 21, 2020, Congress passed the Consolidated Appropriations Act of 2021, which included several updates to IRC Section 7702 that were effective January 1, 2021. These changes impact the interest rates used for the Definition of Life Insurance (DOLI) testing and Modified Endowment Contract (MEC) testing.

In order to be in compliance with these changes, we will be updating our illustration system effective February 17, 2021. Any policies issued after this date will include the new calculations. We will be reaching out directly to those firms with pending business as well as the ones that have placed business with us since January 1, 2021, to share with you our communication plans for affected producers and clients.

New index cap, participation and max illustrated rates for Symetra Accumulator and Protector IUL

Due to the continued low interest rate environment, we will be making changes to our Symetra Accumulator and Protector IUL products. These changes will be effective April 14, 2021, and will affect all in-force policies and new business, including new premium, transfers (including DCA) and reallocations of matured segments.

Gerber Life makes it easy to do business and here’s why. In addition to having products that are fully guaranteed and easy to sell, we provide a range of electronic tools to help make the sales process faster and to work with clients remotely, if desired. These tools include:

The Gerber Life Agent Portal
Our Mobile App, Agent Zone
The Gerber Life E-A-S-Y telephone application service– 1.877.885.7612*

*Licensed Gerber Life Agency Support Specialists are available Monday – Friday, from 8:30 a.m. to 6:00 p.m., EST to take application information over the phone from you and your client.

Plus, there are no required illustrations for any of our products, which simplifies the sales process even more for you and your clients.