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.