Symetra Temporarily Suspending the Sale of their SUL-G Product - Submit your apps before July 27
Below is the full text of the recent Symetra memo with transition rules and deadlines.
July 6, 2017
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.
Important dates
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.
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.
If you have any questions, please contact your Regional Vice President or the Symetra Life Sales Desk at 1-877-737-3611. We appreciate the business you have placed with us in the past and look forward to continuing to meet your life insurance needs in the future.
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