Important Changes: Symetra UL-G and Symetra CAUL
Symetra is dedicated to offering you and your clients competitively priced products that are sustainable over time. Due to the continued low interest rate environment and changes in the competitive landscape, Symetra is repricing the Symetra UL-G and Symetra CAUL products to a reduced credited rate for in-force policies and new sales.
Important transition rules for these changes
Jan. 31, 2020
- Symetra Life Illustrator and Winflex illustration systems will be updated with new rates.
- You will be able to run Symetra UL-G illustrations with the current and new rates through the transition period.
Feb. 28, 2020
- All formal Symetra UL-G and Symetra CAUL applications must be received at Symetra's home office in good order (fully completed, signed and dated) to receive current rates.
- Symetra Life Illustrator and Winflex illustration systems will be updated to reflect only the new pricing.
April 10, 2020
To ensure timely processing, cases must be issued/paid to receive current rates. For 1035 exchange cases, the deadline will be extended if the only outstanding requirement is the receipt of 1035 funds
Reduced credited rate: In-force policies
In March 2020, the credited rate on in-force Symetra UL-G and Symetra CAUL polices will change from 4.10% to 3.50%. Any premiums paid after this date will receive the new rate. The guaranteed minimum interest rate on these contracts remains at 2%.
Please give us a call at 1-800-792-6795. if you have any questions regarding these changes.