Symetra: Important underwriting updates

04-15-2020

** Guidelines updated on 04/15/2020 **

Effective Wednesday, April 15, 2020, until further notice Symetra is announcing temporary changes to the underwriting guidelines as they relate to older ages, smokers and clients with additional comorbidities. These Changes are detailed below.

  • Ages 80 and above: Postpone 45 days
  • Ages 70-79 (all risks over Standard Non-Nicotine): Postpone 45 days
  • Ages 66-69 (all risks over Table 2 Non-Nicotine): Postpone 45 days
  • Ages 60-65 (all risks over Table 4 Non-Nicotine): Postpone 45 days

These guidelines will apply to new formal and informal cases, as well as any cases that are currently with Symetra where an underwriting decision has not been made.
 

** Original update from 03/24/2020 **

The COVID-19 situation continues to progress at a rapid rate. As such, Symetra is constantly assessing their guidelines and procedures to ensure that they are evolving with these unprecedented events.  To ensure that their business procedures are aligned with these principles, Symetra will be implementing the following underwriting changes effective today.

  • For applicants up to age 70 and face amounts of up to $5 million, Symetra will consider cases on a case-by-case basis where a paramed exam cannot be completed, but the insured has had a complete physical within the past 12 months which includes blood work results.
  • Until further notice, a Good Health Statement (Supplemental Statement of Health) will be required to be signed at policy delivery on all cases or prior to initiating any 1035 exchange. The Good Health Statement will attest that there has been no change to the applicant’s health status.
  • Any permanent resident or U.S. citizen who has traveled internationally within the past 30 days will be postponed for 30 days from the date of their return, unless prohibited by state law. Applicants with future plans to travel internationally in the next 60 days will also be postponed.
  • Anyone who has been diagnosed with COVID-19 will be postponed for at least 30 days and be reconsidered at that time with APS information indicating the virus has cleared and health status has returned to baseline.
  • Anyone who has been exposed with COVID-19 will be postponed for 30 days and be reconsidered at that time with evidence showing no infectious process.
  • For those cases that are not already a decline, any informal or formal case over age 70 with co-morbidities that cause the risk to be Table 4 or above (these conditions are diabetes, obesity, coronary artery disease, respiratory disorders), will be postponed for 90 days.
  • All of the guidelines listed above will also apply to high-net-worth foreign national program, which Symetra continues to monitor closely.

Symetra will continue to monitor and work closely with the paramedical vendors, lab processing centers and medical record providers, who have all implemented their business continuity plans.

Please let your BUA Brokerage Sales Consultant or Internal Wholesaler know if you have any questions regarding these guidelines.