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Symetra Discontinues Sales of GUL Products Effective 12/31

Published on December 22, 2020

 

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Symetra Discontinues Sales of Guaranteed Universal Life Products Effective 12/31

Due to the continued and prolonged low interest rate environment and competitive landscape, Symetra has decided to discontinue sales of their guaranteed universal life insurance products, which include their currently sold Symetra UL-G and the previously suspended Symetra Survivorship UL-G. Symetra continues to offer its competitive Protector and Accumulator IULs as well as its term portfolio and excellent underwriting. Symetra’s Protector Index Life policy remains an extremely competitive product with long term guaranteed death benefit, upside accumulation of cash value, and low cost. It is an excellent alternative to GUL contracts.

Please see below for important dates and transition rules.

Important transition rules

Dec. 31, 2020

  • All formal Symetra UL-G applications must be received at Symetra’s home office in good order (fully completed, signed and dated) to secure the product.
  • Symetra UL-G will be removed from Symetra Life Illustrator and all other systems where the product is illustrated.

Jan. 29, 2021

  • 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.
 

THANK YOU

 

We thank you again for your business. For more information or insurance quote requests, please contact your brokerage manager or give us a call at (800) 653-1322.

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Phone: (800) 653-1322

GBS Insurance and Financial Services, Inc. do not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

© 2020 Arthur J. Gallagher & Co. 

 

 

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