Business Underwriters Associates, LLC

Symetra: New SwiftTerm Product Enhancements

08-30-2024

Effective August 30, 2024, Symetra has made the following enhancements to Symetra SwiftTerm:

Trust ownership
Symetra has extended SwiftTerm’s ownership options to include trusts to meet more of your sales needs. To ensure the fastest processing, please have the following information handy when starting a drop ticket:

  • Trust name
  • Date of establishment (must be prior to drop-ticket date)
  • Tax identification number
  • Trustee name, email and relationship to the insured
  • Trustee power to revoke (yes or no)
  • Beneficiary information

Expansion of entity ownership to businesses is coming soon, stay tuned.

Conversion Enhancement Rider
There are many reasons why SwiftTerm can help meet your clients’ coverage needs today. But you also know that life changes, and they may want to consider a permanent policy in the future.

SwiftTerm’s new Conversion Enhancement Rider (PDF) gives clients the freedom and flexibility to convert to a broader selection of Symetra permanent life insurance products without additional underwriting or evidence or insurability. They may also be eligible for an extended conversion period if a 15-, 20- or 30-year term period is selected. This rider is available at application for an additional cost.

Value Added Benefit
Symetra knows how difficult losing a loved one can be, so they have partnered with Empathy to offer a new Value Added Benefit providing personalized, comprehensive and on-demand support to beneficiaries after their loved ones are gone. Services include assistance with:

  • Coping with grief
  • Bill and debt payments
  • Property and assets
  • Probate references, wills and more

Every SwiftTerm policy now includes the Value Added Benefit with Empathy’s services (PDF) for no additional cost.2

Symetra SwiftTerm is the only end-to-end digital term life insurance solution that’s fast, easy and can provide up to $5 million in coverage in as little as 18 minutes.3,4 And now it offers your clients even more. If you’re looking to finish the year strong, look to SwiftTerm as your go-to term life insurance solution.

 

1 Depending upon your client's answers during the application process, your client may travel down one of three underwriting paths—instant coverage, accelerated underwriting or full underwriting. The typical coverage turnaround time is about 18 minutes for instant coverage, 24-72 hours for accelerated underwriting and 30 days for full underwriting. Premium payment is required for coverage to be in effect.

2Subject to state availability. Refer to LIM-1093/SwiftTerm for a full list of currently approved states.
3For policy amounts over $3 million, the following underwriting paths are available: Instant Coverage for ages 26 to 50 (Non-Nicotine only), Accelerated Underwriting for ages 20 to 50 (Non-Nicotine only), and Full Underwriting for ages 51 to 60 and Nicotine users ages 20 to 50. For policy amounts $3 million and under, all underwriting paths are available for all SwiftTerm ages (20-60).

4Depending upon your client’s answers during the application process, they may travel down one of three underwriting paths: instant coverage, accelerated underwriting or full underwriting. The typical coverage turnaround time is about 18 minutes for instant coverage, 24-72 hours for accelerated underwriting and 30 days for full underwriting.