Business Underwriters Associates, LLC

Symetra: New Versions of Symetra Accumulator Ascent IUL and Protector IUL Effective 4/28/2023

04-18-2023

Spring is a time of rebirth and renewal, and this spring, Symetra is extra excited about what’s in store for their indexed universal life (IUL) products! Continuing on the tradition of offering product solutions that Symetra believes provide real customer value, they are introducing new versions of Symetra Accumulator Ascent IUL and Protector IUL, effective April 28, 2023.

Highlights include:

Stronger competitive positioning

  • Accumulator Ascent IUL: Even stronger cash accumulation potential and higher policy distributions.
  • Protector IUL: Even lower premiums and competitive guarantees.
  • Together with each products’ low policy charges and high target premiums, you can feel confident knowing you’re getting two of the most competitive IUL products (PDF) around.

Higher index cap, participation rates and bonuses

  • Both the new and current IUL products will have improved index caps and participation rates (PDF) that will be effective with the May 15, 2023, index sweep date. These rates will apply to all new business, including new premium, transfers (including DCA) and reallocations of matured segments.
  • The current fixed account rates on the new IUL products will improve from 3.75% to 5.25%.
  • The bonus rate on the Putnam Index with Bonus Strategy (for both the current and new versions of the products) will increase from 0.75% to 1% for Accumulator Ascent and from 0.65% to 1% for Protector.

New Accelerated Death Benefit for Chronic Care Advantage Rider

  • A new optional rider (PDF) will provide additional protection against the costs associated with chronic illnesses.
  • Clients can access either 50% or 100% of the death benefit with a monthly payout of either 2% or 4%, depending on the acceleration and payout percentages they select.

When the new product versions launch on April 28, they will be in compliance with the revised Actuarial Guideline 49-A (AG 49-B), which is effective May 1, 2023.

Please give our sales team a call at 800.792.6795 if you have any questions.