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  • Symetra Introduces SwiftProtector(SM)

    July 10, 2024 by Symetra

    BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company today announced the launch of Symetra SwiftProtectorSM, a protection-focused indexed universal life insurance product with a new, streamlined, and fully-automated digital online process — from application through illustrations and policy delivery — that can offer coverage in as little as 25 minutes to qualified applicants.

    “We are excited to expand our award-winning Swift digital life insurance platform with the addition of Symetra SwiftProtector.1 Our goal was to revolutionize the way permanent life insurance is sold online and deliver one of the best purchasing and servicing experiences to our customers and distribution partners — fast, easy and automated, from application, to payment, to policy issue and delivery,” said Mindi Work, executive vice president, Individual Life Division and Emerging Solutions.

    Designed for customers ages 20-60 with permanent coverage needs up to $3 million, SwiftProtector provides guaranteed death benefit protection and growth potential based on the performance of one or more market indexes. It combines a simplified application process with a strong Lapse Protection Benefit, a cost-effective, flexible policy design, riders that can help provide protection against the cost of care for chronic or terminal illnesses, and an array of index strategy options.

    One simplified process; three paths to coverage

    SwiftProtector is available exclusively through insurance producers who are licensed and appointed with Symetra. Once the insurance professional and client have run the illustration and determined the insurance need, the insurance professional inputs the unique illustration ID, which pre-fills the application. The insurance professional enters additional basic information into Symetra’s secure application and underwriting system. The applicant is then emailed a secure link to their online application to complete their financial, lifestyle and medical history, at a time and place convenient for them. Once the underwriting decision is made, the revised illustration, if any, is integrated into the process with e-signature and payment of the first premium.

    Depending on the information provided, applicants may travel down one of three underwriting paths: instant coverage, accelerated underwriting or full underwriting. The typical coverage turnaround time is about 25 minutes for instant coverage, 24-72 hours for accelerated underwriting and 30 days for full underwriting.

    Regardless of the underwriting path, applicants have the opportunity to review coverage details and complete the online application when and where it’s convenient for them. With e-signature and e-delivery, when an application is approved, clients can accept an offer, pay online, and receive confirmation that coverage is in-force within minutes.

    “By combining the already competitive pricing and policy flexibility of our flagship PIUL product with a streamlined application and underwriting experience, SwiftProtector is a life insurance solution designed for qualified individuals who want to apply for the life insurance coverage they need quickly and easily,2. We think it offers insurance producers a compelling solution and a convenient way to work with clients building a long-term financial strategy,” said Phil Bouvier, senior vice president, Sales & Marketing, Individual Life.

    To learn more, visit www.symetra.com/swiftprotectorlife.

    About Symetra

    Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, a diversified financial services company based in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers. For more information, visit www.symetra.com.

    Symetra SwiftProtector is a flexible-premium adjustable life insurance policy with index-linked interest options issued by Symetra Life Insurance Company, located at 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004- 5135. This policy is not available in all U.S. states or any U.S. territory. Where available, it is usually issued under policy form number ICC23_LC1.

    Policy riders and endorsements are not available in all U.S. states or any U.S. territory, and terms and conditions may vary by state in which they are available.

    A rider is a provision of the policy that may have additional costs, limitations, potential benefits and features that should never be confused with the base policy itself. Before evaluating the benefits of a rider, carefully examine the policy to which it is attached.

    Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company.

    Certain benefits or riders may have tax implications. You should consult with your legal or tax professional prior to purchasing.

    Symetra SwiftProtector has fixed and indexed accounts. Interest credited to indexed accounts is affected by the value of outside indexes. Values based on the performance of any index are not guaranteed. The policy does not directly participate in any outside investment or index.

    Allocations to the fixed account or index strategies are based on the allocation instructions provided at time of application and may be subsequently changed in writing by the policyowner. When allocations occur, an index segment for each respective index strategy is created. Each index segment has its own index crediting method, index value, index cap, index spread, index floor, index participation rate, index segment term, and index start and maturity date. The index caps, floors and participation rates after the initial index segment term may be higher or lower than the initial rates, but will never be less than the guaranteed minimums shown in the policy. The index spreads after the initial index segment term may be higher or lower than the initial spreads, but will never be higher than the guaranteed maximum shown in the policy. In situations where Symetra does not impose a cap, there may still be an upper limit based on the design of the volatility-control index.

    An index segment represents the portion of the index account that credits interest based on a change in the indices applicable to that index segment. Index credits are calculated and credited (if applicable) on the respective index segment’s maturity date. Amounts withdrawn from the index account before the index segment’s maturity date will not receive an index credit, if applicable, for that term.

    Any growth within the index strategies selected is linked to the performance of the specified market index over the measurement period (1- or 2-year point-to-point). The market index design, rules, composition, and strategy may act as a limit to the specified market index performance. Volatility indexes are designed to manage downside risk but may also limit upside potential. For more information on a specific market index, refer to their index description.

    Symetra applies index caps, participation rates, spreads and/or bonus rates (as applicable) to the performance of the specified market index before any applicable index credit is credited to the index segment. The index credit will not be less than zero percent.

    Symetra reserves the right to add, modify or remove any index strategy or crediting method. If any index is discontinued or if the calculation of any index is changed substantially, Symetra reserves the right to substitute a comparable index.

    It is not possible to invest in an index.

    This is not a complete description of the Symetra SwiftProtector policy. For a more complete description, please ask your insurance professional.

    1Symetra is a winner of a 2021 Gartner Eye on Innovation Award for Financial Services in Americas region (November 2021). Awarded a 2022 Celent Model Insurer Award in the Innovation Execution category for the Symetra SwiftTerm digital term life insurance platform (March 2022).

    2Time taken to complete a Swift life insurance application and issuance of a policy will vary based on certain medical and non-medical factors that may apply to the proposed insured

    Copyright © 2004 – 2024 Symetra Life Insurance Company, 777 108th Ave NE, Suite 1200, Bellevue, WA 98004. All rights reserved. Symetra® is a registered service marks of Symetra Life Insurance Company. SwiftProtectorSM is a service mark of Symetra Life Insurance Company.

    Contacts

    Diana McSweeney
    (425) 256-6167
    diana.mcsweeney@symetra.com

    Originally Posted at Business Wire on July 9, 2024 by Symetra.

    Categories: Industry Articles
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