Flexible, indexed universal life insurance
coverage that’s fast, easy and online
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240709889444/en/
Diana McSweeney (425) 256-6167 diana.mcsweeney@symetra.com