Symetra Product Overview: NEW SUL-G

On Wednesday, May 28 th, Symetra released SUL-G into the Survivorship UL No Lapse Guarantee market and raced to the lead straight out of the gate. Like Symetra’s individual UL product, Classic Universal Life, SUL-G is a rider-based NLG product. For the lifetime no lapse guarantee, it is extremely competitive for most ages in the non-tobacco risk classes. Specifically, it ranks first for most of the full-pay scenarios, with premiums that are an average of 3% below the next best rate. Where it is not ranked first but still in the top quartile, premiums are typically within an average of 2% of the best ranked premium. It builds some cash over the life of the policy, but not enough to stand out in the market.

While the age 100 no lapse guarantee premiums are not ranked as highly as the lifetime, they are still very strong when compared to the other products. In the non-tobacco risk classes, premiums rank in the top quartile, jumping to first or second for the majority of the non-tobacco single-pay scenarios.

Targets rank near or at the top for the tobacco and uninsurable risk classes and around the middle of the pack for the non-tobacco risk classes.

As a first entry into the Survivorship UL No Lapse Guarantee market, Symetra’s SUL-G is poised to do very well.

Rates were posted to the website on Monday, June 9th, 2014.