SYMETRA ACCUMULATOR IUL: INDEX CAP AND PARTICIPATION RATE CHANGES EFFECTIVE THURSDAY, MAY 14, 2020

April 7, 2020
Carrier News, Life Insurance

Due to the unprecedented market volatility and historically low interest rate environment, we will be decreasing Symetra Accumulator IUL’s index cap and participation rates.

These changes will be effective May 14, 2020, and will impact all in-force policies and new business, including new premium, transfers (including DCA) and reallocations of matured segments. We will be updating our illustration software and systems to correspond with the dates below.

Important dates

May 1, 2020: New cap, participation and max illustrated rates will be available on Symetra Life Illustrator and Winflex.

May 8, 2020: The date on which all Accumulator IUL cases must be issued/paid to receive the existing cap and participation rates. (This includes 1035 exchanges.)

May 14, 2020¹: Segments created on this date will receive the old cap rates; policies must be in-force and premium and/or transfer instructions received at Symetra no later than this date.

May 15, 2020: Segments created after the close of business on this date or later will receive the new cap and participation rates.

Index cap changes

Indexed interest strategy	Old index caps	New index caps
S&P 500^® Index Base	9%	8.50%
S&P 500^® Index Core	11%	10.50%
S&P 500^® Index Select	13%	12.50%

Participation rate changes

Below you will find our participation rate changes. Please note, there are no changes to the S&P 500^® 2-Year Blend cap and participation rates.

Indexed interest strategy	Old participation rate	New participation rate
JPMorgan ETF Efficiente^® Base	125%	120%
JPMorgan ETF Efficiente^® Core	140%	135%
JPMorgan ETF Efficiente^® Select	155%	150%

Indexed interest strategy	Old participation rate	New participation rate
2-Year S&P 500^® JPMorgan ETF Efficiente^® Blend—Base	165%	150%
2-Year S&P 500^® JPMorgan ETF Efficiente^® Blend—Core	180%	165%
2-Year S&P 500^® JPMorgan ETF Efficiente^® Blend—Select	195%	180%