Last Updated: October 10
Protective
- Illustration System Updates on October 2, 2017; Rate Changes Effective January 2018. With the continued low interest rate environment and increased cost of index options, it has become necessary to reduce the index cap rate, maximum illustrated rate and fixed account rate on Protective Indexed Choice UL. While these rate changes will be effective on and after January 1, 2018, we chose to implement these changes in advance on our illustration system to maintain transparency with you so we can continue to deliver on our promises - together. The length of time that occurs from when a policy is quoted to once it's submitted can take months. With our mission of doing the right thing at the core of everything we do, we wanted to provide clients with the assurance that they'll get the value they expect out of a Protective Indexed Choice UL policy. No surprises, no disappointments. The rate changes will be released in our ELI illustration system October 2, 2017 and are effective January 1, 2018.
Need help with any of Protective's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
SBLI
- Update on SBLI's Recent Conversion to a Mutual Insurance Company. As you may be aware, SBLI recently completed its conversion to a mutual insurance company owned by its policyholders. Though the conversion changed our name to The Savings Bank Mutual Life Insurance Company of Massachusetts, we will continue doing business as SBLI. The Commonwealth of Massachusetts approved the conversion and name change in July. SBLI is now in the process of receiving regulatory approval in all other jurisdictions where we are licensed to sell. We have received approvals from virtually all states, so significant progress has already been made. To accommodate the various timings of the remaining state approvals, we will be phasing in changes to our policy packages, application forms, illustrations, and advertising materials over the next few months. Please click here for further details and updates. Rest assured that these changes will not disrupt your business with SBLI.
Need help with any of SBLI's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Symetra
- New Minimum Face Amount Limits on Symetra UL-G, CAUL and Term Products Effective October 19, 2017. Effective October 19, 2017 we will be increasing the minimum face amount limits on our Symetra UL-G, CAUL and Symetra Term products. These increases in face amount limits are consistent with other carriers. New minimum face amount limits are as follows: Symetra UL-G and CAUL: $100,000; Symetra Term: $250,000. Symetra UL-G, CAUL and Term Important Dates:
- By October 20, 2017 all formal applications with face amounts below the new minimum must be received in good order (fully completed, signed and dated application) at the Symetra Home Office.
- Symetra Life Illustrator and Winflex Illustration systems will be updated with the new face amount limits on October 19, 2017.
- December 29, 2017 is the final date that policies with the lower minimum face amounts must be issued/paid. For 1035 exchange cases, the deadline date will be extended if the only outstanding requirement is the receipt of 1035 funds.
Need help with any of Symetra's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
