New Symetra IUL takes entire application and underwriting online

Symetra Life Insurance Co. is out with a new indexed universal life product that offers consumers a fully automated online digital purchase process.

The Symetra SwiftProtector can offer coverage in as little as 25 minutes to qualified applicants, the insurer said in a news release.

Designed for customers ages 20-60 with permanent coverage needs up to $3 million, SwiftProtector offers a guaranteed death benefit and growth potential based on the performance of one or more market indexes, the release said.

It combines a simplified application process with a lapse protection benefit, a flexible policy design, riders that can help provide protection against the cost of care for chronic or terminal illnesses, and a variety of index options, the release said.

“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.

After applicants enter basic information into Symetra’s secure system, they are emailed a link to their online application to complete their financial, lifestyle and medical history, the release noted. Once the underwriting decision is made, a 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, the release said.

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.

Phil Bouvier, senior vice president, Sales & Marketing, Individual Life, answered some additional questions about the product in an interview with InsuranceNewsNet:

INN: What is unique about this product?

Bouvier: "People have lamented the fact that we've bought insurance the same way for decades. This changes that. Doing away with the fluids and so forth, it becomes much more friendly from a customer standpoint, and easier from a producer standpoint."

INN: What does this product do for Symetra?

Bouvier: "We spent a fair bit of time building out our Swift digital platform. You've heard about our Swift term platform, which has had great success over the last several years since the pandemic. That has really revolutionized the way I feel like insurance has been purchased. ... [SwiftProtector] really does allow us to double down on that Swift platform that we built for the term product first."

Is the product available in all 50 states?

Bouvier: "With the exception of California, New York and South Carolina."

Who is this product aimed at from a consumer standpoint?

Bouvier: "We consider this to be a product that's aimed at the 20-to-60 year old with permanent coverage needs of $3 million. Someone who is looking for something that is quick, that ease is important to them. We offer the Chronic Care Advantage rider on the product as well. It's built off of our shelf protection IUL product, which is what we consider a league-leading product."

How will you distribute this product?

Bouvier: "Anyone who's appointed and licensed with Symetra is available to sell the product. Our distribution primarily is through third-party distribution, BGAs and producer groups."

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.