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Symetra SGUL Sales Suspended: What Now?





Tony Neiswander
Case Design Specialist

I have had quite a few requests recently for illustrations focused on Survivorship Guaranteed Universal Life. If you have sold some recently then you may know that Symetra was far and away the best option in the industry. Their premium was considerably lower than any other carrier in most scenarios. Well they must have figured that out and realized they needed to make some adjustments. As of the beginning of August they suspended any new sales of their SGUL product. I am here to show you a couple options I feel are great replacements for that product.

The first is an exact product match with Principal. Their SGUL is also leading in most markets. I ran the numbers at various ages and face amount in the table below. Principal was the best premium is nearly every one of these scenarios. There were only five times that Principal did not come back as the cheapest product and those were all five at the $1,000,000 level. They were still at least second or third. Anything under that amount, and they were number one.

  250,000 500,000 750,000 1,000,000
50/50 $1,768 $3,536 $5,303 $7,071
55/55 $2,221 $4,443 $6,664 $8,885
60/60 $2,944 $5,889 $8,833 $11,777
65/65 $3,819 $7,638 $11,456 $15,275
70/70 $5,354 $10,708 $16,062 $21,416
75/75 $7,227 $14,454 $21,681 $28,908
Another option I have used for this same business is the Pacific Life Indexed Estate Preserver 2. This product will work slightly different than the others since it is an IUL. You will get the benefit of the policy growing a tremendous amount of cash as well as it including a very good guarantee. With the inclusion of the NLG rider, these policies will be guaranteed to run to at least age 90 and in some scenarios even to age 95. All of them do also project to carry for life at the non-guaranteed rate. As you can see at the younger ages the premium is even lower than Principal. So not only will you build cash, but you also have a guarantee to past life expectancy.
  250,000 500,000 750,000 1,000,000
50/50 $1,767 $3,279 $4,792 $6,304
55/55 $2,289 $4,321 $6,353 $8,385
60/60 $3,026 $5,791 $8,556 $11,321
65/65 $4,067 $7,866 $11,665 $15,464
70/70 $5,548 $10,820 $16,092 $21,364
75/75 $7,684 $15,081 $22,478 $29,876

With the loss of the Symetra SGUL, I thought you may be interested in what we have available to compete with that old product. These two are the companies I have seen come close to what Symetra used to offer. Pacific Life would be my first recommendation because of the incredible opportunity to be able to build some very nice cash for the client to have access to as well as still having a guarantee that should last for the client’s life.

TONY NEISWANDER, MBA  |  CASE DESIGN SPECIALIST   636.695.2842  TNEISWANDER@FIRSTHEARTLAND.COM

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