In most cases, a product enhancement like the launch of a new rider comes with a “trade” in the form of a price change. However, in the case of Symetra’s recently released Chronic Illness Plus Rider the best news of all may be that it comes without a change to the base product. That’s right, the great pricing you have come to expect from Symetra remains the same, with stronger Chronic Illness and Terminal Illness Riders built into the base contract and the introduction of the optional Chronic Illness Plus Rider for clients seeking more robust coverage. Read on for the rest of the story.


Symetra Updates Classic LPB with launch of Symetra UL-G

Symetra’s release of UL-G including the new Chronic Illness Plus Rider is good news on multiple fronts. The inclusion of an inherent Chronic Illness Rider allows Symetra to match up favorably with competitors offering similar features. In this instance, however, Symetra has gone even further by allowing clients to elect to include the Chronic Illness Plus Rider, which offers a monthly benefit funded by an associated premium charge. When clients elect the Chronic Illness Plus Rider, it works in conjunction with the inherent rider to create an extremely flexible, robust solution to the threat of an extended need for care.

Think about it: If a client needs to make major upgrades to the home or the like, they can access up to 50% of the policy death benefit, capped at $500K, to fund those needs as well as the cost of care in the first year. In year two, assuming they still need care, they can access the remaining death benefit under the Chronic Illness Plus Rider. Robust, flexible coverage that gives the client the power to choose how to access their death benefit to meet their needs.

Find out more about how these two riders can work together in this case study, and see below for additional resources regarding UL-G and the Chronic Illness Plus Rider from Symetra.

Transition Rules:

Symetra UL-G and the Chronic Illness Plus Rider are now available for illustration on Winflex. Additionally:

  • Pending or informal cases may be moved to Symetra UL-G with the enhanced inherent riders. However, a new application and illustration will be required. If the Chronic Illness Plus Rider is elected, separate underwriting will be required.
  • In approved states, pending or informal cases that do not move to Symetra UL-G must be paid for and issued by October 5, 2015.
  • Symetra UL-G is currently not approved in CT and NY. Chronic Illness Plus and the inherent Chronic Illness and Terminal Illness riders are currently not approved in CA. Chronic Illness Plus and the inherent Chronic Illness riders are not approved in Washington DC.

Additional Resources from Symetra: