Your clients now may decline the GROPP in exchange for a higher interest rate.
Clients at this level receive 0.05% in additional interest during the guarantee period.
The GMIR — the absolute minimum clients potentially receive after their guarantee period ends or at renewal — now will be reviewed quarterly and, if necessary, reset for new contracts based on changing market conditions.
The GMIR depends on the product and whether the contract is in or out of the surrender period.
We've added a new seven-year interest guarantee period to our Custom 7 Fixed Annuity.
Frequently Asked Questions
No, once the contract is issued clients may not opt in or out of the GROPP. However, they may exercise their free-look privilege, cancelling their initial selection and electing a different option on a new application.
Yes. The one-year interest rate guarantee period was discontinued for both Custom 5 and Custom 7. However, in addition to Custom 7's new seven-year guarantee period, the three- and five-year options continue to be available for both Custom 5 and Custom 7.
Yes, we will continue to accept old applications for new products if they are signed on or before Oct. 31, 2009. During this interim period, we will contact sales representatives with a courtesy reminder that new applications will be required beginning Nov. 1, 2009. To secure the higher interest rate (with no GROPP), however, a new application must be submitted.
To order new kits, contact our Sales Center at 1-800-706-0700, weekdays between 6 a.m. and 5 p.m. (Pacific Time), or send an email to
invest@symetra.com.
Additional information — New Jersey
Yes. Until approved, New Jersey may offer their current Symetra products.
Interest rates for new money received— including additional purchase payments — will mirror the "standard" (with GROPP) interest rates offered with our new products. However, the $250,000 tier will not be available until approved.
No, it's not available until the state approves the enhanced products.
As you may recall, new sales for these products were temporarily suspended. Interest rates for additional purchase payments will remain at the 3 percent floor guaranteed in those contracts, plus any applicable additional first-year interest.
We anticipate early December, assuming state approvals are granted, as expected.
Interest rates for new money received — including additional purchase payments — will mirror the "standard" (with GROPP) interest rates offered with our new products.
No, it's not available until New York approves the enhanced products.
Likely January 2010, assuming state approval is granted, as expected.
