Most states have enacted legislation regarding the replacement of existing life insurance coverage with a new policy. They require that specific forms be completed, signed by the applicant, and sent to Symetra with the application. Most states require that we send copies of the forms to the other company when we receive the application.

To download state specific forms, go to Life Forms & Applications

Replacement includes, but is not limited to, any transaction in which new life insurance is to be purchased and it is known (or should be known to the proposing agent) that, because of the transaction, existing life insurance has been or will be:

• Lapsed, forfeited, surrendered, or otherwise terminated;
• Converted to reduced paid-up insurance, continued as extended term insurance, or otherwise reduced in value; or
• Pledged as collateral or subjected to borrowing, whether in a single loan or under a schedule of borrowing over a period of time, for an amount in the aggregate exceeding 25% of the loan value set forth in the policy.

We believe that any replacement must be in the best interest of the client. For plans which are replaced within the surrender period, the surrender charge, if applicable, will begin anew. In addition, it is important that your applicant understands the incontestable and suicide clause will begin anew in a new policy. This could result in a claim under the new policy being denied that would otherwise have been paid.