An up and coming life insurance provider, Symetra has pushed its brand forward in the past few years to heights it has never surpassed.
But are they right for you? Below, we’ve broken down the many different aspects of Symetra Life Insurance Company to help you make the right choice. This review of Symetra life insurance products and company information is our own, and should only represent a small portion of your full search for a policy.
Our Symetra Life Insurance Company Review
Although they’ve only been around just under 50 years, Symetra Life Insurance Company, often just called Symetra by name, they have quickly expanded throughout the life insurance industry to supply coverage to millions. Before the turn of the millennium, Symetra had already passed $30 billion of in force life insurance.
The company went independent in 2004 with the aid of White Mountains Insurance Group, Ltd. and Berkshire Hathaway, to soon going public in 2010 on the New York Stock Exchange under the new ticker SYA. The company has over 1.7 million active customers today, all through independent advisors and brokers.
Alongside life insurance products, Symetra and their subsidiaries offer annuities, retirement plans, and employee benefits for businesses of all sizes through the common payroll deduction method.
Financials & Ratings
The $33 billion dollar Symetra realized a stout $254 million in net income last year alone off of more than $2 billion in total revenues. Their portfolio sees nearly 90% stake in fixed maturity investments, and has joined the top 40 companies for life insurance when considering admitted assets, along with a top 5 ranking for annuity sales through banks.
It’s no wonder they have fantastic ratings from all four major rating agencies, something only a handful of the best life insurance companies in their class can actually claim. Symetra Life Insurance Company has secured an “A” from A.M. Best, an “A” from Fitch, an “A2” from Moody’s, and finally an “A” from Standard & Poor’s. This results in a net Comdex score of 79.
Last, they also have an “A+” through the Better Business Bureau.
Their Life Products
When it comes to life insurance, Symetra has a fairly competitively priced Level Term Life solution to fit the needs of most consumers.
Choose from 10, 15, 20 or 30 years, and expect both level premiums and level death benefits for as long as you pay your premiums or until the policy ends, guaranteed. Several riders are available, as with most level term products, including an accelerated death benefit rider, safety and transportation benefits, and optional riders like the waiver of premium or children’s riders.
Among the suite of permanent product choices, Symetra sports several different universal life insurance products, from traditional universal to survivorship universal, and even a single premium selection which enables you to pay the policy off in one payment up front; this would be utilized for something like estate planning.
- The Symetra Classic Universal Life with Lapse Protection Benefit is their version of the more popularized guaranteed universal life, meaning it will never lapse as long as you pay your premiums, regardless of external and market volatility (subject ot the claims paying ability of the insurer).
- The Symetra SUL-G 1.0 Survivorship Universal policy is a second-to-die life insurance contract, where the death benefit pays on the second insured’s passing, not the first. This, like the Successor Single Premium Life, is a tool typically utilized for estate conservation, business continuation or other advanced planning techniques using life insurance.
Symetra Life Insurance Company has been making a statement in recent years, and should probably be on your short list of carriers to consider. The only down sides are product selection, when compared to the market, but upsides lying in the ability to handle other investment and retirement needs.
If your need is met by one of these unique universal policies, you can trust the product will help you now and in the future. But if you are looking for something more basic (and cheaper), feel free to keep looking.
|Company Name (and Subsidiaries)||Symetra Financial Corporation|
Symetra Life Insurance Company
First Symetra National Life Insurance Company of NY
Symetra National Life Insurance Company
|Company Ratings||A.M. Best (A)|
Moody’s Investors Services (A2)
Standard & Poor’s (A)
|Headquarters (Address, Phone, Web)||777 108th Ave. NE|
Bellevue, WA 98004
|Policy Types Available||Term|