Symetra Life Insurance Company

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For over 60 years, Symetra Life Insurance Company has cut through the jibber jabber, striving for clarity in an overly complex industry.

But is this company right for you and your family’s needs? Does Symetra offer the best insurance solutions for your unique financial situation?

Below, we’ve broken down the many different aspects of Symetra Life Insurance Company to help you make the right choice for the right price.

This review of Symetra Life’s insurance products and company information is entirely based on our own opinion.

Remember, this review should only represent a small portion of your full search for a policy.

When considering a big financial purchase such as life insurance, conducting your own research is a must.

Our Symetra Life Insurance Company Review

Symetra Life Insurance Company logoHeadquartered in Bellevue, Washington, Symetra Life Insurance Company (or simply Symetra) proudly provides clients with competitive life insurance, annuity, and employee benefit packages customizable to fit policyholders’ needs.

Symetra has quickly expanded in the life insurance industry to supply coverage to millions of valued policyholders. Before the turn of the millennium, Symetra had already exceeded $30 billion of in-force life insurance.

As of June 2018, the carrier is backed by $42.9 billion in assets.

The company went independent in 2004 with the aid of White Mountains Insurance Group, Ltd. and Berkshire Hathaway, soon going public in 2010 on the New York Stock Exchange under the new ticker SYA.

The company has over 1.7 million active clients today, all through independent advisors and brokers.

Currently, Symetra is a wholly owned subsidiary of Sumitomo Life Insurance Company, one of the largest Japanese life insurance carriers boasting over 100 years of operation.

As of March 2018, Symetra and its parent company have achieved over $300 billion in combined total assets.

Alongside life insurance products, Symetra and their subsidiaries offer deferred and income annuities, retirement plans, and employee benefits for businesses of all sizes through the common payroll deduction method.

Financials & Ratings

Symetra’s portfolio sees nearly 90% stake in fixed maturity investments and has joined the top 40 companies for life insurance when considering admitted assets. The carrier has also achieved a top 5 ranking for annuity sales through banks.

It’s no wonder the insurance company has 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 “A1” from Moody’s, and finally an “A” from Standard & Poor’s.

This results in a net Comdex score of 81.

Last, they also have an “A+” through the Better Business Bureau.

Symetra’s Life Insurance Products

Symetra offers a wide range of life insurance products, both term and permanent:

  • Term Life Insurance
  • Permanent Life Insurance
    • Accumulator IUL Indexed Universal Life Insurance
    • UL-G Universal Life Insurance
    • CAUL Universal Life Insurance
    • Successor Single Premium Life Insurance

Although Symetra offers more whole life insurance offerings for the average consumer, individuals may find that the company’s term life package better suits their life insurance needs.

Term Life Insurance

When it comes to term life insurance, Symetra has a fairly priced level term life solution to fit the needs of most consumers. This life insurance type is ideal for clients wanting to maximize their coverage at an affordable rate.

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 expires, guaranteed.

Policyholders are given an option to convert to a more long-term solution, such as permanent life insurance.

When the initial policy term comes to an end, Symetra’s term life product will automatically renew on an annual basis until the policyholder reaches the age of 95. Unless the insurer decides to cancel his or her policy, premiums will steadily inflate.

Several riders are available, as with most level term products, including an accelerated death benefit rider, safety and transportation benefits, and optional riders, such as the waiver of premium or children’s riders.

Permanent Life Insurance

Among the suite of permanent product choices, Symetra sports several different universal life insurance products, from traditional universal to even a single premium selection allowing interested policyholders to pay the policy off in one easy payment up front; this particular premium selection would be utilized for something like estate planning.

Overall, Symetra’s whole life insurance packages guarantee quality coverage throughout the policyholder’s life when premiums are paid in full.

Symetra Accumulator IUL Indexed Universal Life Insurance

This is a flexible premium policy featuring inherent indexing strategies that work. Policyholders are offered potential tax-free access to the cash value of the policy via withdrawals or loans.

Overall, this policy is ideal for individuals looking for permanent coverage and the potential for additional income.

Riders included in this policy are the:

  1. Overloan Lapse Protection Rider
  2. Guaranteed Policy Value on Surrender
  3. Accelerated Death Benefit for Chronic Illness Rider
  4. Accelerated Death Benefit for Terminal Illness Rider

Optional riders available include the Accelerated Death Benefit for Chronic Illness Plus Rider and Charitable Giving Benefit Rider, among others.

Symetra UL-G Universal Life Insurance

This is a flexible premium policy primarily created to satisfy guaranteed coverage needs. Along with an included Lapse Protection Benefit Rider, this type of policy features guaranteed death benefit coverage.

The Chronic and Terminal Illness Riders are included, while the Accidental Death Benefit and Return of Premium (ROP) Rider, among others, are optional riders.

Symetra CAUL Universal Life Insurance

This is a flexible premium current assumption policy highlighting lifetime coverage for policyholders.

With this policy, income tax-deferred cash value may be used as a source of future income. The cash value will also steadily accumulate over time.

Policyholders may choose to access death benefit funds early in the event of a chronic or terminal illness. Optional riders include Chronic Illness Plus Rider and Additional Term Rider, among others.

Symetra Single Premium Life Insurance

This is a modified, single premium policy where not only a Return of Premium provision is included, but also a competitive guaranteed death benefit.

Tax-deferred funds expand with annual compounding interest, and beneficiaries will make use of these funds without the hassle of federal income taxation.

Final Thoughts on Symetra Life Insurance Company

Since 1957, Symetra Life Insurance Company has been making a statement. Therefore, the company should probably be on your short list of carriers to consider.

Why not choose the best when it comes to protecting your family from financial hardship?

The only downsides to Symetra are product selection when compared to the market, but upsides to the company include the ability to handle other investment and retirement needs for clients.

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 for other life insurance policies offered by comparable life insurance agencies.

Symetra wants to make sure their clients understand the life insurance products they’re investing in.

Banking on transparency and financial sustainability, the company ensures policyholders can say goodbye to any surprise financial obligations or bothersome fine print when committing to Symetra’s line of insurance products.

Consider what Symetra Life Insurance Company has to offer today – you may just find exactly what you’re looking for.

Symetra Life Insurance Company

Phone
(800) 796-3872
Address
777 108th Avenue NE, Suite 1200
Bellevue, WA 98004

Company Name (and subsidiaries)

  • Symetra Financial Corporation (Parent)
  • First Symetra National Life Insurance Company of NY
  • Symetra National Life Insurance Company
  • Sumitomo Life Insurance Company

Author:

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Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.