Our Symetra life insurance review is designed to cut through all the noise. Out of the hundreds of life insurance companies operating in the United States, we choose to work with a short list of top life insurance companies.
If we recommend a life insurance company to our clients, it is because we believe that they are bringing something to the table that no other company can provide. Spoiler alert, Symetra did not make that our list of best life insurance companies.
Now, just because Symetra did not make our top list does not mean they are a terrible company. Symetra has much to offer in the form of quality life insurance. We just feel that there are other companies out there that have a slight edge in either tangible or intangible areas.
Symetra Life Insurance History
Symetra Financial was founded in 1957, and its main headquarters is located in Bellevue, Washington. Symetra Financial was initially a subsidiary of Safeco offering retirement plans, employee benefits, annuities, and of course, life insurance through independent agents.
As Symetra Financial grew, it eventually surpassed the $1 billion mark in assets, which is an impressive feat for any insurance company. By 1995, Symetra was rolling, and its assets under management had grown to $10 billion.
In 2004 Symetra Financial caught the eye of an investor group led by White Mountains Insurance Group and Warren Buffet’s Berkshire Hathaway. Safeco sold its life business, which was eventually picked up by the Japanese insurer Sumitomo Life for $3.8 billion. Sumitomo saw the opportunity for life insurance with an aging Japanese market and wanted to expand its foothold in the life insurance space.
Symetra Life Insurance Company Ratings and Financial Strength
Symetra is still young in the life insurance world where many companies can trace their history back over 100 hundred years. That said, Symetra has an excellent balance sheet and can be regarded as financially stable backed by $472.9 billion in assets as of the writing of this Symetra life insurance review.
Third-party rating agency A.M. Best Company awarded Symetra an A (Excellent) award. An A (Excellent) rating is one of A.M. Best’s top awards and shows that Symetra has the financial ability to pay its claims when the time comes.
The other third-party rating agencies of Standard and Poors, Fitch, and Moody’s all offer investment grade ratings to Symetra. Finally, Symetra has high Comdex score of 80. All these factors imply that Symetra’s financial health is not something to be concerned about at this point in time.
Symetra is not a BBB accredited business. However, Symetra does maintain a better business bureau score of A+, which is the highest mark that the BBB has. Every company is going to drop the ball occasionally, especially at the size of Symetra. However, these customer service gaffes are relatively rare.
Symetra Life Insurance Products and Solutions
Symetra offers a mix of retirement, employee benefits, and life insurance to its policyholders. We will touch upon Symetra annuities and other non-life insurance products briefly, but the core focus of this Symetra life insurance review will be on Symetra life insurance products.
Symetra Term Life Insurance
Symetra term life insurance provides death benefit protection with a set monthly premium that will not go up during the selected term duration (10, 15, 20, and 30-year terms). This type of term life insurance is known as level-term life insurance as opposed to annual increasing term life insurance.
Symetra’s term life insurance does not end after the level term period. Instead, you can renew your Symetra term life insurance policy annually. However, not many people choose this option in practice due to the cost of paying year by year. If you can replace or convert the Symetra term policy, that often is a better solution.
Symetra’s term policy comes with your usual rider selections including waiver of premium for disability, accidental death benefit, and terminal illness riders. Symetra also has a conversion option that allows you to exchange your temporary term life insurance with a permanent solution.
A conversion option allows you to exchange your temporary term life insurance policy with a permanent policy without having to provide evidence of insurability. Conversion options are great to have. While we all hope to achieve a point in life where we do not need life insurance, having that flexibility to keep life insurance if we want to is always a good thing.
Symetra is not a big player in no-exam term life insurance. If you want to purchase life insurance without the hassle of a medical exam, we would suggest checking out our Sagicor life insurance review. Sagicor is one of the best no-exam life insurance companies out there today.
Symetra’s term life insurance is priced competitively, but it usually is not the rock-bottom lowest price in our experience. Not every life insurance company out there wants to be the 1 position when it comes to term life insurance.
Symetra’s term life insurance has very few bells and whistles to it. If you want pure death benefit protection from a reliable company, then Symetra is a great option. However, if you want your life insurance to cover more, we would propose that you take a look at our Phoenix life insurance review for an excellent middle-market solution with living benefits for critical and chronic illness.
Symetra Universal Life Insurance
While Symetra might not be topping the charts when it comes to term life insurance, their suite of permanent products has a reputation for being of high quality. Symetra has chosen to focus on universal life insurance. For those of you looking for whole life insurance, we would suggest looking at an alternative life insurance company.
Symetra has streamlined its universal life insurance policies in recent years. Symetra offers two main types of permanent policies depending on what you are looking to accomplish. Symetra’s IUL contract is designed for cash value accumulation, and they offer a universal life that is focused on the death benefit.
While Symetra’s term life insurance is not always topping the charts, Symetra’s guaranteed universal life insurance usually is very competitive. Guaranteed universal life insurance is generally the most cost-effective way to generate permanent lifelong death benefits, and Symetra is a big player in this space.
Symetra UL-G Policy
Symetra’s universal life policy focused on death benefit is a variation of a guaranteed universal life insurance policy. Symetra’s UL-G includes a lapse protection rider that will guarantee that your coverage stays in force as long as you maintain a minimum monthly premium.
By Symetra structuring their universal life insurance policy in this way, the policy has flexibility. You can use the death benefit proceeds to transfer your wealth, but if you need access to the cash value that is stored within the policy you can still access it if needed.
Symetra Accumulator IUL
Symetra also has an indexed universal life insurance policy that is designed to accumulate cash value. Index universal life insurance has grown increasingly more popular due to its risk profile. Over time, the indexed strategy can provide you cash value accumulation, but it with 100% principal protection from investment loss.
Index strategies are essentially options that are linked to the performance of a market index. You can participate in a portion of the market’s growth potential, but you can also avoid the losses of a bear market if one occurs since your money is not directly invested within the market.
Sample Symetra Life Insurance Quote
We have included some sample Symetra term life insurance quotes. Please note that you need to qualify for these rates based on your health, lifestyle, and other factors.
Sample Symetra Term Life Insurance Quote: (Age 45)
|Death Benefit||Male 10-Year||Male 20-Year||Female 10-Year||Female 20-Year|
Please note that these Symetra Life Insurance quotes are for the preferred best non-tobacco health class.
Symetra offers a wide variety of annuity products, significantly more than their life insurance offerings actually. While our website is strictly focused on the life insurance offerings of life insurance companies, we felt it was pertinent to comment on Symetra’s annuities.
Symetra annuity contracts are designed around helping individuals find income solutions and save for retirement. You can both accumulate wealth within a Symetra annuity, and you can use their products to insure that you never outlive your life savings.
Symetra offers four different types of annuities at the moment:
Whether you want to grow your money or you want to create guaranteed income, Symetra annuities can compliment your retirement portfolio. Symetra’s annuity offering balances risk and reward. Depending on your tolerance for risk, you can decide to put your principal at risk, or you can protect it entirely from investment loss. It is up to you.
Furthermore, once you decide to convert your savings into an income stream, you can choose to maintain some level of liquidity or none at all. Your decision to keep some access to the principal investment amount could lower your income payments so you will need to decide if that is worth the tradeoff.
The Final Word: Should you go with Symetra Life Insurance?
Thank you for reading our Symetra life insurance review. Symetra life insurance has been offering life insurance now for decades and has the backing of one of Japan’s largest life insurance companies. From a financial standpoint, Symetra life insurance is reliable coverage.
While our agency does not want to pick winners and losers, we do not see much advantage to adding Symetra to our list of core carriers for term life insurance at this time. That said, Symetra does have a competitive guaranteed universal life insurance policy though if you are looking for affordable permanent death benefit with little or no cash value buildup.
Symetra’s underwriting is fair, but nothing to write home about. We currently do not see them covering any gaps within our current life insurance lineup that would make us reconsider them as a core carrier especially if you are looking for no-exam term life insurance.
If you want to learn more about Symetra life insurance, annuities, and other products, you can visit them on the web or call the Symetra phone number 1-800-796-3872.
FILED UNDER – LIFE INSURANCE COMPANY REVIEWS
Resources: Symetra Website
Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs. Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.