Symetra Life Insurance Company boasts more than half a century of offering life insurance coverage to valued clients. Over time, this insurer has exceeded $35 billion in assets and 2 million clients throughout the United States.
Symetra has its headquarters in Bellevue, Washington, while the company sells its products in all states excluding New York.
Established in 1957, the insurer has made many strides in the insurance and financial industry. For example, in 1976, Symetra pioneered the medical stop-loss product – which today is a key product in the medical insurance marketplace.
In 1987, Symetra started selling its annuity products through the banking channel, and in 1999, exceeded the $30 billion mark of life insurance in force. In 2004, the insurer transitioned into an independent company – Symetra Financial Corporation, and in 2016, it joined Sumitomo Life, a global life insurer.
The products sold by Symetra Life Insurance Company are offered through brokers and financial advisors, banks, and a network of independent insurance agents.
The primary products provided through Symetra include life insurance protection, along with annuities, retirement, employee benefits, and medical stop-loss insurance coverage.
Symetra Life Insurance Company Review
Today, Symetra is owned by parent company Sumitomo Life – which is considered to be one of the most prominent life insurance companies in Japan. The parent company has been in operation for over 100 years. Both Symetra and Sumitomo Life have total assets surpassing $250 billion.
Symetra Life Insurance is currently recognized as a Top 3 seller of fixed deferred and fixed indexed annuities through banks. It is also a Top 40 U.S. life insurance company, based on admitted assets. In 2015, the company brought in roughly $2.2 billion in total revenues and nearly $147 million in net income.
In addition to offering insurance and financial products, Symetra is committed to the community. In 2015, Symetra contributed to nearly 900 charitable organizations, and its employees invested roughly 8,500 hours of volunteer service.
The company also does a great deal of advertising and sponsorship – including its Sports Illustrated Rising Stars campaign, The Symetra Tour – Road to the LPGA, the Symetra Heroes in the Classroom, and the “I Just Want to Fly,” highlighting the insurer’s commitment to helping people and businesses with reaching higher and flying further to attain their financial goals.
Symetra Life Insurance Company Ratings and Grades
- A (Excellent) from A.M. Best. This is the 3rd highest rating out of a possible 16.
- A (Strong) from Standard & Poor’s. This is the 6th highest rating out of a possible 21.
- A2 (Good) from Moody’s Investor Services. This is the 6th highest rating out of a possible 21 and puts them in good company with Globe Life Insurance.
- A (Strong) from Fitch. This is the 6th highest rating out of a possible 19.
Types of Life Insurance Available
Symetra Life Insurance Company brings a variety of life insurance products to the table.
This can be helpful for clients when fitting coverage to meet their specific protection needs.
The company offers term and permanent life insurance plans.
Term life insurance provides pure death benefit coverage only. Because term does not include cash value, these policies are typically more financially feasible than comparable permanent coverage – all other factors being equal.
Term life insurance policies are purchased for a set period of time, such as ten years, 15 years, 20 years, or even for 30 years. The term plans offered through Symetra Life Insurance Company offer level premiums throughout the initial period. This can make these plans easy to budget for because the premium won’t budge during the initial policy’s term.
With these term policies, the policyholder may also have the option to convert the coverage over to a permanent life insurance policy without the need to prove insurability – or even having to answer any medical questions. Doing so can extend life insurance protection for the remainder of the insured’s lifetime – provided that premiums continue to be paid.
If the insured is diagnosed with a terminal disease, he or she may also be eligible to receive no more than 75% of the death benefit from their policy while still living – up to $500,000. This can allow the insured to pay for medical expenses or other outstanding bills and puts them ahead of Primerica life insurance for an all-encompassing term policy.
Symetra Life Insurance Company’s term life insurance policies also offer some additional riders that may be added to better meet an insured’s protection needs.
These riders are:
- Insured Children’s Benefit
- Additional Term Rider
- Waiver of Premium
- Accidental Death Benefit
The permanent life insurance policies offered through Symetra Life Insurance Company provide an insured with a guaranteed death benefit, in addition to a cash value element. In other words, loved ones will be protected, while at the same time allowing tax-deferred build-up of savings within the policy.
There are a number of different permanent policies offered by Symetra:
Symetra UL-G Universal Life Insurance – The UL-G policy is a universal life plan. In other words, the policyholder has some flexibility when it comes to how much of the premium payment will go toward the death benefit, and how much will go toward the cash value component. Individuals who are between the age of 16 and 85 can apply for this plan, and it has a minimum death benefit of $50,000. There are also a number of optional riders available that may be added to fit the insured’s protection needs. Also, the amount of the premium may be reduced if the insured is between the age of 20 and 70, and he or she qualifies for Symetra’s GoodLife Rewards program.
Symetra SUL-G Survivorship Universal Life Insurance – The SUL-G is also a universal insurance policy that offers a guaranteed death benefit, in addition to ensuring that legacy planning goals are being met. This policy can also be a good option for estate planning and wealth transfer, as well as for business protection needs. It includes a lapse protection benefit so the policyholder can ensure the policy will be in force for as long as he or she would like.
Symetra CAUL Universal Life Insurance – This type of policy offers lifetime protection that can be tailored to an insured’s objectives, no matter if it is lifetime insurance protection or primarily cash value accumulation. This policy offers flexible premium payments and death benefit options, including the ability to use cash value as a future financial cushion for things like retirement income and/or paying off debts.
Symetra Universal Life Insurance (2008) – With Symetra Life Insurance (2008), an insured will get lifetime insurance coverage at a fixed cost. As a result, loved ones are now financially secure. This policy also offers several additional riders that can help with further customizing the insurance policy. It also offers an initial interest rate guarantee for 12 months from the date that the premium is received. In addition, this rate is guaranteed to be no less than 3%.
Symetra Successor Single Premium Life Insurance – With this form of coverage, the policyholder can designate a certain amount of money to his or her beneficiary exempt from federal income taxation. Plus, the financial worth of the insured’s estate will essentially go up the minute they purchase the insurance policy. With this plan, there is no need to worry about the policy expiring in the future. This is because it has a guaranteed death benefit that won’t terminate before the first policy anniversary following the insured’s 120th birthday. This policy also allows free annual withdrawals of no more than 10% of the accumulation value each policy year without a surrender charge.
Other Products Sold
In addition to just life insurance coverage, Symetra offers other products, too.
Symetra offers a number of different annuity products. These can help individuals with saving for retirement, as well as ensuring they have an ongoing income that will last them throughout their retirement years.
Annuities offered by Symetra include the following:
- Fixed Deferred Annuities
- Fixed Indexed Annuities
- Variable Deferred Annuities
- Income Annuities
Symetra also offers employee benefits. The company’s knowledge of the marketplace, as well as its flexible policy designs, can help companies develop an employee benefit plan that best fits their business.
Stop Loss Insurance
Symetra is a pioneer in the stop-loss insurance arena. The company introduced the product to the market back in 1976, and it has worked to build one of the very best and largest medical stop-loss entities in the United States.