As many people consider their overall financial plans, life insurance will be added to ensure that loved ones can go on in case of the unexpected. The proceeds from a life insurance policy can be used for paying off debt, taking care of final expenses, and / or for paying ongoing living costs for the insured's survivors.
When making a life insurance purchase, there are several important criteria to keep in mind. These include the type and the amount of coverage that you are buying. This is because you want to make sure that those you leave behind have enough.
You will also, however, want to closely review the insurance company that you are purchasing the coverage through. That is because if or when the time comes to file a claim, you will want to be sure that the company will be there financially to make good on its promise. One of the best rated life insurance carriers that has a good reputation for paying out its policyholder claims throughout the years is Symetra Life Insurance Company.
The History of Symetra Life Insurance Company
Symetra Life Insurance Company has more than half a century of offering life insurance coverage to its customers. Over time, this insurer has attained more than $35 billion in assets and 2 million clients throughout the United States. Symetra has its headquarters in Bellevue, Washington, and the company sells its products in all states except for New York.
Established in 1957, this 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, the company surpassed the $30 billion mark of life insurance in force. In 2004, Symetra became an independent company – Symetra Financial Corporation, and in 2016, it joined Sumitomo Life, a global life insurer.
The products that are sold by Symetra Life Insurance Company are offered through brokers and financial advisors, banks, as well as a network of independent insurance agents. The primary products provided through Symetra include life insurance coverage, as well as annuities, retirement, and employee benefits, and medical stop-loss insurance protection.
Symetra Life Insurance Company Review
Today, Symetra is owned by parent company Sumitomo Life – which is considered to be one of the largest life insurance companies in Japan, with more than 100 years of operating history. Together, Symetra and Sumitomo Life have total assets of more than $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, the company is also committed to 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”, which highlights the insurer's commitment to helping people and businesses with reaching higher and flying further in order to attain their financial goals.
Symetra Life Insurance Company Ratings and Grades
Symetra is considered to be a very strong and stable company from a financial standpoint. The company also pays out its policyholder claims promptly. Because of that, it has been provided with very high ratings from the insurer rating agencies. These include the following:
- 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.
Also, even though Symetra Life Insurance Company is not an accredited company through the Better Business Bureau (BBB), the company has been given the rating of A+ by the BBB. This is on an overall grade scale of A+ through F. Throughout the past three years, Symetra Life Insurance Company has closed a total of three complaints through the Better Business Bureau. Of these three complaints, two had to do with problems with the company's product and / or service, and the other one had to do with billing and / or collection issues.
Life Insurance Products Offered By Symetra
Symetra Life Insurance Company offers a variety of life insurance products. This can be helpful for clients in fitting coverage to meet their specific protection needs. Both term and permanent life insurance policies are offered.
Term Life Insurance Coverage
Term life insurance provides pure death benefit protection only. Because term does not offer any cash value, these policies are typically much more affordable than comparable permanent coverage – all other factors being equal.
With 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 that are 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 will never increase during the initial term of the policy.
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With these term policies, the insured 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 coverage for the remainder of the insured's lifetime – provided that premiums continue to be paid.
If the insured is diagnosed with a terminal illness, he or she may also be able to receive up to 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 in order to customize the coverage to better meet an insured's protection needs. These riders include the following:
- Insured Children's Benefit
- Additional Term Rider
- Waiver of Premium
- Accidental Death Benefit
Permanent Life Insurance Coverage
The permanent life insurance policies that are offered through Symetra Life Insurance Company provide an insured with a guaranteed death benefit, along with a cash value component. This means that 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 that are offered by Symetra. These include:
Symetra UL-G Universal Life Insurance – The UL-G policy is a universal life plan. This means that the policyholder has some flexibility when it comes to how much of the premium payment will go towards the death benefit, and how much will go towards 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 so that the policy is more customized 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, along with 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 that the insured can ensure that the policy will be in force for as long as he or she would like.
Symetra CAUL Universal Life Insurance – The Symetra CAUL Universal Life Insurance policy offers lifetime protection that can be tailored to an insured's objectives, regardless of whether it is lifetime insurance protection or a focus on 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 protection at a fixed cost. This will help to ensure that loved ones are 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 the Symetra Successor Single Premium Life Insurance policy, an insured can pass money on to his or her beneficiary free of federal income taxation. Plus, the value of the insured's estate will essentially go up the minute that 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 up to 10% of the accumulation value each policy year without a surrender charge.
Other Products Sold
In addition to just life insurance coverage, Symetra Life Insurance Company also offers other products, too. These include:
Symetra offers a number of different annuity products. These can help individuals with saving for retirement, as well as ensuring that they have an ongoing income that will last them throughout their retirement years.
Annuities that are 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 to 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 vest and largest medical stop loss entities in the United States.
How to Find the Best Life Insurance Premium Rates
Finding the best life insurance premium rates can typically be accomplished by working with a specialist in the insurance field that has access to more than just one life insurance carrier. That way, you can more directly compare policies, benefits, and insurance quotes.
When you're ready to see what type of life insurance coverage you can qualify for – and the premium price – we can help. We work with many of the top life insurers in the market, and we can assist you with obtaining the details that you need. If you are ready to proceed, fill out the instant quote form on this page.
Should you still have any additional questions, we can be reached directly via phone, toll-free, by dialing 888-836-7071. Our experts can walk you through the quote process, and will also be happy to answer any life insurance related question or concern that you may have.
We understand that the process of finding the best life insurance policy for your needs may seem a bit overwhelming. There are a lot of variables to contend with – and you want to be sure that you have everything in line. So, contact us today – we're here to help.