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Symetra Life Insurance Company Rating and Review
In the following Symetra Life Insurance Company review we will address the Company's pros, cons, and provide a recommendation all primarily focused on helping you find the best life insurance companies based on your unique health and lifestyle.
If you are looking for Symetra Life Insurance Reviews, you are in the right place! Symetra is a top rated life insurance company and currently in our best term life insurance policies list. In the following review we will focus on the company's history, ratings, financials, products and services. Is Symetra the right choice for you?
Before continuing on you might want to take a moment and watch our video on the importance of comparing life insurance quotes from several top rated carriers, rather than applying directly with the insurance carrier.
About Symetra Life Insurance Company
Founded in 1857, Symetra Life Insurance Company is a solid life insurance option with strong ratings and a strong financial foundation. The company is located in Bellevue, Washington and has over $42 billion in assets and serves more than 2 million customers.
Symetra is a wholly-owned subsidiary of a mutual insurance company called Sumitomo Life Insurance Company. The company focuses on individual term and universal life, as well as bank owned life insurance (BOLI) and corporation owned life insurance (COLI), typically for key person insurance.
Apart from life insurance, Symetra also offers annuities, medical stop loss, group life and disability income insurance and limited benefit medical.
Symetra Life Insurance Company’s Ratings
All Symetra Life Insurance reviews will need to address the Company’s strong ratings.
- A.M. Best rating: A, Excellent
- S&P's rating: A, Strong
- Fitch rating: A, Strong
- Moody's rating: A2, Good
- Comdex ranking: 77
- A.M. Best rating: A+, Stable
- S&P's rating: A, Stable
- Fitch rating: A-, Stable
- Moody's rating: P-1, Stable
All ratings current as of December 17, 2019.
Products Offered by Symetra Life Insurance Company
Symetra offers a full product line of life insurance policies. When looking for coverage it is important to understand the differences and similarities of term life vs permanent life.
Level term life insurance offers a fixed premium and fixed lump sum death benefit. The policy is available in 10, 15, 20 and 30 year terms and is available for ages 20-75. If you choose not to convert, the policy will expire. Upon expiration, the policy can be renewed annually, with premiums increasing every year until age.
- Optional conversion rider included allowing you to convert to permanent coverage by either the the end of the term or age 75, whichever comes first.
- Accelerated death benefit of 50% of face amount or $250,000 maximum.
- Insured Children’s Benefit
- Additional Term Rider.
- Waiver of Premium Benefit for Total Disability.
- Accidental Death Benefit.
- Guaranteed Insurability Option.
Universal life insurance provides lifelong death benefit protection, with flexible premiums. The policy builds cash value, which you have the option of withdrawing or borrowing against via a life insurance loan.
Symetra's more popular UL policies offer a lapse protection benefit rider, which helps protect you against policy lapses by providing guaranteed premiums.
UL policies typically have a guaranteed interest rate and a declared interest rate. The guaranteed rate is what you will earn in interest guaranteed and the declared rate is what the company will offer above the guaranteed rate declared annually.
- Lapse Protection Benefit rider
- Guaranteed death benefit protection
- Accelerated death benefit
- Chronic illness rider
Survivorship life insurance, also known as second to die, offers death benefit protection upon the death of the survivor.
- Survivorship Life Insurance
- Lapse protection benefit.
- Policy Split option rider available after first two years.
- Offers a guaranteed death benefit upon the death of the surviving spouse.
- Optional Charitable Giving Benefit Rider: pays an additional benefit to a qualified charity of choice upon death of the surviving insured.
- Optional Estate Preservation Rider: provides additional term insurance coverage if both insureds die within the first four years of the policy.
Symetra Life Insurance niches
- Standard plus rate class after 12 months no tobacco compared to the industry normal practice of a standard rate class.
- Height to weight chart is slightly looser offering a greater chance of best rate class for those who have larger builds.
- Some of the best Guaranteed Universal Life products in the marketplace.
Symetra’s rates for the Company’s guaranteed universal life and Survivorship Universal Life to age 120 are priced very competitively, typically ranking in the top three for various age and gender categories.
Cons to Symetra Life Insurance Company
In the following section of this Symetra Life Insurance Reviews we will cover the cons to choosing Symetra as you life insurance provider.
Symetra is but one company of many
As is the case of every insurance carrier, Symetra simply cannot serve the needs of every client. Symetra is but one of many life insurance companies available. The key is to have options. We work with the best life insurance companies in the United States. As a result, we may just have a different recommendation for you based on your specific need, health and lifestyle, in order to find you the best life insurance rates.
We at TermLife2Go have a recommendation for anyone considering a life insurance policy from Symetra. Give us a call and let us see if Symetra is the best company with the best price for your life insurance needs. If they happen to be the best offer, we will let you know. However, with dozens of top rated life insurance companies to choose from, you might save thousands of dollars over the life of your insurance policy by going with another life insurance provider.
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