Symetra Life Insurance | Company Review

Founded in 1957, Symetra originally was a subsidiary of Safeco. In 2004, the company was sold to investors and became Symetra Financial Corporation.

In 2016, the company was purchased by the Japanese company Sumitomo Life.

Symetra offers a wide range of coverage and benefits to both individuals and employers. For individuals, they offer life insurance and retirement planning; for employers, they provide disability insurance and supplemental health insurance options.

Symetra Life Insurance Company Ratings

Symetra Financial Corporation serves as the parent company for its two subsidiaries:

• First Symetra National Life Insurance Company of New York
• Symetra National Life Insurance Company

Currently, Symetra has about 1,400 employees who work in their various offices across the country and they have about $35 billion in assets. Symetra is traded on the NY Stock Exchange under the symbol SYA.

Symetra’s current financial ratings from the national rating services are:

Symetra Life Insurance Products

Term Life Insurance

Term Life has become the most popular type of life insurance because of the affordable rates for a large death benefit. Term life insurance is a solid solution for growing families that will accumulate considerable debt. It’s especially popular as a method to replace the income of a family’s breadwinners.

Symetra’s term product is affordably priced when compared to other term insurance providers and comes in terms of 10, 15, 20, and 30-year policies that offer guaranteed level premiums for the life of the policy.

With Symetra’s term insurance, policyholders are given the option to convert to a permanent policy or the opportunity to renew coverage at the end of the term to an annually renewable term policy until age 95.

The company also offers a handful of optional riders that will allow applicants to customize a policy to meet their specific needs and budget:

• Accelerated death benefit rider
• Waiver of premium rider
• Children’s term insurance rider

Universal Life Insurance

Universal Life (UL) is another very popular product for applicants who want lifetime life insurance coverage and a means to accumulate wealth over the life of the policy.

A portion of the UL policy is used to pay the fees and cost of life insurance while the remainder is deposited into a cash-value account that earns tax-deferred interest that is compounded annually.

Additionally, universal life insurance policies are flexible meaning the periodic premium and in some cases, the death benefit can be changed to accommodate life events of the policyholder.

And, the cash that accumulates in the policy over time can be accessed by the policyowner via policy loans and withdrawals for any reason and with no credit check. Even better, is that the cash account continues to earn interest even though the account is collateralized for a policy loan.

In the event that the insured dies with an outstanding loan, the amount of the loan will simply be deducted from the death benefit.

Other types of Universal Life insurance offered by Symetra:

• UL-G Guaranteed Universal Life
• SUL-G Survivorship Universal Life
• Successor Single Premium Life
• CAUL – Universal Life Insurance

Indexed Universal Life

Indexed Universal Life (IUL) insurance is preferred by applicants who consider life insurance as an investment along with lifetime protection.

IUL offers a unique and safe investment opportunity since the cash account is “linked” to indexing strategies rather than directly invested. This allows the policyholder to invest in the stock market without taking the risk of being in the stock market.

Valuable riders that are available with Symetra’s IUL product include:

• Overloan Lapse Protection
• Accelerated Death Benefit – Chronic Illness
• Accelerated Death Benefit – Terminal Illness
• Guaranteed Policy Value if Surrendered

Symetra Life Insurance Pros and Cons

Although every life insurance has distinct advantages and disadvantages, these are generally associated with the applicant’s purpose for purchasing a particular product

Pros:

• An above-average selection of Universal Life Insurance products
• Good selection of optional riders available for Term and UL products
• Above-average financial stability ratings

Cons:

• No online quoting for insurance shoppers (must contact an agent)
• Very limited product details on the company’s website
• Does not offer Whole Life insurance products
• Does not offer 24/7 claims reporting

In Conclusion

We understand that purchasing a life insurance policy is a very personal decision. This is why we encourage applicants to contact us rather than deal directly with a carrier so you’ll be able to shop multiple companies simultaneously after we fully understand your circumstances and budget.

LifeInsure.com is an independent insurance broker that represents many of the highly-rated insurance companies in the marketplace but we are not employed by any of them. This means that we can and will always put the needs of our clients and prospective clients first and foremost.

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Richard Reich

President at Intramark Insurance Services

In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs.

I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so.

I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure.

Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client.

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