Symetra has top ratings from all the ratings agencies making it one of the best life insurance companies available. Even though they did not land on our top ten list they are a solid company and if they end up being affordable for you then you should be happy to use them.
Life insurance is an important part of financial planning. One reason for this is because it can help to ensure that your loved ones will be taken care of, no matter what occurs in the future. This means that life insurance can help you to keep your promises.
There are any number of reasons why a person may purchase life insurance coverage.
These can include the payment of estate taxes, the payoff of debt, to pay for final expenses, or to ensure that future costs such as a college education can be paid. In any case, though, having the right type and amount of coverage will be essential.
Having that coverage through a company you can trust will also be a key. One company that is known for paying out its policyholder claims is Symetra.
History of Symetra Life Insurance Company
Symetra Life Insurance Company has been in the business of providing life insurance protection to its customers for more than 50 years. Since the company’s inception, it has collected more than $35 billion in assets.
Today, Symetra serves more than 1.7 million customers nationwide. The company is headquartered in Bellevue, Washington, and it is licensed to do business in all of the U.S. states except for New York.
This insurer offers its coverage via a network of independent agents, brokers, and financial advisors. The company is known for offering life insurance coverage, as well as annuities, and medical stop-loss insurance protection. Also, the company also provides retirement and employee benefits.
Reviewing Symetra Life Insurance Company
In addition to being known in the insurance and financial industry, Symetra is also highly regarded, as it is an upstanding corporate citizen. In 2015 alone, the company contributed to more than 890 charitable organizations across the United States.
In fact, nearly 90 percent of the company’s employees contribute to non-profit organizations through the company’s giving campaign. Also, more than 8,500 volunteer hours were logged by Symetra’s employees during 2015.
The company is also highly committed to helping people “reach higher and fly farther” via its advertising and sponsorships. Just some of the company’s sponsorships include:
- Sports Illustrated Rising Stars
- The Symetra Tour – Road to the LPGA
- Symetra Heroes in the Classroom
Due to its financial strength and the payout of policyholder claims, Symetra is highly ranked by the insurer rating agencies. These ratings include the following:
- A from A.M. Best, meaning Excellent, which is the sixth highest rating out of a possible 21.
- A from Standard & Poor’s, meaning Strong, which is the sixth highest rating out of a possible 21.
- A2 from Moody’s, meaning Good, which is the sixth highest rating out of a possible 21.
- A from Fitch, meaning Strong, which is the sixth highest rating out of a possible 19.
Symetra Life Insurance Company has also been given a grade of A+ by the Better Business Bureau (BBB). This is on a grading scale of A+ to F. Within the past three years, only three complaints have been closed with the BBB.
These have focused on billing/collections issues, delivery issues, and problems with the company’s product/service. Within the past 12 months, though, no complaints have been closed.
Products Offered By Symetra Life Insurance Company
Symetra Life Insurance offers a wide variety of different financial products. These include Life Insurance, Annuities, and Retirement Plans.
With regard to life insurance, the company provides both term and permanent plans, as well as policies that can assist policyholders with transferring wealth on to the following generation.
Term Life Insurance Products
Term life insurance is considered to be the most basic of life insurance coverage. It provides just pure death benefit protection, without any cash value or investment build up within the policy.
Because of that, term life insurance is typically more affordable than a comparable permanent life insurance policy – at least for insureds who are young and in good health.
With term life insurance coverage, however, the coverage is limited to a certain amount of time or term. Symetra offers term life insurance plans that provide level death benefits for 10, 15, 20, or 30 years. With these plans, the premium will never increase during the term of the policy.
In addition, the insured may be able to receive up to 50 percent of the policy’s death benefit while he or she is alive – with a maximum of $250,000 – if they are diagnosed with a terminal illness.
These term life insurance policies are also typically convertible to a permanent form of life insurance coverage – provided that they are converted over before the end of the level term period, or if the conversion is requested before the policy anniversary following the insured’s 75th birthday – whichever happens first.
Also, these policies will include, automatically, a Safety Benefit, as well as a Transportation Benefit. The insured can also opt to include additional optional riders, at an additional premium cost. These may include the following:
- Insured Children’s Benefit
- Additional Term Rider
- Waiver of Premium Benefit for Total Disability
- Accidental Death Benefit
- Guaranteed Insurability Option
Permanent Life Insurance
With permanent life insurance, the insured is covered with a lifetime of death benefit protection. These policies will also include a cash value component.
Funds within the cash component are allowed to grow on a tax-deferred basis. This means that there is no tax due on the growth until the time they are withdrawn. The cash in the policy may be either borrowed or withdrawn by the policy for any reason that he or she sees fit.
This may include the payoff of debt, the supplementing of retirement income, paying medical expenses, or even taking a nice vacation.
Symetra offers several permanent life insurance policy options. These include:
- Symetra UL-G Universal Life Insurance – This plan provides guaranteed death benefit coverage, either for a set amount of time or for the entire lifetime of the insured.
- Symetra SUL-G Survivorship Universal Life Insurance – This plan provides a guaranteed death benefit, along with helping the insured to provide a legacy for his or her heirs.
- Symetra CAUL Universal Life Insurance – The Symetra CAUL Universal Life Insurance policy helps to tailor the insured’s overall objectives, regardless of whether that is lifetime death benefit protection or a focus on the accumulation of the policy’s tax-deferred cash value.
- Symetra Universal Life Insurance (2008) – This policy offers lifetime death benefit protection at a fixed premium price. This helps to ensure that the insured’s loved ones will be financially secure in the case of the unexpected.
- Symetra Successor Single Premium Life Insurance – With the Symetra Successor Single Premium Life Insurance plan, the insured can pass along funds to his or her beneficiaries that are free of federal income taxation. Also, the value of his or her estate can increase as soon as this policy has been purchased. Also, the policy will be allowed to withdraw up to 10 percent of the policy’s cash value each year without incurring a surrender charge. And, if the insured is diagnosed with a terminal illness, he or she may be able to access up to 75 percent of the policy’s death benefit (up to $250,000) while living, to pay medical expenses, or any other need that they see fit.