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Symetra

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1 User Review
LAST UPDATED: April 18th, 2022

Symetra Financial offers annuities, life insurance, and benefits products to people and businesses nationwide.

Founded in 1957, Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation. The life insurance provider has an A rating from A.M. Best and a long history of paying claims to policyholders.

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The Good

  • Financial Strength Rating
  • Term Life Insurance
  • Universal Life Insurance Policies
  • Riders and Add-Ons
  • Additional Services

Financial Strength Rating

Financial Strength ratings are impartial ratings given by a third party. This rating determines a company's ability to meet its financial obligations to policyholders. 

A.M. Best is the largest credit rating agency globally and currently assesses the creditworthiness of over 16,000 insurance companies worldwide. 

Symetra has an A rating from A.M. Best 

Term Life Insurance

Symetra offers the standard coverage when it comes to term life insurance. Policyholders pick how long they want coverage, how and when they'll pay for it, how to access cash value and their designated beneficiaries. Basic term insurance is open to people between the ages of 20 and 90, with coverage beginning at $250,000. 

For an expedited process, Symetra offers Symetra SwiftTerm — named for the company's promise to get consumers approved for coverage in as little as 25 minutes. However, if the insurer has some questions regarding your health, you will receive an email or possibly have to get a medical exam. SwiftTerm is available for consumers 20 to 60 years old, with up to $2 million in coverage. 

Symetra's SwiftTerm also allows clients to access their money early if they are diagnosed with a terminal illness. 

For the most part, Symetra's term life insurance application is entirely online. The first step of the process requires you to meet with an insurance professional, but once that is done, you can complete the application from your phone, tablet, or computer. 

Universal Life Insurance Policies

Symetra offers several permanent life insurance policies, including the following:

  • Symetra Accumulator IUL — a flexible-premium adjustable life insurance policy with index-linked interest options
  • Symetra UL-G — a flexible-premium universal life insurance policy

When it comes to Symetra's universal life insurance policies, the company isn't the most forthcoming with all the details. There are specific exclusions, limitations, reductions of benefits, etc. If you want to learn more about Symetra's permanent life insurance, you'll have to contact your insurance professional. 

Riders and Add-Ons

Symetra manages to offer a good range of added benefits and optional riders. For example, term life options include a safety and transportation benefit, an insured children's benefit, a waiver of premium benefit for total disability, and an accelerated death benefit for terminal illness, among others. Universal policies, on top of these, also offer a charitable giving benefit which provides 1 percent of the base policy amount to the qualified charity of your choice.

Additional Services

In addition to its life insurance policies, Symetra offers several other financial products, including:

  • Group life and disability insurance
  • Supplemental benefits
  • Accident insurance
  • Hospital indemnity insurance
  • Stop loss for businesses
  • Annuities

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The Bad

  • Disclaimers
  • No Online Quotes

Disclaimers

A disclaimer on the website states that customers must meet with a company representative to get complete details about "exclusions, limitations, reductions of benefits and terms for keeping them in force." From a sales perspective, it is understandable why a company wouldn't want to give this information before someone from the company can make a sales pitch. However, transparency about exclusions and limitations is always more impressive.

No Online Quotes

Unfortunately, Symetra doesn't do online quotes. While other life insurance providers will allow consumers to enter some basic information and get a quote, there is nothing like this on Symetra's website. You'll have to contact Symetra's customer service team to get a quote, who will then put you in touch with your local representative.

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The Bottom Line

Symetra has been in business for over 60 years and has a solid financial rating. Although there are a few things we feel Symetra could do better (offer online quotes and provide more detailed information on its products), there is no doubt that this is a reputable company.

If you're looking for a term or universal life insurance policy, Symetra is an excellent place to start. Remember that not all financial products are available everywhere and you may have to look elsewhere depending on availability. 

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Deanna Gallaher Flatwoods, KY

From researching life insurance policies, I found Symetra to be an overall best choice. Their representative was honest with me and disclosed all the fine print. The price was excellent and no other company came close to matching.

3 years ago