Symetra Life Insurance is a highly-rated life insurance company that offers a range of coverage options for individuals and employers. The company has been in business for over six decades and has a strong financial stability, as evidenced by its high ratings through A.M. Best and the BBB. Symetra is also known for its annuities and retirement planning services.
Symetra Life Insurance Coverage options include term life insurance, whole life insurance, and universal life insurance. For cancer survivors, Symetra offers some of the best rates. The company also offers annuities and retirement planning services. Symetra’s strong financial stability and reputation for excellent customer service make it a popular choice for those looking for life insurance coverage.
In this article, we will provide an overview of Symetra Life Insurance, including its coverage options, reviews, and ratings. We will also answer some frequently asked questions about the company and its services. By the end of this article, you will have a better understanding of whether Symetra Life Insurance is the right choice for you.
- Symetra Life Insurance offers a range of coverage options for individuals and employers, including term life insurance, whole life insurance, and universal life insurance.
- Symetra is highly rated for its financial stability and customer service, making it a popular choice for those seeking life insurance coverage.
- For cancer survivors, Symetra offers some of the best rates, making it an excellent choice for those who have had cancer in the past.
Symetra Life Insurance Overview
Symetra Life Insurance Company is a subsidiary of Sumitomo Life, a Japanese insurance company. Symetra was founded in Bellevue, Washington in 1957 and has since grown to offer a variety of life insurance, annuities, and employee benefits products and services across the United States. In this section, we will provide an overview of Symetra Life Insurance, including its background, products and services, financial strength, and ratings.
Symetra has been in the insurance business for over 60 years and has established itself as a reputable provider of life insurance and annuity products. The company’s headquarters are located in Bellevue, Washington, and it has over 1,500 employees across the United States. Symetra is known for its customer service and has received high customer satisfaction ratings.
Products and Services
Symetra offers a variety of life insurance and annuity products, including term life insurance, universal life insurance, indexed universal life insurance, and whole life insurance. Additionally, Symetra offers annuity products, including income annuities, fixed annuities, and variable annuities. Symetra also offers employee benefits products, such as retirement plans and accidental death and dismemberment insurance.
Financial Strength and Ratings
Symetra has a strong financial standing and has received high ratings from credit rating agencies, including Moody’s, Fitch, and AM Best. As of 2023, Symetra has over $60 billion in admitted assets and has sold over $1 billion in annuity products. Symetra has a Comdex rating of 87 and has received an A rating from AM Best for its financial strength.
In terms of complaints, Symetra has a complaint index of 0.24, which is below the national median. Symetra’s financial stability and transparency have also been praised by customers and independent insurance agents.
Symetra Life Insurance Company is a reputable provider of life insurance and annuity products with a strong financial standing. With a variety of coverage options and competitive pricing, Symetra is a great choice for those seeking life insurance coverage and retirement planning solutions.
Symetra Life Insurance Coverage
Symetra Life Insurance offers various types of life insurance coverage to meet the needs of its policyholders. In this section, we will discuss the different types of coverage, coverage options, and cost and premiums.
Types of Coverage
Symetra Life Insurance offers term life insurance, universal life insurance, indexed universal life, and permanent life insurance. Term life insurance provides coverage for a specific period, while universal life insurance provides lifelong coverage with a cash value component. Indexed universal life insurance provides the potential for higher returns based on market performance, while permanent life insurance offers lifelong coverage with a guaranteed death benefit.
Symetra Life Insurance offers several coverage options, including accidental death benefit, waiver of premium, and accelerated death benefit rider. The accidental death benefit provides additional coverage in the event of an accidental death. The waiver of premium allows policyholders to waive premium payments if they become disabled. The accelerated death benefit rider allows policyholders to receive a portion of their death benefit if they are diagnosed with a terminal illness.
Symetra Life Insurance also offers additional riders, including the accidental death benefit rider, additional term rider, chronic illness rider, child rider, and guaranteed death benefit rider. These riders provide additional coverage options and flexibility for policyholders.
Cost and Premiums
The cost and premiums for Symetra Life Insurance coverage depend on several factors, including age, health, and coverage amount. Policyholders can choose from level premiums or flexible premiums, depending on their needs and budget. Symetra Life Insurance also offers income annuities, which provide guaranteed income for life.
Overall, Symetra Life Insurance provides a range of coverage options and flexibility for policyholders. With a variety of coverage options and riders, policyholders can tailor their coverage to meet their specific needs. Additionally, the company offers competitive premiums and annuity sales, making it a great option for those looking for life insurance coverage.
Symetra Life Insurance Reviews and Ratings
When considering Symetra Life Insurance, it’s important to look at the company’s reviews and ratings to get a better understanding of its customer satisfaction, complaints, complaint index, and financial strength.
Symetra Life Insurance has received high marks for its customer service. Policyholders have praised the company for its helpfulness, responsiveness, and overall satisfaction. According to Policygenius, Symetra is a highly-rated insurance company that is a solid choice for people with a variety of needs.
Complaints and Complaint Index
Symetra Life Insurance has a low complaint index, which means that it receives fewer complaints than other companies of its size. According to NerdWallet, Symetra has a moderate complaint index, which is based on complaints to state regulators relative to a company’s size, according to three years’ worth of data.
Financial Strength Ratings
Symetra Life Insurance has strong financial strength ratings from top rating agencies. According to Investopedia, Symetra has been rated A by A.M. Best, A2 by Moody’s, A- by Fitch, and A- by Standard & Poor’s. These ratings indicate that Symetra is financially strong and able to meet its obligations to policyholders.
In summary, Symetra Life Insurance has generally positive reviews, a low complaint index, and strong financial strength ratings. These factors make it a reliable choice for those looking for life insurance coverage.
Symetra Life Insurance Annuities
Overview of Annuities
An annuity is a financial product that provides a guaranteed income stream in exchange for an initial investment. Symetra Life Insurance Company offers a variety of annuity products to help individuals and families plan for retirement. Annuities can be purchased either through a single lump-sum payment or through a series of payments over time.
Symetra offers several types of annuities, including fixed, indexed, and variable annuities. Fixed annuities provide a guaranteed interest rate for a set period of time, while indexed annuities offer the potential for higher returns based on the performance of a specific market index. Variable annuities allow investors to choose from a range of investment options, but returns are not guaranteed.
Symetra’s annuity products also come with a range of features and benefits, such as death benefits, living benefits, and income riders. These features can help protect an investor’s principal and provide additional income during retirement.
Withdrawals from annuities are subject to surrender charges, which can vary depending on the type of annuity and the length of the surrender period. Symetra’s annuity products typically have surrender periods ranging from three to ten years. Withdrawals taken before the end of the surrender period may be subject to surrender charges, which can reduce the value of the annuity.
Annuities can also be used as part of an estate planning strategy. Symetra’s annuity products allow investors to name beneficiaries, who will receive the remaining value of the annuity in the event of the investor’s death. This can help ensure that assets are passed on to the intended beneficiaries and can also provide tax benefits.
Overall, Symetra Life Insurance Company offers a range of annuity products to help individuals and families plan for retirement. Whether an investor is looking for a guaranteed income stream or the potential for higher returns, Symetra’s annuity products offer a variety of features and benefits to meet their needs.
Frequently Asked Questions
Is Symetra a good life insurance company?
Symetra Life Insurance is a well-established company that has been in the insurance industry for over 60 years. It has a strong financial stability rating and is highly rated by Moody’s and Standard & Poor’s. Symetra also has an “A” rating from A.M. Best, which is considered excellent. It offers a range of life insurance options for individuals and employers, including coverage for cancer survivors. Based on its ratings and offerings, Symetra can be considered a good life insurance company.
What is the AM Best rating for Symetra Life Insurance?
Symetra Life Insurance has an “A” rating from A.M. Best, which is considered excellent. This rating indicates that Symetra has a strong financial stability and is likely to meet its financial obligations to policyholders. A.M. Best is a trusted rating agency that evaluates the financial strength and stability of insurance companies.
Who owns Symetra Life Insurance?
Symetra Life Insurance is owned by Sumitomo Life Insurance Company, a Japanese insurance company. Sumitomo Life acquired Symetra in 2016 for $3.8 billion.
What are the reviews for Symetra’s customer service?
Symetra Life Insurance has received mixed reviews for its customer service. According to the Better Business Bureau (BBB), Symetra has an “A+” rating, which is the highest rating possible. However, Symetra has also received a significant number of customer complaints. According to NerdWallet, Symetra has received more complaints than other companies of similar size. It is important to note that customer service experiences can vary widely depending on the individual and their specific situation.
Are there any lawsuits against Symetra Life Insurance?
There have been some lawsuits against Symetra Life Insurance. In 2019, Symetra settled a lawsuit for $10.9 million related to allegations that it had charged excessive fees to policyholders. In 2020, Symetra was sued for allegedly discriminating against policyholders with HIV/AIDS. It is important to note that lawsuits do not necessarily indicate wrongdoing, and Symetra has not been found guilty of any wrongdoing related to these lawsuits.
Does Symetra Life Insurance offer health insurance?
Symetra Life Insurance does not offer health insurance. It specializes in life insurance, annuities, and other financial products. If you are looking for health insurance, you will need to look elsewhere.