Symetra Life Insurance Company Review 2018

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In this Symetra Life Insurance review, I will address the life insurance products Symetra sells, the underwriting requirements to have a policy issued, and some sample rates. Life insurance reviews are very important for potential clients before they decide on a company to which they wish to apply for a policy.

However, if you have any pre-existing conditions, insurers are not required to approve your application and may even deny coverage. Let’s find out if Symetra will be a good fit for you!

Symetra History

Symetra was established in 1957 as a subsidiary of Safeco, providing retirement plans, employee benefits, annuities, and life insurance services. In 1967, they broke the 1 billion mark in in-force policies, and in 1995, the 10 billion mark. In 2004, Safeco sold its life insurance part to White Mountains Insurance Group and Berkshire Hathaway. Today, Symetra is under the Japanese insurer called Sumitomo Life, who acquired Symetra for $3.8 billion.

Symetra Financial Ratings

  • A.M Best – A (Excellent)
  • Moody’s – A1 (Good)
  • Standard & Poor’s – A (Strong)
  • Fitch – A (Strong)

Life Insurance Products Offered by Symetra

Symetra offers term, whole, and universal life insurance products. Each product is geared to solve a specific financial need. Let’s review each product!

Symetra Term Life Insurance

Term life insurance is a type of coverage that will not break your bank. It’s the most straightforward concept to understand and is favored by young families and clients who want to maximize the protection and minimize the cost.

You buy a length of contract (term) between 1–30 years. For that period, your premium and death benefit stay level, and once the initial term is over, you can convert the policy to whole life, renew it annually (ART), or drop it. Symetra term includes an accelerated death benefit at no extra charge. This allows you to access up to 75% of the policy face amount ($500,000 max) while you are still alive if diagnosed with a terminal illness and given less than 12 months to live.

Symetra Term Life Insurance Highlights

  • Minimum issue age: 20 years old
  • Maximum issue age 10-year plan: 80 years old
  • Maximum issue age 15-year plan: 75 years old
  • Maximum issue age 20-year plan: 68 years old for non-smoker; 65 years old for smoker
  • Maximum issue age 30-year plan: 55 years old for non-smoker; 50 years old for smoker
  • Minimum face amount $250,000
  • Fully convertible before age 75 to whole life, without evidence of insurability
  • Policy expiration at age 95
  • Accelerated death benefit included at no extra charge

Symetra Ul-G Universal Life Insurance

Guaranteed universal life is a product that lets you choose the coverage based on a specific age, rather than a term period. Hence, you can buy coverage up to the age of 90, 95, or even 121 years old. Symetra has a lapse protection benefit rider in place to make sure the policy’s death benefit will stay in force as long as you like, even if other uncontrollable circumstances in the policy change, such as interest rates or charges, provided you pay the minimum payments.

Symetra Ul-G Universal Life Insurance Highlights

  • Issue ages: 16–85 years old
  • Coverage period: specific age or lifetime
  • Minimum face amount: $100,000
  • Lapse protection benefit
  • Chronic illness rider is included
  • Terminal illness rider is included
  • Guaranteed interest rate: no less than 2%

Optional Riders

  • Return of premium
  • Accidental death benefit
  • Additional term
  • Charitable giving benefit

Related: What are life insurance riders?

Symetra Caul Universal Life Insurance

This universal life policy is designed to provide the ultimate flexibility when it comes to premiums and death benefit selection. Increasing or decreasing the death benefit amount as life events unfold (buying a house, having a baby, etc.). The policy provides a lifetime of protection, with a premium payable to age 120. Growth potential is tax-deferred until withdrawn.

Symetra Caul Universal Life Insurance Highlights

  • Issue ages: 15 days–85 years old
  • Coverage period: premium payable to age 120
  • Minimum face amount: $100,000
  • Chronic illness rider is included
  • Terminal illness rider is included
  • Guaranteed interest rate: no less than 2%

Optional Riders

  • Return of premium
  • Accidental death benefit
  • Additional term
  • Charitable giving benefit

Symetra Accumulator Indexed Universal Life Insurance

Indexed universal life, or IUL for short, has the same flexibility and benefit as a traditional UL, but the interest accumulation option is index-linked. This policy is best for those who are looking for maximum accumulation alternatives because they already maximized their 401(k). Symetra provides clients with six crediting strategies from which to choose based on your risk tolerance. They also have a JPMorgan option that is available exclusively to Symetra’s clients.

Symetra Accumulator Indexed Universal Life Insurance Highlights

  • Issue ages: 20–85 years old
  • Coverage period: premium payable to age 120
  • Minimum face amount: $100,000
  • Chronic illness rider is included
  • Terminal illness rider is included
  • Guaranteed interest rate: no less than 2%
  • Overloan lapse protection rider is included
  • No-lapse guarantee for a period of up to 20 years
  • Six index strategies from which to choose

Symetra Successor Single Premium Life Insurance

Single premium life insurance, as the name implies, require only one payment to have fully paid coverage. Simply put, it’s for people who have money aside to pay once and be done. The growth in the account is tax-deferred and the death benefit is guaranteed to pass on to your beneficiaries, tax-free. Symetra guarantees a minimum interest rate of 3% per year.

Symetra Successor Single Premium Life Insurance Highlights

  • Issue ages: 55–80 years old
  • Face amounts: $25,000–$1 million
  • Guaranteed death benefit
  • Guaranteed return of premium
  • Accelerated death benefit for terminal illness, up to 75% of policy’s death benefit ($250,000 max)
  • Accelerated death benefit for cognitive impairment and limited activities of daily living, up to 50% of policy’s death benefit ($250,000 max)
  • Minimum interest rate: 3% per year

Symetra’s Underwriting Strengths

Symetra life insurance underwriting strengths

Every company has its own way they deal with risks. Underwriting is the process they use to evaluate the potential risk you pose and thus calculate the appropriate rates for your class. Symetra has a few strengths and weaknesses when it comes to the underwriting process, let’s review a few.

  • Family history – to qualify for a super preferred rate, you cannot have a parent or sibling who died prior to age 65 from cancer or heart disease. Banner or AIG will only require no death up to age of 60.
  • Tobacco use – No use of nicotine products within 12 months will get you standard plus.
  • Cholesterol level – super preferred for those with a ratio of 4.5 and total cholesterol less than 300.
  • Blood pressure – preferred best for ages 20–50 with max of 135/85, and ages 51+ a max of 140/90.
  • Driving – preferred best for no more than two moving violations in past three years, and no DUI in the past ten years. Banner will have the same, except the DUI part is only in the past five years.

These are some of the reasons you may want to use a broker when you are shopping for life insurance. A broker’s job will be to match you with the right insurance company for your condition, for the best possible price.

Symetra vs. Other Carriers’ Sample Monthly Rates

Symetra life insurance sample rates

Male 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $20.21 $28.38 $75.68 $205.97
 Banner $20.12 $32.68 $74.39 $205.97
 AIG $20.24 $30.62 $77.76 $213.57
 Foresters $21.00 $31.50 $79.19 $223.56
 Lincoln$21.00 $30.28 $78.71 $214.33
 Mutual of Omaha $21.61 $33.42 $85.05 $249.55
 Principal $22.75 $31.50 $78.66 $213.50
 Symetra $23.63 $36.75 $88.38 $269.06
 Transamerica $23.65 $43.00 $95.46 $253.70
 Prudential $33.25 $41.56 $83.56 $250.25

Female 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $17.63 $24.94 $55.47 $139.32
 Banner $17.11 $25.49 $55.47 $145.00
 AIG $17.21 $27.16 $63.06 $163.40
 Foresters $18.81 $27.13 $57.75 $165.81
 Lincoln$18.16 $26.16 $58.41 $148.05
 Mutual of Omaha $18.99 $28.61 $64.05 $169.93
 Principal $19.69 $26.69 $59.24 $149.27
 Symetra $20.13 $30.19 $64.75 $157.06
 Transamerica $19.78 $34.83 $73.10 $204.68
 Prudential $27.13 $37.63 $72.63 $171.06

Male 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $33.97 $51.17 $142.33 $396.03
 Banner $37.84 $58.48 $140.61 $406.63
 AIG $34.95 $53.98 $144.80 $418.14
 Foresters $34.13 $56.00 $150.50 $438.38
 Lincoln$49.00 $70.00 $147.70 $418.78
 Mutual of Omaha $37.80 $59.68 $161.18 $481.43
 Principal $38.50 $55.56 $147.88 $418.78
 Symetra $40.69 $65.19 $167.56 $522.81
 Transamerica $39.56 $80.84 $178.02 $483.32
 Prudential $48.56 $70.44 $157.94 $467.69

Female 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $28.81 $43.43 $101.91 $267.03
 Banner $28.72 $50.09 $110.51 $294.55
 AIG $28.89 $47.92 $117.12 $309.15
 Foresters $29.75 $47.25 $107.63 $322.88
 Lincoln$38.50 $53.38 $108.50 $283.33
 Mutual of Omaha $31.68 $50.93 $119.18 $324.80
 Principal $32.16 $46.81 $108.94 $283.50
 Symetra $34.56 $52.94 $120.31 $291.81
 Transamerica $32.68 $65.36 $139.32 $388.72
 Prudential $37.19 $59.94 $124.69 $319.81

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Feb 2018 and are subject to underwriting approval.*

Last Word

Symetra is an outstanding company with a great financial rating and one of the best guaranteed universal life policies on the market. They are great when it comes to smokers who are looking for life insurance, and for those who have been a non-smoker for at least 12 months. When it comes to term life insurance, they are competitive for 10- to 20-year terms, but then become more expensive than other insurers for a 30-year term.

We proudly represent Symetra and over 50 other companies to make sure you are placed with the best company for you. Give us a call today at 866-326-3053 for an unbiased quote, or run the quotes on this page.

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2018-09-03T06:42:44+00:00June 9th, 2018|Categories: Company Reviews|0 Comments

About the Author:

Ron is a licensed life & health insurance broker. He has two amazing rescued Pitbulls. He also enjoys real food, strong coffee, ultra runs, critical thinking, and reading.

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