Symetra is a well-established life insurance provider known for its term, universal, and indexed universal life policies. It receives strong financial ratings but has mixed customer service reviews, making it a solid choice for some buyers but less ideal for others. Deciding on a life insurance company is a major financial step, and it’s crucial to have a clear, unbiased picture before you commit.
This in-depth review will break down Symetra’s policy offerings, pricing, customer satisfaction, and overall reputation to help you determine if it’s the right fit for your family’s financial security. We’ll explore the pros and cons to give you a balanced perspective, ensuring you have the information you need to make a confident decision.
What Is Symetra? A Quick Overview
Founded in 1957 and based in Bellevue, Washington, Symetra Financial Corporation has grown into a significant player in the U.S. life insurance and annuities market. The company is known for its strong financial footing, which is a critical factor when choosing a life insurance provider. After all, you want assurance that the company will be around to pay a claim decades from now.
To that end, Symetra holds excellent financial strength ratings from major credit rating agencies. For example, A.M. Best, a leading insurance rating agency, has consistently given Symetra an “A” (Excellent) rating. This indicates a strong ability to meet its ongoing insurance policy and contract obligations. Demonstrating this kind of trustworthiness is essential, as consumers look for reliable and credible sources when making financial decisions.
Symetra Life Insurance Policies Explored
Symetra offers a focused range of life insurance products primarily centered on term and universal life policies. Understanding these options is the first step in seeing if the company aligns with your needs.
Symetra Term Life Insurance
What It Is: Term life insurance provides coverage for a specific period, typically 10, 15, 20, or 30 years. It’s one of the most affordable types of life insurance, designed to cover temporary needs like mortgage payments or income replacement while children are young.
Who It’s Best For: Individuals and families looking for high-coverage amounts at a low cost to cover specific financial obligations.
Key Features:
Symetra SwiftTerm®: An accelerated option that allows eligible applicants to get a decision in as little as 18 minutes without a medical exam.
Level Premiums: Your payments remain the same for the entire term.
Convertibility: Many policies can be converted to a permanent policy later on without needing to prove insurability.
Symetra Universal Life (UL) Insurance
What It Is: A type of permanent life insurance that offers lifelong coverage with flexible premiums and a cash value component that grows over time.
Who It’s Best For: Those seeking lifelong coverage with more flexibility than a traditional whole life policy.
Key Features:
Flexible premium payments.
The death benefit can be adjusted.
Cash value accumulates on a tax-deferred basis.
Symetra Indexed Universal Life (IUL) Insurance
What It Is: IUL is a form of universal life where the cash value growth is tied to the performance of a stock market index, like the S&P 500. It offers the potential for higher returns than standard UL policies, with protection against market downturns (often with a 0% floor).
Who It’s Best For: Individuals comfortable with some market-linked risk who want to maximize their policy’s cash value growth potential for supplemental retirement income or other long-term goals.
Key Features:
Potential for significant cash value accumulation.
Protection from market losses.
Flexible death benefits and premium options.
Symetra Life Insurance Reviews: Pros and Cons
To provide a truly balanced review, it’s essential to weigh the good against the not-so-good. This structure helps you decide by clearly laying out the key factors.
| Pros (What We Like) | Cons (What Could Be Better) |
|---|---|
| Excellent financial strength with an A rating from A.M. Best, showing long-term stability. | Limited policy selection with no whole life insurance option. |
| Strong Indexed Universal Life (IUL) offerings with competitive features for cash value growth. | Mixed customer service reviews, with a higher-than-average complaint index from NAIC. |
| Accelerated underwriting is available through SwiftTerm®, with fast approvals and no exam for many applicants. | Website tools and digital services are basic compared to competitors. |
| Competitive term life rates, especially for healthy individuals. | Premiums for permanent policies (IUL) can be complex and vary widely |
Details on Pros and Cons
Pro: Excellent Financial Strength: Symetra’s “A” rating from A.M. Best signals reliability and long-term stability, which is a cornerstone of a trustworthy insurance provider.
Pro: Strong Indexed Universal Life (IUL) Offerings: The company is particularly well-regarded for its IUL products, which offer competitive features for those looking to build cash value.
Con: Mixed Customer Service Reviews: While not universally negative, Symetra’s customer service ratings from sources like the National Association of Insurance Commissioners (NAIC) are often below the industry average. This suggests that while some customers have good experiences, others face challenges with service and claims.
Con: No Whole Life Insurance Option: Symetra does not offer whole life insurance, a popular type of permanent coverage with guaranteed cash value growth. This may be a deal-breaker for those specifically seeking that product.
How Much Does Symetra Life Insurance Cost?
Life insurance premiums are highly personalized and depend on factors like your age, health, gender, lifestyle (e.g., smoking), and the type and amount of coverage you choose.
Generally, Symetra’s term life insurance rates are competitive, especially for healthy individuals. Its SwiftTerm® product, with its lack of a medical exam for eligible applicants, can offer both convenience and affordability. However, premiums for its permanent IUL policies can be more complex and will vary significantly based on how the policy is structured. It’s always recommended to get quotes from multiple carriers to ensure you’re getting the best value.
Symetra Customer Service and Claims Reviews
This is an area where Symetra receives mixed feedback. Trust is a major factor for consumers, and customer service plays a huge role. The company’s complaint index from the NAIC, which tracks customer complaints relative to a company’s size, is often higher than the national median. This indicates that Symetra receives more complaints than would be expected for a company of its size.
Common themes in negative reviews mention slow response times and difficulties with the claims process. Conversely, positive reviews often highlight helpful agents and a straightforward application process. This inconsistency is a critical factor to consider.
Is Symetra Life Insurance Right for You?
Making the final call depends on matching your personal needs with what Symetra offers.
Symetra is a strong choice for you if:
You are primarily interested in Indexed Universal Life (IUL) insurance and want a policy from a financially stable company.
You are a healthy applicant looking for competitive term life rates and the convenience of an accelerated, no-exam process.
You value the security that comes with strong financial ratings over top-tier customer service scores.
You might want to consider alternatives if:
You prioritize an excellent customer service experience and want a company with consistently high satisfaction ratings.
You are specifically looking for whole life insurance.
You want a robust online portal and digital tools for managing your policy.
Frequently Asked Questions (FAQ) About Symetra
Is Symetra a legitimate company?
Yes, Symetra is a legitimate and financially sound life insurance company. It has been in business for over 60 years and holds an “A” (Excellent) rating for financial strength from A.M. Best, indicating a strong ability to pay claims.
How does Symetra compare to a competitor like Protective?
Both Symetra and Protective offer competitive term life insurance rates. Symetra stands out for its strong IUL products, while Protective is often praised for its longer term lengths (up to 40 years) and broader range of universal life options. Your choice would depend on the specific policy type you need.
What are Symetra’s financial strength ratings?
Symetra has an A (Excellent) rating from A.M. Best, an A rating from Standard & Poor’s, and an A1 rating from Moody’s. These ratings confirm the company’s strong financial stability.
How do I file a claim with Symetra?
To file a life insurance claim with Symetra, you can typically download the required forms from their website or contact their customer service department directly by phone. You will need to provide a certified copy of the death certificate and the completed claim forms.