Symetra Life Insurance Company Review (2022)
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Written by
Chris Huntley
Founder of Huntley Wealth & Insurance Services
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…
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Reviewed by
Rachael Brennan
Licensed Insurance Agent
UPDATED: Mar 15, 2022
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Here’s the Scoop
Sumitomo Life owns the Symetra Life Insurance Company
The Symetra Life Insurance Company sells life insurance and annuities
The Symetra Life Insurance Company sponsors the Seattle Storm
If you’re shopping for life insurance, you don’t have to worry about slogging through a list of life insurance companies in the US. Instead, you can utilize free Symetra Life Insurance Company reviews, like this one, to determine which insurance company is the best fit for your needs.
Continue reading this Symetra Life Insurance Company review to learn more about this company and the insurance products it has to offer.
What is the Symetra Life Insurance Company?
Founded in 1957, the Symetra Life Insurance Company is owned by Sumitomo Life, a Japan-based company. This life insurance company is widespread — the only state in which it doesn’t provide life insurance is New York. In addition to life insurance, you can also shop for a Symetra annuity or a Symetra health insurance policy.
Advocates for women’s sports may also be interested to know that Symetra is a supporter of women’s golf. The Symetra Life Insurance Company sponsors the Symetra Tour, a feeder for the Ladies Professional Golf Association (LPGA). Symetra is also a sponsor of the Women’s National Basketball Association’s (WNBA) Seattle Storm.
You can purchase Symetra products through independent agents and financial advisors. The Symetra Life Insurance Company headquarters are located in Bellevue, Washington. If you have any questions or concerns about your policies, you can call 1-800-796-3872 for assistance.
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What products does the Symetra Life Insurance Company offer?
The Symetra Life Insurance Company has four different life insurance products to offer you. These products include:
Term life insurance
HNW
Universal life insurance
Indexed universal life insurance
These types of policies have distinct features that set them apart. Therefore, let’s closely examine each one so you can determine which policy type may be the best fit for your needs.
Term Life
A term life insurance policy through Symetra allows for flexibility. You can choose to have your policy run for 10, 15, 20, or 30 years and never worry about the rates increasing during that period. Now, you do have the option to convert your policy to permanent coverage prior to its term expiration date. However, if you elect to convert your policy, the rates could increase.
Unfortunately, sample rates aren’t available on Symetra’s website, but below are the rates offered by some of the best life insurance companies that provide similar products:
Sample 30-year $250,000 Life Insurance Rates with a Conversion Privilege
AgeAllstateAIGMassMutualNationwidePrudentialState Farm
25$25.00$18.94$21.53$24.03$20.35$31.12
30$26.00$19.53$23.05$23.36$21.44$35.02
35$30.00$21.08$26.10$26.26$23.19$39.37
40$44.00$29.29$34.58$34.04$32.82$56.34
45$64.00$46.47$51.55$53.40$49.44$81.99
50$96.00$75.71$77.00$80.10$76.78N/A
55NA$132.37$143.78NA$148.53N/A
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You can purchase as little as $100,000 in coverage through a Symetra term life insurance policy, but you should request free quotes from at least three different companies to identify which policy can provide you the most coverage at the best rates.
HNWFN
High-net-worth foreign national (HNWFN) market, a niche term life insurance product offered by Symetra, offers coverage to wealthy foreign nationals who have an ongoing connection to the United States. To be eligible for such a policy, one must:
Have a temporary U.S. visa
Have a net worth of at least $2 million
Have A U.S. connection
Be at least 18 years old
Like a standard term life insurance policy, this product could be more cost-effective for some individuals as it will only last for a set number of years.
Universal Life
With a universal life insurance policy through Symetra, you can purchase a secured death benefit for your surviving loved ones while simultaneously growing the cash value of your policy. Keep in mind that the condition of the stock market determines the rate at which your cash value accumulates.
You can apply for this policy until the age of 85 and purchase as little as $100,000 in coverage. Unlike many other insurance companies, Symetra offers premium discounts for healthy living habits until you are 70 years old.
Indexed Universal Life
Symetra’s indexed universal life (IUL) insurance policy allows you to remain flexible with your premiums. You also have more control over your policy’s cash value accumulation. Furthermore, you can select more equity indexes to attach to your policy, like the S&P 500, for example.
While an IUL policy does have a cap on its total growth, you don’t need to worry about your death benefit decreasing if the stock market takes a turn for the worst.
Does the Symetra Life Insurance Company offer life insurance riders?
You can customize your Symetra policy with riders like these:
Terminal illness
Insured children’s benefit
Waiver of premium
Accidental death
Additional term
When shopping for insurance online, be sure to determine if adding a rider will increase your overall rate. While some policies have free riders attached, others charge extra.
Are Symetra Life Insurance Company reviews positive?
The Symetra Life Insurance Company has an A rating from A.M. Best and an A+ rating from the Better Business Bureau (BBB). With these high ratings, you can expect Symetra to have the financial strength necessary to pay out any claims that your beneficiaries file. However, you should note that a Symetra lawsuit brought forward in August of 2021 accused the company of making improper withdrawals from client policies that had accumulated cash value.
Despite its high ratings, this alone may be enough to give consumers pause before purchasing a policy through Symetra.
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How can I file a claim with the Symetra Life Insurance Company?
If tragedy should strike and your beneficiary needs to file a claim, they can call the Symetra claims department at 1-800-796-3872. An all-hours service line isn’t available, so claims must be filed Monday through Friday during regular business hours. Your beneficiaries can use the number above to contact a representative and remain up-to-date on a Symetra claim status as well.
What You Need to Know About the Symetra Life Insurance Company
Symetra offers both term and permanent life insurance products in nearly every state. You can utilize the various riders available through Symetra to customize your policy.
While this company has very good ratings, a lawsuit filed in 2021 may highlight some underhanded business tactics. If you aren’t certain that Symetra is the best insurance company for you, you can shop online to receive free quotes from leading life insurance companies.
