Review of Symetra Life Insurance Products

With so many life insurance providers to choose from, it can be challenging to find the best fit. Symetra is a solid option, particularly if you're interested in building wealth — it boasts secure financial footing and a range of attractive policy options.

About Symetra

Symetra provides insurance, benefits and investments. It's based in Bellevue, Washington, and operates offices in 14 cities around the United States. The brand's life insurance policies are issued by the Symetra Life Insurance Company division. Symetra was founded in 1957 as a part of the Safeco insurance group; today, it's owned by the insurance provider Sumitomo Life, a mutual company based in Japan.

The company is known for its high financial strength ratings; it receives A or A1 ratings from A.M. Best, Moody's and Standard & Poor's. On its own, Symetra has more than $58 billion in assets. Combined with Sumimoto, the company is backed by assets of more than $370 billion.

What Life Insurance Products Does Symetra Offer?

When it comes to life insurance, Symetra offers two types: term and permanent. Both policy types are available with a variety of riders to expand your coverage. The company also offers annuities, group insurance, accident insurance and employer benefits.

Term Life Insurance

If you're entering a time filled with significant financial obligations, such as college educations or mortgages, term life insurance can offer peace of mind. These policies come with a death benefit, ensuring that your dependents will be able to continue covering these costs if you pass away. Coverage lasts for a set period, and you can choose the term length. Symetra lets you convert a term policy to permanent coverage as long as you do so before the policy is 10 years old.

Symetra SwiftTerm

SwiftTerm is one of Symetra's term life insurance options. It's designed for affordability and convenience — you can apply online, and the approval process typically takes less than 30 minutes. If you're happy with the terms, you can accept the contract and make a payment online for immediate coverage. Most people don't need to undergo a medical exam to be approved, but that requirement may change based on your health.

SwiftTerm is open to people aged 20 and older. Keep in mind that the terms available to you depend on your age — the 30-year term, for example, is only an option until you're 50 years old.

Coverage ranges from $100,000 to $2 million
Choose from terms of 10, 15, 20 or 30 years
Guaranteed premiums for the duration of the term

Permanent Life Insurance

Permanent life insurance serves you during your lifetime and protects your family after your death. These policies are linked to market accounts, so they can grow over time. That way, you can access the cash, and your family gets a death benefit. Here are three of Symetra's permanent life insurance options.

Symetra Accumulator IUL

This indexed universal life insurance product is designed for flexible investing. You can choose between six index accounts and a single fixed account; if your investments perform well, your policy's cash value grows. The Accumulator IUL also comes with a lookback guarantee; if the policy doesn't grow by at least 2% a year for 8 years, the company will increase its value.

Includes an adjustable death benefit
11-year persistency bonus
Ability to withdraw or borrow against cash value

Symetra Protector IUL

Symetra Protector is an indexed universal life insurance policy with even more investing options. You can allocate premiums to nine different index accounts and one fixed account — each one has a zero floor, so you'll never lose money. If you're concerned about potential health issues, you can add a rider for extra coverage.

Guaranteed death benefit
Flexibility in premium amount and frequency
Access to cash value through withdrawals or loans
Lapse protection benefit

Symetra CAUL

Symetra CAUL (current assumption universal life) insurance covers you for a lifetime. If you participate in the GoodLife Rewards program, you can reduce your costs with healthy activities and behaviors. Some CAUL policies build cash value over time; if your policy doesn't grow by 2% per year, the company will make up the difference.

Available to people aged 15 days to 85 years
Minimum policy size of $50,000 or $100,000, depending on your rate class
Ability to borrow against or withdraw from the cash value

Life Insurance Riders

Symetra offers a selection of riders that you can use to build a custom coverage package. Availability varies based on the type of policy you choose, but some options are:

Accidental death benefit: If you die in an accident, this rider increases the death benefit in your policy.
Waiver of premium: In case you're disabled for 6 months or more, this rider covers your premium costs until you can return to work.
Accelerated death benefit for chronic illness: If you develop a chronic illness, this rider provides up to half of the policy's death benefit in advance.
Accelerated death benefit for terminal illness: This rider is similar to the rider for chronic illness, but it provides up to 75% of the death benefit as a lump sum.
Charitable giving benefit: This free rider donates 1% of your policy's face amount to a nonprofit of your choice when you pass away.

The Pros and Cons of Symetra

Pros of Symetra Life Insurance

Certain term life insurance policies don't require a medical exam
High financial strength ratings
Variety of rider options

Cons of Symetra Life Insurance

Must talk to an agent to get detailed policy information
Only one policy offers online quotes

Symetra Reviews: What People Are Saying

Symetra reviewers praise the company's solid standing and impressive assets. Customers appreciate the different options for universal life insurance — in particular, they seem to value the potential for growth, especially since Symetra prevents policies from losing money in the market. People who prefer online quotes and applications occasionally express frustration at the need to go through an agent to buy a policy.

Is a Symetra Life Insurance Policy Right for You?

If you're in search of life insurance that grows in value over time, a Symetra policy may work well for you. Plans like the Protector IUL offer a range of investment options, as well as loans and adjustable premiums, for times when you need extra financial flexibility. The company is financially stable, which can help ensure timely payouts in the long run.