Here at I&E, we believe that Symetra has a very competitive IUL Insurance Policy that must be considered when looking into purchasing a permanent life insurance policy designed for cash value accumulation. In the following Symetra Life Insurance Company review we will address the company’s history, financial strength and product offering in our quest to educate our clients on the best life insurance company, based on each client’s unique needs, goals and objectives.
About Symetra Life Insurance Company
Symetra Life Insurance Company
777 108th Ave NE, Suite 1200
Bellevue, WA 98004
Compared to some other life insurance providers in the US, Symetra is relatively young at just over 60 years. However, the company is backed by one of the biggest life insurance providers in Japan; Sumitomo Life. This Japanese company has been around for over 100 years and the two brands combined have assets of over $330 billion.
In the past, Symetra has been a leader and keen advocate of diversity within their employee base. Included in this employee base, the company distributes all products through independent agents, brokers, financial institutions, and advisors. The Symetra brand has expanded in the US over six decades and, in addition to life insurance, their product range is now extensive.
Symetra Financial Ratings
Before even considering the products of Symetra, we need to know they’re financially stable. If not, any investment we place in them will be a risk.
For any life insurance company, we need to be certain our beneficiaries will receive the death benefit after we pass away.That is why it is important we asses the financial strength of the company we choose.
Symetra’s Financial Ratings as of October 17, 2018 are as follows:
- A.M. Best – A (Excellent)
- Standard & Poor’s – A (Strong)
- Moody’s – A1 (Good)
- Fitch – A (Strong)
- Comdex Ranking: 80
And Symetra is also rated with the BBB. The Better Business Bureau’s rating for Symetra is A+, which is the strongest available. (1)
Symetra Products and Services
With life insurance, there are two main focuses for Symetra; term life and universal life. For those interested in whole life insurance, the solution might not be Symetra.
Additionally, they offer a good selection of different types of annuities, such as income annuities, fixed indexed annuities, and fixed deferred annuities.
As well as products for individuals, Symetra offer various options for employers and those looking to protect their employees. For example, Select Benefits and Group Life and Disability are two policies that can help attract high-quality employees and keep them in the company. Specific and Aggregate Stop Loss policies are another option.
Finally, before we look into the life insurance solutions in more detail, we should also mention Symetra’s attempt to become a teacher of all things finance-related and this can be seen on their website. Under the ‘Learn’ section, there are numerous helpful guides and articles for both individuals and businesses.
Life Insurance Policies Offered by Symetra
Symetra offers both a term life policy alongside universal life insurance policies and the one you choose will very much depend on your needs.
Symetra Term Life Insurance
Symetra offers level term life insurance for 10, 15, 20, or 30 years. The term policy is renewable to age 95.
In addition, convertible term life insurance allows you to convert all or a portion of the death benefit to permanent coverage prior to the end of the initial term period or by age 75, whichever comes sooner.
Optional riders include Waiver of Premium, Insured Child’s Benefit, Additional Term, and Accidental Death Benefit.
If certain conditions are met, an accelerated benefit rider is available that allows 75% of the death benefit ($500,000 maximum) to be accessed in advance if you are diagnosed with a qualifying terminal illness.
Symetra Accumulator IUL
Symetra has a fantastic indexed universal life insurance policy in its Accumulator IUL. This IUL insurance policy is designed for maximum cash value accumulation and growth, making it a great potential choice for anyone looking to use life insurance as their own personal bank.
There are 9 index strategies available, under the Base, Core or Select Index Strategies. Each Strategy includes 3 index options, including the JPMorgan ETF Efficiente® 5 Index, a volatility control option licensed exclusively to Symetra. Additionally, you can choose the S&P 500 Index Base or a blend between the JPMorgan ETF and S&P 500.
Dollar cost averaging from the fixed account to the index strategies is available at no charge on an annual, semi-annual, quarterly or monthly basis.
You are allowed to withdraw from your policy following the first policy year. Standard and participating policy loans are also available.
With participating loans, the loan value remains allocated to the index strategies or fixed account, receiving an index crediting equal to the index crediting rate of each respective strategy.
A lookback guarantee provides a guaranteed 2% return if the index has not returned 2% cumulatively over an 8 year period.
- Three different death benefit options are available, including:
*Option A: Level Specified Amount
*Option B: Specified Amount plus Policy Value
*Option C: Specified Amount plus Return of Premiums
An accelerated death benefit for chronic illness rider is included. The chronic illness rider allows access to 50% of the death benefit if you are diagnosed with a qualifying chronic illness.
Additionally, Symetra offers the Accelerated Death Benefit for Chronic Illness Plus Rider, which allows access of up to 100% of the death benefit.
A nine year decreasing surrender charge is included. There is no surrender charge from year 10 going forward.
Symetra UL-G is a guaranteed universal life insurance policy that provides the owner with the guarantee that the policy will not lapse as long as the minimum required premium payments are paid.
The main purpose of a universal life policy with a no-lapse guarantee is for the level death benefit protection, either to create a legacy or to pass on wealth to the next generation.
The GUL policy includes a chronic illness and terminal illness rider, where available.
An additional Chronic Illness Rider Plus may be available, which allows you to access 100% of the death benefit if diagnosed with a qualifying chronic illness.
Symetra Review Summary
For those looking for term life or universal life insurance, Symetra is a high-quality option and the support structure from the Japanese equivalent may be a huge benefit.
The real trick…
Will be to determine whether or not Symetra’s line of products will meet the needs of you and your family and if your “situation” will be best suited for Symetra’s underwriting guidelines.
When it comes to applying for life insurance, you’re going to first need to “qualify” for coverage. Which means that the insurance company is going to want to take a look at your health status as well as determine if you participate in any “lifestyle” choices which might make you an increased risk to them.
The good news is that…
In addition to helping you find the right “kind” of life insurance for you and your family, here at I&E, we also like to try and help you determine “which” insurance company is going to provide you with the “best” price.
We do this by…
First helping you understand what options might be available for you and then allow you to compare prices from dozens of different companies before you decide which life insurance company (or companies) you’d like to apply with!
Will Symetra Life Insurance Company be the right one for you? Who knows, but by giving us a call here at I&E, you should have a pretty good idea if they are long before you ever decide to apply for coverage.
So, what are you waiting for? Give I&E a call today and see what we can do for you!