Symetra life insurance review 2024
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At a glance
Bankrate's take
Policyholders who value swift, accessible life insurance coverage and appreciate a range of policy options might consider Symetra a strong choice. The company's financial stability and innovative cancer care benefits make it an appealing option, though those seeking more extensive digital tools may want to explore other providers.
- Symetra Life Insurance Company has an AM Best financial strength rating of A (Excellent), indicating strong financial stability.
- Symetra offers policies, like SwiftTerm, that can be issued without a medical exam, with coverage available in as little as 18 minutes.
- The company's NAIC complaint index was 0.18 in 2023, which is lower than the industry average and indicates relatively fewer customer complaints.
- Was not included in the 2023 J.D. Power U.S. Individual Life Insurance Study.
- Symetra promotes transparency by providing direct information on their website in sections such as ‘I want full transparency into what I’m buying.’ and ‘I don’t want any surprises.’
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New
April 2, 2024 - Symetra recently introduced Cancer Care Compass, an innovative rider package available with its indexed universal life (IUL) products, Accumulator Ascent IUL and Protector IUL. This first-of-its-kind rider provides a unique combination of benefits aimed at supporting policyholders in the early detection and management of cancer. The package includes access to the Galleri multi-cancer early detection test, health advocacy services, personalized nutritional support and a cash benefit for those diagnosed with cancer. This addition to Symetra's offerings showcases its commitment to addressing significant health concerns while providing comprehensive life insurance solutions.
Symetra life insurance review
Symetra, founded in 1957 and headquartered in Bellevue, Washington, is a well-established life insurance provider known for its financial stability and customer-centric approach. With over six decades of experience, the company offers a range of life insurance products tailored to meet the diverse needs of its clients. Symetra’s life insurance offerings include both term and permanent policies, catering to those looking for either temporary or lifelong financial protection. The company is recognized for its efficient underwriting process, particularly through its SwiftTerm product, making it a competitive option in the life insurance market.
Here’s a deeper look at the company’s list of life insurance offerings:
Term life insurance: Symetra’s term life insurance products are designed for individuals seeking straightforward, affordable coverage for a specific period.
- SwiftTerm life insurance:
- Term lengths: 10, 15, 20 or 30 years
- Coverage Amounts: $100,000 to $5 million
- Issue ages: 20-60 years old (varies slightly by term length)
- Features: SwiftTerm is known for its quick, online application process with potential instant approval within 18 minutes and no medical exam. It includes level premiums for the term period and offers the option to convert to a permanent policy if your needs change.
- Symetra term life insurance:
- Term lengths: 10, 15, 20 or 30 years
- Coverage Amounts: Starting from $250,000
- Issue ages: 20-80 years old (varies by term length)
- Features: They offer a 30-day, money-back guarantee. The price you accept when you purchase the policy is the price you pay for the length of the term, but Symetra also notes that you may have the option to reduce your coverage should your financial circumstances change and you want to reduce your premiums. Additionally, the policy includes the option to convert to a permanent policy should your needs change over time.
With Symetra, there is no need to apply for a different term policy if you wind up ineligible for SwiftTerm. When you apply for term life insurance through their application process, there are three potential paths:
- Instant approval: If you qualify, you can be issued a policy on the spot in as little as 18 minutes.
- Accelerated underwriting: If ineligible for instant coverage, you may be asked a few more questions. Coverage can be approved in as little as 24-72 hours.
- Full underwriting: If not accepted for instant or accelerated underwriting, a medical exam may be required for coverage, and medical records may be ordered. This process can take 30 days or more in some cases.
Permanent life insurance: Symetra’s permanent life insurance options provide lifelong coverage and the potential for cash value accumulation, offering more comprehensive financial planning solutions. Here’s a breakdown of their products:
- Accumulator Ascent indexed universal life (IUL):
- Coverage amounts: Minimum $100,000
- Issue ages: 20-85 years old
- Features: This policy is designed to maximize cash value growth and income potential while providing strong death benefit protection. It includes various index strategies for policy value growth and features like lapse protection and accelerated death benefits for terminal and chronic illnesses.
- Protector indexed universal life (IUL):
- Coverage amounts: Minimum $100,000
- Issue ages: 20-85 years old
- Features: A cost-effective option focused on guaranteed death benefit protection with potential for cash value growth. It includes similar features to the Accumulator Ascent IUL, such as index strategy options and lapse protection.
- SwiftProtector indexed universal life (IUL):
- Coverage amounts: $100,000 to $3 million
- Issue ages: 20-60 years old
- Features: This policy offers the same robust death benefit protection and cash value growth potential as other IULs but with the added benefit of an online application process. Coverage can be available within as little as 25 minutes if you qualify.
- Accumulator variable universal life (VUL):
- Coverage amounts: Minimum $100,000
- Issue ages: 20-85 years old
- Features: Designed for those interested in building cash value through market-driven subaccounts. This policy offers a mix of investment options, providing growth potential tied to market performance alongside death benefit protection.
Pros and cons of Symetra life insurance
When considering life insurance, it’s important to weigh the benefits and drawbacks of each provider to determine the best fit for your needs. Symetra life insurance offers a range of products with unique features that might appeal to different individuals, but there are also some potential limitations to be aware of.
Pros
- Diverse product offerings: Symetra provides a variety of life insurance options, including term, universal and indexed universal life policies. This range allows customers to choose a product that aligns closely with their financial goals and life stages.
- 30-day money-back guarantee: Symetra term life insurance includes a 30-day money-back guarantee, also known as the Free-Look Period. This feature offers flexibility, allowing policyholders to cancel their policy within the first 30 days for a full refund if they change their minds.
- Competitive underwriting process: Symetra’s SwiftTerm product is known for its efficient underwriting process, which allows for instant coverage in as little as 18 minutes with no medical exam if approved. This feature can be highly appealing to individuals seeking quick, straightforward insurance approval.
Cons
- Availability of certain products: Some of Symetra’s more specialized products and riders may have limited availability depending on the state, which could restrict access to the full range of their offerings for some customers.
- Complex fee structure: Symetra's variable life insurance products come with a range of fees and charges, including administrative charges, expense charges, cost of insurance charges and more, which can add up and may not be easily understood by all policyholders.
- Possible tax complications: Some of Symetra's life insurance riders, such as the overloan lapse protection rider and the accelerated death benefit riders, could lead to unexpected tax liabilities, potentially complicating the financial planning process.
- Must apply through agent: Consumers aren’t able to apply via Symetra’s website. You need to be working with a financial professional who is appointed with Symetra. This person can help you apply.
Symetra life insurance riders
Symetra offers a variety of life insurance riders that can enhance the value and flexibility of its policies. Riders are optional add-ons to a policy that provide additional coverage or benefits. Here’s a breakdown of some of the available riders the company offers:
- Accelerated death benefit for terminal illness: This benefit allows policyholders to access a portion of the death benefit if the insured is diagnosed with a terminal illness.
- Accelerated death benefit for chronic illness: This option allows the insured to access part of the death benefit if the insured is diagnosed with a qualifying chronic illness, providing financial support when it's most needed.
- Accelerated death benefit for chronic care advantage: Allows policyholders to access a portion of their death benefit (50 percent or 100 percent) in the event of a qualifying chronic illness, offering flexibility in how they use the funds.
- Accidental death benefit rider: Pays an additional death benefit if the insured's death is accidental. This rider can provide extra financial protection in unexpected circumstances.
- Children’s term life insurance rider: Provides life insurance coverage on dependent children, offering between $1,000 and $10,000 in coverage until the child reaches age 23.
- Waiver of premium rider: Waives premium payments if the policyholder becomes totally disabled for a consecutive period of at least six months, ensuring that coverage continues even during financial hardship.
- Overloan lapse protection rider: Prevents the policy from lapsing when the outstanding loan balance exceeds the policy’s specified amount, maintaining coverage in situations where loans might otherwise cause a policy to terminate.
Symetra customer satisfaction
When evaluating insurance companies, third-party ratings provide an objective perspective on a company’s performance and reliability. Ratings from organizations like AM Best and J.D. Power assess various aspects, such as customer satisfaction, financial strength and claims handling. These ratings are crucial in helping consumers make informed decisions about which insurance provider might be the best fit for their needs.
Symetra, however, is not currently rated by J.D. Power in its 2023 U.S. Individual Life Insurance Study, which means there isn't a direct customer satisfaction score available from this well-known industry benchmark. Despite this, AM Best has affirmed Symetra's financial strength rating as A (Excellent), indicating strong financial stability and a solid ability to meet its policyholder obligations. While the lack of a J.D. Power rating may limit direct comparisons with other insurers, Symetra’s strong financial ratings offer a positive indicator of its reliability and capacity to support its customers.
Symetra insurance customer complaints
Building off Symetra’s strong financial ratings, it’s also important to consider how the company fares in terms of customer complaints. The National Association of Insurance Commissioners (NAIC) provides a Complaint Index to help consumers understand how frequently complaints are filed against an insurer relative to its market share. A score of 1.00 represents the baseline, indicating an average number of complaints for the company’s size. A score below 1.00 suggests fewer complaints than expected, while a score above 1.00 indicates more frequent complaints.
The NAIC differentiates these indexes based on the specific insurance products offered, which allows for a more tailored assessment of how a company performs in different segments of its business. Over the past three years, Symetra’s Complaint Index for life insurance has consistently remained well below the national average and improved year over year. These scores suggest that Symetra has been performing effectively in terms of customer service, with relatively few complaints compared to other insurers of similar size.
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Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
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Compare Symetra with other insurers
When evaluating life insurance options, comparing carriers allows you to see which company best aligns with your unique needs. Each insurer has its strengths and weaknesses, from policy offerings and pricing to customer satisfaction and financial stability. Taking the time to analyze these differences ensures that you choose a provider that fits your financial goals and lifestyle.
As you consider your options, understanding how Symetra measures up against other life insurance providers can help you make an informed decision. Here's how Symetra compares.
Symetra vs. Ladder
Ladder provides a fully digital experience, making it easy to get term life insurance coverage without a medical exam for policies under $3 million. This can be appealing for those seeking quick, hassle-free coverage. However, Symetra also offers no-exam coverage with its SwiftTerm product and provides additional policy types like indexed universal and variable universal life, which Ladder does not offer. For those interested in exploring options beyond term life, such as policies that accumulate cash value or have investment components, Symetra may be a better fit.
Learn more: Ladder Insurance review
Symetra vs. Ethos
Ethos offers a fully digital life insurance experience, similar to Symetra’s streamlined online application process. While both companies cater to those seeking a no-exam coverage option, there are key differences to consider. Ethos provides both term and whole life insurance policies, with term policies available up to $2 million in coverage and whole life for older adults. Symetra, on the other hand, offers a wider range of life insurance products, including term, universal, and indexed universal life policies. However, if you prefer a straightforward term life insurance policy with minimal customization, Ethos may be a simpler, more cost-effective option.
Learn more: Ethos Insurance review
Symetra vs. Pacific Life
Pacific Life offers term life insurance but stands out for its strong focus on universal life insurance products, including indexed and variable options, which may appeal to those looking for cash value growth and investment opportunities. Pacific Life has a solid reputation with an A+ (Superior) financial strength rating from AM Best and ranks above average in J.D. Power’s customer satisfaction studies. However, the company lacks digital convenience, with no mobile app and limited online tools, making Symetra’s more streamlined and digital-first approach potentially more appealing to tech-savvy customers or those looking for faster application processes.
Learn more: Pacific Life Insurance review
Symetra vs. MassMutual
MassMutual is a strong competitor in the life insurance market, particularly known for its whole life insurance, which earned it the 2023 and 2024 Bankrate Awards for best whole life insurance. MassMutual offers a wide range of life insurance products, including term, whole, universal and variable life insurance, with a strong emphasis on customer satisfaction and financial stability, boasting an A++ (Superior) rating from AM Best. Additionally, MassMutual provides a comprehensive selection of riders for its whole life policies, allowing for greater customization. However, Symetra may, again, appeal more to tech-savvy customers due to its faster, more streamlined digital process and no-exam coverage options, especially for those seeking term life insurance. While MassMutual excels in whole life options and rider flexibility, Symetra might be a better fit for individuals prioritizing ease of access and affordability in their life insurance coverage.
Learn more: MassMutual Insurance review
Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth Symetra insurance review.
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Is Symetra a good insurance company?
From our Symetra life insurance review, we’ve found that the company could be a solid choice for life insurance, particularly for those who value financial stability and innovative underwriting processes. With an AM Best rating of A (Excellent), Symetra demonstrates strong financial health, ensuring it can meet its policyholder obligations. The company offers a diverse range of life insurance products, including term, universal and indexed universal life insurance, providing options to suit various needs.
One of Symetra's standout features is its underwriting process, which includes options for instant coverage. Depending on the application, coverage can be approved in as little as 18 minutes for instant approvals, within 24 to 72 hours for accelerated underwriting or 30+ days for full underwriting. While Symetra may not offer as many customizable options as some competitors, its streamlined processes and solid product offerings make it a compelling option for those seeking straightforward and reliable life insurance.
What are real-life customers saying about Symetra?
When evaluating an insurance company, hearing directly from real-life customers can provide valuable insights into their experiences. To offer a well-rounded perspective on Symetra, we’ve gathered customer feedback from sources like Trustpilot and Yelp. These platforms feature reviews from policyholders who have shared their thoughts on various aspects about the company.
While the majority of the reviews we found were negative, this doesn’t necessarily reflect the experiences of all Symetra customers. It’s important to note that most people tend to leave reviews when they are dissatisfied, meaning the overall sentiment could be skewed by these negative experiences.
Here’s what real customers are saying about Symetra based on their experiences.
*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.
Symetra company details
If you need to get in touch with Symetra, here are a few ways to do so:
- Company hours: Monday through Friday, 6am to 4:30pm PT
- General life insurance: 1-800-796-3872
- Swift life insurance: 1-833-447-9438
- Company address: Symetra Life Insurance Company, PO Box 34690, Seattle, WA 98124
- Company website: https://www.symetra.com/
State availability
Symetra Life Insurance Company is licensed in all states across the U.S. except New York. In New York, it is licensed as First Symetra National Life Insurance Company of New York.
Symetra tools and benefits
Outside of life insurance, Symetra offers a range of insurance products and financial services designed to meet diverse needs. Here are some key tools and benefits they provide:
- Annuities: Various annuity products are available, including fixed-indexed, fixed-deferred, index-linked and income annuities. These offer potential for tax-deferred growth and guaranteed income options.
- Group benefits: Symetra provides group life and disability insurance, as well as supplemental health insurance options for employers and employees.
- Financial planning tools: Symetra offers financial wellness resources, including educational content on annuities, retirement planning and other financial topics.
Frequently asked questions about Symetra
