Symetra Life Insurance Review

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Symetra Life Insurance 2024 Review

Last Updated November 20, 2024

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     If you’re considering purchasing life insurance, it’s essential to explore the options available to you. We will delve into Symetra’s various life insurance products, such as term life, and universal life insurance. Final Expense Benefits is committed to exploring their features, benefits, and potential drawbacks. We’ll also discuss Symetra’s reputation, customer service, and financial strength, ensuring you have all the information you need to make an informed decision about your life insurance needs. When it comes to protecting your family’s financial future, the pros and Final Expense Benefits have got you covered.

History of Symetra Life Insurance

     Symetra Life Insurance Company, a direct subsidiary of Symetra Financial Corp was established in 1957. Symetra began as a subsidiary of Safeco, an American insurance company based in Seattle. Safeco Insurance once sold life insurance in addition to auto and homeowners insurance. In 2004, Safeco split their life insurance investment sectors off and they became Symetra Financial. It has been almost 20 years since their split with Safeco Insurance. We will take a deep dive into their most current policies while looking into Symetra Life Insurance reviews.

Coverage Options for Symetra Life Insurance

Symetra Life Insurance

     Term life insurance is a type of life insurance that does not last your whole lifetime and instead has a set time limit that is set to end. Like most term insurances, Symetra Life Insurance offers term insurance policies that have no value outside of the death benefit and has no saving component like with whole life insurance policies. Coverage lengths are typically 10, 15, 20, and 30-year periods. 

     There are two different options for Syemtra Life Insurance for potential buyers. The first is called Symetra SwiftTerm. Their SwiftTerm option is available to people between the ages of 20-60 years old. They say that finding out more about how much you can qualify for will only take you 18 minutes but there is no other way to find out how much you can get without applying. The second option is their standard Symetra Term option. It is similar to their SwiftTerm life insurance option except the age of coverage goes up to 80 years old and you would have to speak to one of their agents to know how much coverage you qualify for. 

Symetra Whole Life Insurance

     Whole life insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the insured individual. It offers a death benefit to beneficiaries and also accumulates cash value over time. Whole life insurance is often chosen for long-term financial protection and estate planning purposes. Unfortunately, Symetra Life Insurance Company does not offer standard whole-life insurance.

Indexed Universal Life Insurance

     Universal life insurance is another type of permanent life insurance that offers flexibility in premium payments and death benefit coverage that Symetra Life Insurance provides. It combines a death benefit with a cash value component that earns interest based on market performance. IUL insurance allows policyholders to adjust their premium payments within certain limits, providing flexibility to adapt to changing financial circumstances.

     Like other permanent life insurance policies universal life policies accumulate a cash value that can earn interest based on the performance of the insurer’s selected investment options. The cash value options are tied to a specific index as defined by the IUL insurance policy. Policyholders may have the opportunity to allocate their cash value among various investment options. Universal life insurance policies may offer the option to take out policy loans against the accumulated cash value. However, it’s important to note that outstanding loans can reduce the death benefit if not repaid.

Best $10,000 Burial Insurance Companies

     These $10,000 coverage policies have steady and affordable premiums for the life of the policy. If you are looking for great coverage with low monthly premiums, we recommend these top carriers for all of your final expense needs. This is Final Expense Benefits’ best $10,000 insurance policies for seniors.

Company 50 y/o Male 50 y/o Female 60 y/o Male 60 y/o Female 70 y/o Male 70 y/o Female
Aetna (CVS Health)
$34
$27
$51
$40
$73
$58
Americo
$39
$34
$52
$41
$86
$65
Mutual of Omaha
$30
$24
$43
$32
$74
$53
Prosperity
$36
$30
$47
$37
$81
$60
Corebridge
$55
$38
$68
$53
$106
$80

These figures were obtained from the NFDA and are estimates only. For a detailed quote, please contact an agent. 

Symetra Life Insurance Pros and Cons

Pros

  • Financial Stability
    Symetra Life Insurance has a solid financial foundation and a long-standing reputation in the industry. Established in 1957, the company has built a strong track record of financial stability and reliability. This has been confirmed by their AM Best rating. AM Best gave Symetra Life Insurance a grade of excellent.
  • Flexible Policy Options
    Symetra Life Insurance understands that life is ever-changing, and its policies reflect this understanding. With options to customize your coverage and adapt it to your evolving needs, Symetra provides flexibility. This may include converting term policies to permanent coverage or adjusting coverage amounts to match significant life events such as marriage, the birth of a child, or purchasing a home.

Cons

  • Limited Online Resources
    While Symetra Life Insurance has an informative website, it falls short in terms of comprehensive online resources. Potential customers may find it challenging to access detailed policy information or calculate premium estimates without engaging directly with a Symetra representative. Expanding their online resources could greatly enhance the user experience and streamline the policy selection process.
  • Mixed Customer Reviews
    When considering Symetra Life Insurance, it’s important to acknowledge the varying customer experiences shared in reviews. While some policyholders express satisfaction with the company’s customer service and claims process, others report difficulties and delays. Especially on common review websites such as the Better Business Bureau or Yelp. Conducting thorough research and reading multiple reviews can help you gauge the overall customer sentiment and make an informed decision.
  • Limited Riders
    Like other insurance companies, Symetra offers insurance policy riders to enhance coverage and customize policies further. However, compared to some competitors, the available riders may be relatively limited. Compared to its competitors, Symetra Life Insurance has only a handful of insurance riders to choose from.
  • No Final Expense Insurance or Small Coverage Options
    If you are someone looking for a small coverage amount or just enough life insurance coverage to cover the costs of a funeral; you can skip Symetra. Symetra Life Insurance Company does not offer any kind of final expense life insurance. The smallest amount of life insurance coverage you will be able to purchase from them is $100,000.

Ratings for Credit and Customer Service Satisfaction

AM Best Rating

     AM Best can best be described as a rating agency focused on the creditworthiness of insurance companies worldwide. Their grading system is similar to the education system where they go from A+ to F. They measure the likelihood of a company defaulting on its financial obligations to its consumers. Symetra Life Insurance has an AM Best Rating of A which is an excellent rating. 

JD Power Rating

     JD Power uses data and AI (artificial intelligence) to understand complex consumer behavior. They are committed to providing unbiased information and embody the highest ethical and professional standards. JD Power measures several different insurance and annuity products and ranks them based on customer service and customer engagement. They are committed to providing statistics for any customer service satisfaction trends with life insurance. 

     JD Power also only chooses certain life insurance and annuity companies to measure customer service satisfaction. Symetra Life Insurance did not meet the criteria to be featured on their 2022 list.

NAIC Rating

     The National Association of Insurance Commissioners (NAIC) records complaint trends for companies every year on their Complaint Index. They review the customer complaints filed for specific insurance companies. Their rating system has anything above 1.0 as above average for complaints and anything below would be below average for complaints. When examining Symetra Life Insurance we noticed that the top complaints by code were from their life insurance division. However, Symetra’s 2022 NAIC code for life insurance still fell below average at 0.37.

Symetra Life Insurance Reviews

They seemed so nice and quick initially, received claim form, mailed it in, called, they had it, waited a week, called, they didn't have it, waited, they still didn't have it, waited the time frame they needed, started over, spending money this time to file a claim, faxed, expedited, deposit in the bank directly, waited the time frame they said, wrong, more fees, more time, holiday Monday....do you think they will release my money?
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Janet H. ✓
Arimo, ID⭐
Checks go missing, communication is poor. We’ll replace the check but we recommend you wait 2 weeks past mailing, then allow 4 days to process replacement and then allow another 14 days for it to arrive. So they’re estimating only 32 days for them to fulfill a weekly responsibility. I’ll be back to work before this is corrected. 2021- ACH should be encouraged and standard but that option may take up to FOUR weeks. Servicing their policies just isn’t an interest Symetra is invested in.
Happy African American woman enjoying in cup of tea in cafe during winter season.
Jennifer H. ✓
Roswell, NM ⭐
I have life insurance on myself, my wife, and my son with Symetra through my benefits with my employer. My wife passed away on December 28,2020. I filed a claim and they received my claim packet on January 7, 2021. About a week later, I received a letter saying they needed my wife's medical records and provided a medical release form. I sent that back immediately. By early February, I still hadn't received payment, not even an update. I called and was told the doctor's office hadn't released the records yet. Two weeks go by so I call again. They said they still didn't have the records. I provided them POA to give to the doctor. Another week goes by and they still don't have anything. I called the doctor's office myself to see what the hold up was. The records person told me they had requested a copy of the death certificate and never received it from Symetra. Really??? There was a copy included in the packet I sent them. All they needed was the death certificate and they wouldn't send it. In everything else I've had to deal with, everything starts with a death certificate. That should have been the first thing they send to the doctor's office!!!! In less than a week, my wife will have been gone for two months and I still haven't received payment. Her death is pretty cut and dry. There are no mitigating circumstances. I have had to do all the work for them. Do you know how awful it is to lose your wife, and then have to do all the legwork for the insurance company? I'm not talking about filing the claim. I'm talking about retrieving all the documentation they should be getting themselves. It's like reliving her death over and over.
Elder man in medical apron
Shad W. ✓
South Portland, ME⭐

Our Review and Final Thoughts

     Symetra Life Insurance’s limited policy features and high minimum amounts should be considered when searching for life insurance. As with any life insurance decision, it’s crucial to evaluate your unique needs, compare quotes from multiple insurers, and carefully review policy terms and conditions. Symetra Life Insurance can be a great choice for someone looking for a term life insurance policy or needs a larger amount of coverage. However, we do not recommend Symetra Life Insurance when it comes to needing only a small policy or if you want to only cover funeral insurance. If you are wealthier and interested in investing your cash value in stocks, perhaps this company would be a good fit. But if you are like the millions of Americans who just need to leave a small nest egg or pay for final costs, then we suggest one of the carriers we work with.

     Final Expense Benefits partners with over 20 carriers with customer satisfaction guaranteed. They offer no medical exam options at much more affordable rates that fit your needs.  Some of our highly-rated carriers include:

   

     If you are looking for trusted and affordable final expense insurance, the experts at Final Expense Benefits have got you covered. Call one of our talented agents today at 1 (866) 311-4338 to get an affordable quote with one of our highly-rated insurance carriers. 

Frequently Asked Questions

Is Burial Insurance Worth Getting?

If you have family or dependents who you want to support should you pass, then burial insurance is absolutely worth it. 

Do I Need a Medical Exam?

Most final expense insurance policies do not require a health exam. You will have to answer some simple health questions in their application. 

How Quickly Will My Death Benefits Be Paid to My Loved Ones?

Death benefits from a burial insurance policy are not held in probate. So your loved ones should receive the death benefit very quickly. 

 

Also See: The Truth About The Colonial Penn $9.95 Life Insurance Plan