Symetra Life Insurance Review 2021
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SYMETRA LIFE INSURANCE
- Rated 3.5 out of 5 stars for total efficiency in BaghdadTime’s evaluation.
- Gives time period and everlasting life insurance coverage, together with a no medical examination coverage.
- Fewer than the anticipated variety of complaints to state regulators for an organization of its dimension.
Headquartered in Bellevue, Washington, Symetra makes a speciality of retirement planning, worker advantages and insurance coverage merchandise. It’s owned by Sumitomo Life, one of many largest insurers in Japan.
With a community of representatives and brokers throughout the nation, Symetra has a stable lineup of time period and everlasting life insurance coverage. However you’ll be able to’t get a quote on-line, and never all insurance policies can be found nationwide.
Symetra life insurance coverage
Symetra life insurance coverage earned 3.5 out of 5 stars for total efficiency. BaghdadTime’s scores are decided by our editorial staff. The scoring system takes under consideration grievance knowledge from the Nationwide Affiliation of Insurance coverage Commissioners and monetary energy scores.
Symetra life insurance coverage professionals and cons
Symetra life insurance coverage insurance policies
Symetra sells each time period and everlasting life insurance coverage.
Time period life insurance coverage. Symetra Time period Life is open to individuals 20 to 80 years previous, with protection beginning at $250,000. Relying in your age, you’ll be able to select a coverage lasting 10, 15, 20 or 30 years, and the premiums keep the identical. There’s a conversion characteristic, which implies you’ll be able to swap to a everlasting coverage once you’re 70 or have had the coverage for 10 years, whichever comes first.
If you happen to want protection shortly, look into Symetra SwiftTerm. It’s promoted as an immediate life insurance coverage coverage, with many individuals getting a call inside 25 minutes of submitting the net utility. Simply know that if the insurer nonetheless has questions on your well being, the corporate may ship you a follow-up e mail or ask you to take a life insurance coverage medical examination. In that case, you’ll be able to count on to listen to again in three to 30 days. Protection ranges from $100,000 to $2 million.
Everlasting life insurance coverage. Symetra has a number of common life insurance coverage insurance policies:
- Symetra Accumulator IUL affords lifelong protection, versatile premiums and the power to construct money worth, which is tied to the efficiency of a market index. This listed common life insurance coverage coverage is accessible to individuals ages 20 to 85, with protection beginning at $100,000.
- Symetra Protector IUL additionally has a money worth account that’s linked to the market. Protection begins at $100,000, and a “persistency bonus” kicks in after 10 years so as to add credit to your money worth.
- Symetra CAUL is accessible as much as age 85, and candidates 20 to 70 years previous can earn premium reductions for main a wholesome way of life via the insurer’s GoodRewards program. With this coverage, you’re assured to earn a present rate of interest of two% or extra over 12 months.
Symetra’s web site doesn’t assist on-line quotes. You’ll have to contact customer support through cellphone or e mail, then they’ll put you in contact with a neighborhood consultant.
Obtainable riders and add-ons
You may customise your protection with frequent life insurance coverage riders. The choices range by coverage, and most include an additional charge:
- Accelerated loss of life profit rider. Lets you entry as much as 75% of your coverage’s payout for those who’re recognized with a terminal sickness and have lower than 12 months to stay. The accelerated loss of life profit rider is included in Symetra’s insurance policies.
- Unintended loss of life profit rider. Pays your life insurance coverage beneficiaries an extra sum of as much as $250,000 for those who die in an accident.
- Extra time period rider. Provides 20 years of time period life protection to your coverage.
- Charitable giving profit rider. Donates a sum of cash equal to 1% of your life insurance coverage payout, as much as $100,000, to a charity of your selection once you die.
- Youngsters’s time period life insurance coverage rider. Covers your kids 15 days to 17 years previous underneath your life insurance coverage coverage. You may select so as to add $1,000 to $10,000 in protection.
- Power sickness rider. Lets you faucet as much as 50% of your coverage’s payout you probably have a persistent sickness and might’t carry out primary duties, akin to dressing your self, for at the very least three months.
- Overloan lapse safety rider. Allows you to withdraw cash from or borrow towards your everlasting life insurance coverage coverage with out worry of it lapsing.
- Waiver of premium rider. Pauses your premiums for those who develop into completely disabled for at the very least six months.
Symetra buyer complaints and satisfaction
Over three years, Symetra’s prospects filed fewer than the anticipated variety of complaints to state regulators for an organization of its dimension, in keeping with BaghdadTime’s evaluation of information from the Nationwide Affiliation of Insurance coverage Commissioners.
Extra about Symetra
When you’ve got a coverage with Symetra, you’ll be able to handle your protection, obtain kinds and alter your life insurance coverage beneficiaries via the net portal.
Particular person life insurance coverage apart, Symetra affords these monetary merchandise:
Life insurance coverage shopping for information
Earlier than you begin evaluating corporations, select the kind of life insurance coverage you need, akin to time period or entire life. Resolve which life insurance coverage riders, if any, you need the coverage to incorporate. Calculate how a lot life insurance coverage you want and the way lengthy you need the protection to final. Verify that the insurers you’re contemplating supply the protection you’re searching for.
When evaluating charges, be certain the quotes are for a similar quantity of protection over the identical time period. It’s additionally essential to verify the coverage’s medical necessities match your wants. For instance, if you wish to skip the life insurance coverage medical examination however don’t thoughts answering well being questions, affirm that the applying course of for every coverage you are evaluating aligns with that.
Value might not be the largest driver behind your resolution to purchase. Take a look at the variety of shopper complaints every firm receives, as excessive numbers is usually a purple flag in regards to the high quality of service.
For extra steering, see our life insurance coverage shopping for information.
Methodology: Life insurance coverage scores
BaghdadTime’s life insurance coverage scores are primarily based on weighted averages of economic energy scores, which point out an organization’s skill to pay future claims, and grievance index scores from the Nationwide Affiliation of Insurance coverage Commissioners for particular person life insurance coverage. To calculate every insurer’s score, we adjusted the scores to a curved 5-point scale.
These scores are a information, however we encourage you to buy round and examine a number of insurance coverage quotes to seek out the most effective fee for you. BaghdadTime doesn’t obtain compensation for any evaluations.
Methodology: Insurer complaints
BaghdadTime examined complaints acquired by state insurance coverage regulators and reported to the Nationwide Affiliation of Insurance coverage Commissioners in 2018-2020. To evaluate how insurers examine to 1 one other, the NAIC calculates a grievance index annually for every subsidiary, measuring its share of complete complaints relative to its dimension, or share of complete premiums within the business. To judge an organization’s grievance historical past, BaghdadTime calculated an analogous index for every insurer, weighted by market shares of every subsidiary, over the three-year interval. Ratios are decided individually for auto, residence (together with renters and condominium) and life insurance coverage.
