Symetra Life Insurance Review, Costs & Insurance Riders

Symetra Life Insurance is best for term life insurance rates, with a maximum life coverage of $3 million. However, according to our analysis, Symetra had the lowest average term life insurance rates, which makes it a top option for term life insurance shoppers.

They also offer no-exam term life insurance and that’s convenient if you’re healthy under 60. Meanwhile, for buyers of cash value life insurers, Symetra also offers cost-competitive policies.

Symetra Life Insurance Co. was established in 1957 as a subsidiary of Symetra Financial Corporation. Symetra Financial’s parent company, Sumitomo Life, is seen as one of the largest life insurance companies in Japan.

Today, the company offers annuities, disability insurance, health insurance, and life insurance and has $58.6 billion in assets. Symetra is headquartered in Bellevue, Washington.

Types of Symetra Life Insurance That You Should Know

Symetra offers:

  • Term Life 
  • Indexed universal life 
  • Variable universal life 

Symetra Term Life Insurance

It offers fixed rates for a specific period of time. It is often the cheapest way to purchase life insurance and is a good fit if you want coverage for a given period. Symetra offers term lengths of 10, 15, 20, or 30 years.

Symetra’s SwiftTerm is a term life insurance that you can apply for online. It is available for buyers ages 20 to 60. You can get coverage from $100,000 to $3 million.

Symetra’s SwiftTerm life insurance policy does not need a medical exam if you qualify for instant coverage or accelerated underwriting. Once you apply, you’ll need to answer several questions that are used to determine your eligibility and premium.

SwiftTerm is guaranteed renewable up to the age of 95. You also have the option to convert it to a permanent life insurance policy up to age 70.

Symetra’s Indexed Universal Life Insurance

Symetra offers two types of indexed universal life (IUL) insurance. These policies stay active as long as you pay premiums or until you reach the mature date as specified in the policy.

IULs have a cash value component, and the gains tie an index, such as the S&P 500. Though cash value gains are linked to the index, the insurance company actually invests in mainly bonds and mortgages.

Symetra’s Protector IUL offers buyers ages 20 to 85 guaranteed death benefit protection and the choice of seven index options for cash value growth. The minimum coverage amount is $100,000 with three death benefit options.

Symetra’s Accumulator Ascent IUL offers buyers ages 20 to 85 the benefit of cash value accumulation that can be used for future income needs through a choice of seven index accounts, a fixed account, or a combination. The minimum coverage amount is $100,000 and includes three death benefit options.

Symetra’s Variable Universal Life Insurance

A variable universal life insurance (VUL) policy allows you to select the sub-accounts for cash value investments. You can also choose to vary premium payments and death benefit amounts.

This type of policy can offer a large potential for growth with the right investment and oversight. Because of the complexities of VULs, they often need the policyholder to actively manage the investment accounts.

Symetra’s Accumulator VUL is a type of variable universal life insurance for people up to age 85. Coverage amounts start at $100,000, and you can select a level or increasing death benefit based on your needs.

How Much Does Symetra Life Insurance Cost?

Symetra’s SwiftTerm costs an average of $284 yearly, according to analysis, this is very competitive with other top companies.

Company Cost per year for 20-year, $500,000 term life (40-year-old female buyer)
Banner $283
Protective $283
Pacific Life $284
Symetra $284
American General $285
Penn Mutual (non-convertible policy) $285
Lincoln Financial $305


Symetra’s Life Insurance Riders

Life insurance riders are optional add-ons or features that allow you to customize your coverage and fill gaps in your standard policy. Symetra customers can take advantage of the following riders:

  • Accelerated Death Benefit
  • Accidental Death Benefit
  • Additional Term Insurance
  • Charitable Giving Benefit
  • Children’s Term Life Insurance
  • Overload Lapse Protection
  • Supplemental Protection
  • Surrender Value Enhancement
  • Waiver of Premium

Note: The availability of riders depends on the type of policy. To get life insurance, Symtra has a network of independent agents who market its life insurance products.

For more life insurance tips & articles that could help you in your life insurance journey, feel free to access our official webpage, and don’t forget to share. Leave a comment in the comment section below if necessary.

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