Symetra at a Glance: Rates, Products and Reviews

Founded in 1957 and headquartered in Bellevue, Washington, Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation and the parent company of Sumitomo Life, a well-known mutual life insurer in Japan. Symetra strives to create “a world where more people have access to financial freedom.” It does this through a diversified lineup of financial products, including annuities, life insurance and benefits for employers and employees. According to the company’s latest figures, Symetra has $637 billion in assets and more than 2,500 employees across the country.

Symetra’s main product lineup includes four types of annuities and three life insurance policies. Here’s an overview of what you can expect from each option.

With Symetra’s fixed index annuities, you can choose a fixed interest rate, a rate based on index performance, or both. After you invest your money and your account grows, you’ll receive a lump sum payout or regular payments for the rest of your life.

Income Edge, Symetra’s fixed annuity, features a guaranteed lifetime withdrawal benefit (GLWB), meaning you’ll receive predictable lifetime payments, even after you withdraw all the funds from your account. Symetra Edge Elite® allows you to choose from one of four indexes while enjoying tax-deferred growth for retirement.

Fixed deferred annuities from Symetra have a fixed interest rate. They are also deferred, which means you can pause any income payments whenever you choose. Once the surrender period is up, you can collect the money you’ve accumulated in a lump sum, keep the funds in your account and continue to rack up interest or convert the value of your account into predictable income payments for retirement.

Symetra Custom 5 is available with guaranteed interest rate periods of three or five years and includes a nursing home and hospitalization waiver, which waives your surrender charges after you’ve been in a hospital or nursing home for 30 days.

Index-linked annuities give you the opportunity to grow your annuity with the performance of one or several market indexes. However, your growth may be capped based on a trigger rate or participation rate. Compared to other types of annuities, index-linked annuities offer more growth potential.

With Symetra Trek® Plus, you can choose from up to three market indexes and three interest rate lengths.

Income annuities provide a guaranteed, steady income stream in retirement. You can collect your income immediately or at some point in the future. Your income may last for a set number of years, for life or continue to support a loved one after you pass away. Symetra Advantage Income offers optional inflation protection that will increase your payments by up to 6.5% every year. Your income payments may arrive on a monthly, quarterly, semiannually or annually basis, depending on what you prefer.

Symetra offers two main types of life insurance: term life insurance and permanent life insurance. While term insurance protects your loved ones financially for a set period of time, typically between 10 and 30 years, permanent life insurance provides lifelong coverage. SwiftTerm is Symetra’s more affordable and quicker term life insurance solution. You can get approved immediately or within three days and enjoy coverage right away.

Before you finalize a contract with Symetra, read the fine print and make sure you’re aware of all applicable fees and charges. It’s best practice to calculate how any potential fees will impact your returns. Some of the most common types of fees you might encounter with a product from Symetra include:

Symetra demonstrates strong financial stability and reliability through high credit ratings and a robust national presence, backed by its parent company, Sumitomo Life, a century-old leader in the life insurance industry.

Credit ratings are essential as they demonstrate a company’s financial strength and stability. Fortunately, Symetra earned high ratings from A.M Best, S&P and Moody’s, three reputable third-party rating agencies.

Symetra has been able to form a national network of financial institutions, benefits consultants and independent agents since it started in the insurance and annuity market. As of December 2023, the insurer has more than 2.1 million customers, 2,500 employees and $63.7 billion in assets. Sumitomo Life, its parent company, has a reputation as one of the largest life insurers in Japan and has been around for more than 100 years.

To measure customer satisfaction, the National Association of Insurance Commissioners’ (NAIC) Complaint Index distributes an annual report on all companies in the insurance and annuity industries. The figures below show that Symetra receives fewer complaints than the industry average for all types of insurance policies and individual annuities for 2023.

Symetra was not included in J.D. Power’s 2024 U.S. Individual Life Insurance Study.

If you’re wondering whether Symetra is a good fit, be sure to compare its offerings to products from other life insurance and annuity companies. It’s also wise to consult a financial advisor who can educate you on your options and help you make the most informed decisions for your unique retirement and financial goals.