Symetra Financial Ratings: Expert Analysis and Comparison

Symetra Financial, a leading provider of life insurance and employee benefits, has received mixed ratings from industry experts. A.M. Best, a renowned credit rating agency, has assigned Symetra Financial a financial strength rating of A- (Excellent), indicating a strong ability to meet its ongoing insurance obligations.

Symetra Financial has also received a stable outlook from A.M. Best, suggesting that the company's financial condition is expected to remain stable in the near future. This is a positive sign for policyholders and investors alike.

Despite its strong ratings, Symetra Financial has faced some challenges in recent years, including a decline in its operating income. However, the company has taken steps to address these issues and improve its financial performance.

Symetra offers a range of annuity options to suit different needs and preferences.

Symetra's fixed annuities have guaranteed interest rate periods of three years, five years, or seven years. They also offer a modified single-premium annuity, which allows owners to make additional payments after the initial premium.

The Select Pro fixed annuity features an optional return of premium guarantee, ensuring owners receive their initial purchase payment, less any withdrawals, if they surrender their annuity prematurely.

The Select Max fixed annuity has a market value adjustment (MVA) feature that may increase or decrease the amount withdrawn depending on changes in interest rates.

Symetra's fixed annuities have minimum initial premiums ranging from $10,000 to $25,000, depending on the product.

The Select 3/5/7 fixed annuity allows immediate free withdrawals of up to 10% of the contract value each year.

The Custom 5/7 annuity has two interest guarantee periods and allows withdrawals of up to 10% of the contract value each year without surrender charges.

Here's a summary of Symetra's fixed annuity products:

Symetra's indexed annuities, such as the Income Edge annuity, come with a guaranteed lifetime withdrawal benefit, allowing owners to make withdrawals up to a maximum amount each year for the rest of their life.

The Edge Elite annuity is highly customizable, with 13 indexed account options to choose from, and allows free withdrawals of up to 10% of the contract value each year.

Symetra's income annuities, including Advantage Income and Freedom Income, offer predictable income for life, with the option to defer payments for up to 45 years or until age 90, whichever comes first.

Advantage Income, a single premium immediate annuity, includes an Advance Access feature that allows owners to withdraw up to 30% of their future payments as often as every 36 months following the first three years of the contract.

Freedom Income, a deferred income annuity, allows owners to choose annual payment increases of up to 6.5% to reduce the effects of inflation.

Symetra has an A (Excellent) financial stability rating from the credit rating agency AM Best, which evaluates insurance companies based on their ability to meet contractual obligations.

Life insurance premiums get more expensive with age, even for people in good overall health, which is why it's essential to consider this when purchasing a policy.

Symetra's financial strength rating is on par with that of many other companies in our study, but some of the best life insurance companies have an AM Best rating of A+ (Superior) or higher.

You can contact an agent to learn how much Symetra life insurance costs for older adults, as we weren't able to collect sample rates for this age group.

It's crucial to assess the financial strength of the company you choose to ensure your beneficiaries will receive the death benefit after you pass away.

Symetra Life Insurance Company is based in Bellevue, Washington, with an address of 777 108th Ave NE, Suite 1200, and a phone number of (800) 796-3872.

The company is relatively young, with a history spanning just over 60 years. However, it's backed by the massive Japanese life insurance provider Sumitomo Life, which has been around for over 100 years.

Symetra has a diverse employee base, which includes independent agents, brokers, financial institutions, and advisors. This diverse team is a key part of the company's success.

The Symetra brand has expanded significantly in the US over the past six decades.

Symetra offers a variety of financial products and services that cater to different needs. They have a focus on term life and universal life insurance, making them a good option for those looking for these types of policies.

Their annuity options are also impressive, with four fixed annuities to choose from. These annuities have different interest rate periods, ranging from three to seven years.

Symetra's fixed annuities are modified single-premium annuities, allowing owners to make additional payments after the initial premium for the first contract year. This flexibility is a major advantage for those who want to adjust their payments as needed.

The Select Pro fixed annuity features an optional return of premium guarantee, which ensures that owners will receive their initial purchase payment, less any withdrawals, if they surrender their annuity prematurely. This guarantee provides peace of mind for those who are concerned about losing their investment.

Symetra also offers various policies for employers, including Select Benefits and Group Life and Disability. These policies can help attract high-quality employees and keep them in the company.

Here are some key features of Symetra's fixed annuities:

Symetra Financial Ratings have been evaluated by multiple rating agencies, including A.M. Best, S&P Global, Fitch, Moody's, and the Better Business Bureau.

A.M. Best has given Symetra an A (Excellent) rating, which is the highest rating possible. S&P Global and Fitch have also given Symetra an A (Strong) rating, indicating a strong financial position. Moody's has given Symetra an A3 (Good) rating, which is a good indication of financial stability.

The Better Business Bureau has given Symetra an A+ rating, which is the strongest available rating. Symetra's financial stability rating from A.M. Best is on par with many other companies, but some of the best life insurance companies have an A+ (Superior) or higher rating from A.M. Best.

Symetra's financial strength rating is an important factor to consider when evaluating the company. The rating represents the company's ability to meet contractual obligations and pay out claims. A strong financial rating can provide peace of mind for policyholders and their beneficiaries.

Here is a summary of Symetra's ratings from various agencies:

Symetra's financial stability rating is an important consideration for anyone evaluating the company. By reviewing the company's ratings from multiple agencies, you can get a comprehensive understanding of its financial strength and stability.

Symetra has a strong financial foundation, with an A rating from A.M. Best, indicating excellent financial strength.

The company's financial stability is also reflected in its assets, which total about $35 billion. This significant amount of assets provides Symetra with a solid financial base to support its operations.

According to the NAIC Complaint Index, Symetra has a 3-year average rating of 0.337, which is much better than expected for a company of its size. This suggests that Symetra has a relatively low number of complaints compared to other companies.

Here's a comparison of Symetra's ratings with those of other life insurance companies:

Symetra's ratings are comparable to those of Nationwide and Banner, with all three companies having strong financial foundations and low complaint rates.

When choosing between annuities, it's essential to consider the guaranteed interest rate periods. Symetra's fixed annuities offer periods of three years, five years, or seven years.

The Select Max annuity features a 4.35% interest rate for a three-year guarantee period, which is a relatively high rate compared to other options. For a seven-year guarantee period, the rate increases to 4.85%.

The Select Pro annuity, on the other hand, offers a 4.55% interest rate for a seven-year guarantee period. This rate is competitive with other annuities on the market.

If you're looking for a shorter guarantee period, the Select Max annuity has a 3.60% interest rate for a three-year period. However, keep in mind that this rate is lower than some of the other options available.

Here's a comparison of the interest rates for Symetra's fixed annuities:

Ultimately, the choice between annuities will depend on your individual financial goals and needs. Be sure to carefully review the terms and conditions of each annuity before making a decision.

When comparing Symetra to other life insurance companies, it's essential to consider their financial ratings. Symetra has received an A rating from A.M. Best, which is considered Excellent.

Symetra's financial stability is also reflected in its ratings from other major credit rating agencies. Standard & Poor's, Moody's, and Fitch have all given Symetra an A rating, indicating a strong financial position.

The Comdex Ranking is another important metric to consider. As of October 17, 2018, Symetra's Comdex Ranking was 80, which is a respectable score. The Better Business Bureau (BBB) has also given Symetra an A+ rating, the strongest available.

In terms of policy types, Symetra offers a range of options, including term, indexed universal, and variable universal policies. This variety can be beneficial for customers who are looking for flexibility in their insurance coverage.

Here's a comparison of Symetra's pricing with that of other companies:

As you can see, Symetra's pricing is competitive with other companies, with a price of $27.98 for term policies. This can be a significant factor in choosing a life insurance company.

Symetra has an excellent ability to meet policyholder obligations and pay claims, earning an A rating from AM Best.

This is a significant advantage for policyholders, as it ensures they can rely on Symetra to fulfill their financial responsibilities.

You can expect to receive your payout within three business days after submitting a claim.

This efficient claim payment process is a testament to Symetra's commitment to delivering on its promises.

Symetra's good NAIC index also reflects the company's strong performance in this area, with customers making few complaints about claims or other services.

This suggests that Symetra is a reliable choice for those seeking a life insurance company that prioritizes claim payment efficiency.

Term life insurance is a popular choice for many families due to its affordable rates and large death benefit. Symetra's term product is a solid solution for growing families that will accumulate considerable debt.

Symetra offers level term life insurance for 10, 15, 20, or 30 years, which is renewable to age 95. This means you can lock in your premiums for a set period and not worry about them increasing over time.

Policyholders have the option to convert to a permanent policy or renew coverage at the end of the term. This flexibility is a great feature for those who want to adjust their coverage as their needs change.

Optional riders are available to customize a policy to meet specific needs and budget. These include the Accelerated Death Benefit Rider, Waiver of Premium Rider, and Children's Term Insurance Rider.

Here are the available term lengths and riders from Symetra:

Symetra's term insurance also offers an accelerated benefit rider, which allows 75% of the death benefit ($500,000 maximum) to be accessed in advance if you are diagnosed with a qualifying terminal illness.