Symetra Life Insurance: Pros and Cons

Symetra Life Insurance is identified as one of the widest life insurance companies in Japan. They offer annuities, health insurance, disability insurance, and life insurance. They also have over $58.6 billion in assets, along with the best rates and terms, making them the best life insurance company to get insurance from. This helps insurance buyers save for retirement and protect their families from financial burdens after the policyholder is no more.

Symetra Life Insurance

Symetra Life Insurance Company provides life insurance through independent distributors worldwide. They offer flexible rates, which makes them the first choice for every life insurance buyer. They offer competitive policies for cash-value life insurance. This insurance has the goal of creating a better place for people and their families to get financial freedom in case of any life event.

Advantages and Disadvantages

There are many reasons why you should choose Symetra life insurance over you and your family. Just like every other life insurance company, there are advantages and disadvantages to this life insurance company. Some of its advantages include:

  • Less term life cost.
  • Policyholders under the age of 60 willing to get up to $3 million in coverage are allowed to get Symetra Swift term life insurance without any medical exam required.

Symetra Life Insurance disadvantages include:

  • The slow accumulation of cash value in Symetra’s permanent life products.
  • Poor performance in the company’s investments over time.
  • This insurance company is a young company and does not keep a record of its financial strength, unlike other insurers.

These may be reasons why this insurer is not good enough for you.

Types of Life Insurance To Purchase from Symetra

This insurer offers three different types of life insurance. These types are:

Term life insurance

Term life insurance offers fixed rates for an agreed-upon period. It is most often the cheapest way to buy life insurance. It is also a good idea for people who intend to get insurance coverage for a limited period. They offer term life insurance with a length of 10 to 30 years.

Indexed Universal Life Insurance

There are two different types of indexed universal life insurance. These policies last for as long as you pay your premium continuously or until you reach a specific age stated in your policy. IULs have a cash value component and gains like the S&P 500 attached. The indexed universal life insurance types are Protector IUL and Accumulator Ascent IUL.

Symetra’s Variable Universal Life Insurance

This life insurance policy lets customers select the sub-amount for their cash value investments. Policyholders can choose between premium payments and death benefit amounts. This policy offers wide potential for growth with the appropriate investment and oversight. Because of how complex VULs are, they most often require policyholders to manage their investment accounts.

How much does Symetra Life Insurance Cost?

Symetra’s SwiftTerm has an average cost of $187 per year for a 20-year-old and a $500,000 policy for a healthy 30-year-old female policyholder. The table below illustrates the cost

  CompanyTerm Life Insurance Policy NameCost Per Year: Female Buyer Age 30, $500,000 for 20 YearsCost Per Year: Male Buyer at 30, $500,000, 20 Years
ProtectiveClassic Choice Term$187$221
Pacific LifePL Promise Term$187$221
Corebridge FinancialSelect-a-Term$188$223
Legal and General AmericaOPTerm$187$221
Penn MutualNon-Convertible Term$188$223
Lincoln FinancialTermAccel$190$225
TransamericaTrendsetter Super$190$225
Midland NationalPremier Term$205$240

Whether it’s a male or female who wants to get Symetra Life Insurance, knowing the pricing can help you determine how much your policy will cost.

Symetra Life Insurance Benefits

Another thing about Symetra life insurance is that it comes with different benefits. These benefits include additional coverage on life insurance policies. They cover up the gaps in your traditional life insurance policy. The following are some of the benefits policyholders get from their life insurance policy:

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

Depending on your policy type, benefits are available and taken.

How do I get Symetra life insurance?

Symetra Life Insurance can be obtained from a network of independent agents that sell its life insurance policies.