Symetra Life Insurance Review 2023
Posted in Reviews last updated on June 1, 2023
In our Symetra Life Insurance review (Ultimate Guide), we’ll provide you with everything you need to know about Symetra Life Insurance Company and answer all of your questions including:
- Is Symetra a good life insurance company?
- What are Symetra Life Insurance financial ratings?
- What are Symetra Life Insurance rates?
- Does Symetra Life Insurance require a medical exam?
- How fast can I get approved with Symetra Life Insurance?
In addition, we’ll compare Symetrea’s term life insurance rates to their competitors, go over their underwriting specialties as well provide an in depth review of who qualifies for Symetra’s no medical exam application process and how it works.
Let’s get started!
Table of contents
- Symetra Life Insurance Company At A Glance
- Symetra Life Insurance Company Ratings
- Symetra No Medical Exam Term Life Insurance
- Symetra Life Insurance Application Process
- Symetra Term Life Insurance Rates by Age Chart
- Symetra Term Life Insurance Rates vs. Competitors 2023
- Symetra SwiftTerm No Medical Exam Eligibility by Age, Term and Coverage Amount
- Symetra SwiftTerm Versus Symetra Term Life
- Symetra Life Insurance Pros & Cons
- Symetra Permanent Life Insurance
- Symetra Life Insurance Underwriting Advantages
- Symetra Life Insurance Preferred Cancer Program
- Final Thoughts
- Symetra Life Insurance FAQ
Symetra Life Insurance Company At A Glance
| Symetra Life | Key Facts |
|---|---|
| Founded | 1957 |
| Customers | 1.7 million |
| Employees | 2,000 |
| Assets | $58 billion |
| Home Office | Washington |
| Phone Number | (800) 796-3872 |
| Website | symetra.com |
| Financial Rating | A (Excellent) |
| Valid Claims Paid | 100% |
| BBB Rating | A+ |
Symetra Life Insurance Company, located in Bellevue, Washington is a direct subsidiary of Symetra Financial. Symetra Financial, founded in 1957, began as a subsidiary of Safeco, has grown into an American family of companies providing retirement plans, employee benefits, annuities and life insurance nationwide. Today Symetra has more than $58 billion in assets and over 2,000 employees.
Symetra Life made our list of one of the best term life insurance companies 2023 due to their competitive rates, “A” (Excellent) financial rating from A.M. Best and with the majority of applicants eligible for life insurance coverage without a medical exam.
Symetra Life Insurance Company Ratings
| Rating Agency | Strength Ratings |
|---|---|
| A.M. Best | A (Excellent) |
| S&P Global | A (Investment Grade) |
| Moody’s | A1 (Upper-medium) |
| Comdex | 79 |
Symetra No Medical Exam Term Life Insurance
Symetra’s no medical exam policy called, SwiftTerm has become the preferred term life policy offered by top independent life insurance agents, brokers and financial advisors in recent years. This is due to Symetra’s easy online application and fast approval times with the majority of applicants not needing a medical exam but still receive the same rates as a fully underwritten policy (rates consistently rank in the top three for the lowest premiums in the country).
A few of the advantages of Symetra SwiftTerm life insurance include:
- $100,000 to $3,000,000 is available without a medical exam for the majority of applicants
- Level term options of: 10, 15, 20 and 30 years (depending on age)
- Quick approval times- majority of applications are approved and receive a final offer within 18 minutes up to 72 hours after the application is submitted
- Quick and easy online digital application and policy delivery
- Option to decrease coverage (and premium) as needs change
- A conversion option to a permanent policy is included at no cost1
- An accelerated death benefit rider is included at no cost2
Symetra Life Insurance Application Process
The Symetra life insurance application begins with an initial conversation with your agent who will then send you a link. Based on the answers, the application will take one of three tracks:
How Does the Symetra No Exam Life Insurance Application Process Work?
- Instant Approval – Instant Coverage
For those that qualify, the application can be approved instantly after you submit your application (quick as 18 minutes). Once the premium payment is made online, the policy will become effective immediately for the full coverage amount, up to $3 million and the premium will remain fixed for for 10, 15, 20 or 30 years.
- Accelerated Underwriting
Once the online application is completed and submitted, some additional underwriting may be needed such as a brief phone interview. With accelerated underwriting, coverage is typically approved in 24 to 72 hours. Same as with instant approval, once the premium payment is made online, the policy will become effective immediately for the full coverage amount, up to $3 million and the premium will remain level for for 10, 15, 20 or 30 years.
- Traditional Underwriting
The traditional underwriting application process simply means a deeper dive is needed which includes the traditional 30-minute no-cost paramed exam and possible request of medical records which can take about 3-8 weeks. Same as with instant approval and accelerated underwriting, once a final offer is made and the premium payment is made online, the policy will become effective for the full coverage amount immediately and premiums will remain fixed for the term selected 10-30 years.
Symetra Term Life Insurance Rates by Age Chart
| Age | 10-Year Term $500k | 15-Year Term $500k | 20-Year Term $500k | 30-Year Term $500k |
|---|---|---|---|---|
| 25 | $10 | $12 | $15 | $22 |
| 30 | $10 | $12 | $16 | $24 |
| 35 | $11 | $14 | $17 | $29 |
| 40 | $15 | $19 | $24 | $39 |
| 45 | $23 | $28 | $36 | $59 |
| 50 | $32 | $40 | $54 | $94 |
| 55 | $49 | $59 | $83 | N/A |
| 60 | $72 | $94 | $141 | N/A |
| 65 | $224 | $309 | $401 | N/A |
| 70 | $422 | $634 | N/A | N/A |
Rates for a female, at the Preferred Plus health class, D.O.B. 4/1.
*Majority of applicants will not need a medical exam and even receive a final decision within 18 minutes to 72 hours.3
Symetra Term Life Insurance Rates vs. Competitors 2023
The table below compares the term life insurance rates from Symetra Life vs. twelve of the leading term life insurance companies in America for a $500,000 policy on a 10-year level term. As you can see Symetra Life has the lowest rate in the entire country (and there is no exam for this applicant with Symetra).
| Insurance Company | $500k Coverage |
|---|---|
| Symetra Life Insurance Company | $32.69 |
| American General Life Insurance Company | $33.33 |
| Pacific Life Insurance Company | $33.52 |
| Protective Life Insurance Company | $33.53 |
| Transamerica Life Insurance Company | $33.58 |
| Lincoln National Life Insurance Company | $35.40 |
| Banner Life Insurance Company | $35.82 |
| Savings Bank Mutual Life Insurance Company | $35.87 |
| Ameritas Life Insurance Corp | $39.45 |
| United of Omaha Life Insurance Company | $41.50 |
| AAA Life Insurance Company | $43.16 |
| Pruco Life Insurance Company | $44.19 |
| New York Life Insurance Company | $54.83 |
| Primerica Life Insurance Company | $57.95 |
*Rates for a 50 year old female, best health class, $500k 10 year term
Symetra SwiftTerm No Medical Exam Eligibility by Age, Term and Coverage Amount
Below are the terms available by age and coverage amount for Symetra’s SwiftTerm no medical exam policy.
| Ages | Coverage Amount | Terms Available |
|---|---|---|
| 20 to 50 | $100k to $3 million | 10, 15, 20 or 30 years |
| 51 to 60 | $100k to $3 million | 10, 15, or 20 years |
Symetra SwiftTerm Versus Symetra Term Life
Below is a table to show the differences between Symetra’s SwiftTerm vs. Symetra’s Term Life named policies.
| Symetra SwiftTerm | Symetra Term Life |
|---|---|
| Ages 20-60 | Ages 20-80 |
| $100k to $3 million | $250k to $10 million+ |
| Health classes available: Super Preferred, Preferred, Standard, Preferred Nicotine, Standard Nicotine, Table Rates | Health classes available: Super Preferred, Preferred, Standard Plus, Standard, Preferred Nicotine, Standard Nicotine, Table Rates |
| Instant issue, accelerated or fully underwritten policy options, depending on age, health and lifestyle | Fully underwritten (paramedical exam and possible medical records request) |
| Online application, underwriting and policy delivery in 18 minutes for instant issue or up to 72 hours for accelerated underwriting for those that qualify or 3-8 weeks for fully underwritten3 | Traditional underwriting time of 3-8 weeks3 |
| Ideal for those with a good health & lifestyle history | Ideal for those with medical issues, certain non-medical issues or looking for a larger amount of coverage over three million dollars |
| Option to decrease coverage to 50% of the initial policy face amount or $100k, whichever is greater | Option to decrease coverage to 50% of the initial policy face amount or $250k, whichever is greater |
Symetra Life Insurance Pros & Cons
Pros:
- No medical exam- up to $3 million in term life insurance coverage without a medical exam
- Permanent insurance- Ages 18 to 50 are eligible up to $3 million (IUL) without an exam, ages 51 to 60 up to $2 million
- Underwriting- streamlined no medical exam approval process for the majority of applicants
- Best rates- term life insurance rates are often among the absolute lowest in the entire nation
- Application- the application is sent through a link and is quick and easy to complete
- Flexibility- ability to decrease coverage and premium if needs change
- Conversion option- ability to convert term policies to permanent life insurance
- Highly rated- “Excellent” by A.M. Best
- Dependable- 100% valid claims paid
- Longevity- been in business for over 60 years
- BBB Rating- A+
Cons:
- Not everyone will qualify for a no medical exam policy
- Symetra Life will not be in the top three lowest rate percentile in the country for every applicant
- Some competitors have a Superior rating from A.M. Best
- Some competitors have been in business for more than 100 years
Symetra Permanent Life Insurance
Symetra has two permanent life insurance policies: Symetra Accumulator Ascent IUL and Protector IUL. The acronym IUL stands for indexed universal life insurance which is a permanent life insurance policy with a cash value component in addition to the death benefit.
- Symetra Accumulator Ascent IUL– An indexed universal life (IUL) insurance policy which has the potential for growth to supplement retirement income.
- Protector IUL– Permanent life insurance (IUL) which is guaranteed death benefit with potential cash value growth.
Similar to Symetra’s term life insurance streamlined underwriting process, Symetrea’s permanent life insurance coverage offers applicants ages 18 to 50 years old up to $3 million IUL policy and applicants 51 to 60 years old up to $2 million without an exam, for those that qualify.
Symetra Life Insurance Underwriting Advantages
Symetra Life has some excellent underwriting niches that make them a preferred insurer for many consumers and brokers. Several of the most common include:
- Preferred cancer program (available on a fully underwritten policy)
- Up to $3 million in no medical exam term life insurance for those that qualify
- Up to $3 million in permanent life insurance (IUL) for those that qualify
- Quick and easy online application and policy delivery
- Ability to decrease coverage if needs change
- Total cholesterol underwriting guidelines up to 300 eligible for Preferred rates
Symetra Life Insurance Preferred Cancer Program
Symetra Life Insurance Company offers an underwriting program called Symetra Preferred Cancer Program which offers applicants who were diagnosed with single in-situ (low grade) cancer the opportunity to qualify for a Preferred or Standard Plus rating class on Symetra’s fully underwritten life insurance policies. The seven types of in-situ cancer histories eligible for the Preferred Cancer Program4 include:
- Breast
- Cervical
- Colon
- Prostate
- Skin
- Testicular
- Thyroid
The Symetra Preferred Cancer program has the potential to save applicants thousands of dollars over the course of their policy for the same coverage compared to other highly rated insurers.
Final Thoughts
Symetra Life Insurance Company is a highly rated insurer that has been in business for more than 60 years and has never failed to pay a valid claim. Symetra began as a subsidiary of Safeco and today has grown into an American family of companies that provides retirement plans, employee benefits, annuities and life insurance to nearly 2 million customers nationwide.
Symetra has become the top to-go life insurance company for many agents nationwide for their clients due to Symetra’s no medical exam coverage policy up to $3 million, Excellent financial rating, quick and easy online application and policy delivery and fast approval times for the majority of applicants. Symetra Life Insurance also is typically in the top percentile for the lowest term rates in entire country.
Symetra Life Insurance Company now offers a unique underwriting program initiative called the Symetra Preferred Cancer Program. This allows applicants with a single in-situ cancer history (for one of seven qualifying types of cancer; breast, cervical, colon, prostate, skin, testicular) the ability to receive up to Preferred rates making the cost of life insurance more affordable for those that qualify.
Symetra Life Insurance FAQ
Is Symetra a good life insurance company?
Yes, Symetra has been in business for more than 60 years, has an “A” (Excellent) rating from the preeminent life insurance rating agency A.M. Best and never failed to pay out a valid claim. Symetra also has a A+ rating from the BBB.
How much coverage is available without a medical exam?
Symetra Life Insurance Company offers a no medical exam policy from $100,000 up to $3 million of coverage.
What term lengths are available for Symetra’s no exam policy?
Symetra Life Insurance no medical exam policy offers level term periods of 10, 15, 20 or 30 years (depending on age).
What ages are eligible for the Symetra Life no exam term policy?
Applicants between the ages of 20 to 60 years old are eligible for the no medical exam term policy through Symetra Life.
Does everyone qualify for a no exam policy?
No, certain health and non-health underwriting factors will disqualify some applicants from the Symetra Life no exam application. However; they may still be eligible for the traditional fully-underwritten life insurance application and policy.
What is the maximum issue ages by term for a no exam policy?
Applicants 50 years old or younger are eligible for up to a 30 year level term. Applicants 60 and under are eligible for a 10, 15 or 20 year level term policy.
Is the term policy convertible to permanent coverage?
Yes, both Symetra term life insurance policies offer policy offer the option to covert to a permanent policy prior to the end of the 10th policy anniversary or the policy anniversary following your 70th birthday, whichever comes first.
Is there an accelerated death benefit rider included?
Yes, Symetra’s no exam term policy offers a no cost accelerated death benefit rider which allows up to 75% of the policy’s death benefit, up to $500k, can be accessed in advanced if a licensed physician certifies that you have a terminal illness and have less than twelve months to live.
Is a child term life insurance rider available?
Yes, for an additional cost you can add a child rider to your policy for $1k to $10k of life insurance coverage for dependent children 15 days old through 17 years old. The rider covers death prior to age 23.
Are there any exclusions?
Yes, level term life insurance polices typically have the same two exclusions: a two-year incontestability clause and a two-year suicide clause. This means the life insurance company can contest the death benefit in the first two years of the policy date if there is misrepresentation (are dishonest) on the application. Also, the insurance company will not pay out for suicide in the first two years.
1. Depending on state of residence, conversions may be requested prior to the end of the 10th policy anniversary or the policy anniversary following your 70th birthday, whichever comes first.
2. Up to 75% of the policy’s death benefit, up to $500k can be accessed if a licensed physician certifies that you are terminally ill with less than 12 months or less to live.
3. The underwriting process time could be shorter or longer depending on several factors.
4. Available on Symetra’s fully underwritten policies, approval and final rates are subject to underwriting factors such as time of completion of treatment, type of treatment and other uw factors.
