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The company offers employee benefits and individual life insurance policies as well as some retirement planning products. Its products are brokered through individual distributors, altogether servicing about 1.7 million people through its multiple branches.
Most states are serviced through its primary companies, with New York products being handled under its subsidiary First Symetra National Life Insurance Company of New York.
Symetra offers both term and permanent life insurance products for individuals. Term life insurance is sold in 10, 15, 20 or 30 year terms with level premiums throughout that period. In other words, you pay the same amount each month for the entire term. If you pass away at any point during that term, the full value of the policy will be distributed to your beneficiaries.
Symetra offers the ability for insureds to receive up to 75% of their policy’s value up-front if diagnosed with a terminal illness. Additionally, policyholders can convert a term policy to universal life at any period before the term ends as long as it’s before the policyholder’s 75th birthday.
Several permanent life insurance policies are available, depending on your needs. The classic universal life policy has a guaranteed death benefit as long as regular premium payments are made. These policies have a cash value that can be borrowed against, but loans must be fully repaid for the full value of the policy to be distributed as a death benefit.
The “Symetra Sul-G Survivorship” plan is similar to regular universal life, but it’s engineered specifically to act as an estate planning tool, with optional riders for charitable giving and estate preservation for added flexibility in planning.
“Symetra Successor Single Premium” is exactly that, a plan with a single premium. You deposit a significant amount of money into the plan once, allowing you to hold it in a tax-free environment to streamline estate planning.
Symetra offers a variety of group plans for employers, including life, disability, critical illness, and stop-loss plans. These plans are available in groups with a minimum of 50 people.
Life is available in a basic and supplemental version. Basic life insurance offers a single set of benefits with costs divided among the employer and employees. Supplemental allows individual employees to customize their plans, paying for the difference in premiums out of pocket.
Disability benefits are offered in a cafeteria plan, with employees able to pick and choose among the coverages they want. Payments for both short and long-term disability are available.
Symetra’s stop loss program is one of its more unique products, and it pioneered the product in 1976 before any other companies were offering it. Essentially, stop-loss polices act as supplements to other insurance plans, covering losses that are catastrophic in nature.
Aside from insurance, Symetra sells financial products for retirement planning, including annuities and retirement plans. Several types of annuities are offered, including deferred, indexed, and indexed, to offer better flexibility in planning.
According to our rate quote test, a 30 year old male living in California can receive $1 million in term life insurance coverage for $475 a year. That breaks down to a little more than $40 a month, and is almost 13% below the average compared to other companies we have tested.
Symetra does not offer an online claims reporting option. Instead, the company’s website directs you to call customer service at 800-796-3872 between 9am and 7:30pm Eastern Time.
If filing a claim for an employee benefits plan, you will want to contact your employer first for instructions. These claims are usually handled by HR.
For individual claims, you will want to call the customer service number listed above and verify what paperwork will need to be provided. In general, life insurance claims will require a death certificate for the insured and identifying information for the beneficiary filing the claim. Additional information may be required depending on the situation.
Although Symetra Life Insurance Company is not Better Business Bureau accredited, it does however have an “A+” rating. The site lists only two complaints against the company in the last three years, one of which has been closed in the last 12 months. Both complaints were in regards to product and service.
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