Symetra Life Insurance Company Review
Symetra Life Insurance Company at a Glance
- Founded in 1957
- Offers coverage for individuals and employers
- Offers annuities
- Offers retirement planning
- “A” (excellent) rating by A.M. Best
- “A+” (excellent) rating by Better Business Bureau (BBB)
- Highly rated by Moody’s
- Highly rated by Standard & Poor’s
- Strong financial stability
Symetra Pros: More than six decades worth of experience in the insurance industry. Offers life insurance coverage for individuals and employers. Also offers annuities and retirement planning services. High ratings through A.M. Best and the BBB. Good financial strength.
Symetra Cons: Several complaints filed against the carrier through the BBB. Large volume of dismal customer feedback. Claims response time frame promise not provided. Official website could use an overhaul. No 24/7 claims reporting. Limited coverage options.
What Type of Insurance Does Symetra Offer?
Symetra is a specialized insurance company, with a focus on life insurance for individuals and employers. Their product and service offerings include:
- Life insurance
- Group life and disability insurance
- Retirement planning
- Estate planning
- Workplace benefits
Your independent insurance agent can help you find more information about the coverages offered by Symetra, and help you decide if this insurance company is right for you.
What to Know about Symetra
Symetra Life Insurance Company was founded in 1957, giving the carrier more than half a century’s worth of experience in the insurance industry. The carrier is a subsidiary of Symetra Financial Corporation. Its parent company is Sumitomo Life, which has been around for more than 100 years and is based in Japan. Symetra focuses its efforts on life insurance products, as well as annuities and retirement planning for individuals and employers.
The insurance company’s LinkedIn profile states that Symetra currently has over 1,700 employees, with 1,781 of them found on the social media platform. Symetra has locations in 17 cities across the country, and as of 2019 reportedly had $55.5 billion in assets. A.M. Best places the carrier in the $2 billion or greater financial size category, and Symetra has been ranked “good” by Moody’s and “strong” by Standard & Poor’s.
Thanks to its history, size, and financial strength, Symetra has earned a reputation as a stable insurance company with a positive outlook for the future. A.M. Best, the leading global credit rating agency monitoring the insurance industry, gives Symetra an “A” rating, indicating the carrier is an excellent choice for insurance customers. High ratings from A.M. Best assure customers that Symetra is capable of offering guaranteed, secure coverage from a financially sound carrier.
Established in 1899, A.M. Best is one of the oldest rating companies in the world. Reviews from A.M. Best indicate an insurance company’s financial strength and creditworthiness, and are based on comprehensive evaluations of the company’s operating performance, business profile, and balance sheet. For customers who aren’t as familiar with insurance companies’ respective reputations, A.M. Best’s ratings system allows them to make an informed decision about who they can trust to meet their needs in the short term, and also who will remain a strong, financially sound company in the long term.
What Discounts Does Symetra Offer?
While Symetra does not make information about their discounts readily available, there are several standard discounts commonly offered by many life insurance companies today. These discounts include:
- Young applicant discount: Life insurance companies often award considerable discounts to applicants who purchase coverage when they are younger, such as in their 20s or 30s.
- Healthy blood pressure discount: Insurance companies tend to award premium discounts to applicants with proven healthy blood pressure.
- Non-tobacco user discount: Life insurance companies tend to reward customers who do not use tobacco products with cheaper premiums.
- Safe hobbies discount: Life insurance companies often award customers who practice safe, non-life threatening habits (e.g., no skydiving) with cheaper premiums.
- Healthy family history discount: Insurance companies also reward applicants with healthy genetics, or a good family health history.
An independent insurance agent can provide more exact discount information and premium quotes for coverage through Symetra. When it comes to coverage, independent insurance agents work hard to help to get you the most bang out of your buck.
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Symetra Customer Service
Symetra does not offer 24/7 claims reporting. The carrier provides the following customer service options:
- Phone claims reporting
- Email contact option
- Customer service hotline has the following hours restrictions:
|Monday-Friday||6 am - 4:30 pm|
The best way to ensure a smooth customer service experience is to work with an independent insurance agent. Independent insurance agents can help handle claims and other concerns for you, so you can relax and enjoy your coverage.
What is Symetra's average claim response time frame?
Symetra only offers claims reporting through a couple of mediums. The insurance company does not list a specific claims response time frame promise for its customers.
What is Symetra's customer service availability?
Symetra allows customers to file claims at restricted hours over the phone or at any time through email. Their hotline for customer service inquiries is available at generous hours, Monday-Friday. The carrier does have a social media presence on Facebook, Twitter, and LinkedIn, which makes them more accessible to customers.
What is Symetra's claims process?
Q: What is SYMETRA’s claims process?
Symetra has somewhat limited options for claims reporting compared to most modern carriers. Additionally, the insurance company does not detail their claims process on their official website or social media platforms. If customers have questions about filing or the claims process itself, they can contact the carrier via phone or email, or get in touch with their agent.
Does Symetra create a user-friendly experience for customers?
Does Symetra have good life insurance?
Symetra focuses its efforts on life insurance. Their options for life insurance coverage include:
- Universal life insurance
- Term life insurance
- Bank-owned life insurance
- Corporate-owned life insurance
- Group life and disability insurance
Symetra also offers annuities and other retirement planning options. Your independent insurance agent can help you find out even more about the insurance company’s life insurance coverage and their other products and services offered.
Is Symetra a good insurance company?
Symetra has been around for about 63 years now. The carrier has been highly rated by both A.M. Best and the BBB, however they have received 14 complaints through the latter organization in the past three years. The insurance company does not offer 24/7 claims reporting nor several other customer service options offered by most modern carriers. Customer feedback also appears to be largely negative. Overall, we’re hesitant to call Symetra a good insurance company.
Symetra Customer Reviews
|“After nearly 20 years with Symetra, the company failed to switch a bank account for me (all the other companies did) when I changed banks last. Without notification, Symetra canceled my policy and, despite my offer to pay the back months, is jerking me around for a review process. Symetra couldn't spell customer service if I spotted them the vowels, the consonants, and brang in Vanna White to touch the letters.”|
|“This is a pathetic excuse for a company, with abhorrent management and no business ethics.”|
|Better Business Bureau|
|“I want to share my opinion of this company. My father passed away leaving two accounts with this company. Claiming these accounts has been extremely hard with these people. The paperwork is unclear and confusing. In addition, they sent one letter about the accounts, but I was magically supposed to know I needed to file two claims for these accounts. Then when paperwork was sent, it disappeared and I have since had to refile the claim yet again. After all this, the money was not distributed per my paperwork, so I had to send ANOTHER claim for distribution. I think they make this process intentionally hard on beneficiaries. I would not recommend this company to anyone. Too much of a hassle.”|
|Better Business Bureau|
|“I'm experiencing a sluggish response from Symetra on the life insurance claim for a much loved family member. I'm reliving her death over and over because of the difficulties with Symetra over delays and paying the life insurance claim. I'm sure my Mom did not intend for me to have this kind of frustration when I'm mourning her.”|
TrustedChoice.com's Final Review
We award Symetra Life Insurance Company a final rating of 1.5 out of 5 stars. Though the carrier has been around for more than six decades now, it doesn’t seem that their experience reflects positively, at least not in terms of customer feedback. Symetra has been highly rated by A.M. Best and the BBB, but has also had several complaints filed against it through the latter organization in recent years. The carrier only offers a handful of products and services at this time. The insurance company does not offer 24/7 claims reporting, which is a courtesy practically expected of modern carriers today. Symetra’s official website is poorly laid out and attempting to navigate it to find pertinent information is frustrating at best. The carrier also does not provide any information about their claims process or claims response timeframe. The biggest red flag, however, is the staggering amount of negative customer feedback spotted on the web. We couldn’t find virtually any glowing customer reviews of this carrier. Customers report frustrations both with their coverage and getting a response from the carrier at all. So, everything considered, we say that if you’re in the market for life insurance or annuities, work together with your independent insurance agent to survey your other options, and skip looking into Symetra Life Insurance Company.
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