InsuredBetter's Symetra Final Score
1.5 Stars
Symetra Life Insurance Company was founded in 1957, giving the carrier more than half a century 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.
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. AM 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 AM Best assure customers that Symetra is capable of offering guaranteed, secure coverage from a financially sound carrier.
We award Symetra a final rating of 1.5 out of 5 stars. While the carrier has been around for more than six decades, it doesn’t seem that their experience reflects positively, at least not in terms of customer feedback.
Symetra has been highly rated by AM Best and the Better Business Bureau ("A-" rating), but also has 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. Symetra’s public website is relatively informative and easy to navigate, but would benefit from some improvements.
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. We say that if you’re in the market for life insurance or annuities, work with your independent insurance agent to review all of your options.
Symetra Pros and Cons
| Pros: | Cons: |
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More than six decades of experience in the insurance industry
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Several complaints filed through the BBB
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Offers life insurance, annuities, and employee benefits for individuals and employers
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Large volume of negative customer feedback
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High ratings from AM Best and the Better Business Bureau (BBB)
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No claims response time frame provided
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Official website could benefit from a complete overhaul
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No 24/7 claims reporting available
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Symetra Products
Symetra is a specialized insurance company, with a focus on life insurance for individuals and employers. Its product and service offerings include:
- Life insurance
- Term life insurance
- Permanent life insurance
- Annuities
- Employee benefits
- Stop loss insurance
- Group supplemental health insurance
- Group life and disability insurance
What Discounts Does Symetra Offer?
Symetra does not publish any information about discounts or savings opportunities. You can learn more about ways to save with this or any carrier by working with an independent insurance agent.
Symetra Customer Service
Symetra does not offer 24/7 claims reporting. The carrier provides the following customer service options:
- Life insurance claims reporting by phone (restricted hours) or online form
- Phone and email contact option
- Customer service hotline has the following hours restrictions:
| Days | Hours (PT) |
| 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.
Symetra FAQs
What is Symetra's average claim response time frame?
Symetra only offers the following information regarding its life insurance claims response:
"Once notification is received, we will email or mail the beneficiaries a packet containing what we will need to settle the claim."
"Once all requirements to process your claim are received, we generally pay the claim via your selected payment method within three business days. A confirmation letter will be sent outlining the details of your payment."
What is Symetra's customer service availability?
Symetra allows customers to file life insurance claims at restricted hours over the phone or at any time through an online form. The carrier's hotline for customer service inquiries is available at generous hours, Monday - Friday. The carrier does have a social media presence on Facebook, X, and LinkedIn, which makes them more accessible to customers.
What is Symetra's claims process?
Here is the information provided by Symetra about its life insurance claims process:
"1. Notify us of the customer’s passing.
- Report the passing of a customer using our online form.
- Or contact our Claims Department by phone at 1-800-796-3872, weekdays, between the hours of 7 a.m. and 4 p.m. PT.
- Once notification is received, we will email or mail the beneficiaries a packet containing what we will need to settle the claim.
2. The beneficiary(s) will complete the provided claims forms and gather any requested information.
- The beneficiary(s) will complete and sign the required claim forms.
- Payment will be made based on how the beneficiary(s) elect to receive the proceeds.
- Return any other requested information, including a certified death certificate.
3. The beneficiary(s) will then return the claim form and any other requirements via regular mail or overnight mail.
Once all requirements to process your claim are received, we generally pay the claim via your selected payment method within three business days. A confirmation letter will be sent outlining the details of your payment."
Does Symetra create a user-friendly experience for customers?
Symetra provides a relatively user-friendly experience, but could use some improvements. Customer service enhancements like 24/7 claims reporting would go a long way.
Does Symetra have good life insurance?
Symetra focuses its efforts on life insurance. Their options for life insurance coverage include:
- Term life insurance
- SwiftTerm life insurance
- Permanent life insurance
- Group life 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 its other products and services.
Is Symetra a good insurance company?
Symetra has been around for about 63 years. The carrier is highly rated by both AM Best and the BBB, however it has received numerous complaints and negative reviews. 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.
Sources
https://www.bbb.org/us/wa/bellevue/profile/insurance-companies/symetra-life-insurance-company-1296-77000071
https://www.symetra.com
https://investors.symetra.com/ratings
