When shopping for an insurance policy, it is important that you have a multitude of options.
Symetra Life Insurance Company
The more options you’re presented with, the better chance you have at finding a company with competitive rates and a policy that will suit your needs, both financial and personal.
Like most people shopping for life insurance, you’ve probably scoured the internet for reviews and immediately felt dizzy and overwhelmed by your vast array of options.
Whole life, term life, level term, universal life….the deluge of jargon is overwhelming. And so are the number of carriers.
Who Is Symetra Life Insurance Company?
Chances are, if you have been shopping online for life insurance, the name Symetra has popped up on your radar.
Established in 1957, Symetra has been providing annuities, life insurance, employee benefits, and retirement places for 57 years.
In 1987, Symetra began selling annuities to banks, meaning they allowed banks to sell insurance and make commissions on what they sold. In 2004, Symetra became an independent insurance company, making it to the New York Stock Exchange in 2012.
Since then, Symetra has supported over 400 charities and served almost two million customers nationwide, a number that continues to grow.
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What is Level Term Life Insurance?
Symetra is well known for providing 10-year level term life insurance.
Ten year level term life insurance means that you’ll be guaranteed a set level of coverage, for a set monthly price, for ten years. After that ten years is up, you can either renew your coverage, convert to whole life insurance, or search for a different insurance company.
Keep in mind that your premiums may increase, and coverage is not guaranteed after the initial ten year period of coverage.
Typically, level term life policies are less expensive than comparable whole life coverage. They’re also easy to budget for, because your premiums will not change during your term.
What Happens After Ten Years?
Let’s assume you’ve decided to go with Symetra’s 10 year level term plan.
You’ve made your payments on time every month, and now ten years have passed. What happens next?
After ten years, you have the option to convert your policy to either whole life insurance, renew your ten year policy, or to continue using it as a regular term life policy.
Your ability to renew your coverage at an affordable rate will depend on your risk profile. If you’re still healthy and low risk, your premiums may not increase very much. If you’ve been diagnosed with an illness your premiums may increase, or you may not be able to renew your coverage at all.
If you choose to convert to Symetra Universal after using their 10 year level term policy, you must do so before your ten years is up. You can also request to convert your policy, but you must do so before the policy anniversary following the primary insured’s 75th birthday.
Sounds confusing, right? What this means is that if you are the primary insured (if it’s your life insurance policy), you can convert your insurance BEFORE your ten years is up or after your 75th birthday.
← Complete the Life Insurance Quote Form to Begin.
May the Best Quote Win!
Why Go With Symetra?
Level term policies are less expensive than other types of insurance and you are guaranteed to pay the same price for your insurance for ten years.
This is particularly helpful in a shaky economy, as you will not be surprised by raised premiums and you will be able to budget for your current premiums.
Additionally, if you have a terminal illness, you may be eligible to receive your death benefit when you need it. In some cases this could be up to 50% of your death benefit (maximum is $250,000). Your terminal illness period and the percentage of benefit that you’re eligible to receive varies from state to state.
Certain benefits, such as safety and transportation, are included automatically in the policy. You also have a variety of optional insurance riders you can include in your policy, such as an Accidental Death Benefit.
Is Symetra Right for Me?
Term life insurance is a good option if you want to ensure that your family remains protected even after you’re gone.
Those who choose to use Symetra’s level term policy do so because they like the financial stability of having set premiums rather than the possibility that their premiums will fluctuate.
There is also the added benefit of guaranteed insurability for the length of your policy term.
For some, the policy comes with difficult hoops through which one much jump to change policies. While the insurance riders give the illusion of flexibility, you may be able to find similar policies for less money and more flexibility.
Still Have Questions?
Shopping for insurance can be stressful, and it’s easy to be drawn in by the promise of inexpensive premiums and guaranteed insurability.
Level term life insurance is often an affordable way to protect your family. But it’s not right for everyone.
The problem with shopping for insurance online is that, all too often, we aren’t sure where to put our trust. How do you know that a particular carrier is right for you? How do you know that you’re getting the best option to suit your needs?
There are a lot of options out there. Speaking to an independent insurance broker, like myself, can eliminate the stresses of shopping for a life insurance policy by helping you assess your options with the most reputable carriers.
If you think Symetra is right for you, but you still aren’t sure, give me a call. I can compare the Symetra’s ten year level term policy with other policies on the market, ensuring that you get the best coverage for your needs, at the best price.