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About Symetra
Symetra Life Insurance Company is a subsidiary of Symetra Financial, providing a comprehensive range of annuity products including fixed indexed annuities, multi-year guaranteed annuities, and income-focused products. Known for competitive MYGA rates and accessible income solutions, Symetra serves customers through banks, broker-dealers, and independent agents across most states.
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How we scored them
Income Options84/100
Financial Strength85/100
Fees & Costs83/100
Flexibility80/100
Customer Service82/100
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The tradeoffs
What works
- Competitive 5-year and 7-year MYGA rates
- Income Edge Plus offers choice between level and increasing income payments
- Accessible $10,000 minimum premiums on income products
- Strong A rating from AM Best and S&P
- Broad distribution through banks and broker-dealers
What to watch
- FIA caps are lower than top-tier competitors
- Limited product customization options
- Surrender periods extend to 7-9 years on some products
- Income rider mandatory on Income Edge Plus (not optional)
- Not available in New York on several products
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What you could receive
Estimated guaranteed lifetime income based on a single premium payment. Actual rates may vary.
| Investment | Age | Monthly | Annual | Guarantee |
|---|---|---|---|---|
| $100,000 | 60 | $536 | $6,432 | Lifetime |
| $250,000 | 65 | $1,485 | $17,820 | Lifetime |
| $500,000 | 65 | $2,970 | $35,640 | Lifetime |
| $1,000,000 | 70 | $6,720 | $80,640 | Lifetime |
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Fee schedule
| Fee type | Amount | Description |
|---|---|---|
| Annual Contract Fee | $0 | No annual maintenance fee on base contracts |
| Income Rider Fee | 1.20% | Annual fee on Income Edge Plus GLWB rider (mandatory) |
| Surrender Charge | Varies by product | Declining schedule from 8-9% in year 1, reaching 0% at end of term |
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Early withdrawal penalties
Charges apply to amounts above the annual free withdrawal (typically 10%).
| Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 | Yr 6 | Yr 7 | Yr 8 | Yr 9 | Yr 10 |
|---|---|---|---|---|---|---|---|---|---|
| 8% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% | 0% |
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Best fit for these buyers
Buyers seeking competitive fixed-rate MYGAs with moderate commitments
Retirees wanting guaranteed lifetime income with inflation-fighting options
Investors comfortable with 5-7 year surrender periods for rate certainty
Ages 50-75 in retirement accumulation or early income phase
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Frequently asked questions
Is Symetra a good annuity company?
Symetra earns an average rating of 4.0/5 across the 20 products we've reviewed, with an AM Best rating of A and S&P rating of A. Their financial strength is rated "Excellent" with $60+ Billion in total assets. Symetra is particularly strong in overall value.
How much income can I get from a Symetra annuity?
Income depends on your investment amount and age. For example, a $500,000 investment at age 65 could generate approximately $35,640 per year in guaranteed lifetime income. A $250,000 investment at the same age could generate about $17,820 per year.
What are the fees for Symetra annuities?
Symetra charges Annual Contract Fee: $0, Income Rider Fee: 1.20%, Surrender Charge: Varies by product. Notably, there is no annual contract fee on the base contract, which is a competitive advantage.
What is the surrender period for Symetra annuities?
Symetra annuities typically have a 10-year surrender period. Charges start at 8% in year one and decline to 0% in the final year. Most products allow 10% annual free withdrawals without penalty.