Is Symetra a good annuity company?
Yes, for buyers who want a strong balance of rate and financial strength. Symetra Life Insurance Company holds an A (Excellent) grade from AM Best and an A from S&P Global, with Sumitomo Life Insurance Group, one of Japan's largest insurers, standing behind it. Its Accumulator Select MYGAs are frequently among the more competitive options in the independent agent channel, and its Edge Pro fixed index annuity and income products round out a fairly complete shelf. It fits a wide range of buyers well, though its FIA caps do not always beat every specialty carrier.
Symetra at a glance
| Legal name | Symetra Life Insurance Company |
|---|---|
| Parent company | Sumitomo Life Insurance Group, Japan |
| Headquarters | Bellevue, Washington |
| Founded | 1957 (originally Safeco Life Insurance) |
| AM Best rating | A (Excellent) |
| S&P rating | A (Strong) |
| Total assets | More than $60 billion |
| What it sells | MYGAs, fixed index annuities, SPIAs, DIAs, group benefits |
| States available | All 50 states plus D.C. |
| Typical minimum premium | $5,000, varies by product |
Where Symetra sits on the AM Best scale
A is grade 3 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+
- ASymetra
- A-
- B++
- B+
- B
- B-
- C++
- C+
- C
- C-
- D
Today's rates for Symetra
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
Who is Symetra?
Symetra Life Insurance Company runs out of Bellevue, Washington and has built a name over the past several years as one of the more consistently competitive players in the independent-agent MYGA market. Behind it sits Sumitomo Life Insurance Group, one of Japan's largest life insurers and a company widely regarded for financial conservatism and staying power. Together that combination has helped Symetra earn an A (Excellent) rating from AM Best.
This page walks through what makes Symetra financially sound, what it actually sells, and how to reach the company if you need to.
How financially strong is Symetra?
Symetra carries an A (Excellent) grade from AM Best and an A (Strong) grade from S&P Global, a pairing that reflects solid fundamentals spread across a diversified book of business. Sumitomo Life took full ownership of Symetra in 2016, adding the weight of one of Japan's oldest and most conservatively run insurance groups to Symetra's own balance sheet.
Symetra brings more than $60 billion of its own assets to the table and traces its roots back to 1957, when it operated as Safeco Life Insurance. Sixty-five-plus years under its current form gives it the scale to compete against far larger carriers on price without cutting corners on reserves. Regulation runs through Washington's Office of the Insurance Commissioner, an agency known for holding insurers to strict solvency standards.
What kinds of annuities does Symetra sell?
- Accumulator Select (MYGA series): The most actively quoted product Symetra offers in the independent agent channel, available across several term lengths with dependable guaranteed rates and contract terms that are easy to follow. This is where Symetra competes hardest on price.
- Edge Pro (fixed index annuity): Links part of your growth to an index, most commonly the S&P 500 on a point-to-point basis with a cap, alongside a declared-rate fixed account option. Add an optional income rider and you can convert the contract into guaranteed lifetime withdrawals later.
- Immediate and deferred income annuities (SPIAs and DIAs): Built for buyers turning savings into guaranteed income now or at a future date, available on both a single-life and joint-life basis.
Who fits Symetra best?
- MYGA shoppers who want rate and rating together. Accumulator Select has a track record of landing near the top of A-rated comparisons, appealing to buyers unwilling to sacrifice financial strength for a slightly better number.
- FIA buyers who want something easy to explain. Edge Pro sticks to fewer crediting strategies than some competitors, pairing solid index participation with a dependable income rider.
- Anyone converting savings into income. Because SPIAs and DIAs are multi-decade promises, the A rating and Sumitomo's backing carry extra weight for buyers in this category.
- Buyers anywhere in the country. With approval in every state plus D.C., Symetra rarely gets ruled out on availability alone.
How to buy a Symetra annuity
Symetra sells exclusively through licensed insurance agents and financial professionals, so you cannot purchase a contract directly from the company. A licensed strategist can pull Symetra's current terms alongside other top-rated carriers so you see rates, contract features and financial strength side by side before deciding.
Contact Symetra
| Contact method | Details |
|---|---|
| Website | www.symetra.com |
| Customer service | 1-800-796-3999 |
| Mailing address | Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004 |
| Hours | Monday through Friday, 8 a.m. to 5 p.m. Pacific |
Other annuity companies to consider
- Aspida: A- rated, competitive on both MYGA and FIA pricing
- Midland National: A+ rated with a wide MYGA and index annuity shelf
Pros and cons
Pros
- A (Excellent) from AM Best and A (Strong) from S&P Global, a solid combination for a conservative buyer
- Backed by Sumitomo Life Insurance Group, one of Japan's largest and most established insurers
- Accumulator Select MYGAs are consistently among the more competitively priced options through independent agents
- A comprehensive lineup that covers accumulation, index-linked growth and both immediate and deferred income
- Licensed in all 50 states plus D.C., so state availability rarely rules it out
- More than 65 years of operating history under its current corporate structure
Cons
- Less brand recognition among consumers than legacy names like MetLife or Prudential
- Fixed index annuity cap rates sometimes trail dedicated FIA specialty carriers
- Rated by AM Best and S&P only; no Moody's or Fitch rating for a third or fourth opinion
Frequently asked questions
Is Symetra a safe carrier to buy an annuity from?
Yes. AM Best's A (Excellent) grade signals a strong ability to keep paying policyholder obligations over time. On top of that, your state's guaranty association backs every contract up to a state-set limit, commonly $250,000 in present value. Always double check both the live AM Best rating and your own state's coverage limit before funding a contract.
What annuity products does Symetra offer?
Symetra's shelf covers multi-year guaranteed annuities, fixed index annuities and immediate and deferred income annuities, all sold through licensed agents and financial professionals. Specific features and availability shift by state, so pull a current quote for your situation rather than relying on a general description.
How do I purchase a Symetra annuity?
You will need to work with a licensed insurance agent or financial professional, since Symetra does not sell directly to consumers. A licensed strategist can put Symetra's current numbers next to other top-rated carriers so you can compare rates, terms and financial strength before choosing.
Who owns Symetra?
Sumitomo Life Insurance Group, one of Japan's largest life insurers, acquired Symetra in 2016. That relationship gives Symetra access to institutional capital from a company known for a conservative, long-term approach to insurance, on top of Symetra's own $60 billion-plus in assets.
Is Symetra good for MYGA buyers specifically?
Often, yes. The Accumulator Select series has a track record of pricing near the top of A-rated MYGA comparisons, which makes it worth a look for buyers who want both a competitive rate and a strong rating in the same contract. Compare current terms across a few durations before locking in a rate.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
