While you may not recognize their name, Symetra Life has been around for 60 years.
If you may be interested in guaranteed universal life insurance (also known as term insurance for life), Symetra could just be the absolute best insurance company for you!
Symetra does also offer term life insurance, but if you’re age 50 or older, their UL-G and Survivorship UL-G rates are some of the lowest rates in the industry.
Check out these monthly rates below for $100,000 and $250,000 that are guaranteed for life. All rates below are for non-smokers in good health:
Male Age 50: $88/ Female Age 50: $78
Male Age 60: $141/ Female Age 60: $122
Male Age 70: $243/ Female Age 70: $212
Male Age 50: $191/ Female Age 50: $166
Male Age 60: $322/ Female Age 60: $274
Male Age 70: $578/ Female Age 70: $499
Get A 100% Refund of Premiums Paid
You can also add a “return of premium” (ROP) rider for a very small additional cost for which 100% of premiums paid would be returned to you if you cancel the policy in year 20 or 25. Check out the ROP rates below:
Male Age 50: $92/ Female Age 50: $81
Male Age 60: $146/ Female Age 60: $126
Male Age 70: $252/ Female Age 70: $219
Male Age 50: $198/ Female Age 50: $172
Male Age 60: $337/ Female Age 60: $284
Male Age 70: $598/ Female Age 70: $516
How awesome is that? If your needs/wants change in future and you no longer need or want to pay for the life insurance, you can simply cancel it and get back all premiums you paid into the policy!
Help Pay for Long Term Care
You can also add a chronic illness rider to Symetra’s individual UL-G product so that you could access up to 100% of the life insurance amount if you suffer a chronic illness. Below are the rates with the Chronic illness rider:
Male Age 50: $99/ Female Age 50: $92
Male Age 60: $157/ Female Age 60: $144
Male Age 70: $278/ Female Age 70: $263
Male Age 50: $218/ Female Age 50: $200
Male Age 60: $362/ Female Age 60: $331
Male Age 70: $665/ Female Age 70: $628
Life insurance with a chronic illness rider can help to fill 2 needs. Income for your beneficiaries at your death and income to help pay for long term care or home health care while you’re living.
What is Survivorship Life Insurance
Survivorship Life, also called 2nd to Die life insurance, covers two people and pays out after the death of the second person or the survivor.
Since it only pays out on the death of the surviving spouse, survivorship life insurance can be significantly less expensive than buying individual life insurance.
You may need survivorship coverage if you have a special needs child that will need financial assistance after you and your spouse pass away.
If you may have an estate tax due upon your death, then a survivorship policy can help pay the estate tax at a fraction of what the IRS would require you to pay for the tax.
If you just want to leave money to your children or grandchildren, survivorship life could be the most cost effective tool to help you do this!
Below are monthly rates for Survivorship Guaranteed Universal Life for $100,000 and $250,000. All rates below are for non-smokers in good health:
Male/Female Age 50: $66
Male/Female Age 60: $96
Male/Female Age 70: $158
Male/Female Age 50: $140
Male/Female Age 60: $214
Male/Female Age 70: $368
Survivorship Life With 100% Return of Premium
You can also get 100% of the premiums you paid into the Survivorship policy if you decide you no longer need or want the insurance in policy years 15, 20 or 25.
Just compare the Return of Premium rates below to the rates above without the ROP.
For the small difference in cost, adding the return of premium option on the Survivorship Life Insurance is a “no brainer”.
Male/Female Age 50: $68
Male/Female Age 60: $99
Male/Female Age 70: $162
Male/Female Age 50: $144
Male/Female Age 60: $221
Male/Female Age 70: $379
What a great “out” to have by getting all of your money back if you decide to cancel your insurance someday!!
So Why Wouldn’t You Buy Symetra Guaranteed UL
If you’re in the market for GUL or Survivorship GUL, then you’ll definitely need to consider Symetra.
They can be aggressive in underwriting for heart conditions, diabetes and other ailments or issues.
Symetra won’t always offer the best rates, but with the full package of benefits they offer, including the Return of Premium and Chronic Illness riders, they should always be considered.
Click on the link above to get an accurate Symetra Life quote. At the same time we will compare Symetra’s rates to the other competitive GUL products for you from Columbus Life, Penn Mutual, American General, Nationwide, Prudential, North American Company for Life & Health, American National, Principal Life, Lincoln Financial Group and any others that may be competitive for you.