September 25, 2016 4:55 AM ET

Insurance

Company Overview of Symetra Life Insurance Company

Company Overview

Symetra Life Insurance Company provides retirement, employee benefits, and life insurance products. The company offers fixed and variable deferred, fixed indexed, and income annuities; term and permanent life insurance products; and individual retirement annuities. It also provides group life and disability insurance, stop loss, fixed-payment medical, and critical illness and accident insurance for employers and employees. It serves customers through a network of independent advisors, brokers, and agents in the United States. Symetra Life Insurance Company was formerly known as Safeco Life Insurance Company and changed its name to Symetra Life Insurance Company in September 2004. The company...

777 108th Avenue NE

Suite 1200

Bellevue, WA 98004-5135

United States

Founded in 1957

Phone:

425-256-8000

Fax:

425-256-5818

Key Executives for Symetra Life Insurance Company

Chief Executive Officer, President, Chief Executive Officer of Symetra Financial Corporation and President of Symetra Financial Corporation
Age: 58
Chief Financial Officer and Executive Vice President
Age: 51
Chief Information Officer and Senior Vice President
Age: 57
Senior Vice President, General Counsel and Secretary
Age: 66
Director
Age: 54
Compensation as of Fiscal Year 2016.

Symetra Life Insurance Company Key Developments

Symetra Introduces GapAssist

Symetra has introduced GapAssist, a new package of accident, critical illness and inpatient hospital benefits designed to complement high-deductible medical plans and help employees with unexpected out-of-pocket medical costs. GapAssist offers three plan designs-Base, Classic and Premier. Each plan design offers the same core coverage but the benefit amounts vary. Groups may choose to offer just one plan or any combination of the three based on their needs. Accident coverage pays for eligible expenses related to an accident such as emergency room visits, physician fees, tests and X-rays, up to a set maximum benefit amount per accident. Critical illness coverage provides a lump-sum benefit upon the first diagnosis of a covered critical illness after the policy is in effect. Fixed-payment inpatient hospital coverage provides per-day benefits for covered stays in a hospital, intensive care unit, substance abuse facility, mental health or nursing facility.

M Financial Group Adds Symetra Life Insurance Company as Associate Carrier

Symetra Life Insurance Company has announced that it has been added to M Financial Group’s carrier platform as an Associate Carrier. Through this relationship, M Financial Member Firms will have direct access to Symetra’s individual life product line, including their Guaranteed Universal Life and Private Placement Variable Corporate-Owned Life Insurance (COLI) products.

Symetra Life Insurance Company Introduces Symetra Income Edge

Symetra Life Insurance Company announced the introduction of Symetra Income Edge, a single premium fixed indexed annuity that includes a lifetime withdrawal benefit that offers withdrawals that can last a lifetime—with upside potential both before and after withdrawals begin. Symetra Income Edge’s guaranteed lifetime withdrawal benefit provides lifetime withdrawals up to a Maximum Withdrawal Amount each year. The Maximum Withdrawal Amount can never decline due to account performance. Amounts up to the Maximum Withdrawal Amount may be withdrawn annually, regardless of the contract’s remaining value. Before lifetime withdrawals begin—The maximum withdrawal amount is guaranteed to grow each year for up to 10 years after issue. As the contract value grows, the future Maximum Withdrawal Amount also increases—even after 10 years. Potential contract value growth is based on the accounts selected—S&P 500®Point-to-Point; JPM ETF EfficienteSM 5 Point-to-Point; Fixed Account. After lifetime withdrawals begin— Once ready to begin lifetime withdrawals, a client has two options: Level withdrawals—Guaranteed, level amount for life. Designed for those wanting a higher first year Maximum Withdrawal Amount and the certainty of knowing they will receive the same amount each year. Index-linked withdrawals—Guaranteed withdrawals for life with potential for increases each year. Designed for those concerned about inflation eroding their purchasing power over time and wanting to give their Maximum Withdrawal Amount opportunities for future growth. Contract value continues to earn interest (if applicable) based on the performance of the selected accounts. In the event of an unexpected need, any remaining contract values may be accessed (charges may apply), but this will reduce the future Maximum Withdrawal Amount. Even if the contract value falls to zero, lifetime withdrawals continue. Income Edge is designed for the long term, but should circumstances change clients have multiple ways to access funds, including: Free annual withdrawals of up to 10% of the contract value. Nursing home and hospitalization waiver. Death benefit and annuitization any time after the first 12 months of the contract.

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