Company Overview of Symetra Life Insurance Company
Symetra Life Insurance Company provides life insurance services in the United States. It offers annuities, life insurance, group employee benefits, and retirement plans through a network of agents and advisors. The company was formerly known as Safeco Life Insurance Company and changed its name to Symetra Life Insurance Company in September 2004. The company was founded in 1957 and is based in Bellevue, Washington with an additional office in Waltham, Massachusetts. Symetra Life Insurance Company operates as a subsidiary of Symetra Financial Corporation.
777 108th Avenue NE
Bellevue, WA 98004-5135
Founded in 1957
Key Executives for Symetra Life Insurance Company
Chief Executive Officer, President, Chief Executive Officer of Symetra Financial Corporation and President of Symetra Financial Corporation
Chief Financial Officer and Executive Vice President
Chief Information Officer and Senior Vice President
Senior Vice President, General Counsel and Secretary
Compensation as of Fiscal Year 2016.
Symetra Life Insurance Company Key Developments
M Financial Group Adds Symetra Life Insurance Company as Associate Carrier
Jul 13 16
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
Apr 12 16
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 Amounts up to the Maximum Withdrawal Amount may be withdrawn annually, regardless of the contract’s remaining value.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.
Symetra Life Insurance Company Appoints Paul Mistretta as Senior Vice President and Chief Operations Officer of its Individual Life Division; Announces New, Larger Location for its Growing Individual Life Operations
Nov 2 15
Symetra Life Insurance Company announced the appointment of Paul Mistretta as senior vice president and chief operations officer of its Individual Life Division. He reports to Tom Marra, president and CEO of Symetra Financial Corporation, and will be based in Waltham, Massachusetts. Mistretta will provide operations leadership and oversee new business and underwriting in Symetra's Individual Life Division (ILD). He brings to his new role nearly 30 years of life industry experience, most recently serving as president of Prosperity Life Insurance Group (PLIG) in Roanoke, Virginia, where he oversaw all aspects of the holding company and daily operations of its subsidiary, Shenandoah Life. Mistretta also has held senior operations positions with ING, American General Life Insurance Companies and First Colony Life Insurance.
The company also announced a new, larger location for its growing Waltham-based individual life operations, more than doubling the combined space of its two former offices.
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