Company Information
Company Name
Symetra Life
Product Name
Symetra Life Select Max 7
Description
The Select Max 7 is a modified, single-premium fixed annuity with a seven-year rate lock. After seven years, owners can withdraw, transfer, or renew for a new term. If no action is taken at maturity, a new interest rate will be declared for the next 12 months, but the contract will not automatically renew for a new term. All funds remain liquid, but in annuity form.
This policy accepts deposits of $1K or more during the first year. Free accumulated interest withdrawals are allowed in all years and can begin after the first month. Four rate bands are available, but some bands can have the same interest rate at times.
This account accepts nonqualified, IRA, and Roth IRA funds. This policy accepts corporations, partnerships, and trusts (revocable & irrevocable) as non-entitiy owners. There are no surrender charges at death.
AM Best Rating
A Excellent (3rd of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
Interest / Interest
Rate
| 5.30% | $250,000 | — | $1,000,000 |
| 5.30% | $100,000 | — | $249,000 |
| 5.00% | $50,000 | — | $99,999 |
| 5.00% | $10,000 | — | $49,999 |
Term
7 Years
Minimum Investment
$100,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
85
Surrender Schedule
8%, 7%, 6%, 5%, 4%, 3%, 2%, 0%
What We Like About This Annuity
Owners can add funds in the first year. The contract does not automatically renew at maturity. Several interest rate bands are available. Free accumulated interest withdrawals in all years and a fair surrender schedule.
Notable Features
Terminal Illness, Nursing Home, and Hospitalization waivers are all included at no cost. Additional funding options in year one. Non-entity ownership is allowed.
Other Popular Products
Symetra offers several popular life and annuity policies. Their fixed-indexed and income accounts are competitive nationwide. Additionally, their permanent and term life policies are strong for those wanting estate protection.
Download Brochure
About Symetra Life Insurance Company
With over 65 years in business, Symetra Life is a full-fledged life, annuity, and employer benefit focused insurance company. Headquartered in Bellevue, Washington, they boast an A rating with AM Best and over $65 billion under management.
Value, transparency, and sustainability are three core principles guiding this well-diversified insurance carrier. They are highly involved in their community through social outreach, corporate responsibility, and sustainable governance.