Company Information
Company Name
Symetra Life
Product Name
Symetra Life Select Pro 7
Description
The Symetra Select Pro 7 is a modified, single premium annuity with a seven-year rate guarantee. After seven years, owners can withdraw, transfer, or reinvest their entire account value. If no action is taken, a one year rate is declared, but the account does not renew for a new term. It remains 100% liquid and free from surrender penalties.
Throughout the first year, owners can add premium payments of $1,000 or more. There are four rate bands available. The highest rate is for deposits above $100,000. Lower rates apply to amounts between $10K and $99.9K.
Free annual withdrawals of 15% are included and a Return of Premium provision is available at a reduced annual rate. Qualified and non-qualified funds are accepted. There are no surrender penalties at death.
AM Best Rating
A Excellent (3rd of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
15% / 15%
Rate
5.10%
Term
7 Years
Minimum Investment
$100,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
85
Surrender Schedule
8%, 8%, 7%, 6%, 5%, 4%, 3%, 0%
What We Like About This Annuity
There are four rate bands available. Free 15% annual withdrawals are included and there are several penalty-free withdrawal options for hardship. Additional payments are allowed in the first year. A Return of Premium feature is available at a lower annual interest rate.
Notable Features
The account can be annuitized at any time after the first year. Nursing Home, Hospitalization, and Terminal Illness free-withdrawal riders are included at no cost.
Other Popular Products
Symetra offers several popular life and annuity policies including the Select Max MYGA. Their fixed-indexed and income accounts are competitive nationwide. Additionally, their permanent and term life policies are strong for those wanting estate protection.
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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.