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, a new rate will be declared for the next 12 months, but the contract will not automatically renew for a new term.
During the first year, this policy accepts deposits of $1K or more. Four rate bands are available. Deposits over $250K receive the highest annual rate. This account accepts nonqualified, IRA, and Roth IRA funds. 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
| 5.20% | $250,000 | — | $1,000,000 |
| 5.20% | $100,000 | — | $249,000 |
| 4.90% | $50,000 | — | $99,999 |
| 4.90% | $10,000 | — | $49,999 |
Term
7 Years
Minimum Investment
$250,000
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. Contract does not automatically renew. 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. Surrender free death benefit.
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.
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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.