Goldstein Scorecard: Incomplete (dated October 4, 2026). See how it is graded.
Symetra SPIA Review: What Symetra's Income Annuities Offer, and How to Get a Real Payout Quote
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Symetra's income annuity pages and ratings page on October 4, 2026 · Updated
A Symetra SPIA is an income annuity from Symetra Life Insurance Company (AM Best A, affirmed May 29, 2026) that turns a lump sum into payments for a set period or for life. Symetra's income annuity page (checked October 4, 2026) lists income now or later, joint payments that can continue to a loved one, and optional yearly increases.
Symetra does not publish payout rates: payouts are quote-only, so compare written quotes dated the same day.
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge.
In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
What Symetra offers in income annuities
| Feature | What Symetra states |
|---|---|
| Issuer | Symetra Life Insurance Company, Bellevue, WA; not available in all states |
| Start date | Income now (immediate) or later (a future start date) |
| Length of payments | A specific number of years or the rest of your life |
| Survivor option | For certain contracts, payments can continue to a loved one after you die |
| Inflation option | Payments can increase each year |
| What sets the payment | Age, gender (nonqualified only), amount paid, start date, payment length, survivor option |
| Access to principal | Money is permanently locked in; frequency and duration cannot change after payments begin; early withdrawals not permitted |
| Tax | Earnings taxed only as received; exclusion ratio applies to nonqualified contracts |
| Published payout rates | None. Quote-only, not publicly disclosed |
Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, which is wholly owned by Sumitomo Life Insurance Company, and Symetra has been in business since 1957 (Symetra investor relations and newsroom pages).
Correction: an earlier version of this page quoted a $623.22 monthly payout from a "CANNEX June 2026 comparison" and a five-carrier payout table, presented as current. Those June figures were not from a document Symetra publishes and are removed; any SPIA quote is only good for the day it is run.
Also removed: Weiss, COMDEX and Fitch grades, renewal and customer service tiers, a star rating, an unsourced "$300B" figure for Sumitomo Life, generic payout-option percentages, and composite "Daniel" and "Vincent" examples.
Choosing the payout option
- Life only pays the most per dollar for one person, and payments stop at death.
- Life with a period certain keeps paying a beneficiary until the period ends if you die early.
- Joint life keeps paying while either of two people is alive.
- Yearly increases start lower and rise each year.
Each added protection lowers the starting payment. How much depends on your ages and the day's pricing, so ask for each option quoted on the same day. Model the trade-offs with the immediate annuity calculator and the annuity payout calculator.
Also see: EquiTrust SPIA Review
Get an independent read on Symetra SPIA before you sign.
Send your email and I'll send you what this product actually guarantees, what the surrender schedule really costs you, and the two or three carriers paying more for the same guarantee. If it's already a good fit, I'll tell you that.
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Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A- | AM Best A (Excellent, third highest of 16), affirmed May 29, 2026; S&P A; Moody's A1 |
| Payout competitiveness | Incomplete | Symetra publishes no payout rates; needs a same-day quote comparison |
| Guaranteed floor | Not applicable | A SPIA's payment is fixed in the contract at purchase; there is no crediting rate to fall |
| Liquidity | D | Symetra: money permanently locked in, early withdrawals not permitted |
| Costs | Incomplete | No separate fee is disclosed; cost is built into the payout, which is not public |
| Transparency | D | No public product name, brochure or payout table; features described only in general terms |
| Overall | Incomplete | The deciding number for a SPIA, the payout, is not public |
Get the current numbers for your amountor call 213-414-2808
Pros and cons
Pros
- Issued by Symetra Life Insurance Company, AM Best A (Excellent), affirmed May 29, 2026.
- Covers the main options: immediate or later start, period or lifetime, survivor continuation and yearly increases.
- For nonqualified money, the exclusion ratio treats part of each payment as return of premium.
Cons
- No published payouts, so you cannot check competitiveness without a quote.
- Irreversible: Symetra says early withdrawals are not permitted.
- Not available in all states.
Who it's for, and when to look elsewhere
Fits: someone who wants income starting now or on a set future date, can give up access to the premium, and will compare Symetra's quote against other insurers' quotes run the same day.
Look elsewhere if: you mainly want your money to grow at a known rate and keep the principal. A MYGA locks a declared rate for the term and you keep the account value.
For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026).
Current rates: MYGA rates. Also look elsewhere if you may need the lump sum back, or if your health makes a long retirement unlikely and you would choose life-only.
Compare: SPIA rates guide · CD vs SPIA · Securian (Minnesota Life) SPIA review · Mutual of Omaha income annuity review
Questions to ask your agent
- "What exact monthly payment does this contract set, for which payout option, and what is the minimum paid out (period certain or refund) if I die early? Please put it in writing with the quote date."
- "Is there any surrender, withdrawal or commutation right after purchase, or is the decision final?" (Symetra says early withdrawals are not permitted.)
- "What would the payment be with yearly increases, and with joint life, quoted the same day?"
- "What did two other A-rated insurers quote today for the same age, amount and option?"
- "How are you paid on this income annuity, and what commission percentage does Symetra pay?" (Commission comes from the insurer and is built into pricing; it is not deducted from your premium. See how annuity commissions work.)
From my desk
When I review an income annuity quote, the first thing I check is the date it was run and the exact payout option. SPIA pricing moves with interest rates, so a quote from last month is not today's number, and "life with 10 years certain" and "life only" are different products for comparison purposes.
The number buyers most often misread is the payout rate. If a quote pays a certain percentage of the premium each year, that is not an interest rate: most of each payment is your own money coming back, plus interest and the mortality pooling that comes from people who die early. Compare SPIAs to each other by monthly dollars for the same option, not to a CD or MYGA yield.
Against a MYGA, the question is whether you need income now. A MYGA keeps your principal and credits a declared rate; you can still turn it into income later. A SPIA gives up the principal for income that a MYGA's interest alone usually cannot match.
Payments are backed by the claims-paying ability of Symetra Life Insurance Company. For taxes, see how the SPIA exclusion ratio works; for a second read on a quote, see annuity second opinion.
Frequently asked questions
Does Symetra sell an immediate annuity (SPIA)?
Yes. Symetra's income annuities page (checked October 4, 2026) offers income that can start right away or in the future, for a set number of years or for life, issued by Symetra Life Insurance Company. They are not available in all states.
What does a Symetra SPIA pay?
Symetra does not publish payout rates. Payments depend on your age, your gender (nonqualified contracts only), the amount you pay, when payments start, how long they last and whether they continue to a loved one. Payouts are quote-only and not publicly disclosed, so get a dated written quote for your exact age and option.
Can I get my money back from a Symetra income annuity?
Generally no. Symetra says the insurance company permanently locks in the money you pay, the frequency and duration of payments cannot be changed once they begin, and early withdrawals are not permitted. Choose a period-certain or refund-style option if you want payments to continue to a beneficiary.
Can Symetra income annuity payments increase?
Symetra says payments can increase each year to help keep pace with inflation, as an option. The starting payment is lower when you choose increases; ask for both versions quoted side by side.
How is a Symetra SPIA taxed?
Symetra's disclosure says earnings are taxed only as received and an exclusion ratio applies for nonqualified contracts, so part of each payment is treated as a return of your premium. Payments from an IRA-funded contract are generally fully taxable. See how the exclusion ratio works.
What is Symetra's financial strength rating?
AM Best rates Symetra Life Insurance Company A (Excellent), last updated or affirmed May 29, 2026, per Symetra's investor ratings page checked October 4, 2026. S&P rates it A (April 1, 2024) and Moody's A1 (February 26, 2025).
Sources (checked October 4, 2026)
- Symetra Life Insurance Company, Income annuities page, checked 10/4/2026.
- Symetra, Annuities overview and comparison guide, checked 10/4/2026.
- Symetra Financial Corporation, Ratings page (investors.symetra.com/ratings; not linked because it blocks automated checks): AM Best A affirmed 5/29/26; S&P A 4/1/24; Moody's A1 2/26/25; and investor relations home page (Sumitomo Life ownership), checked 10/4/2026.
- Symetra Newsroom, About Symetra boilerplate, February 24, 2026 release (in business since 1957).
- MYGA and CD benchmark: public carrier rate sheets (MYGAs, October 14, 2026) and DepositAccounts (CDs, September 24, 2026).
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398). Not affiliated with Symetra. Income annuity payouts are quote-only and change with interest rates; confirm the quote and read the contract before buying.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
SPIAs are irrevocable. Once you sign, your principal is gone. Before you commit, how does this insurer's payout compare with other quotes for your age? Are you choosing the right payout option (life only vs. cash refund vs. joint)? Payouts for the same deposit can differ between insurers, so compare quotes before you sign.
Send your details. Within one business day you get a written review of your quote, a side-by-side with two alternatives, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.