COVID-19 Frequently Asked Questions
What is Symetra’s current financial status?
Symetra has a solid and stable financial foundation. We believe we are well equipped to serve our customers and overcome short-term challenges during this difficult phase in the financial markets. Please review our company’s COVID-19 website for more information including product specific details.
For more information on our financial position, please visit www.symetra.com/ratings where Symetra’s financial strength ratings are posted. Ratings are impartial, third-party opinions of a company's ability and willingness to meet specific financial obligations.
Will my benefit payments be delayed?
We do not anticipate any delays processing benefits payments.
Will Symetra allow payment leniency for my Life Insurance premium bill?
Symetra understands these are difficult times, we are monitoring state—issued bulletins, which may provide extended grace periods, depending on the state and policyholder circumstances. Please note extensions or alternative payment plans do not constitute a waiver of premiums. Please contact us at 1-800-796-3872 to discuss options.
How does the Coronavirus Aid, Relief and Economic Security (CARES) Act affect my required minimum distributions (RMD)?
There are several provisions in the CARES Act that affect annuity holders, specifically they affect how required minimum distributions (RMDs) are handled. Section 2203 of the CARES Act provides a waiver of the required minimum distribution in 2020.
- If you would like to proceed with taking your RMD in 2020, you may continue to do so.
- If you do not take your RMD this year, no IRS penalty will be imposed.
- If you would like to suspend any remaining RMD payments for 2020, please complete this online waiver form.
- If you have already taken your RMD and have questions related to this distribution, please contact us at 1-800-796-3872 as soon as possible.
This waiver also applies if you turned age 70½ in 2019 and deferred your first distribution to 2020.
Am I eligible to take a COVID-19-related distribution?
Please review your Symetra contract provisions regarding access options specific to your product, or call us at 1-800-796-3872 and we can review your contract with you.
You may be able to take COVID-19-related distributions up to $100K, which may qualify for special tax treatment under the CARES Act depending on your eligibility. Please visit the IRS’s website for additional detail on these requirements and consult with your tax professional.
Is there anything I must do related to my RMD?
If you have set up an RMD and would like to suspend your 2020 payment, please complete this online waiver form or contact us at 1-800-796-3872 as soon as possible. If you would like to continue receiving payments, no action is required.
If you have not yet set up an RMD, no action is required. You will not receive an RMD payment.
If I suspend my RMD in 2020, will it automatically start again in 2021?
Yes, if you have previously set up RMD payments and suspend for 2020, the RMD will restart automatically in 2021. The CARES Act RMD waiver provision applies only to 2020. If payments have not previously been set up, they will not automatically start in 2021.
I need access to my funds due to an emergency. Are you waiving fees/other early withdrawal charges during this period?
Your policy may contain provisions that offer access to funds without fees or charges. Please review your Symetra policy provisions, or call us at 1-800-796-3872 and we can review your policy with you.
Are there changes to loan rules associated with my workplace savings plan?
Possibly. Plan sponsors have several options related to loan provisions within their plans, including the option to make no changes. Please check with your plan sponsor regarding their selections related to these provisions.
Options may also be available to delay payments to Symetra due between March 27, 2020 and December 31, 2020. Please call us at 1-800-796-3872 and we can review your options with you.
What time is your service department open to handle questions related to my products?
We are available every weekday from 6 a.m. to 4:30 p.m. Pacific Time, excluding national holidays.