Sentinel Security Life
4.65%
3 Year Term
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company Information
Company Name
Sentinel Security Life
product Name
Personal Choice 3 (FL Only)
Description
Sentinel Security Life was founded in 1948. The company was founded to provide families a way to fund funeral expenses. Today, they offer a variety of annuity and insurance products. They changed their name from Sentinel Insurance Company to Sentinel Security Life Insurance Company in 1957. Sentinel wants to light the way for a more secure financial future for your family. They are based in Salt Lake City, UT. Sentinel annuities are sold through it's agent network in the United States.
am best rating
B+ Good (6th of 13 ratings)
URL
Product Type
MYGA
Product description
Fixed annuities are for conservative investors who want safety, security, and guarantees.
You will preserve your principal and earn a fixed rate of return.
You might hear fixed annuities also called CD-like annuities or multiple-year guarantee annuities (MYGA's).
If you are sensitive to loss and don't want to lose a penny, a fixed annuity might be a good fit for some of your savings.
Read our educational articles on fixed annuities to learn more.
Guaranteed Rate Lock Period:
The rate is locked for 45 days from the date of application. If the funds are received after that period the rate might be subject to change and will be the rate in effect at that time.
term
3 yrs
minimum investment
$ 2,500
maximum investment
$ 1,000,000
maximum age
85
withdrawal allowance
Free withdrawals during the contract term are not allowed. Riders can be added at a cost to permit free withdrawals. Otherwise, all money withdrawn will be charged based on the surrender charge schedule. Note that any withdrawals made prior to age 59½ will incur a 10% penalty from the IRS.
what we like
- No surprises because you know what you will earn
- Lower agent commission
- 3-year term
what we don’t like
- No Permitted Withdrawals
- Possible market value adjustment on withdrawals
- Higher rated companies are available
- or -
Guaranteed Returns
Choose an investment amount and we’ll show you how much you can earn.
| YEAR | RATE | EARNINGS | CUMULATIVE EARNINGS | BALANCE |
|---|---|---|---|---|
| 1 | 4.65% | $ ? | $ ? | $ ? |
| 2 | 4.65% | $ ? | $ ? | $ ? |
| 3 | 4.65% | $ ? | $ ? | $ ? |
| Total | $ ? | $ ? | $ ? | |
Surrender Charge Schedule
Surrender charges are a penalty charged to early withdrawals of annuity contract. They are a percentage of the withdrawal amount, decrease over time, and go to zero when the term ends.
percentage charged to withdrawal
market-value adjustment (MVA)
A market value adjustment is basically an additional charge or credit for taking money out early from an annuity.
They allow companies to pay a higher rate and make longer-term investments.
MVAs only affect you if you withdraw funds early. If you own the contract to maturity, they do not apply.
other Information
| phone number | (888) 433-4795 |
|---|---|
| Product brochure |  |
| agent commission | 1.0 -1.50%. We are paid from the insurance company general fund. It is not deducted from your account value. 100% of your money is working for you from day one. We could earn a higher commission based on sales volume and taking a more active role in the application process. |
| LOGIN FOR | sslco.com |
| Rate Effective Date | September 11th 2024 |
| premium Type | Single Premium Annuity |
|---|---|
| account Type | Personal, Traditional IRA, Roth IRA, SEP-IRA, SIMPLE-IRA, 403(b). |
| Not available in | This product is only available in the following states (FL). |
| options at maturity | 30 Days prior to the end of your contract term, you will have the option to choose from the following. 1. Withdrawal any amount free of charges and fees. |
| death benefit provision | If you pass away before the end of your annuity contract, your beneficiaries will receive the cash surrender value. The cash surrender value includes a possible surrender charge and market value adjustment unless they wait until the contract term ends. If your elected beneficiary is your spouse he/she can take the accumulated value without surrender charges at time of death. |
| taxes | Annuities typically grow tax-deferred. If you withdrawal money that has never been taxed, withdrawals are 100% taxable. Non-qualified withdrawals have been taxed already, so only interest is taxed. This is called an exclusion ratio. Interest would be taxed, but the principal would not. Please work with a qualified specialist. |
| surrender schedule | 9%, 8%, 7% |
|---|---|
| free-look period | 20 Days |
| RMD | No |
| market value adjustment | Yes |
