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.
Rate Lock Period:
This is the number of days you have to get the funds to the insurance company after the application has been signed and submitted.
Qualified Retirement account: 45 Days
Non-Qualified/after-tax annuity: 45 Days
1035 Annuity Exchange: 45 Days
Riders & Features Available:
The following riders and features are available for this product.
N/A
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, which lowers the interest rate if you need free withdrawals. Otherwise, all money withdrawn will be penalized based on the surrender charge schedule.
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 if you take out more than what is allowed penalty-free.
- Higher rated companies are available
- or -
Guaranteed Returns
Disclaimer: Some companies have rate banding and pay different rates based on your investment amount.
Please enter an accurate investment amount.
| 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 | At the end of the contract term, you’ll have a 30-day window during which you can withdraw 100% of the account balance. The insurance company will usually mail you a letter and offer a new rate to entice you to keep the funds with them. You can accept their offer and keep the funds with them. If you don’t like their rate, you can withdraw 100% of the funds, transfer the balance to another annuity/provider, or annuitize it and turn it into a guaranteed income stream. An IRA annuity can be transferred to any IRA custodian (bank, brokerage, annuity). Warning: If you do nothing, your annuity will auto-renew for the same term with the rate effective at that time. |
| 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 | Unlike bank CDs, the interest you earn in an annuity grows tax-deferred. The taxation will vary depending on the type of account you own. Non-qualified annuities are funded with after-tax money from checking, savings, taxable brokerage accounts, etc.. Only the interest earned will be taxable at ordinary income when withdrawn from the annuity. Annuities funded by a Traditional or “pre-tax” IRA will be 100% taxable distributions. Both the principal and interest will be taxed as ordinary income. IRAs are already tax-deferred, so the annuity does not add an extra tax benefit. Annuities funded by a Roth IRA will not be taxed at withdrawal. |
| surrender schedule | 9%, 8%, 7% |
|---|---|
| free-look period | 20 Days - This is the number of days you have after your policy has been delivered to change your mind and get a refund. |
| RMD | No |
| market value adjustment | Yes |
