Welcome to our in-depth review of Sentinel Security Life Insurance Company, a key player in the annuity market known for offering robust and tailored annuity products. Founded in 1948 and based in Salt Lake City, Utah, Sentinel Security Life has evolved from its initial focus on providing families with insurance for funeral expenses to a broad provider of life and health insurance products, fixed annuities, and fixed indexed annuities (AnnuityAdvantage).
Sentinel Security Life is committed to helping individuals and families achieve financial security through its comprehensive retirement planning products. With a strong portfolio targeted at the senior market, Sentinel offers an array of annuity products designed to meet the diverse financial needs and goals of its customers. Let's explore some of the key annuity products and features that Sentinel Security Life offers.
Fixed and Fixed Indexed Annuities
Sentinel Security Life provides a range of annuity options including traditional fixed annuities, fixed indexed annuities, and multi-year guarantee annuities (MYGAs). These products are crafted to offer stability and growth potential for your retirement savings.
Fixed Annuities: The Personal Choice Annuity series, with terms of 3, 5, 7, and 10 years, is designed to offer customers a guaranteed interest rate over the contract period, providing a secure and predictable income stream (My Annuity Store, Inc.).
Fixed Indexed Annuities: Sentinel's indexed annuities, such as the Personal Choice Plus+ Annuity and the Summit Bonus Index Annuity, allow earnings based on the performance of market indices. These products come with the potential for higher returns while protecting the principal from market downturns. The Retirement Plus Multiplier® Annuity and the Accumulation Protector Plus Annuity are notable for their innovative features like premium bonuses, rate enhancement riders, and the option to track various indices including exclusive ones like the CS Momentum Index and the Goldman Sachs Aging of America Dynamic Balance Index (Annuity.org).
Annuity Riders and Benefits
Sentinel Security Life's annuities can be customized with various riders to suit individual needs. These include:
- Required Minimum Distribution Rider
- Preferred 10% Free Withdrawal Rider
- Terminal Illness/Nursing Home Care Rider
- Death Benefit Feature Rider
- Accumulated Interest Withdrawal Rider (Annuity.org)
Income Annuities
For those looking for immediate or deferred income solutions, Sentinel offers products like the Guaranteed Income Annuity. This product allows for optional riders that can enhance the annuity's benefits, such as the GLWB Rider which credits a premium bonus and ensures income for life (Annuity.org).
Company Strength and Customer Feedback
Sentinel Security Life boasts solid financial ratings, such as an A.M. Best rating of B++, indicating a good ability to meet financial obligations (My Annuity Store, Inc.). Despite these strengths, it's important to note that Sentinel has received an above-average number of complaints from annuity customers over the past few years (Annuity.org).
In conclusion, Sentinel Security Life Insurance Company offers a comprehensive range of annuity products designed to provide financial security and income stability for retirees. With customizable options and a variety of annuity types available, Sentinel aims to cater to the varied needs of its customers, backed by a history of financial stability and customer service. As with any financial planning decision, it's advisable to consult with a financial advisor to ensure that the chosen annuity product aligns with your individual goals and financial situation.
