Our Sentinel Security Life insurance review will cover everything you need before you commit to a burial insurance company. We will cover essential items like Sentinel Security Life’s financial strength, Sentinel’s chart-topping rates and also include Sentinel’s other insurance solutions.
Sentinel Security life is one of the many life insurance company reviews that we cover at our agency. As independent brokers, our job is to place you with the best life insurance company to fit your needs.
Life insurance companies have slightly different opinions on rates, underwriting, etc. That is why we are always looking for companies with a competitive edge to bring as much value as we can to our clients. We believe that Sentinel Security Life is one of those companies.
Sentinel Security Life Insurance Company History
Sentinel Security Life Insurance Company was originally founded by a group of Utah Funeral Directors who discovered to their dismay that bereaved families faced problems paying final expenses left behind by the deceased.
These Directors lay the foundation of the company in 1948, providing grieving families with a pragmatic insurance solution to meet funeral expenses of their loved ones while easing their suffering and distress.
The company saw a few changes to its name over the course of years, but one thing remained constant. It has grown from strength to strength and is one of the leading life insurance companies with proven financial expertise in the field.
The company does a whole lot more besides covering funeral expenditures. In recent years, the company presented products to cover gaps in Medicare as well as annuity products to meet a wide range of client needs. The company is now known for consistently rolling out promising innovative products with high growth potential.
According to the company’s financial summary of 2017, the total assets of the company exceed over $800 million, and the gross annuity premium went over $350 million. Since 2013, there has been an increase of 84% in net investment income owing to the growth of invested assets as a result of improving investment yields and fixed annuity sales. During the same time frame, the total statutory investments soared at a rate of 99 percent.
While most of the growth comes from fixed annuity product sales, there has also been an expansion for sales for the entire range of products. This has been made possible by financial expertise and the company’s policy of mitigating risks for shareholders and policyholders while providing stable income and returns.
The company is able to provide a steady and safe income via innovative product design rather than relying on the investment market. The net investment yield of Sentinal Security is at par with other industry leaders. Rising sales of its products have been made possible owing to a strong portfolio of products pertaining to Annuity, Health, and Life Insurance.
Sentinel Security Life Insurance Company Financial Strength and Credit Rating
The company has been rated B++ by A.M. Best which is just one step away from the A category. Many customers will want their insurance company to be in the A rating territory because they want their premium to go into safe hands that will be able to pay once they file their claim.
Customers should, however, keep two things in mind. First, B++ by A.M. Best means good which means that the financial situation of the company is stable. Second, the economic cataclysm of 2008 dragged many good companies into the red zone and pummeled the ratings of even very stable insurance companies.
So, when a company like Sentinel Security emerges from an economic catastrophe relatively unscathed with B++ rating, it is a good sign that it is a financially sound and resilient company that can weather the worst financial storms.
Sentinel Security Life is not rated by the other independent third-party rating companies like Moody’s, Standard and Poor’s, or Fitch. In addition, Sentinel Security Life Insurance Company does not have a Comdex score.
Sentinel Security Life Top Rating on Better Business Bureau
The company elicits trust with its top rating at the Better Business Bureau. With regards to business practices and customer services, the company has secured ‘A+’ rating, putting them in the top percentile.
This means that in the rating process they have scored more than 97 percent. The best part is that the company has been accredited by the BBB since 1979 which shows that they have a long-standing history and proven track record of trustworthiness and fidelity.
Sentinel Security Life Insurance Solutions
Sentinel Security Life final expense insurance is an affordably priced burial insurance. As the name suggests, it seeks to cover final expenses, and as such, these policies range between $5,000 and $20,000 rather than insurance for hundreds of thousands of dollars.
The underwriting procedure is simple. There is no need for a medical examination. You just have to answer a couple of easy health questions and Sentinel will run a prescription background check to verify your health. This makes for convenient and fast acceptance procedure.
Sentinel Security Life has three tiers of burial insurance. This gives people of varying levels of health an option to cover their final expenses. Your health will determine what level of coverage that you qualify for and the cost.
New Vantage I
This is Sentinel Security Life’s final expense whole life insurance plan designed for those in good health. It comes with level coverage from day one and affordable rates. Sentinel’s burial insurance is available for ages 0-85, which is a broad age range, and for face amounts that range from $1,000 to $35,000.
Like most burial insurance policies, Sentinel Security Life will guarantee cash value growth that can be accessed in a pinch through tax-advantaged loans. Your rate will never go up, and you can never outlive your death benefits.
New Vantage II
This burial life insurance plan is comparable to New Vantage I and is meant for seniors aged 45-85 with minor health problems. The coverage amounts are between $1,000 and $20,000, which is still plenty to cover your burial and final expenses.
The Sentinel Security Life New Vantage graded death benefit will pay 30 percent of the death benefit value in the first year, 70 percent in the second year, and the full death benefit in the third year. While not as ideal as level coverage, a graded death benefit is a better alternative to a modified death benefit.
New Vantage III
Sentinel Security Life’s New Vantage III provides coverage from $1,000 to $15,000 for persons aged 45-85 suffering impaired health. A modified death benefit is provided by this plan that allows for full premium returned including 10 percent interest in the first and second year and the full death benefit amount becoming available in the third year.
Most people would have a life expectancy of greater than 24 months unless they were diagnosed with a terminal illness. However, we feel that there are better modified death benefits out there currently. We’d recommend checking out our Gerber Life insurance review for an alternative guaranteed issue whole life option.
Sentinel Security Life Rates
We have included some sample Sentinel Security Life burial expense insurance quotes to illustrate just how affordable Sentinel Security Life’s final expense insurance is. Please note that you need to qualify for these rates based on your health, lifestyle, and other factors.
Sample Sentinel Security Life Insurance Quote: Level Coverage (Age 55)
Please note that these Sentinel Security Life Insurance quotes are for the level non-tobacco health class.
Other Sentinel Security Life Insurance Solutions
Sentinel Security Life is more than just quality burial insurance. Sentinel offers a wide array of senior insurance products including Medicare supplements, Hospital Advantage plans, and Annuities. Our reviews and our agency focuses on life insurance as the core of our business, but we will touch upon Sentinel’s other products as well.
Sentinel Plan Hospital Advantage
This policy is meant to bolster your main medical coverage and is, therefore, a supplementary product for senior citizens between 60 and 85 years of age. In the event of an injury or medical condition, which entails visiting the surgeon, physician as well as the emergency room, Sentinel’s Hospital Advantage insurance plan will cover you with $250 in daily medical payments.
Sentinel’s plan also includes nursing benefits, ambulance transportation, and emergency room benefits among non-monetary benefits. You will directly receive the money to pay medical expenses, provide support to your family or to serve any other purpose.
This is a policy worth looking into to soften some out-of-pocket expenses that medical insurance may not cover. Financial upheavals caused by sudden medical emergencies can negatively impact your family finances for years, and this is where this policy comes in to mitigate such risks.
Medicare Supplement Insurance
If you enroll in traditional Medicare, this policy will fill in the gaps and provide increased coverage for greater safety. With a total of seven available plans, you have a wide range of options to choose from meaning that there will be one pertaining to your needs. These can vary in cost between states or even zip codes, but the coverages are standardized by the United States government. Your premium will vary on the basis of the coverage plan you opt for.
Sentinel Security Summit Bonus Index
Sentinel Security has an indexed annuity that credits you interest based on increases in market indexes. However, your investment is not directly invested in the stock market. Your investment will begin to increase in the market and will have the added benefit of principal protection against economic downturns.
Sentinel also allows the addition of an option income rider for a fee. This rider will guarantee you an income stream from the annuity for the rest of your life regardless of the investment performance.
Sentinel Security Personal Choice Annuity
This is suitable for persons approaching retirement since it provides options for 5, 7 or 10 years. For contributions, you may select any amount ranging from $2500 to $1,000,000 which may be qualified as well as unqualified dollars.
You can select numerous riders. For instance, you can go for the Required Minimum Distribution option. This establishes the minimum amount that you will obtain for each period during your retirement. With other riders, you can set up the perfect policy for yourself.
Sentinel Security Personal Choice Plus Annuity
This goes one step beyond the standard solution by providing 4 types of crediting methods which allow you to control your annuity growth. The interest rate is constant over five years so you have the assurance of knowing the interest amount that you will earn annually. This rate is not affected by a drop in the market during this period so you can shield yourself from market losses.
Final Thoughts: Is Sentinel Security Life Insurance Legit?
Thank you for reading our Sentinel Security Life Insurance Review. Sentinel Security Life Insurance Company is a very secure financial entity which offers some of the best life insurance for seniors as well as innovative products that can provide supplemental medical coverage and guarantee retirement income.
Sentinel’s rates are super competitive, which makes their New Vantage I an affordable way to cover your final expenses. Since the burial insurance uses a non-medical simplified form of underwriting, purchasing a burial policy has never been easier.
While Sentinel’s underwriting can be lenient for certain conditions it is not always the best option out there. Our agency compares the rates of multiple burial insurance companies in order to place you with the best deal we can. Request a quote or give one of our veteran agents a call to see what rates you qualify for.
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Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs. Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.