Life insurance is versatile, with policies designed to meet just about any situation.
Whether you need coverage for one year or thirty, you can find an affordable term life policy from dozens of providers.
But, what if you’re looking for more permanent coverage?
While whole life policies tend to be more expensive and less than ideal for most families, every situation is unique.
If you’re looking for a whole life policy, Sentinel Security Life Insurance Company is a name you should be familiar with.
Read on to learn about the company’s history, financial status, whole life products, and a few alternatives to decide if you should partner with Sentinel Security Life.
Our Sentinel Security Life Insurance Company Review
Sentinel Security Life Insurance Company first opened its doors in Utah as Sentinel Mutual Insurance Company in 1948.
The founders of the company included several funeral directors who understood the significant burden of funeral costs.
By providing residents in the area with life insurance plans, the company helped families pay for end-of-life expenses.
While initially only a regional insurance provider, Sentinel Security Life has grown into a company offering policies throughout most areas of the United States.
Sentinel Security Life Insurance Company has undergone multiple name changes throughout the decades but arrived at its current name in 1957.
For the majority of the insurer’s existence, it has only offered traditional forms of whole life insurance.
In recent years, the company has expanded to provide a wide variety of other financial products and insurance policies.
You can now access annuities and healthcare supplements directly through Sentinel Security Life Insurance Company.
The company is headquartered in Salt Lake City, Utah.
At present, Sentinel Security Life Insurance Company is owned by A-CAP — an investment firm with offices in Charleston, Omaha, Salt Lake City, and New York. A-CAP owns a wide range of insurance firms and financial companies.
Financial Strength & Ratings
Sentinel Security Life Insurance Company is not a publicly-traded company, but there is still significant information available about the financial viability of the firm.
In 2018, the company had over $1.2b of assets under its control.
Also, Sentinel Security Life Insurance has a total net revenue of over $106m and policy reserves in excess of $232m. Its gross final expense insurance in-force is over $240m, and its gross reserves for fixed annuities in-force is over $1.8b.
In addition to the above financial figures, we’ve taken a look at financial viability ratings associated with Sentinel Security Life Insurance Company:
- A.M. Best: B++ (Good)
- Better Business Bureau: A+
While the above A.M. Best rating isn’t overwhelmingly positive, it does indicate the company is in a stable position.
In addition to these official credit ratings, it’s also essential to consider customer sentiment towards an insurance provider.
Sentinel Security Life has been accredited with the BBB since 1979.
Surprisingly, there are hardly any negative comments about their services— it’s rare to find an insurance provider with a lack of negative feedback.
Overall, consumer sentiment towards Sentinel Security Life is very positive, and they have been responsive to the few claims made against them.
Sentinel Security Life Insurance Company doesn’t offer a broad range of insurance products.
This insurer is best suited to individuals who want basic whole life insurance policies.
Whole Life Insurance Policies
Whole life insurance is a traditional life insurance policy that doesn’t include an expiration date.
While term insurance only pays out in the event of a death within a given time frame, whole life offers the policyholder access to its benefits without time limits.
It’s an excellent way to guarantee your family will receive money in the event of your death.
At present, Sentinel Security Life Insurance Company offers three different types of whole life insurance:
- New Vantage I
- New Vantage II
- New Vantage III
Each of these three policies carries the same core features and benefits:
- Growth: You’re able to build loan and cash values, which is a reasonably common feature amongst whole life insurance policies in the United States.
- Rate lock: Sentinel Security Life guarantees your rates will remain the same throughout your insurance policy. You also won’t experience any decreases in benefits, although some plans do include a lapse in time before becoming fully effective.
- Direction of funds: You can also assign funds from your policy to a particular funeral home if you wish to do so.
- Mobility: The company claims you can take your policy with you to other regions of the country if you change residence.
Let’s explore each of these policy types in further detail below.
New Vantage I
New Vantage I is the most basic and affordable whole life insurance policy available at Sentinel Security Life Insurance Company.
To be eligible for this policy, you need to be in good health at the time of application.
The policy provides immediate coverage to its holders.
New Vantage II
If you currently have minor or moderate health issues, New Vantage II is the most suitable whole life insurance policy from Security Life.
While the policy provides immediate coverage to its holders, the amount it pays will vary depending on the time of death.
After a New Vantage II policy is obtained, a timeline of coverage will begin.
- If the policyholder dies within the first year, 30% of the policy’s value will be paid.
- If the policyholder dies within the second year, 70% of the policy’s value will be paid.
From the third year onward, 100% of value of the policy is in effect.
This staged payment scheme allows Sentinel Security Life to protect itself against low-return policies where the holder dies before paying any significant amount in premiums.
It’s essential to consider this payout structure when deciding if it’s the right life insurance policy for you and your family.
New Vantage III
New Vantage III is designed specifically for people who currently have poor health indicators.
If the policyholder dies within the first two years of the policy, all premiums with an added 10% interest are returned to the beneficiary.
From the third year onward, the plan is redeemable for its full value.
Outside of its traditional whole life insurance policies, Sentinel Security Life also offers customers access to additional medical coverage and annuities.
Let’s take a quick look at the medical coverage and annuity options you can access via this provider:
While Medicare covers many medical-related expenses, there are often additional costs associated with seeking treatment.
Sentinel Security Life’s Medicare Supplement offers flexible coverage to help pay for items such as emergency care, extended hospital stays, hospice care, and other medical-related expenses.
Holders of this policy use it to supplement their traditional health insurance.
Unlike many supplementary options, Sentinel Security Life’s Healthcare Advantage policy pays money directly to you.
Annuities at Sentinel Security Life Insurance
In addition to life insurance and medical coverage, Sentinel Security Life has recently started offering the following annuities to consumers.
These annuities can help you save money for your retirement and plan your financial future.
- Guaranteed Income Annuity
- Retirement Plus Multiplier Annuity
- Personal Choice Plus Annuity
- Personal Choice Annuity
- Summit Bonus Index Annuity
These products offer consumers the ability to invest in retirement products that are less exposed to market fluctuations.
Alternatives to Sentinel Security Life
Sentinel Security Life may only offer whole life insurance, but that doesn’t necessarily make them the best choice for every whole life policy seeker.
A handful of other top life insurance companies offer excellent whole life products.
While Sentinel Security is a safe bet and very well may be the ideal company for you, be sure to do your homework and look at the following companies, too.
- Northwestern Mutual: Northwestern Mutual offers 3 core whole life products, with flexible payment terms. You can also access riders and be awarded credit for converting a term policy to a whole one.
- New York Life: New York Life is an industry leader whose primary product is whole life insurance. They also offer no-exam coverage, making them worth a look.
- Mutual of Omaha: Mutual of Omaha offers 5 whole life insurance products, including ones for children. They also offer both simplified and guaranteed options, giving you the ability to skip the medical exam.
What We Like About Sentinel Security Life
As with every insurance provider, there are pros and cons associated with Sentinel Security Life.
Here is a breakdown of some of the advantages of obtaining a policy through Sentinel Security Life Insurance Company:
- Strong Consumer Ratings: Sentinel Security Life’s rating with the BBB bodes well for consumers seeking a life insurance provider with a solid reputation, as do the virtually non-existent negative reviews.
- Immediate Coverage: You won’t have to wait to be eligible for your benefits. While New Vantage II and New Vantage III offer more benefits as your policy progresses, you’ll still have some level of coverage from day one.
- Additional Products Outside of Life Insurance: In addition to the company’s whole life insurance policies, consumers can also access additional medical coverage and a range of annuity products.
- No Exam – The whole life insurance policies at Sentinel Security Life don’t require you to have a medical exam. Instead, you’ll need to fill out a simple health survey as part of your application.
- Long History of Success – With over 70 years of substantial growth in the insurance industry, Sentinel Security Life Insurance’s history indicates a positive future.
- Grace Period – If you take out a whole life insurance policy with Sentinel Security Life, you’ll have 20 days to cancel the policy with no penalties if you change your mind.
What We Don’t Like About Sentinel Security Life
Below are various disadvantages associated with Sentinel Security Life and its policies:
- Not Available in All States: The policies and annuities available to consumers vary depending on your state of residence. Sentinel Security Life does not offer coverage in all 50 states. The company hosts an interactive map on its website that outlines available products on a state-by-state basis.
- Application Process is Inconvenient: While you don’t have to undergo a medical exam to seek coverage from Sentinel Security Life, the company doesn’t make it easy to apply for a policy. There’s no online police application portal— you’ll most likely need to contact an agent to discuss your options.
- No Term or Universal Coverage: Many of the industry’s leading companies offer a broad range of insurance options for policyholders. If you’re seeking more flexible arrangements, it may be best to look elsewhere.
- No Pricing Transparency: If you’re looking to compare multiple insurance providers, you’ll have to do a bit of leg work with Sentinel Security Life Insurance Company.
With stable financial ratings, positive customer reviews, and decades of experience in the industry, Sentinel Security Life is a company you can depend on for your life insurance needs.
If you’re looking to secure your family’s future with whole life insurance, one of the company’s whole life products could be the perfect fit.
Whether you’re in good health or bad, you can rest assured that your policy will provide at least some level of protection from day one.
The only way to know if Sentinel Security Life is the best provider for you is to shop around and compare your options.
Start by getting quotes from Sentinel Security Life and the alternatives above to pick the policy that offers you the most protection for the lowest price.