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SUMMIT BONUS INDEX SM ANNUITY The Ultimate Income Annuity
CLIENT BROCHURE All States Except: AL, CA, FL, IA, IN, KY, LA, MD, MN, MS, OH, OR, PA, RI, TX, UT, WA
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The Ultimate Income Annuity is Here. Today’s retirees face many challenges, including the rise of everyday expenses due to inflation. In fact, 58% of retirees are concerned that they will have to make substantial cuts to their spending in order to keep up with inflation during retirement. 1 At Sentinel Security Life Insurance Company , we believe that you shouldn’t have to settle for a less comfortable lifestyle after you have worked so hard to get to where you are today. That’s why we created the Summit Bonus Index SM Annuity . This annuity was built to provide retirees with a guaranteed stream of income for their lifetime. On top of that, the Summit Bonus Index SM Annuity’s guaranteed payout amounts were designed to be market leading, and offer some of the highest annual payments across many ages and deferral periods. 2 If having a reliable stream of guaranteed income is a priority for you, then you won’t want to miss out on this amazing income solution.
The Summit Bonus Index SM Annuity offers a generous 15% premium bonus that allows funds to start working right away, and a 7.25% roll-up rate which allows 115% of the premium to grow by 7.25% annually so that by the eighth year, the income account has doubled in value. PROSPERITY
SECURITY The years leading to and in the beginning of retirement are critical when it comes to your financial future. A significant loss during this period can permanently change the course of retirement. With a fixed indexed annuity, like the Summit Bonus Index SM Annuity, your principal is protected against a market downturn, while still having the opportunity for growth. STABILITY With a guaranteed stream of income, you can plan for retirement with more confidence so you can enjoy the retirement lifestyle you have worked so hard for.
FLEXIBILITY Decide how your money grows and when you want to start receiving income.
1 Employee Benefit Research Institute and Greenwald Research, 2023 Retirement Confidence Survey, EBRI Chartbook (Employee Benefit Research Institute, April 27, 2023) 2 Based on data from August 1, 2023, and is subject to change without notice. 1 SSLSBIBR-OT 080123
Features
15% PREMIUM BONUS WITH THE OPTIONAL INCOME RIDER
When you purchase your Summit Bonus Index SM Annuity (ICC17-SSLIANPOL-OT, SSLIANPOL-XX), you will receive an automatic, one-time 7% Premium Bonus 3 that is immediately credited to your Accumulation Account. This gives you an opportunity to earn additional interest and funds that you can access subject to your vesting and surrender schedule. If the Income Rider is purchased, this one-time bonus is increased to 15% of the single premium payment and will be credited to both the Accumulation Account and the Income Account.
Policy Year
1 2 3 4
5
6
7 8
9
10
11+
Vesting
0% 0% 0% 0% 0% 10% 20% 40% 60% 80% 100%
ACCESSIBILITY
The Summit Bonus Index SM Annuity offers several options to access your money without being subject to surrender charges or market value adjustments. For example: • During the first policy year, you can withdraw the interest earned on funds allocated to the fixed account or up to a Required Minimum Distribution. • After the first policy year, you can withdraw up to 10% of your contract value or Required Minimum Distribution, whichever is greater. • An Early Payout Option is available after the fifth policy year and you can apply the vested value of the policy to purchase one of the settlement options. • During the Owner’s lifetime and before annuity payments commence, you may surrender this policy for its Cash Surrender Value. Surrender Charges and a Market Value Adjustment may apply.
DEATH BENEFIT
WITHDRAWAL CONSIDERATIONS
The amount payable if the Owner, or the Annuitant if the Owner is not a Natural Person, dies before annuity payments begin is equal to the Accumulation Value less the Non-vested Premium Bonus or the Minimum Guaranteed Surrender Value determined as of the date of death, whichever is greater.
You can take up to two withdrawals in a policy year as long as your accumulation value does not go below $2,500. Withdrawals must be at least $250. Withdrawals other than as listed to the left are subject to applicable surrender charges, premium bonus vesting schedule, and Market Value Adjustments. Withdrawals may also be subject to taxes and penalties.
SURRENDER CHARGES
If you surrender your policy or request withdrawals above a certain amount, there may be surrender charges. Please discuss the surrender charge schedule with your agent.
Policy Year 11+ Issue Age 0-57 12% 11% 10% 9% 8% 7% 6% 5% 4% 2% 0% Issue Age 58+ 9.5% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 1 2 3 4 5 6 7 8 9 10
3 Please refer to the website product availability map or contact your agent for more details. Annuities and optional riders are not available in all states.
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The Summit Bonus Index SM Annuity allows you to take income benefits immediately through the selection of the Income Rider 4 and to determine how your account value grows through various crediting strategy options. Look No Further for a Complete Guaranteed Income Package.
INCOME FEATURES
Income Rider The Income Rider guarantees that you may withdraw a specified amount, the “Guaranteed Lifetime Withdrawal Benefit”, from the Summit Bonus Index SM Annuity each year. The Guaranteed Lifetime Withdrawal Benefit is available even if the Accumulation Value of your annuity goes to zero after income payments begin. Payout Factors The amount of income you can withdraw annually is equal to the Income Account Value multiplied by the Payout Factor corresponding to your age when income starts.
Income Account Value The Income Account Value is used to calculate the annual income benefit, once elected. It is not an amount that may be withdrawn and is not payable on death.
Annual Compound Roll-up Rate The Income Account Value earns an annual compound roll-up rate of 7.25% for the first 10 years. If the roll-up is renewed after 10 years, the minimum roll-up rate is guaranteed to be at least 2% at the time of renewal.
When selecting the crediting strategy that best fits your needs, you can allocate your funds between four Index Strategies, a fixed account, or any combination in order to grow your annuity’s Accumulation Value.
ACCUMULATION FEATURES
Fixed Account Interest is compounded daily, providing steady growth and the comfort of predictability. • Stability • Annual Rate Guarantee • Earned interest is deposited into your account daily
Indexing Options The Summit Bonus Index SM Annuity offers four indexing strategies: Annual Point to Point, Monthly Sum, Monthly Averaging and Daily Averaging. Caps A cap is the maximum interest rate that is used when calculating the Index Account.
Tax Deferral Advantage Your annuity earns interest compounded daily tax-deferred, which means you do not pay taxes on the interest earned under your contract until you make a withdrawal.
4 For anyone age 55 or older. Annuity and optional rider are not available in all states. Contact an agent or visit www.sslco.com for listings.
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Income Rider (ICC18-SSLIANGLWB, SSLIANGLWB18-XX)
Built for guaranteed income, the Summit Bonus Index SM Annuity offers annual income, called Guaranteed Lifetime Withdrawal Benefit payments, through the selection of the optional Income Rider at purchase. Income payments under this rider are available as soon as the first year, for anyone age 55 or older. When you elect to receive payments under the Income Rider, you have the option to select a single life payout for you or a joint life payout for you and your spouse.
WHAT ARE THE BENEFITS?
The optional Income Rider provides a number of benefits to policyholders: • The Income Account Value is immediately credited the 15% premium bonus for a higher starting point for growth. • The Income Account Value compounds annually by a 7.25% roll-up rate, which is guaranteed for 10 years. • You can never outlive the Guaranteed Lifetime Withdraw Benefit once income benefits begin. • Once income benefits begin, you can still receive income even if the accumulation value of your policy is ZERO. Withdrawals in addition to your income payments may reduce or eliminate your Lifetime Annual Income. If you purchase this Rider and pass away, your spouse can continue to benefit from this Rider. Your surviving spouse may choose to either: (a) S urrender the Base Policy and receive the current Accumulation Value in a lump sum or any other payout option available in the Base Policy; or (b) continue receiving Guaranteed Lifetime Withdrawal Benefits while they are alive in the same amount until the Income Account Value and the Accumulation Value are reduced to zero. 5 SPOUSAL CONTINUATION
5 See contract for full details. Annuity and optional rider are not available in all states. Contact an agent or visit www.sslco.com for listings.
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With the selection of the Income Rider, your lifetime annual income will equal your Income Account Value multiplied by the Payout Factor and will depend on whether or not you are required to take out required minimum distributions under federal tax laws. The Payout Factor is a percentage that is based on whether you elect the Income Rider for you or for you and your spouse. The Payout factor is also based on your age or the age of your spouse when income starts. The Income Account Value grows based on an annual compound roll-up rate of 7.25% for the first 10 years, and is used to calculate the Income Rider payments and the Rider Charge. If the roll-up is renewed after 10 years, the minimum roll-up rate is 2%. CALCULATING YOUR LIFETIME ANNUAL INCOME
GUARANTEED LIFETIME WITHDRAWAL BENEFIT SCHEDULE EXAMPLE
End of Policy Year
Accumulation Value
Income Account Value
Age
Payout
1 2 3 4 5 6 7 8 9
65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89
$75,576.55 $76,348.20 $75,149.40 $73,863.69 $72,484.76 $72,817.98 $73,052.31 $73,177.51 $73,182.50 $73,055.35 $59,689.24 $47,676.65 $35,514.02 $22,598.73 $10,109.71
$80,169.38 $85,981.65 $92,215.32 $98,900.94 $106,071.25 $113,761.42 $122,009.12 $130,854.78 $140,341.76 $150,516.53 $138,956.86 $127,397.19 $115,837.52 $104,277.85 $92,718.18 $81,158.51 $69,598.84 $58,039.18 $46,479.51 $34,919.84 $23,360.17 $11,800.50
- - - - - - - - -
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
$11,559.67 $11,559.67 $11,559.67 $11,559.67 $11,559.67 $11,559.67 $11,559.67 $11,559.67 $11,559.67 $11,559.67 $11,559.67 $11,559.67 $11,559.67 $11,559.67 $11,559.67 $11,559.67
- - - -
-
The example to the right assumes an initial premium of $65,000 issued on 12/31/1997 allocated to the annual point-to-point strategy, with a 15% premium bonus and a 7.25% roll-up rate. GLWB Payments start at the end of year 10. This example is hypothetical only and is meant for illustration purposes. It is not guaranteed or a prediction of future results. This product was not available during the specified time period.
- - - - -
$240.83
- -
You can take income immediately in the first year if you are at least 65 at issue.
Annual Payout Amount (Guaranteed Lifetime Withdrawal Benefit Payout) $4,933.50
Payout Factor 6.60%
Income Account Value $74,750
X
=
If you wait 10 Years (Age 74) to take income:
Annual Payout Amount (Guaranteed Lifetime Withdrawal Benefit Payout) $11,559.67
Payout Factor 7.68%
Income Account Value $150,517
X
=
The example assumes an initial premium of $65,000 issued on 12/31/1997 allocated to the annual point-to-point strategy, with a 15% premium bonus and a 7.25% roll-up rate. This example is hypothetical only and is meant for illustration purposes. It is not guaranteed or a prediction of future results. This product was not available during the specified time period.
Annuity and optional rider are not available in all states. Contact an agent or visit www.sslco.com for listings.
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The Summit Bonus Index SM Annuity index strategies are designed to generate interest credits based on the performance of the S&P 500 ® Index. The good news is that while you are not investing in the market measured by the S&P 500 ® Index, you are able to obtain the benefits of market growth without exposure to market loss. You also have the option to adjust your allocations annually, providing you with more control to reach your investment goals. Four Index Strategies Available for Accumulation
Annual Point-to-Point
Each policy anniversary, the S&P 500 ® index value (ending value) is compared to the S&P 500 ® index value on the last policy anniversary (beginning value). When the ending value is higher than the beginning value, the percentage increase is credited to the policy up to the annual cap. When the ending value is lower than the beginning value, no interest will be credited; however, no interest will be lost, leaving the policy value protected with a 0% floor.
Monthly Averaging
Each policy anniversary, the monthly S&P 500 ® index value for the 12 month period since your last anniversary date is averaged (ending value) and compared to the S&P 500 ® index value on the last policy anniversary (beginning value). When the ending value is higher than the beginning value, the percentage increase is credited to the policy up to the annual cap. When the ending value is lower than the beginning value, no interest will be credited; however, no interest will be lost, leaving the contract value protected with a 0% floor. (ICC17-SSLIANMAEN-OT, SSLIANMAEN-XX)
Daily Average
Each policy anniversary, the daily S&P 500 ® index values following the last policy anniversary is averaged (ending value) and compared to the S&P 500 ® index value on the last policy anniversary (beginning value). When the ending value is higher than the beginning value, the percentage increase is credited to the policy up to the annual cap. When the ending average value is lower, no interest will be credited; however, no interest will be lost, leaving the contract value protected with a 0% floor. (ICC17-SSLIANDAEN-OT, SSLIANDAEN-XX)
Monthly Sum
Each policy anniversary, the S&P 500 ® index value for each month following the last policy anniversary (ending value) for 12 months is compared to the previous month’s S&P 500 ® index value (beginning value) to determine the percentage change. Monthly percentage increases (up to the monthly cap) are added to monthly percentage decreases (with no cap) for each of the 12 months. When the 12 month total is positive, the full amount is credited to the contract. When the 12 month total is negative, no interest will be credited; however, no interest will be lost, leaving the contract value protected with a 0% floor. (ICC17-SSLIANMSEN-OT, SSLIANMSEN-XX)
Not available in all states. Contact an agent or visit www.sslco.com for listings.
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One of the benefits of the Summit Bonus Index SM Annuity is the ability to choose when you start to receive payments and the period of time you will receive them. The vested value and the settlement option you select will determine what payments you receive. These settlement options become available after the fifth Contract Year. Settlement Options
LIFETIME INCOME ONLY We will pay equal monthly payments for the Annuitant’s remaining lifetime. Payments will end with the payment due just before the annuitant’s death. A death benefit is not available under this option.
WHEN DO PAYMENTS BEGIN? After the fifth policy anniversary, you may elect to apply the Vested Value of your policy as a single premium to purchase one of the options described below. LIFETIME INCOME WITH GUARANTEED PERIOD CERTAIN We will pay equal monthly payments for the Annuitant’s remaining lifetime or the period certain. If the Annuitant dies after payments have been made for the period certain, payments end with the payment due just before the Annuitant’s death.
PERIOD CERTAIN ONLY
We will pay equal monthly payments for a period certain of not less than 5 years and not more than 20 years. • Guarantees payments for the time specified between 5-20 years • Payments under this option can be greater than Life Income Only option • Death benefit is available
Not available in all states. Contact an agent or visit www.sslco.com for listings.
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Definitions Annuitant The annuitant is a person named by the owner who will receive payments under the Maturity Benefit in the policy. In many cases the owner and the annuitant are the same person. Beneficiary The beneficiary receives the death benefit at the time of the owner’s death. Income Rider Fee This rider is available for an additional rider charge equal to 1.30% for years 1-10 assessed on the Income Account Value and deducted from the Accumulation Value. The rider fee may change in year 11, if the roll-up is renewed, but it will not be more than 1.50%. Owner The owner makes the initial investment, selects the indexing strategies and names the annuitant and beneficiary. The owner can be an individual, trust, or an organization. The owner also has the right to request withdrawals and income payments. Premium Bonus The Premium Bonus is the product of the Premium Bonus Percentage shown on the Policy Data Page and the Single Premium. The Premium Bonus is included in the Initial Account Values shown on the Policy Data Page. The Premium Bonus is not considered a premium payment but is considered part of interest earnings.
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Disclaimers
The S&P 500® is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by Sentinel Security Life Insurance Company. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); The trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Sentinel Security Life Insurance Company. It is not possible to invest directly in an index. Summit Bonus Index SM Annuity is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Summit Bonus Index SM Annuity or any member of the public regarding the advisability of investing in securities generally or in the Summit Bonus Index SM Annuity particularly or the ability of the S&P 500® to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices only relationship to Sentinel Security Life Insurance Company with respect to the S&P 500® is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500® is determined, composed and calculated by S&P Dow Jones Indices without regard to Sentinel Security Life Insurance Company or the Summit Bonus Index SM Annuity. S&P Dow Jones Indices has no obligation to take the needs of Sentinel Security Life Insurance Company or the owners of the Summit Bonus Index SM Annuity into consideration in determining, composing or calculating the S&P 500®. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Summit Bonus Index SM Annuity or the timing of the issuance or sale of the Summit Bonus Index SM Annuity or in the determination or calculation of the equation by which the Summit Bonus Index SM Annuity is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Summit Bonus Index SM Annuity. There is no assurance that investment products based on the S&P 500® will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. NEITHER S&P DOW JONES INDICES NOR THIRD PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/ OR THE COMPLETENESS OF THE S&P 500® OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY SENTINEL SECURITY LIFE INSURANCE COMPANY, OWNERS OF THE SUMMIT BONUS INDEX SM ANNUITY, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500® OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND SENTINEL SECURITY LIFE INSURANCE COMPANY, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES. Annuity guarantees rely on the financial strength and claims-paying ability of Sentinel Security Life Insurance Company. This brochure provides a brief description of the provisions of the Annuity Contract with the series of form numbers including: ICC17-SSLIANPOL-OT, SSLIANPOL-XX, ICC18-SSLIANGLWB, SSLIANGLWB18-XX, ICC17-SSLIANMAEN-OT, SSLIANMAEN-XX, ICC17- SSLIANMSEN-OT, SSLIANMSEN-XX, ICC17-SSLIANDAEN-OT, SSLIANDAEN-XX. Riders and features may not be available in all states. Sentinel Security Life Insurance Company does not offer legal or financial advice.
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SENTINEL SECURITY LIFE INSURANCE COMPANY
The Sentinel story started over 70 years ago in 1948. A group of passionate Utah funeral directors saw many families in need of an insurance product designed to help pay funeral costs. To help meet this need, they came together and created Sentinel Mutual Insurance Company. At last families were able to purchase a budget-friendly life insurance contract designed to help pay for the final expenses of a loved one. As the years went by a few name changes took place (going from Sentinel Mutual Insurance Company to Sentinel Insurance Company in 1954 to Sentinel Security Life Insurance Company in 1957). In more recent years Sentinel decided to expand its product offerings beyond final expense. In 2009, the company rolled out a Medicare Supplement product to help pay for the gaps not covered by Medicare. This was followed by the development of multiple innovative annuity products (Personal Choice Annuity in 2011, Summit Bonus Index in 2013, Personal Choice Plus in 2017, and Guaranteed Income Annuity in 2018). With consistent and solid growth, Sentinel remains well-positioned to continue creating and rolling out new innovative products to better serve our client base. We look back at our history of service with pride and excitement for the future. We invite you to become part of our story as we work to provide peace of mind to families throughout the country.
Sentinel Security Life Insurance Company PO Box 27248 | Salt Lake City | UT 84127-0248 1-800-247-1423 | www.sslco.com
A.M. Best “B++” (Good) with Stable Outlook as of August 2022
SENTINEL SECURITY LIFE INSURANCE COMPANY IS A MEMBER OF THE A-CAP FAMILY
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