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Fixed Indexed Annuity Details

Summit Bonus Index

Product Name

Summit Bonus Index

Annuity Type

Fixed Indexed Annuity

Issuing Insurance Company and Ratings

B++
(5th of 15 ratings)
Not Rated
Not Rated
Not Rated
Not Ranked

Product Information

The Summit Bonus Index is a deferred fixed indexed annuity issued by Sentinel Security Life Insurance Company.

This annuity offers 7.00% as an upfront bonus. When your full premium deposit is allocated to the fixed interest account, the current first year yield (including bonus if applicable) is 8.82% (see Rate Details below).

You can also allocate your premium between 4 different strategy and index account options (see Index Account Options below). For complete details on index account options, including current cap and participation rates, please contact AnnuityAdvantage at 1.800.239.0356.

An income rider is available that provides the option of activating a guaranteed lifetime income stream at a future date. The income payments cannot be outlived and your contract does not need to be annuitized.

During the time in which the annuity is subject to surrender penalties, there are policy provisions that allow partial access on a penalty free basis. Beginning in the second contract year, this annuity provides up to 10% (noncumulative) of the contract value as the penalty free withdrawal amount that may be withdrawn from the annuity each contract year.

Details on additional penalty waivers can be found in the Penalty Free Withdrawal Provisions section below.

Sentinel Security Life Insurance Company is rated “B++” by A.M. Best, was founded in 1948, and has over $690 million in total assets.

Rate Details

Oct 12th, 2020
Nov 2nd, 2020

Premium Amount: $5,000 - $1,000,000

Current Upcoming
Fixed Account First Year Yield: 8.82% 8.82%
Upfront Bonus: 7.00% 7.00%
Fixed Account Current Interest Rate: 1.70% 1.70%
Fixed Account Guaranteed Minimum Interest Rate: 1.00% 1.00%

Initial Surrender Charge and MVA Periods

10 years

10 years

10 years

State variations may exist, refer to product disclosure for details.

Policy Details

$10,000
$5,000
$1,000,000
$1,000,000
80
80
None
Yes
See Notes
Yes

Penalty Free Withdrawal Provisions

None
10%
No
Yes
Annuitization and Death

See product brochure, disclosure and riders for additional details, limitations and availability. State variations, age restrictions and holding periods may apply.

State Variations

Not available in:  AK, CT, DE, DC, ID, ME, MA, MI, MO, NH, NJ, NY, TN, VT, VA, WV and WI (as of 07/01/2020)

Notes

Upfront Bonus is increased to 8.00% if the optional Income Rider is elected.

Death Benefit: 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.