Sentinel Security Life Insurance Company has been around since 1948 by a group of Utah death doctors for the sole purpose of offering an insurance product specifically designed to assist in the payment of funeral expenses following a loved one’s passing. Some of today’s original creators still serve on the Board of Directors of the Company, including Don Carper, Don Davenport, and Paul C. Carper.
The Sentinel Life Insurance Company is an insured underwriter (ICL) which provides financial services to the funeral industry, and the insured underwriter has sole authority to approve or disapprove all premiums for any individual, business, and/or policyholder’s insurance. In order to receive the approval of the ICL, a written financial assessment is required by the insurance company. The policyholder must also provide proof that he has sufficient income in order to sustain the policy premiums. If the policyholder’s income falls below the requirements, he will be required to submit his financial statement and then the ICL will review his income and determine if he meets the necessary qualifications to be a policyholder.
In addition to this process, the insured financial statements are reviewed to see if he meets the criteria for an appropriate underwriting rate. Those who fail are subject to higher rates and premiums. There are many reasons for a policyholder’s financial statements to fall below the underwriting guidelines, among them the loss of an income-producing job, medical expenses incurred while in the hospital, divorce and bankruptcy. When an individual has not been employed for a period of six months or more, the underwriter will use data available from the current employer’s payroll records to determine if there was a loss of income in the six month period. If the loss of income is found, it is then determined whether the income-producing activity has been interrupted and if so, how long has it been interrupted.
In order to maintain the underwriting guidelines set forth by the ICL, a policyholder must meet all of the criteria, as outlined above, in order to remain a policyholder for any given life insurance policy. Failure to do so, will result in the policyholder being dropped from the policy and replaced with another policyholder. by the Sentinel Security Life insurance Company.
While Sentinel Life does not require its policyholders to be Utah licensed, the company does require a “written assurance of Utah” in order to maintain a Utah life insurance business license. A written assurance must be provided to the company by the policyholder upon acceptance of a policy or prior to any renewal, including a copy of a certificate of life insurance coverage from his former employers. The policyholder may also be required to include a copy of a birth certificate, marriage license, death certificate, or other proof that he has lived in Utah for at least three years. This written assurance is then submitted to the ICL for review.
The policyholder has three options in terms of renewal; he may elect to remain a policyholder until his policy expires, or opt for the term premium renewal option. In addition to renewal, the policyholder is also entitled to renew his policy annually, semi-annually, or yearly. In case of a policyholder’s death, the policyholder will also have the option to continue to pay the renewal or a lump sum payment or continue to pay the premium. No renewal option can be utilized after the age of ninety-five years, unless a “conditional renewal” is provided in a policy contract.
While it is true that in most states, a policyholder cannot purchase a policy in another state, they can buy other insurance policies through the same agents they previously purchased the policy through. The policyholder may also purchase insurance through a combination of agents. However, there are certain states where the policyholder is not allowed to buy an additional policy through an agent. For instance, if you live in Ohio and you are interested in purchasing an Arizona life insurance policy through an agent, you would need to look into Ohio law to find out if you are allowed to do so.
If the policyholder’s assets are sold before the end of his or her policy, this is known as a “change of beneficiary.” This change, however, only applies to cases in which the policyholder had sold his or her policy to another agent after his or her policy had expired. In such cases, the policyholder remains a policyholder and is still liable for his or her policy’s claims.