Withdrawal of Medicare Supplement Business Effective 9/30/2022

Sentinel Security Life Insurance Company Withdrawal of Medicare Supplement Business Effective September 30, 2022

Sentinel Security Life Insurance Company “Sentinel” has made the decision to stop selling Medicare supplement insurance plans as of September 30, 2022. All solicitation of this product must cease as of September 30,2022 and all marketing materials must be removed from distribution channels and disabled from online viewing by September 30,2022.

While this change does impact agents currently appointed, there is absolutely no impact on existing business. Sentinel will continue to service all existing policies, and as always, will strive to provide the highest level of customer service for policyholders and agents.

Please see below for key dates associated with this change.

Commissions

  • All Med Supp business issued after September 1, 2022 will be paid on an as earned basis.
  • Commission advances on Med Supp business issued prior to September 1, 2022 will continue per the advance agreement in your contract.

Agent Contracting

  • All new agent contracting for the Medicare Supplement line of business will cease as of July 1, 2022.
  • Your state appointment to sell Medicare Supplement Insurance plans will not be renewed. If you are also appointed for Life & Annuity with Sentinel, these lines will not be affected.

Medicare Supplement Applications

  • Applications for Sentinel Security Life Insurance Company’s Medicare Supplement must be signed, dated, and received in the Administrative Office no later than September 30, 2022.
  • In the event an application is received and found to have pending requirements, all pending requirements must be returned by September 30, 2022 in order to receive an underwriting decision.
  • Incomplete applications as of September 30, 2022 will be withdrawn.
  • Applications received after September 30, 2022 will be declined.

 

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