Sagicor is one of our “go-to” companies for anyone considering no medical exam life insurance. The company is an innovator in this arena and has quickly gained a name for itself in the industry because of it.
In the following review of Sagicor, we will talk about the company history, its ratings and policies offered. Is Sagicor the best life insurance company for you?
Review of Sagicor Life Insurance Company
In the life insurance industry, there are many companies with an interesting story to tell and Sagicor can definitely find a place on this list. After first starting in Barbados, they grew with pace and now offer products in a number of different countries. Popular within the Caribbean and Latin America, they are still headquartered in Barbados and have assets of nearly $6 billion.
In terms of the actual founding of the company, this occurred in 1849 which means they are close to celebrating 170 years in business. Of course, they weren’t available as widely then as they are now and they didn’t have as many products but the foundations were in place to get started. Nowadays, they have many divisions for the different locations and they continue to expand every year.
Sagicor Official Ratings
Ultimately, the best way to find out whether an insurance company is really worth their salt is to check with official agencies. Of course, we can’t always trust what it says on their own website because they are trying to gain customers after all. Therefore, we look towards the likes of A.M. Best and the BBB.
A.M. Best – Taking into account Sagicor’s financial position as well as their history for paying out claims, they have been given an ‘A-’ rating which is one of the best. Although there are levels above, the general rule to follow with life insurance is to go with a company in the ‘A’ bracket. As long as they fall into this, you can be sure that they have the financial powers to survive scares and remain a large company. If a company had a rating in the ‘B’ level or perhaps even lower, this could be a cause for concern. When it comes to long-term ratings, they also have a score of ‘a-‘ which can give you confidence with the brand.
BBB – Sometimes, money isn’t everything which is why we are following this up with the rating from the Better Business Bureau (BBB). Will you get help if you have a problem with your insurance? Will there be people to answer any questions you have? If you are confused, do they have the knowledge to not only listen but take the right action whilst protecting your best interests? Over the years, Sagicor has actually gained a reputation for helping customers and this shows with an ‘A+’ rating from the BBB. Ultimately, this means that they are in the very top bracket and in good company with the most helpful life insurance companies.
Sagicor Life Insurance Policies
What good is a helpful company if they don’t offer the right product for you? In short, none. Therefore, we have an extensive list of available life insurance policy types along with where they excel and how you can benefit from choosing one over the other.
Sagicor has a wide array of different policies, including both term life and permanent life insurance.
Sage Whole Life
In truth, this whole life insurance policy offers everything you would expect from a standard whole life policy from level premiums, level death benefit, a cash value that grows without worrying about tax, and peace of mind that your loved ones have money should the unthinkable happen. As long as you continue to pay the premiums, the policy will remain in place and you can even take out a policy loan in the future.
Fixed Indexed Single Premium Whole Life
If you have built up assets over the years and are looking for a new investment tool, many people choose this whole life policy because it will increase the value of your estate, you can access the money in emergency situations and it therefore increases your liquidity, money can be transferred to heirs when estate planning, and any terminal condition can be treated with living benefits.
Interest Sensitive Single Premium Whole Life
Once again, this option provides an opportunity to spread your assets and stay protected for the years to comes. With many of the same benefits as the previous option, your investment will be sensitive to interest rates and your estate will grow over time. Behind all of this investment and savings though, you have a well-constructed whole life insurance policy that keeps you protected for the long-term.
Sage No Lapse Universal Life
Within the permanent life insurance offerings from Sagicor, there are also two universal life options and this one has a guaranteed premium as well as death benefit until needed. Furthermore, the whole policy can be locked down until the age of 120 which means that you never have to worry about fluctuating premiums or the death benefit changing over time. If required, changes in health also make it hard to obtain or keep life insurance but this universal life plan has added protection as you age.
Fixed Indexed Universal Life
Finally, this is the last permanent product from Sagicor and it allows the same protection as we have seen all the way though – when you pass away, a chosen beneficiary will receive the death benefit. However, it allows for flexibility with savings and building funds whether it is for charity, retirement, or any other reason.
Sage Term Life Insurance
If you aren’t looking for anything permanent, you will also have an opportunity to go for something much shorter with this term life insurance policy option. Available for up to 20 years, this is a great idea if you want to cover a mortgage that won’t exist in the future or even if you are a little older. Throughout, the premiums and death benefit will remain the same and the affordable costs means that it appeals to a wide array of people.
As you can see, there are some very good options depending on your needs. This, coupled with the fact that they have strong official ratings, means that you can be confident with any policy you choose. However, what if you want to make additions to the policy? As you may or may not know, ‘riders’ are small caveats and conditions that can be added to a policy. Although you will pay more in premiums, it provides a little more protection in certain circumstances.
Life Insurance Riders
Depending on which option you choose, there are certain life insurance riders to increase protection including Accelerated Death Benefit, Waiver of Premium, Accelerated Benefit, and Waiver of Monthly Deductions. If you were to be injured or disabled later in life, the increase in premiums for the rider will suddenly prove worthwhile so they can be good additions.
Furthermore, the Waiver of Premium will remove the need for you to pay if you are physically incapable. Considering an injury or disability would prevent you from working, this can help to reduce your costs and stay afloat. In truth, you never know what will happen in the future so consider your needs and choose carefully.
Sagicor Review Conclusion
Sagicor fills a much needed void in the world of life insurance. Sagicor’s niche is the company’s fantastic no medical exam life insurance for term, universal, and whole life.
If you are interested in Sagicor and any of its competitors, please give us a call today for a free life insurance consultation.