Sagicor Life 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?
Sagicor’s Accelewriting® underwriting process provides the benefits of traditional life insurance but without the need for a home para-medical exam, blood draw or fluid samples. That means you may qualify for immediate coverage (1-2 minutes) without a face to face meeting with either your insurance agent or the paramedical examiner.
To qualify for Sagicor’s Accelewriting, all applicants must answer health questions and submit to an automated underwriting process. The company will consider your health question answers, electronic reports, your age and the amount of coverage you are applying for. Not everyone received an immediate decision and in some instances a medical exam may be required.
Electronic reports include pharmaceutical databases, MIB, MVR, public records and credit file information.
Face amounts available range between a low of $50,000 and up to $1,000,000 in coverage. The amount you can qualify for varies based on age.
- Ages 18-45 can get up to $1,000,000 on a 10, 15 or 20 year term
- Ages 46-55 can get up to $750,000 on a 10, 15 or 20 year term
- Ages 56-65 up to $500,000
Sage No Lapse UL
Minimum face amount of $25,000
Sage Whole Life
Minimum face amount of $25,000
Risk Classes Available Include: Preferred Plus, Preferred, Standard, Rated, Preferred Plus Tobacco, Preferred Tobacco, Standard Tobacco, Rated Tobacco
Sagicor Insurance Product Offering
Sagicor offers a wide variety of life and annuity products. Among the different offerings included under its Sage brand are:
- Sage No Lapse Universal Life
- Sage Whole Life
- Sage Indexed Universal Life
- Sage Term Life Insurance
- Sage Deferred Annuity
- Sage Income Annuity
Let’s take a closer look at some of the different policies offered by Sagicor Life Insurance.
Sagicor Life Insurance Policies
Sagicor has a wide array of different policies, including both term life and permanent life insurance.
Sage Term Life Insurance
Sagicor offers up to $500,000 term life insurance without having to take an exam. Sagicor’s no exam product offers one of the most competitively priced term life insurance rates for anyone not wanting to take the medical exam.
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.
Sage Whole Life
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 tax deferred, 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.
Available face amounts begin at $25,000.
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
Sage No Lapse UL has a built in lapse protection, which helps keep your policy in force as long as you meet certain policy requirements.
The policy offers a guaranteed annual interest rate and guaranteed level premiums.
Available for ages 15 days to 85 years old with minimum face amounts starting at $25,000.
Fixed Indexed Universal Life
IUL 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.
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 Official Ratings
A.M. Best – Taking into account Sagicor’s financial position as well as their history for paying out claims, as of September 2020 Sagicor has been given an ‘A-’ rating.
BBB – 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.
About Sagicor Life
Sagicor Life Insurance Company offers life insurance in 45 states plus the District of Colombia. Sagicor Life is not available in New York, Connecticut, Alaska, Maine, and Vermont
Sagicor Life was founded in 1954 as the American Founders Life Insurance Company. The company is a subsidiary of Sagicor Financial Company Limited, which began in 1840. Upon its acquisition in 2005, the company was renamed Sagicor Life Insurance Company the following year.
As of 2019, Sagicor Life has over 111,000 policies in force worth over $7.4 billion.
Financial Highlights (as of December 31, 2019)
- Total equity: $1.2 billion (up $600mm from 2018)
- Assets: $8.7 billion
- Total revenue: $1.9 billion
Sagicor Financial is listed on the Toronto Stock Exchange (TSE) under the symbol SFC
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 want to see how it stacks up with the competition, please give us a call today.