Last Updated: May 2020
Sagicor Life Insurance Company is one of the top-rated life insurance carriers in the industry.
But are they the right company for your life insurance needs? Below, we will review Sagicor Life Insurance Company to help you find out. We have worked directly with Sagicor to help 100’s of people find life insurance.
You will learn about the company’s history, financial ratings, best policies, and other top companies for comparison.
- Overview & History of Sagicor Life Insurance Company
- Sagicor Life Insurance Company Financial Ratings
- Sagicor Life Insurance Policies
- Sagicor Offers Several Policy Riders
- Compare Sagicor to Other Life Insurance Companies
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
Sagicor Life Insurance is a great company, with an A.M. Best rating of “A-” (excellent). They have one of the lowest-priced instant issue term life insurance policies on the market. They also offer whole and universal life insurance.
Overview & History of Sagicor Life Insurance Company
Sagicor Life Insurance Company was originally established back in 1840 as The Barbados Mutual Life Assurance Society, making it one of the oldest insurers in all of the Americas. The company soon expanded into several of the surrounding islands in the Caribbean throughout the late 1800s and made investments in the former British Empire, as well as in several countries including Japan, Norway, Argentina, and the U.S.
The company grew over the years, and it also acquired large blocks of business from other insurance carriers. Today, Sagicor offers a wide variety of both life insurance and annuity products.
The company began as a mutual insurer, meaning that it was essentially owned by the policyholders that it served. However, in 2002, Sagicor Life Insurance Company decided to demutualize.
As of year-end 2019, Sagicor Life Insurance held nearly $8.7 billion in assets. The company is licensed in 45 states, plus the District of Columbia. They operate in 20 countries and have over 3,000 employees.
Sagicor Life Insurance Company Financial Ratings
Because of its healthy financial standing, as well as its positive policy payout reputation, Sagicor Life Insurance Company has been provided with high ratings from the insurer rating agencies.
Here are the ratings for Sagicor Life Insurance:
- A.M. Best: “A-” (excellent) rating
- Affordability Index: 9.8
- Ease of Applying: 9.9
- Customer Service: 9.6
- COMDEX Ranking: N/A
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Sagicor compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Learn more about our process for reviewing life insurance companies here.
Sagicor Life Insurance Policies
When it comes to life insurance products that are offered, Sagicor offers a wide variety of options to its customers. These come in the form of both term and permanent protection.
Sage Term Life Insurance
Sagicor is probably best known for its instant issue term life insurance. They have some of the best rates on the market for this type of life insurance.
Here are the features of their Sage Term policy:
- Available in 10, 15, and 20-year terms
- Guaranteed level premiums
- Available for ages 18 to 75
- Accelewriting available – this is their accelerated underwriting program
- Ability to convert to a permanent policy
- Accelerated benefit insurance rider included
- Optional riders are available (see below)
Sagicor’s Accelewriting Process
This policy offers a simplified underwriting process that they call Accelewriting. This means the applicants qualify for life insurance with no medical exam.
You simply fill out an online application and have a decision within minutes. There is also the option of submitting a paper application and having a telephone interview. Here, a decision regarding coverage may be made within as little as 15 minutes.
In order to qualify, an applicant must be between the age of 18 and 65, and they must be applying for a coverage amount of between $50,000 and $500,000 in benefit. Younger applicants can apply for more coverage.
Consider comparing Sagicor to Foresters Life Insurance if you are looking for a life insurance policy with no medical exam as well.
Fully Underwritten Term Policies
If you do not qualify for this option, they also offer fully underwritten term life insurance.
Full underwriting is required for people age 66 and older, as well as all policies with face amounts over $1 million. You may still use an eApplication with their fully underwritten policies.
Sage Whole Life
Sagicor also offers whole life insurance for individuals needing permanent coverage. Here are the features of their Sage Whole Life policy:
- Level, fixed premiums
- Available for babies as little as 15 days old, & adults up to age 85.
- Builds tax-deferred cash value over time.
- Their Accelewriting is available for:
- Ages 16 to 65
- $25,000 to $250,000 in coverage.
- Accelerated benefit insurance rider included
- Optional riders are available (see below)
They also offer a final expense whole life insurance policy with up to $35,000 in coverage
Universal Life Insurance
With Sagicor’s no-lapse universal life insurance policy, the insured can have a guaranteed death benefit and premium that are locked into age 120.
These plans are considered to be flexible, as the insured can change, within certain guidelines, how much of the premium goes into the cash component, and how much goes into the death benefit.
Sagicor’s indexed universal life insurance product is a policy that allows the cash component to experience growth that is based on an underlying market index, such as the S&P 500. Yet, in times of a market downturn, the policyholder won’t lose value in their cash component.
Sagicor also has an indexed single-premium universal life insurance policy.
Sagicor Offers Several Policy Riders
Sagicor’s life insurance products offer several optional policy riders.
The Accelerated Benefit Insurance Rider
This rider is included in their term and whole life policies.
With the accelerated benefit insurance rider, the insured can have help in covering medical or nursing home care costs through the policy’s death benefit.
Children’s Term Rider
The children’s term rider can provide term life insurance protection for children between the ages of 15 days and 19 years at the time of application. The coverage will remain in force until the child turns 25 years old or gets married, whichever is earlier. If eligible, you may be able to convert this into a permanent life insurance policy, with a benefit that is up to 5 times the original coverage amount.
Accidental Death Benefit Rider
The accidental death benefit rider provides an additional amount of death benefit if the insured person dies due to an accident.
Waiver of Premium Rider
With the waiver of premium rider, the premium payments on the policy would be waived if you became disabled. Payments would then resume if you recovered from the disability.
Compare Sagicor to Other Life Insurance Companies
Sagicor Life Insurance is a great carrier, especially for people looking for term life insurance quickly with accelerated underwriting. That said, it’s always best to compare all the best life insurance carriers before you buy.
We have reviewed over 50 life insurance carriers and agencies here to help you compare and make your decision. Use our quote tool to compare Sagicor Life Insurance rates against other companies, or read our other company reviews below.
Here are some other companies to review that offer no medical exam life insurance policies.
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