Sagicor Life Insurance – Company Review

About Sagicor Life Insurance

Sagicor has developed a solid reputation because of its financial stability. That reputation is based on the Sagicor’s excellent financial prudence over the years. Established in 1840, The Barbados Mutual Life Assurance Society was one of the oldest insurers in America. In November 2002, after 162 years as a mutual company, the company was demutualized to provide the structure and tools needed to compete and succeed in a changing world.

The company’s name, Sagicor, is a combination of two words – “Sage,” meaning wise and “Cor,” for heart or judgment. The name Sagicor, therefore, reflects its dominant philosophy of wisdom with heart.

Sagicor’s Financial Stability

An insurance company’s financial ratings by third-party rating services should be the first thing you look for, even if their rates are lower than everyone else.

Life insurance is a promise to pay in return for your premium and in many cases, this promise must be maintained over decades. It certainly makes good sense to know upfront that the insurance carrier you’re selecting can pay policyholder claims when the worst thing happens.

Here is how Sagicor Life Insurance ranks with A.M. Best as of September, 2019:

Sagicor Life Insurance Products

The management at Sagicor is pleased to offer a portfolio of life insurance products and annuities to enable policyholders to financially protect surviving loved ones.

Term Life Insurance

Sagicor’s Sage Term insurance product provides affordable term insurance coverage for 10, 15, or 20-years.

The company uses an innovative underwriting process known as Accelewriting® that puts the ordinary underwriting process on a fast track. Most applicants will be provided an underwriting decision within minutes and will typically not be required to submit to a life insurance medical exam.

Qualification for Accelewriting® is applied as follows:

Applicants age 18 to 45
Face amount $50,000 to $1 million qualify for Accelewriting®
Face amount over $1 million is fully underwritten

Applicants age 46 to 55

Face amount $50,000 to $750,000 qualify for Accelewriting®
Face amount over $750,000 is fully underwritten

Applicants age 56 to 65
Face amount $50,000 to $500,000 qualify for Accelewriting®
Face amount over $500,000 is fully underwritten

Applicants age 66 to 75
Face amount of $50,000 or more is fully underwritten

Sagicor’s rates are very competitive with other national carriers even when there is no medical underwriting involved.

Here are actual rates for a $500,000 20-year policy for a male and female using a preferred health class:

Available Term Riders

For individuals who want more than just a death benefit, Sagicor Life offers several riders that will broaden their coverage and offer living benefits.

• Accelerated Death Benefit – The accelerated benefit insurance rider which is included with the Sage term policy provides for the company to advance a portion of the death benefit to the insured if he or she is diagnosed with a terminal illness or must live in a nursing facility.
• Accidental Death Benefit – The accidental death benefit increases the death benefit for your beneficiaries if death is the result of a covered accident.
• Waiver of Premium – This rider provides for the company to waive premiums if the insured becomes totally disabled and is unable to work.
• Children’s Term Rider – This rider provides term life insurance protection for your children, ages 15 days to 19 years, and remains in force for each child until the earlier of age 25 or marriage. At the end of the term period, the benefit may be converted to an eligible permanent life insurance policy for up to five times the original amount, regardless of their current health.

Whole Life Insurance

The whole life policy from Sagicor is designed to provide guaranteed insurance for a lifetime that includes a cash component. When you purchase Sagicor whole life insurance, you receive the benefits and guarantees that whole life insurance policies have been providing consumers around the world and the peace of mind knowing that your benefits cannot be disturbed by the insurance company.

Whole Life Insurance from Sagicor provides financial solutions in a variety of ways and can be an essential financial solution for many different reasons.

• Final Expense Insurance
• Estate Planning
• Retirement Income
• Be Your Owner Banker
• Funding Collete Expenses

Sagicor offers the following products to make certain your plans and financial goals can be met:

• Sage Whole Life – Fixed premiums that cannot be changed by the company.
• Sage Interest Sensitive Single Premium Whole Life – 3% minimum interest that is guaranteed for life.
• Fixed Indexed Single Premium Whole Life – Pays a 10% Single Premium Bonus once the policy is issued

Universal Life Insurance

When individuals and families are concerned more about cash accumulation than the death benefit, many often consider Universal Life insurance because the price point is generally somewhere between term insurance and whole life.

Sagicor offers several products that offer substantial wealth accumulation over time and the funds are available tax-free to the policyholder when they are taken via policy loans. You can begin your wealth accumulation by choosing from the following products:

Sage No Lapse Universal Life – Provides guaranteed level premiums

Sage Indexed Universal Life – Provides an immediate death benefit as well as substantial wealth accumulation

Fixed Indexed Single Premium Whole Life – 

For more information about Sagicor Insurance Company or if you have other insurance questions, call the insurance professionals at LifeInsure.com at (866) 868-0099 during normal business hours or contact us through our website.