Sagicor Company Life Insurance Review

Written by Jeff Root

Sagicor is rated by A.M. Best with a financial rating of A-. They have been in business for over 60 years offering products across 45 states. Their range of products includes term, universal, and single premium policies.

Without having to undergo a medical exam you can still get an impressive amount of coverage for your term policies, up to $500,000. Similarly, without undergoing a medical exam you can still apply for a whole life insurance policy with coverage up to $250,000. This company offers low quotes for people who don’t want to take a medical exam.

This is not necessarily the best insurance provider for anyone who has diabetes or people who are looking for a 30-year term plan because they simply don’t offer them. There are no term policies above 20 years in length.

Sagicor Term Life Insurance Policies Review

sagicor life insurance

The protection you receive is set up for a limited amount of time and your policy is designed not to grow in cash value but rather to remain steady. This is a much more cost-effective tool for covering shorter-term needs. The premiums remain the same and your death benefit is guaranteed and will remain the same as long as premium payments are up-to-date.

As your needs change and your circumstances change you have the freedom to convert your term insurance to a permanent plan without having to undergo a medical exam at the end of the term.

If your needs extend beyond the traditional death benefit protection but you still want to use a term plan, you can add features that bring extra benefits to your policy.

These term products are good fits for individuals and businesses who need temporary protection, who want the biggest death benefit for the least amount of money, and who do not need to worry about building cash value through the life insurance policy.

Sagicor’s Sage Term 10

This Term Life Insurance Policy is available for applicants between the ages of 18 and 65. The coverage amounts range between $50,000 and $500,000. There are no medical exams required, no bodily fluids required either.

The policies are issued based upon your answers to simple health questions included in your application. This policy uses an automated underwriting process to provide decisions on electronic applications within minutes.

Sagicor’s Sage Term 15

This Term Life Insurance Policy is for 15 years and is available for applicants between the ages of 18 and 65. The face amounts range between $50,000 and $500,000.

An automated simplified underwriting process provides a decision within minutes based upon your answers to health questions set up in the application. There is no medical exam beyond this required.

Sagicor’s Sage Term 20

This Term Life Insurance Policy is for people between the ages of 18 and 65 but for 20 years. Similar to the other two there are no health examinations required and the face amount Rings between $50,000 and $500,000. An automated underwriting process will provide an answer to your application request within minutes.

With any of these term policies you can convert your policy to a universal and whole life insurance policy until the age of 70. If your financial needs change as you get older and a simplified life insurance policy is simply insufficient, you can make the switch.

Conversely, while you have a Term Policy you can also add additional riders to improve upon the otherwise rudimentary coverage you have.

Rates

Coverage Amount Term Length Applicant Underwriting Class Monthly cost
$500,000 10 years Male—40 years old Preferred Plus, Non-smoker $36
$500,000 20 years Male—40 years old Preferred Plus, Non-smoker $45
$500,000 Permanent, lifetime coverage Male—40 years old Preferred Plus, Non-smoker $260
Coverage Amount Term Length Applicant Underwriting Class Monthly cost
$500,000 10 years Male—50 years old Preferred Plus, Non-smoker $82
$500,000 20 years Male—50 years old Preferred Plus, Non-smoker $108

Sagicor Life Insurance Policy Riders Review

Sagicor offers the following riders:

Accelerated Death Benefit

The accelerated death benefit is a rider that allows you receive a portion of your death benefit while you are still living in order to cover your medical expenses if you are diagnosed with a terminal illness or you end up needing to stay in a nursing home.

The maximum amount you can receive with this accelerated death benefit is 50% of your total death benefit or $300,000, whichever is lower.

Accidental Death Benefit

The accidental death benefit allows your beneficiaries to receive an additional death benefit on top of your existing policy if you pass away from an accident.

Children’s Life Insurance

You can secure additional life insurance coverage for your children if they are under the age of 19 and that coverage will extend until they turn 25. Once they turn 25 their policy can be converted into a permanent policy without any medical exam.

Waiver of Premium Rider

The waiver of premium benefit allows you to avoid paying your premiums while maintaining your coverage in the event that you become permanently disabled and unable to work.

Life Insurance for Smokers and Diabetics

For smokers, in particular, this company is wonderful for their no medical exam term policies and their whole life insurance policies.

Again, any of the term policies that they offer are pretty substantial in terms of the coverage length and the amount you can get even as a smoker and your policy premiums will not be outlandishly expensive whereas other life insurance companies would charge significantly more.

The prices you will get for the no medical exam term policies from this company are the second cheapest options on the market for smokers and some of the cheapest options on the market for nonsmokers.

Permanent Life Insurance Policies

Universal Life Insurance

This company provides guaranteed universal life insurance and indexed universal life insurance. Both of these policies provide you with permanent life insurance coverage that accumulates cash value over time which you can use to pay your premiums, or you can borrow against.

These guaranteed universal life insurance policies are similar to the term policies. They will remain in effect until you turn 120 years old.  Your premiums remain level for the duration of your life insurance policy, which means they never change.

If your death benefit is not over $400,000 you don’t need a medical exam to purchase the coverage. This policy will build cash value over time according to a fixed interest rate.

Indexed Universal Life Insurance

With the indexed universal life insurance policy part of your premium payment is put toward the policies cash value. With that, the cash value will grow based upon the performance of the Investments that you choose. There are only three investment options you have.

  • You can choose a fixed interest rate which is generally around 3%.
  • You can choose the S&P 500 which has a cap on the maximum interest rate you can earn on a monthly basis.
  • You can choose from a basket of indices but again, there is a cap on your participation rate.

Both of these Universal plans have an accelerated death benefit Where you can take out up to 25% or $400,000 of your total death benefit, whichever is less, in the event that you are diagnosed with a terminal illness. You can add other features at an additional cost, Including the following:

  • Accidental death benefit
  • Child Rider
  • Waiver of Premium

All of these are the same as their corresponding term life insurance options.

The chart below shows the details for Sagicor’s Guaranteed Universal Life Policy vs. their Indexed Universal Policy.

Policy Details Guaranteed Universal Life Indexed Universal Life Policy Details
Age Availability Up to age 85 Up to age 85 Age Availability
Minimum Coverage $25,000 $50,000 Minimum Coverage
Premiums Level May increase Premiums
Cash Value Flat interest rate Based on index performance Cash Value
Underwriting No medical exam if below age 65 and less than $400,000 coverage Medical exam and health questions Underwriting

Whole Life Insurance Review

Sagicor aslo offers some traditional whole life insurance products and two single premium life insurance policies. The traditional policy is a standard policy where you can get up to $250,000 of coverage without undergoing a medical exam. Most insurance providers will only give you up to $50,000 of coverage if you don’t take a medical exam.

The single premium whole life insurance policies do not have ongoing costs, but the minimum initial premium is $5,000. The death benefits you purchase is guaranteed and it can increase over time with your cash value.

The only key difference between these whole life insurance policies is how the cash value is accumulated over time using different investment options. With one option it tracks market interest rates and with the other you get to choose to invest in different market indices (such as the S&P, DJIA, NASDAQ, etc…), which is similar to the ir indexed Universal policy.

One key benefit to the single premium policies is that you get a full return of your premiums if at a later point you decide you want to surrender the policy and no longer have coverage. This will help you to reduce any risk involved in making a large purchase for a life insurance policy if you change your mind later.

The chart below compares Sagicor’s Whole Life Insurance policy to their Single Premium Whole Life policy and their Indexed Single Premium Whole Life Policy.

Policy Details Sagicor Whole Life Insurance Sagicor Indexed Single Premium Whole Life Sagicor Single Premium Whole Life (Interest Sensitive)
Age Range Coverage for people up to age 85 Coverage for people from the ages of 18-85 Coverage for people from the ages of 45-85
Type of Premiums Level premiums for your entire life One time (single premium) paid up front One time (single premium) paid up front
Type of Underwriting No medical exam for people who are younger than 65 years of age No medical exam, but a few health related questions No medical exam, but a few health related questions
How Cash Value Accumulation Works Cash value accumulates at fixed rate throughout the life of the policy Cash value accumulates depending on the performance of indices, with a guaranteed minimum of 2% interest annually Cash value accumulates depending on the performance of the market, with a guaranteed minimum of 3% interest annually
How the Accelerated Death Benefit Works Maximum of $250,000, or the total amount of coverage minus $5,000 (whichever is less) Maximum of $250,000, or the total amount of coverage minus $25,000 (whichever is less) Maximum of $250,000, or the total amount of coverage minus $25,000 (whichever is less)

Finding the Best Life Insurance Rates for You

When you set out to choose a life insurance policy you need to take into consideration your current budget, your future costs, any outstanding debt, your family, and your personal situation.

One of the easiest ways to find the best life insurance rates for your situation is to work with an independent life insurance agent who can understand your situation in order to search the market for the best life insurance rates for you.

Give us a call today to speak with one of our agents, or get started using our online quoting engine for easy life insurance quotes in seconds!

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