High atop the list for one of the oldest standing insurance companies in America, Sagicor Life Insurance Company is a part of the Sagicor Financial Corporation which was originally founded outside the States. Sagicor has remained in business for such a long time by maintaining its commitment to its customers and shareholders.
While you may not have heard of the name, they are one of the rising stars focused on fast underwriting, accelerated approval processes, and very competitive rates. After you read our Sagicor Life Insurance Company review, we think you may want to consider them if skipping the medical is high on your priority list.
Our Sagicor Life Insurance Company Review
A different beginning than most other life insurance companies in America, Sagicor is a part of the Sagicor Financial family which began in Barbados back in 1840, under The Barbados Mutual Life Assurance Society. Through its first 50 years in operation, it spread through the Caribbean Islands and eventually mutli-nationally, where it now operates in more than 20 countries globally.
The company remained a mutual company, meaning it was owned by its policyholders for more than 160 years before demutualizing in 2002 in an attempt to add a more competitive structure in which the company could operate and grow. Its ability to grow and expand throughout these period has largely been by acquisition, as Sagicor has acquired several smaller insurance companies who already had foot in particular demographics and geographical areas.
Sagicor Life Insurance Company has more than $1 billion in assets stemming from over 6,000 marketing companies and independent agents spanning 45 states.
It has been rated by A.M. Best, one of the premier creditworthiness rating agencies, as an “A-” which means its in the top quartile of all companies rated by them.
Life Insurance Products and Innovation
Sagicor prides itself on attempting to be one step ahead of the curve at all times, especially in its line of products available to all consumers. Some of the key products it has available in the marketplace today are its no exam featured life insurance products.
Sagicor Life is among the best life insurance companies in the U.S. this year for no exam life insurance, year after year. These sport simplified issue underwriting guidelines, meaning there’s no exam from a medical company and they tend to get issued significantly faster than traditional products.
Sagicor does have a wide range of product types, with the most common being it’s term life insurance.
The Sage Term
Their premiere product is the Sage Term Life Insurance product. Here are some of the main features:
- 10, 15, or 20 Year Level Premiums
- Guaranteed Level Death Benefit up to Age 95
- Convertible to Permanent Products
- Available to Ages 18 – 65
- From $50,000 up to $500,000 in Coverage
- NO Medical Exam!
This truly is one of the top products on the market among all of the no exam companies. It’s quick to issue, it’s very competitively priced, and it comes with several more advantages. These include several riders, a full range of ratings, and even a fully underwritten product should you need more than $500,000 in death benefit. Here are the available riders currently:
- Accelerated Benefit Insurance Rider – added to every policy at no additional charge, you get access to the lower amount of $300,000 or 50% of the death benefit when you’ve been declared terminally ill. This pays for medical treatment, nursing home or home care costs, and more, even when you’re still living.
- Children’s Term Rider – basic life insurance coverage is made available to children as young as 15 days old, and up to 19 years old. The term coverage can stay in force on the child up to age 25, where they can then convert their coverage to 5x more death benefit in a permanent solution if they so choose, without needing to prove their health. (only available on fully underwritten products)
- Accidental Death Benefit Rider – this type of rider can add additional death benefit on top of the Sage Term’s proceeds, but only if the insured dies of an accidental nature. The cost of the extra death benefit is usually much, much cheaper than traditional coverage, but only pays out in the event of an accident.
- Waiver of Premium Rider – get extra peace of mind knowing you don’t need to continue to pay your premiums if you become disabled. Activate the Waiver of Premium and your premiums are paid by the company until you’re able to resume paying, and you don’t lose any benefits of your life insurance policy.
There are two ways to apply with Sagicor, both of which aim to make the application process a breeze. If you opt for a paper application, complete a basic phone interview and you could see your results in just 15 minutes. And, if you want it even faster, utilize Sagicor’s eApp, which has no phone interview necessary, and you can see your results right away.
Finally, Sagicor does provide several rating classes to attempt to allow everyone a shot at a no exam policy. With the top rates going to Preferred Non-Tobacco applicants, those with health concerns could also get anywhere from a Standard policy to a Rated Non-Tobacco approval. For no exam coverage, Tobacco users can be approved at either Preferred or Standard.
The Sage NLUL
They also have a very competitive no lapse universal life product, the Sage NLUL, one of the first of its kind, where they guarantee a policy will never lapse so long as the premiums are maintained and the policy remains in force.
This guarantee was a big step for the universal life insurance arena, as policies sold back in the 1980s and 1990s have had a history of implosion because of rising and declining interest rates.
Sagicor’s Sage NLUL has some similarities in riders and other features when compared to the Sage Term. Here is a quick breakdown:
- Guaranteed Level Premiums for the duration chosen
- Guaranteed Level Death Benefit as long as the policy is in force
- Option to Accumulate Cash instead of just focusing on death benefit
- Available Ages 15 days – 85 years
- Starting from $25,000 in Coverage up to what you need
- NO Medical Exam! (up to $400,000 and 65 year old limit)
This choice offers the Accelerated Death Benefit Rider, the Waiver of Monthly Deductions Rider, and the Children’s Term Rider, too. Rating classes start as high as Preferred Non-Tobacco, and go as far down as a Table 8 sub-standard rating for those with health concerns.
Sagicor Life Insurance Company also hosts products for those who want further solutions like the Fixed Indexed Single Premium Whole Life, as well as the Sagicor Fixed Indexed Universal Life (FIUL) which are used to more aggressively grow cash value within a policy by tying it to the stock markets or other indices. These types of policies aren’t for everyone, but Sagicor remains true to its variety and readiness to cover every need.
If you need just a basic whole life, Sagicor has this, too.
Sagicor At A Glance
For more than 170 years, Sagicor has remained focused on bringing the greatest value and highest possible ethical standards to both its consumers and communities. With a high focus on individuals and families alike, Sagicor is quickly becoming a more prominent provider all across the United States.
As the industry moves forward to a more dynamic and online presence, Sagicor is well positioned to increase its market share, especially with the increasing availability of its no exam life insurance policies.
If you want trustworthy term or universal life insurance without a medical exam, Sagicor is a very good option and should be high on your list to review.
|Company Name (and Subsidiaries)||Sagicor Financial Corporation|
Sagicor Life Inc.
Sagicor Life Insurance Company
|Company Ratings||A.M. Best (A-)|
Moody’s Investors Services (n/a)
Standard & Poor’s (n/a)
|Headquarters (Address, Phone, Web)||4343 N Scottsdale Rd. Ste. 300|
Scottsdale, AZ 85251
|Policy Types Available||Term|