Sagicor Life Insurance Company Review

sagicor life review

Founded in 1840, Sagicor Financial Corporation was originally known as The Barbados Mutual Life Assurance Society.  Throughout the latter part of the 1800s, the company grew to include many of the Caribbean Islands, while continuing to invest with the British Empire, Norway, Argentina, Japan, and the United States.

In 2002, Sagicor became a demutualized life insurance company, and it was at this time that American Founders Life was purchased, which was created into what we know now as Sagicor Life Insurance Company.

Presently, the insurance provider is able to offer life insurance in 45 of the United States and the District of Colombia.  Sagicor Life Insurance Company does business primarily in the U.S., but also in about 25 countries including the Caribbean and Latin America.

The company name Sagicor is a result of combining two words, Sage and Cor.  Sage means wise and Cor means heart or judgement.  The company states that the name describes their pursuit of goals and objectives with wisdom and dignity and humility.

Sagicor is Ranked A- by AM Best Company

Sagicor Life has been given an “A-” (excellent) rating from the leading financial rating agency, A.M. Best.   

Sagicor is ranked among the top 152 life insurance companies in the United States and holds around $1,125M in assets.  The ratings given to an insurance company by A.M. Best measure the insurance company’s financial strength and its ability to pay its policyholders’ claims.  This excellent rating indicates that the Sagicor Life is considered financially stable and sound.

Since 2009, Sagicor Life has been accredited by the Better Business Bureau (BBB) and was awarded an “A+” grade, based on a standard A to F linear grading scale.  The insurance provider has received and closed only two customer complaints in the past three years.

Sagicor Life Insurance Product Offerings

Fortunately for customers, Sagicor provides a diverse collection of insurance plans that allows for more customization of their life insurance needs.  The coverages offered include term life insurance, whole life insurance, no lapse universal life insurance and indexed universal life insurance.  Sagicor also offers single premium life insurance and immediate and deferred annuities.

Let’s take a quick look at what these products have to offer:

Term Life Insurance

Sagicor’s term life insurance is like other insurance providers in that it provides coverage for a specified time period, such as 10, 15, and 20 years.  Term life insurance is the more affordable of coverages when compared to the permanent options.  The premium for these term life policies is level throughout the term of the policy, and they offer conversion options to policyholders.  The term life insurance policy will need to be converted to a permanent life insurance policy before the insureds 70th birthday.

Policyholders can also add certain insurance riders to their policy if more accidental death protection, disability waiver of premium or coverage for children are needed.  

The accelerated benefit are automatically covered in Sagicor life insurance policies but accidental death riders, children term riders and disability waiver of premium riders will have to be added to your policy.  You will pay additional premium to add these riders. 

Coverage for critical illness, chronic illness and terminal illness is an added benefit with no additional premium needed.  These accelerated benefits allow you to receive either $300,000 or 50% of the policy’s face value, whichever is less, in order to cover medical expenses or other health care needs.

The only additional riders at this time are the waiver of premium rider, accidental death benefit rider, and the children’s term rider.

Permanent Life Insurance

Both a death benefit and a cash value feature are included in permanent life insurance.  These features combined allows permanent life insurance to provide protection, as well as a savings component with tax-deferred growth.  Sagicor has many permanent life insurance options to choose from, such as Sage Whole Life, Sage No-Lapse Universal Life, Fixed Indexed Universal Life, Fixed Indexed Single Premium Whole Life Insurance, and Interest Sensitive Single Premium Whole Life Insurance.

Sage Whole Life Insurance

Considered the simplest form permanent life insurance coverage, whole life insurance from Sagicor has a guaranteed death benefit and a guaranteed fixed premium.  As long as the premiums are paid and current, this policy can never be canceled by the insurer and you will have it for the rest of your life.

Sage No-Lapse Universal Life Insurance

Similar to the whole life policy, universal life coverage also offers a death benefit and cash value accumulation.  In comparison to whole life insurance, these plans are more flexible in that you decide how much premium to pay into the policy.  All premium above the expenses needed to maintain the death benefit go into the cash value account and earn interest on a tax-deferred basis. 

The value in a no-lapse universal life insurance policy is the death benefit.  This is the cheapest form of permanent life insurance currently available.

Fixed Indexed Universal Life Insurance

The fixed indexed universal life insurance policy’s cash value is linked to an underlying market index, like the DJIA or the Standard & Poor’s 500.  Besides providing a death benefit, this policy’s cash value has the ability to increase based on the market’s performance.   IUL is a great place for funds that you want to see grow in a safe manner but also have opportunity for some stock market like returns.  Bottom line on IUL policies, your principal is safe when there is a decline in the stock market.

More on What is Indexed Universal Life Insurance here…

Fixed Index Single Premium Whole Life Insurance

Instead of making monthly premiums in order to secure your coverage, these policies are available for a one single payment, at which time the policy is regarded as paid in full.  The cash value component will grow, and the policy’s principal will be shielded from any negative market performance and you have a guaranteed death benefit in exchange for your one premium payment.  Currently the minimum single premium allowed is $5,000.  The death benefit depends on your age and can be purchased between ages 45 and 85.

A really cool feature is that you get a 10% premium bonus on all premiums you pay into the policy.  If you drop $100,000 into the policy, you get an extra $10,000 to go towards your life insurance purchase.  You also get guaranteed return of premium right from the start.  If you decide at anytime you want to pull all of your money out you can get it without penalty.

Interest Sensitive Single Premium Whole Life Insurance

This whole life insurance policy is also considered paid in full once a single payment is made, the minimum premium is $5,000.  For those wanting to leave cash to their beneficiaries, single premium whole life is a great way to achieve this.  Sagicor single premium wl also offers guaranteed return of premium.  The minimum guaranteed interest rate is 3% and you can also have access to your cash value through loans and withdrawals.

The only way to apply for single premium whole life at Sagicor is electronically through the eApplication process and utilize the Accelewriting process.  There are no exams, blood draws or urinalysis needed nor is a telephone exam needed.

Annuities available at Sagicor

Sagicor Life Insurance Company not only provides life insurance coverage, the company provides annuities as well.  These particular products help retirees, especially, to maintain control over their income for the remainder of their life.

Sage Select Fixed Indexed Single Premium Deferred Annuity

Sagicor offers a 10 year fixed indexed single premium annuity with a 10 year surrender charge.  The minimum premium for the deferred annuity is only $2,000 so it could be perfect for small retirement accounts that are just lying around as well as large sums of cash that you would want to keep safe from the downturn in the stock market but have a better opportunity for growth.

There are 3 indexing strategies available including the Global Multi-Index Strategy.

You also get a 4% premium bonus on all premiums paid into the policy and it is vested from the first day.  There aren’t any policy fees or any annual charges like you will find in other annuities.

An eApplication is available but not necessary.

Sage Secure Fixed Indexed Single Premium Deferred Annuity

The minimum premium for the Sagicor SPDA is $10,000 and can be either qualified or non-qualified.   There are also 3 index crediting strategies for this SPDA so there is potential for significant cash value growth.  The issue age is 15 days all the way up to age 90 making this a favorite go to annuity for older annuity purchasers.

Sage Choice Single Premium Immediate Annuity

Single premium immediate or SPIAs are meant to be used to create a guaranteed income stream.  This annuity takes qualified or non-qualified dollars and the minimum amount is $5,000.  The payout options are life income, period certain, joint life with period certain and joint life income.  You may choose to take income in either monthly, quarterly, semi-annual or annual payments.

Also a winner for older ages as there is no age limit if the period certain option is selected.

Sagicor Life Bottom Line 

With numerous years experience in providing value and quality to its policyholders, Sagicor is a full-service life insurance company.  They offer a wide array of life insurance and annuity products that adequately addresses the needs of most every stage of life.  As mentioned, their life insurance products include term life, universal life, and whole life options, and their annuities are available for both short and long-term needs.

If you’re searching for affordable life insurance or options for retirement, Sagicor Life Insurance Company is a great choice.  Sagicor maintains an excellent customer service record and financial standing in the insurance industry, plus they offer coverage in 45 states.

When searching for the best prices on life insurance coverage, it’s best to work along the side of an independent insurance agency or company that represents multiple life insurance carriers.  This allows you to make accurate comparisons.  Life insurance coverage and retirement planning solutions are important decisions that can have a significant impact on your loved ones long after you are gone.  Be sure to consult a professional life insurance brokerage agency.

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