While many people do not like to think about planning for when they are not here, it is essential to do so – especially if you have dependents or other loved ones who depend on you. One of the best financial tools for ensuring that those you care about will be protected financially is life insurance. This is because the proceeds that are received from life insurance coverage can be used for any number of different needs – from paying off large debts, paying for the insured’s funeral and other final expenses, and / or for the payment of ongoing living expenses.
When you are in the midst of search for the best life insurance coverage for your particular needs, there are several key criteria to keep in mind. These include knowing how much insurance you need and what type of life insurance coverage. They can also include knowing that the company you choose to buy the coverage through is strong financially and that it has a positive reputation for the payout of its policyholder claims. One company that meets these conditions is Sagicor Life Insurance Company.
The History of Sagicor Life Insurance Company
The beginning of Sagicor Life Insurance Company technically started back in 1840. Initially, the company was known as The Barbados Mutual Life Assurance Society. At first, this insurer grew and expanded its operations to several of the Caribbean Islands. It also made a number of investments in Japan, Argentina, the United States, Norway, and the British Empire.
The company grew primarily by adding large blocks of business from other life insurance providers. It has also run on the mission of being “a great company committed to improving the lives of the people in the communities in which it operates.”
The name “Sagicor” is a combination of the words Sage – meaning wise, and cor- referring to judgment or heart. The name is appropriate to the company, as it has a philosophy of wisdom and heart.
Sagicor Life Insurance Company Review
Today, Sagicor Life Insurance Company is a large and diversified business, which offers life insurance and annuity products to its customers. It is licensed to offer products in 45 of the 50 U.S. states. It also has operations that span throughout more than 20 different countries – which still includes the Caribbean Islands.
As of year-end 2015, Sagicor Life Insurance Company had nearly $1.2 billion in total assets. The company is also ranked as being one of the top 142 life insurance companies in the United States.
Sagicor Life Insurance Company has a mission, “To be a life insurance organization that consistently generates high returns to its shareholders, exceptional opportunities for its employees, and respect and trust from its various publics.” Sagicor Life Insurance has headquarters offices in Tampa, Florida and in Scottsdale, Arizona.
Insurer Ratings and Better Business Bureau Grade
Because Sagicor Life Insurance Company is strong and stable financially, and the company has a good reputation for paying out its policyholder claims on a timely basis, it has been rated as an A- via A.M. Best Company. This is the fourth highest possible rating by A.M. Best, of 16 total ratings.
In addition, Sagicor Life Insurance Company is an accredited company through the Better Business Bureau, or BBB. It has held this accreditation since September 2009. The company has been given a grade of A+ by the Better Business Bureau, which is on an overall grade scale of A+ through F. One reason for this high grade is due to the fact that this company has had few to no complaints through the BBB for the past 36 months.
Life Insurance Products Offered By Sagicor Life Insurance
Sagicor Life Insurance Company offers a wide array of different life insurance products to choose from. This can be helpful for the company’s customers, as it can allow them to obtain the coverage that most closely fits their needs. Coverage comes in both term and permanent life insurance options.
With permanent life insurance coverage, the insured is covered with death benefit protection. These policies also have a cash value or savings component. There are several different types of permanent life insurance that is offered via Sagicor, including:
Sage No Lapse Universal Life
The SAGE No Lapse Universal Life insurance policy offers the policyholder a guaranteed premium, as well as death benefit protection, for life. It can also offer added protection as the insured gets older and may experience adverse health issues – which can make it more difficult to qualify for life insurance coverage later on in life.
Fixed Indexed Universal Life
The fixed indexed universal life insurance policy option through Sagicor provides an immediate death benefit, along with the option for considerable growth in the cash account. These funds are allowed to grow on a tax-deferred basis, which means that there is no tax due on the gain unless or until the time of withdrawal – if the policyholder opts to take the money out. This policy also offers a flexible premium option, which means that the policyholder can – within certain guidelines – change the timing of when the policy’s premium is due.
Fixed Indexed Single Premium Whole Life Insurance Coverage
Sagicor’s fixed indexed single premium whole life insurance policy can allow the policyholder to reposition certain low-interest producing assets such as CD’s (certificates of deposit), or money markets – and possibly even a fixed annuity – and obtain the opportunity to earn a higher return on the cash value in the policy. Because this is a whole life insurance policy, the death benefit is also guaranteed to remain in force. After just one single lump sum premium, there are no additional premiums that are due.
Interest Sensitive Single Premium Whole Life Insurance
The interest sensitive single premium whole life insurance policy is another option that is offered via Sagicor for an insured to have his or her policy paid up with just one, single premium payment. It can also offer a long list of additional options for the policy holder’s funds that are within the cash value component of the plan.
SAGE Whole Life Insurance Coverage
With the Sagicor whole life insurance policy, the insured’s named beneficiary (or beneficiaries) will be assured of receiving the face amount of the policy, which is guaranteed. Because this is a whole life insurance policy, the amount of the premium that is due is also locked in, not to increase – even as the insured gets older, and / or whether or not they contract an adverse health condition.
Sagicor Life Insurance Company also offers term life insurance options. With term life insurance coverage, the insured is covered with death benefit protection, yet without any cash value build up in the policy. Because of this, the premium for term life insurance can be less than that of a comparable permanent life plan.
The company offers SAGE Term life insurance options, where an insured can be covered for ten years, 15 years, or 20 years. With these plans, the policy holder’s premium will remain level throughout the life of the policy. There may also be the option of converting the term plan into a permanent policy option before the policy anniversary that follows the insured’s 70th birthday. In addition, these plans can also offer the option of providing income due to either a terminal health condition or because the insured has been confined in a nursing home.
Additional policy riders may also be added to the SAGE term life insurance policies, such as:
- Accidental Death Benefit Rider
- Waiver of Premium Rider
- Children’s Term Rider
No Medical Exam Life Insurance Coverage
While many life insurance policy applications will require the applicant to undergo a medical examination to be approved for coverage, Sagicor Life Insurance Company offers certain plans that are considered to be no medical exam coverage. This means that the applicant will not be required to take an exam, or to provide the insurance company with a blood and urine sample for testing purposes.
For example, with the SAGE term life insurance products, those who are between the ages of 18 and 65, and who are purchasing face amounts of coverage of between $50,000 and $500,000, there is no requirement for a medical exam. There is also no physician’s statement necessary on the Simplified Issue plan options.
The risk classifications that are included in the Simplified Underwriting / No Medical Exam category include Preferred Non-Tobacco, Standard Non-Tobacco, Rated Non-Tobacco, Preferred Tobacco, and Standard Tobacco.
If you require high risk life insurance, we can help you get the coverage you deserve.
Other Products Provided Through Sagicor Life Insurance Company
In addition to life insurance coverage, Sagicor Life Insurance Company also offers retirement annuities. The company offers a selection of different annuity options, including:
Single Premium Immediate Annuity
Today, people are living longer than ever before in history – and because of that, one of the biggest fears on the minds of many retirees is outliving their money in retirement. An annuity can provide an ongoing stream of income for life – no matter how long the annuity holder lives. With the single premium immediate annuity, income can begin immediately, or very soon after, an individual obtains the annuity. This Gold Series Single Premium Immediate Annuity, or SPIA, offers reliable and consistent income based on a schedule that is best for the annuity holder. It requires just one, single lump sum deposit.
SAGE Choice Single Premium Deferred Annuity
The SAGE Choice Single Premium Deferred Annuity offers the ability to make just one, single lump sum premium deposit. These funds can grow tax deferred over time until the annuity holder is ready to being taking his or her income. The amount of the single premium deposit may range between $2,000 up to $400,000.
SAGE Select Fixed Indexed Single Premium Deferred Annuity
This annuity offers the opportunity to obtain growth based upon an underlying market index such as the S&P 500. However, in periods of market downturn, the principal that is inside of this annuity will remain safe.
Where to Get the Best Premium Rates on Life Insurance Protection
If you are seeking the best premium rates on life insurance protection from Sagicor Life Insurance Company – or from any life insurance carrier such as Fidelity Life Insurance Carrier – it is often recommended that you work through an independent life insurance brokerage or agency. That way, you will be much better able to compare the policies – and the premium quotes – from multiple carriers all in one convenient place. From there, you can determine – in an unbiased manner – which will offer the best option for you and your particular needs.
When you are ready to move forward with comparing life insurance plans, we can help. That is because we are an independent brokerage that works with many of the top life insurance carriers in the marketplace today. We can assist you with getting all of the key details that you will need for making a well-informed insurance buying decision. We can do this for you quickly and easily – all from your home computer – and without the need for you to meet in person with a life insurance agent. If you are ready to begin the process, all you need to do is just simply fill out the quote form on this page.
Should you find that you still have any additional questions regarding Sagicor Life Insurance Company – or even if you just happen to have a question or a concern about life insurance in general – please feel free to contact us directly. Our experts can be reached via phone, toll-free, by dialing 888-430-7668.
We understand that the purchase of life insurance coverage can seem a bit confusing. There are many options to consider – and you want to be sure that you are obtaining the policy that will best match the anticipated needs for your loved ones. So, contact us today – we’re here to help.