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 can be used for off massive debts, paying for the insured’s funeral and other final expenses, and living expenses.
When you are in the midst of searching for the best life insurance coverage for your particular needs, there are criteria to look for. 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 always pays 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 some 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.
In 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.
Grades and Rates
Because Sagicor Life Insurance Company is solid 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.
Also, Sagicor Life Insurance Company is accredited through the BBB. It has held this accreditation since September 2009. They have an A+ from the Better Business Bureau. One reason for this high grade is because 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 sells tons 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. Let’s look at some of the whole life plans they sell:
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. You don’t pay taxes 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 policyholder’s funds.
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 premium that is locked in, not to increase – 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. Also, 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 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, anyone between 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, let us help.
Other Products Provided Through Sagicor Life Insurance Company
Aside from their life insurance plans, Sagicor also sells:
Single Premium Immediate Annuity
Today, one of the biggest fears 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 on market performance. 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
Sagicore is only one of the carriers out there, but it’s one of the best in our opinion. If you don’t think Sagicore fits for you, that’s okay! You can continue to read the other reviews we’ve done.
One of the most popular ones is our Fidelity Life Insurance Carrier review. From there, you can determine – in an unbiased manner – which will offer the best option for you.