Sagicor is a full-service life insurance company, offering term, whole life, and universal life through SagicorNow Accelewriting no medical exam underwriting for qualified applicants. For those who aren’t in the best health, or who want ultra-competitive rates if you’re super healthy, Sagicor Life offers the same products fully underwritten. Learn more about Sagicor Life Insurance Company in this review to determine if it could be the right fit for your life insurance needs.
Here’s What You Need to Know About Sagicor Life Insurance
Sagicor Life Insurance got its start in 1840 as The Barbados Mutual Life Assurance Society, went through numerous acquisitions, before becoming what is now known as Sagicor Life Insurance Company. It offers term, whole, and universal life insurance products, with some applications qualifying for no medical exam coverage. The company’s name is a combination of wise and heart, with “Sage” meaning wise and “cor” meaning heart. Sagicor’s tagline is “wise financial thinking for life.”
Pros and Cons of Sagicor Life Insurance
Pros
No medical exam option: For healthy individuals, Sagicor offers accelerated underwriting, which means a fast decision after you apply and no medical exam required.
Multiple product options: Choose from term, whole, and universal life insurance with Sagicor.
Life Insurance Riders available: To complete your life insurance package, choose from several available rider options. Accelerated death benefit is offered at no additional cost.
Online quote and application process: Get a quote in just a few minutes after providing a few pieces of information. After choosing the right life insurance product, complete the application online in 20 minutes or less.
Cons
Limited term options: There is no 30-year term life insurance option with Sagicor. Instead, you can choose from 10-, 15-, or 20-years of coverage.
May require a medical exam: Depending on your age, health, and the amount of coverage you need, you may be required to complete a medical exam. History of arthritis, asthma, cancer, diabetes, and other chronic health issues may be denied coverage.
Only one company option: Life insurance policies are issued by Sagicor Life Insurance Company, so there’s no option to compare rates with other companies on their website.
Negative claims reviews: Some consumer reviews found online state issues with not having death benefit claims paid and requiring more paperwork than previously requested when questioned about the check.
How is Sagicor Life Insurance Different?
Sagicor Life Insurance Company has been offering life insurance products for over a century. It has a full line of life insurance offerings, including juvenile whole and universal life insurance. Many of the policies can be purchased without a medical exam using an accelerated underwriting process.
What Types of Insurance Can You Purchase from Sagicor Life Insurance
Sagicor offers term life insurance, whole life insurance, and universal life products, as well as annuities to assist in retirement.
Life Insurance Products Offered through Sagicor
Choose from 10-, 15-, and 20-year term life insurance, whole life insurance, or universal life insurance. Coverage typically starts around $50,000 but may be different based on age and life insurance product.
What Policies Does Sagicor Insurance Offer
Sagicor offers various life insurance policies and annuities as a full-service life insurance company.
Sagicor Term Life Insurance Sample Monthly Quotes
| Coverage | Age 30 | Age 40 | Age 50 |
|---|---|---|---|
| $100,000 – 10 Year Term | Male – $8.34 | Female – $9.14 | Male – $17.28 |
| $250,000 – 15 Year Term | Female – $10.54 | Male – $14.60 | Female – $30.91 |
| $500,000 – 20 Year Term | Male – $21.37 | Female – $23.80 | Male – $78.66 |
A Brief History of Sagicor Life Insurance
Sagicor Life Insurance Company has been offering life insurance products since 1954. However, the company’s roots date back to 1840 in Bridgetown, Barbados, as The Barbados Mutual Life Assurance Society. Licensed in 45 states and the District of Columbia, Sagicor Life Insurance Company has been part of Sagicor Financial Company Limited since 2005.
To stay afloat, the company focused on acquisitions in the 1980’s, acquiring eight life insurance companies. In 2006, Sagicor Life refocused their efforts to once again become a full-service life insurance company. The company now has over 111,000 life insurance policies in force with a value over $7 billion.
Sagicor Life Insurance Products
Choose from term, whole, and several options for universal life insurance from Sagicor. Well qualified applicants can move through accelerated underwriting and have a policy in just minutes after the application is complete.
Sagicor Life Insurance Coverage Details and Guidelines
Sagicor life insurance products have different coverage limits and underwriting guidelines based on issue age, health, and product type. Term and universal life insurance starts at $50,000 while the lowest coverage limit for whole life is $25,000, except for final expense whole life insurance which can be issued up to $35,000.
Sagicor life insurance policies have several riders to choose from:
Accelerated death benefit:
receive up to 50% of the death benefit while living if diagnosed with a terminal illness
Accidental death benefit:
receive an additional death benefit if the insured dies from an accident
Children’s term rider:
any child born or adopted can be added after 15 days of life and covered for term life insurance up to age 25 or married
Guaranteed insurability option (offered on IUL):
able to purchase a specified amount of life insurance coverage without a medical exam
Waiver of monthly deductions:
if the insured becomes totally disabled, Sagicor will pay the premiums until no longer totally disabled
WHO ISSUES THEIR POLICIES?
Sagicor issues all life insurance and annuity products internally by Sagicor Life Insurance Company.
HOW DO I GET AN ONLINE QUOTE THROUGH SAGICOR LIFE?
Sagicor offers free quotes online through its website. Click on “Get a quote” on the homepage dropdown and enter a few pieces of information:
- State you live in
- Gender
- Date of birth
- Whether you use tobacco or nicotine products
- What your overall health is (superb, excellent, good, fair, poor)
- If you are replacing an existing life insurance policy
Click on “get your quote” and Sagicor Life Insurance will provide rates for eligible policies you qualify on based on the information you provided.
HOW DO I GET A LOW RATE?
Getting a low rate with Sagicor Life Insurance Company comes down to your age and current health. The younger and healthier you are, the better your rate will be with Sagicor.
Who is Sagicor LifeInsurance For?
Sagicor offers several options for life insurance with the option for no medical exam or fully underwritten coverage. Applicants from 18 to 85 (70 in CA) can apply for one of five different life insurance products, from term insurance to universal life.
WHO IS THE IDEAL SAGICOR LIFE APPLICANT?
Healthy individuals between the ages of 18 and 50 would be the ideal applicant for Sagicor Life Insurance Company.
WHAT IF I’M NOT PERFECTLY HEALTHY?
If you aren’t perfectly healthy, you may still qualify for life insurance with Sagicor under the fully underwritten process.
Here are some Cost Comparisons; for Direct-to-Consumer (D2C) term life insurance—
Haven vs. Ladder vs. Bestow vs. Ethos vs. Fabric vs. Sagicor:
How To Apply For Life Insurance with Sagicor
After receiving a quote, you can apply for life insurance with Sagicor online or by calling directly at 888-472-4426.
SIGNING UP FOR SAGICOR LIFE INSURANCE
Sagicor estimates it takes about 20 minutes to complete the application and some applicants receive immediate coverage once they pay. A decision usually takes about 10 minutes if you aren’t immediately approved, and once underwriting is complete, you should have a decision within five business days.
HOW DOES THE APPLICATION PROCESS WITH SAGICOR LIFE WORK?
Once you choose a life insurance product, you’ll have to supply your full name and email address. Then, you’ll be taken to the application where you’ll have to fill out detailed information on your:
- Lifestyle
- Hobbies
- Employment
- Health history
SAGICOR LIFE FINANCIAL STRENGTH AND BBB RATINGS
Sagicor has an A- rating with AM Best, which is considered excellent. This rating proves Sagicor Life Insurance Company’s ability to pay out claims when an insured dies.
Accredited with the Better Business Bureau since 2009, Sagicor Life Insurance Company has an A+ rating, which is the highest rating the BBB offers. This rating shows a low complaint volume and ability to resolve complaints.
Sagicor Life Insurance Reviews and Complaints
Though Sagicor has the best score with the BBB, it only has 1 out of 5 stars based on customer reviews. Out of three complaints, customers state inability to get claims paid timely due to lack of paperwork and a billing issue.
After 200 reviews, Trustpilot rates Sagicor Life Insurance Company as excellent, with 4.5 out of 5 stars. Sagicor is also rated on Yelp, with just 2 out of 5 stars after four customer reviews. Reviews state lengthy processing times to pay claims and paperwork requirements delaying payments.
Sagicor Life Insurance Frequently Asked Questions
Is Sagicor competitive?
YES. Sagicor Life Insurance ratings aren’t the lowest available, but they are consistently better than average when compared to those of the top insurers. In addition, Sagicor applicants may qualify for more coverage (up to $1,000,000 – see age restrictions) without a medical exam and pay significantly lower premiums verses a typical no exam policy
What are the non-medical age limits?
SAGICOR TERM LIFE |Issue Ages: 18 years to 45 years for face amounts of $50,000 to $1,000,000 – Issue Ages: 46 years to 55 years for face amount of $50,000 to $750,000 – Issue Ages: 56 years to 65 years for face amounts of $50,000 to $500,00| SAGICOR WHOLE LIFE | Available for face amounts of $25,000 to $250,000 for ages 16 years to 65 years
Will I need a medical exam?
Yes & No. A medical may be required for some applicants and for others it may not. It will depend on the your answers on the the application platform.
Can I still get coverage even if I’ve has some health problems?
Possible. Every customer is underwritten individually and receives a price based on many factors – (medical history, current health, age, and gender). It is possible to be denied coverage due to health issues.
What exclusions does the policy have?
A death claim will not be paid by the company if death occurs due to suicide during the first 2 years of coverage. Claims can also be denied during the first 2 years of coverage if you commit fraud or material misrepresentation when you applied for the policy.
Will applying for Sagicor Life Insurance hurt my credit score?
No. Insurers look at the data behind your credit score – timeliness of payments or if you’ve filed for bankruptcy – but not your credit score itself. The request for this data is only a soft credit inquiry and doesn’t impact your credit.
Does Sagicor Life have good customer service?
YES. Their website portal is very efficient in handling the life insurance application / underwriting process. They also have a customer service team of agents that give excellent and professional advice.
Are there any customer complaints about Sagicor?
YES & NO. If you fit their profile and get approved for the coverage, it will be an easy buying experience. You will be happy and have no complaints. If you are rejected, you will not be happy. This in turn will generate some complaints.
Is the Sagicor website good, safe and reliable to use when buying life insurance?
YES. The Sagicor platform appears to be safe and secure. However, caution should be taken before entering your personal information on Sagicor’s or any website.
What happens when I turn 85 years old?
Your coverage will expire if you have Sagicor term insurance. If you have Sagicor whole life insurance, it will remain in force and the premium will remain guaranteed.
What is life expectancy?
Life expectancy is the statistical expectation of how long someone will live at birth based on a number of factors such as socioeconomics, demographic, geographic, thermographic, stenographic, idiographic, and historiographics.
The Bottom Line
For over a century, Sagicor Life Insurance Company has been helping people plan their estates by offering term, whole, and universal life insurance. Healthy applicants may qualify for no medical exam life insurance while others will have to complete the underwriting process to see if they qualify. Rates are based on your age, health, product type, and coverage amount, and can be competitive compared to top insurers.
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