Sagicor Life Insurance Review

While Sagicor LIFE USA wasn’t officially formed until 2002, its history dates back much further to 1840 in the Caribbean. Originally starting as just a local life insurance agency, today Sagicor considers itself a financial services group and has even dealt in international financial services markets.

Sagicor stresses the idea of social investment and sees that as the path towards wealth creation and protection. The way that Sagicor pledges to do this is through “wise judgment”, featuring local expertise, sound risk management, and partnerships with world-class asset managers and reinsurers.

Stats

A.M. Best RatingA-
B.B.B. RatingA+
PolicyZip RatingA+
Founded2002
HeadquartersBarbados
Number of EmployeesN/A
Total Assets$5.78 Billion

Types of Plans

Limited Underwriting Plans

For some qualified applicants, Sagicor offers a plan with limited or even no underwriting. These plans are usually for those who have an exceptional rating and are usually denied to those with severe ailments.  They call it “Accelewriting” which allows you to apply for life insurance in person or on the phone.  The e-appplication and electronic signature ensures the policy is submitted in good order and eliminates mistakes.  Once the complete application is submitted, the accelewriting system reviews the online medical and prescription drug database to give you a decision in as little as 2 minutes.   This is an amazing way to save time applying for life insurance with an A- Rated company.

Sagicor 175 Endowment Plan

This plan, honoring Sagicor’s 175-year legacy, couples a life insurance policy with an investment plan. On top of taking care of expenses for your family following your passing, this plan also helps to ensure that your family has a secure financial future. The product lasts 25 years, during which it accumulates cash value, and you are entitled to a lump sum payment once the policy reaches maturity.

Sagicor Life Solutions

Sagicor Life Solutions is a plan that combines both traditional term life insurance with a Sagicor Life Protector Plan. The additional Life Protector coverage is meant to protect you in the event that you encounter a critical illness during your coverage.  Sagicor is a great example of life insurance company evolving their plans to offer living benefits to their policy holders.

Sagicor on Ailments

Hypertension does not necessarily disqualify a person from getting a standard or even preferred plan with Sagicor, but it often goes hand in hand with high cholesterol and obesity. Sagicor looks specifically at your build and wants to ensure that your lipid levels are controlled. The type(s) of medication you are taking to control your hypertension can also greatly influence your rating. Keep in mind that almost 50% of applicants have some degree of hypertension, so many other factors will determine your rating.

Blood Clots can be an issue for some when obtaining a life insurance policy, but certainly not all. For Sagicor, the longer you have lived with blood clots, the better rating you will receive in most cases. The type of medication being used to treat your blood clots and the effectiveness of this medication will also be a major factor. Ultimately, if an individual has had their blood clots well-controlled for an extended period of time, they shouldn’t have an issue getting a standard rating.

Arthritis is treated very differently by Sagicor depending on whether it’s mild arthritis (osteoarthritis) or severe arthritis (rheumatoid arthritis). If it is mild and controlled with an over the counter medicine like ibuprofen, then there should be no issue getting a preferred plan. However, rheumatoid arthritis that is being treated with steroids may lead to you paying double or even triple the rates you would normally pay.  This is a prime example of the type of condition where having as many details as possible upfront will certainly impact how quickly you are approved for life insurance.

Depression and Anxiety often come along with many other conditions, so it is often times hard to judge the effect of one of these conditions on your rates. For Sagicor, the medications you are taking will influence your rating greatly. For example, minor anxiety or depression treated with medications like Paxil, Prozac, or Xanax can still earn you a standard rating (or even preferred in some cases). In more severe cases, such as schizophrenia or bipolar disorder, you will most likely pay inflated rates if you are offered a plan at all.

Why You Should Choose Sagicor

Getting a Sagicor life insurance policy is simple when compared to the traditional methods you may be used to.  By traditional methods, we’re referring to life insurance policies that require full medical exams (paramedical exams) and lack living benefits.  One great reason to choose Sagicor Life are the non-medical underwriting which allows you to get life insurance decision in as little as 2 minutes without ever having to see your agent face-to-face or complete a paramed exam (which often take weeks to complete).   Another reason to choose Sagicor is for their no cost accelerated benefits (Living Benefits).  Sagicor life offers the following living benefits at no cost.

  • Terminal Condition Rider allows you to access up to 50% of your death benefit up to $300,000 in you are diagnosed in writing by your physician. This means that should you become diagnosed as terminally ill, you will be able to access a portion of your life insurance death benefit while you are still living.  This money can be used for medical care, lasting memories with your family, or whatever else you choose.
  • Nursing Home Confinement rider will pay up to $5,000 / month when the proposed insured is confined to a nursing facility and expected to remain confined until death. This benefit is payable over 5 year period.

These 2 living benefits are included at no extra cost and an amazing benefit for Sagicor life policy-holders.  If the riders are used, they will reduce the approved death benefit.  By having access to these riders, the policy-holder is better protected from financial hardship.

Between the non-medical, quick approval and no cost living benefits, Sagicor life is an excellent choice for anyone looking to buy life insurance.

Why You Shouldn’t Choose Sagicor

Sagicor isn’t the most competitive for individuals who have pre-existing conditions and are applying for the non-medical products (Accelewriting).  Individuals with pre-existing conditions such as diabetes may be better suited applying for fully underwritten life insurance as the predictive underwriting doesn’t allow for a comprehensive review of a condition.  It’s important to address as many details as possible before applying for life insurance to ensure your policy is approved as applied.

How Much Coverage Should I Apply For?

When applying for life insurance it’s important to understand how life insurance companies determine your eligibility.  It all starts with income, but as we all know, there are other elements that can create an insurable interest.  For example, when shopping for life insurance you need to take into consideration mortgage amount, student loan debt, credit card debt and income replacement.  Based on an analysis of this information you can get a better idea of how much life insurance you should apply for.  If this amount is less than $500,000, Sagicor’s term or no lapse universal life (NLUL) would be great options as the rates are very competitive and the approval can be as quick as 2 minutes.   This is often highly appealing to individuals who are seeking a quick solution to follow suit with their busy lives.  Sagicor non-medical is also an excellent solution for that scenario.

Sagicor vs. Their Competitors

As previously mentioned, Sagicor is an excellent choice for those individuals wanting to get their life insurance in place quickly so they can continue on with their busy life.  Due to the fact they offer up to $500,000 with no medical exam and complete electronic application, they are highly appealing.  If you tried to get $500,000 with a company such as Guardian or New York Life you would be forced to complete a full medical exam (paramed exam) which in many cases could take up to 8 weeks for approval.  Sagicor is leading the charge in the life insurance industry by offering such high non-medical limits ($500,000 life insurance with no medical exam) and quick approvals in as little as 2 minutes (accelewriting).

Shopping for term life insurance can be very tough because there are a lot of competitive options that are close in price and financial rating.  Having access to quick issue and no cost living benefits are definitely differentiating reasons why people choose Sagicor life.

Resources

Sagicor Learning Center

Sagicor News Room