Sagicor Life Insurance Review

By - November 12, 2024
sagicor life insurance

Are you considering a life insurance policy from Sagicor Life Insurance Company?

We provide you with everything you need to evaluate this life insurance company.

Table of Contents

Will Sagicor Be There When You Need Them?

Sagicor started in 1954 as the American Founders Life Insurance Company.

Over the years American Founders was bought and sold and was part of the 1980 Lincoln Savings & Loan meltdown.

In 2005, Sagicor Financial acquired American Founders and renamed it Sagicor Life Insurance Company.

A lot of the best life insurance companies have been playing catch-up to this company when it comes to accelerated policies.

Financial Strength

  • AM Best – “A-“
  • S&P – BB+ (parent company rating)

AM best rating as of 09-2020 and subject to change.

With $7+ billion in life insurance inforce and over 111,000 policies, Sagicor is a small but growing company.

How Easy is it to Get a Policy with Sagicor?

It’s pretty easy to get a life insurance policy with Sagicor.

Sagicor’s accelerated underwriting process is called Accelewriting.

They make it fast and easy to obtain a policy if you meet the following criteria:

  • Face Amounts from $50,000 – $1,000,000
  • Ages 18-65
    • 18-45 up to $1,000,000
    • 46-55 up to $750,000
    • 56-65 up to $500,000 (not with 20 year term-tobacco)
  • Risk Classes Available – Preferred Plus – Standard
  • High-Risk classes referred to underwriting

The Accelewriting process involves an e-application to provide decisions in minutes for many cases.

Telephone interviews, paramed exams, labs, or medical records are not required to be approved.

Are Sagicor Policies Competitive?

Sagicor life insurance policies are competitive with accelerated underwriting.

The conversion privilege is very competitive too.

Sage Term life insurance offers the following:

  • Minimum Face Amount – $50,000
  • Term Lengths Available – 10, 15, and 20-year terms
    • 10-year term – Ages 18-75
    • 15-year term – Ages 18-70
    • 20-year term – Agest 18-65 (age 55 for tobacco)
  • Conversion is available anytime prior to age 70

Life Insurance Riders

A number of riders are available including:

Accelerated Benefit Insurance Rider – This no-cost rider advances a portion of the death benefit for:

Terminal Illness – If diagnosed with less than 12 months to live, a portion of the death benefit may be advanced to you now.

The minimum is $25,000 and the maximum is the lesser of $300,000 or 50% of the total death benefit.

Nursing Home Confinement – If the insured is confined to a nursing home and expected to be there until death.

A monthly benefit ranging from $250 to $5,000 over a 5 year period of time.

Accidental Death Benefit Rider – Additional cost rider – provides an additional benefit in the event of death by a qualifying accident.

  • Issue Ages – 18-60
  • Terminates at age 70
  • Minimum Amount – $50,000
  • Maximum Amount – Lesser of face amount or $250,000

Children’s Term Rider – Additional cost rider – Provides level term insurance for eligible children.

  • Issue Ages – 15 days to 19 years
  • Terminates at child age 25 or marriage
  • Minimum Amount – $2,000
  • Maximum Amount – $20,000
  • May be converted to a permanent insurance policy.

Waiver of Premium Rider – Additional cost rider – Waives premiums when the insured is totally disabled.

  • Issue Ages – 18-55
  • Terminates at age 60

The Sagicor policies have a number of options available that are worth considering when buying life insurance.

Permanent Life Insurance from Sagicor

Sagicor offers universal life insurance and whole life insurance policies.

WealthCare Indexed Single Premium Universal Life insurance – This single premium policy gives you the ability to transfer wealth to loved ones or charities.

Highlights include:

  • Issue ages 18-85
  • Minimum premium – $5,000
  • Maximum premium – None
  • Multiple interest crediting options
  • Lifetime guaranteed protection
  • Accelerated underwriting available
  • Accelerated death benefit rider
  • Return of premium rider

Options and riders may vary by age, state and other factors.

Fixed Indexed Single Premium Whole Life – A single premium whole life policy.

  • Issue ages 18-85
  • Minimum premium – $5,000
  • Accelerated Benefit Insurance Rider
  • Guaranteed Return of Premium
  • Multiple interest crediting options

Policy riders and features may vary by state and may not be available to all insureds.

Does Sagicor Offer Good Customer Service?

You may call Sagicor customer service at 888-724-4267

You may view policy details online – here

Sagicor’s home office is located at 8660 E. Hartford Drive – Scottsdale, Arizona 85255

Conclusion

It’s definitely worth considering Sagicor for your life insurance needs.

When you receive quotes from us, we’ll provide you with comparisons of the companies available so you may choose which life insurer is best for you. Thank you.

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