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Sagicor Life
Our Take
Sagicor Life Insurance Company is known for solid financial strength with an easy underwriting process, but coverage is more limited than other providers.
- Pros and Cons
- Key Takeaways
- Company Overview
Accelerated underwriting
Available outside the U.S.
Excellent ratings
Limited insurance policies
Some policies may be fully underwritten with an exam
Only 45 U.S. states
- Sagicor Life Insurance Company is a subsidiary of Sagicor Financial Corporation, a Barbados financial group established in 1840.
- Sagicor life insurance is available in 45 states and the District of Columbia, as well as 22 countries, mainly in the Caribbean and Latin America.
- Whole and indexed universal life insurance are available with coverage amounts depending on age at issue.
- Sagicor’s proprietary Accelewriting® process uses an easy, automated process to approve your online application without medical exams or health questionnaires.
Established in 1840, Sagicor Life Insurance Company has its roots in Bridgetown, Barbados. Then, it was known as the Barbados Mutual Life Assurance Society, an indigenous group, until the company’s 2002 demutualization. When the company went public, Sagicor Financial Corporation was formed as a subsidiary of Sagicor. Based in the Caribbean, Sagicor has two companies: Sagicor Life Insurance Company and Sagicor Financial Company Limited.
Geographical Restrictions
Sagicor life insurance is available in 22 countries including the U.S. and many countries in Latin America and the Caribbean. In the U.S., it is licensed in 45 states and the District of Columbia.
- Year Founded 1840 (Parent company), 1954 (U.S. life insurance)
- Kinds of Plans Whole, universal, indexed universal life insurance
- Number of Plans 3
- Payment Plan Options Annually, semi-annually, quarterly, monthly
- Customer Service Phone: 888-724-4267; Email clientservices@sagicorlifeusa.com
- Official Website www.sagicor.com/en-US
Sagicor Life
Sagicor is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.
Pros Explained
- Accelerated underwriting: Sagicor’s Accelewriting® system includes an easy online application that bypasses medical requirements for eligible applicants.
- Available outside the U.S.: Sagicor Life Insurance Company is available in 22 countries including many in Latin America and the Caribbean.
- Excellent ratings: Sagicor has an A- (Excellent) rating from AM Best for financial strength and an excellent, low NAIC complaint index.
Cons Explained
- Limited insurance policies: Sagicor only offers whole life and two types of indexed universal life. This is a very limited selection compared to other competitors. Term life options will be missed by many.
- Only 45 U.S. states: Sagicor is not available in all states, so you will need to check with your insurance agent to confirm coverage is available in your area.
- May still require an exam: Not all policies qualify for Sagicor’s Accelewriting® process, requiring instead full underwriting with a medical exam or health questionnaire.
Available Plans
Sagicor Life Insurance Company offers two types of life insurance: whole and indexed universal life insurance. For indexed universal life, there are two options.
Whole Life
Below is Sagicor's whole life insurance offering.
Sage Whole Life
Sagicor offers whole life insurance as a form of permanent coverage that never expires and will remain in place as long as you pay your premiums. Its policy, Sage Whole Life, has level premiums, so they stay the same throughout the life of your policy as you accumulate cash value over time.
Coverage depends on your age.
| Sage Whole Life Coverage | ||
|---|---|---|
| Issue Ages | Accelewriting Coverage Amount | Fully Underwritten Coverage Amount |
| 18 years-65 years | $25,000-$250,000 | N/A |
| 66 years-85 years | N/A | $25,000-$250,000 |
Sagicor guarantees the face amount of your policy, and you may take a loan from your policy’s cash value in the event of an emergency.
Universal Life
Universal life is a form of permanent life insurance that accumulates cash value you can borrow against in the future. Flexible premiums and adjustable coverage are the hallmarks of this life insurance type.
Sage's universal life options are a type of universal life known as indexed universal life. Indexed universal life insurance is a type of permanent coverage that allows you to grow your cash value, via stock market indexes.
Sagicor’s WealthCare Indexed Single Premium Universal Life
If you are looking for something with greater growth potential, Sagicor’s WealthCare Indexed Single Premium Universal Life policy could be a fit. With growth based on market performance, policies include downside protection to minimize risk.
Sage Indexed Universal Life
The Sage Indexed Universal Life policy has the reassurance of an immediate death benefit combined with cash growth through index-linked crediting strategies. Downside market protection prevents extreme losses. Additionally, universal life policies come with inherent tax advantages for passing wealth to your heirs.
The Sage Indexed Universal Life policy has two death benefit options: a level death benefit and an increasing death benefit. As your account gains cash value, you can access those funds as needed through loans and withdrawals.
There are three crediting strategies that you can select or mix and match based on your needs:
- Declared Rate Bonus Strategy: This is a fixed rate that is guaranteed for one year with a 1% guaranteed minimum declared rate.
- S&P 500 Index Bonus Strategy: This uses S&P 500 Index market performance with first-year point-to-point term, a 1% guaranteed minimum declared rate, and a guaranteed credit of no less than 0% for negative market performance.
- Global Multi-Index Bonus Strategy: This combines three indices with a guaranteed minimum participation rate of 10% and credit of no less than 0% for negative market performance. Indices are weighted according to the following:
- 50% S&P 500 Index
- 30% EURO STOXX Index
- 20% Hang Sang Index
All strategies include a potential credited Interest Bonus of 0.75% beginning in the 11th policy year. You have the option to switch strategies as often as once a year.
Available Riders
Sometimes, a policy may not include everything you need. This is where life insurance riders can help. These are additional types of coverage that you can purchase to personalize and perfect your life insurance coverage for your family’s needs.
Sagicor offers several life insurance riders for your policy.
All Sagicor life insurance policies include the Accelerated Benefit Insurance Rider at no additional cost.
Accelerated Benefit Insurance Rider
The Accelerated Benefit Insurance Rider is an inherent rider, meaning that it comes with every Sagicor policy at no additional cost. If you experience a terminal condition, this rider allows you to access a portion of your policy’s death benefit to pay for the added medical expenses. The benefit is either $250,000 or your policy’s face amount minus $5,000, whichever option is less.
Accelerated Death Benefit Rider
If the insured dies from an eligible accident, this rider pays an additional death benefit.
Children’s Term Rider
When you have a term life insurance policy, you can purchase additional coverage for your children with the Children’s Term Rider. It is eligible for children between the ages of 15 days and 19 years, with coverage lasting until age 25 or marriage, whichever comes first. When coverage expires, there is the option to convert coverage to permanent coverage that is up to five times the amount of the original policy.
If there is a total disability, the Waiver of Monthly Deductions Rider will waive monthly deductions for your premiums and any riders.
Waiver of Premium Rider
The Waiver of Premium Rider will waive premiums when there is a total disability.
Customer Service
Sagicor Life Insurance Company makes it easy to contact customer service. The Client Services department is available via phone and email with a separate claims department for claims support.
You can also fill out the online form to have a representative contact you.
| Type of contact | Contact details |
|---|---|
| Home office | Sagicor Life Insurance Company 8660 E. Hartford Drive, Suite 200 Scottsdale, AZ 85255 |
| Corporate office | Sagicor Life Insurance Company 4010 W. Boy Scout Blvd. Suite 800 Tampa, FL 33607 |
| Client Services | |
|---|---|
| Mailing address | Client Services PO BOX 52121 Phoenix, AZ 85072-2121 |
| Phone | 888-724-4267 |
| Fax | 480-425-5139 |
| clientservices@sagicorlifeusa.com | |
| Claims Department | |
|---|---|
| Mailing address | Sagicor Life Insurance Company Attn: Claims Department 8660 E. Hartford Dr. Suite 200 Scottsdale, AZ 85255 |
| Phone | 888-724-4267 ext. 4630 |
| claims@sagiorlifeusa.com | |
| Fax | 480-425-5128 |
Complaint Index
The National Association of Insurance Commissioners (NAIC) tracks customer complaints about insurance providers and assigns a score based on a 1.00 industry average. The lower the score, the better.
Sagicor consistently rates better than average. The company received just two complaints in 2021 for an index of 0.10. These scores denote reliable customer support with high customer satisfaction.
Third-Party Ratings
Sagicor Life Insurance Company is a company that consistently scores high for financial strength and reliability. It has an A- (Excellent) financial strength rating from AM Best.
As is the case with smaller providers, it is not rated in J.D. Power customer satisfaction surveys, including the J.D. Power 2021 U.S. Life Insurance Study or the J.D. Power 2021 U.S. Insurance Digital Experience Study.
Cancellation Policy
There is a free look period that applies when you purchase a new life insurance policy. This typically lasts from 14 to 30 days, but your insurance agent can advise on an exact timeline for your Sagicor life insurance policy. If you cancel your policy during this time, you can receive a refund of premiums paid, minus any applicable fees.
If you decide to cancel your Sagicor life insurance policy after the free look period, there is an Application for Surrender that you can complete and submit to terminate your policy. Sagicor will then issue payment via check for the net cash surrender value.
Price
The age and amount for coverage depend on the policy you choose with two kinds of underwriting policies for every plan.
Unique to Sagicor is its Accelewriting® process. It is an automated online system that you can use to receive a decision on your life insurance eApplication in just minutes. There is no longer any need for in-person or phone screenings, nor are there any medical exams or appointments, saving you time. There is also an easy online Document Upload Center to expedite the process, and Accelewriting® policies arrive via eDelivery.
Try Sagicor’s Accelewriting® online system for an automated decision for your policy without any medical exams.
If you do not qualify for Accelewriting® or wish to purchase additional coverage, the fully underwritten process will likely mandate the traditional requirements of a life insurance policy, such as a medical exam or questionnaire. There are both tobacco and non-tobacco classes for all ages.
Based on your application and underwriting process, Sagicor will assign your policy a price.
In addition to the coverage you choose, other factors impact the cost of your life insurance policy. Your age, where you live, and your medical history are all major determinants of cost. Another factor is gender, with most companies calculating premiums based not on gender identity but rather, sex at birth.
For the most current rates for your needs, contact a licensed insurance agent or complete the online eApplication.
Competition
To measure Sagicor Life Insurance Company against the rest of the insurance industry, we compared it to New York Life. As the number four provider of life insurance and annuities in the U.S., New York Life is also one of our picks for the best life insurance companies.
Sagicor is significantly smaller in size, with just a tiny part of New York Life’s total market share. Sagicor doesn't appear to offer dividends and New York Life has a long history of dividends. Sagicor has fewer plans available for life insurance and less types. New York Life has greater financial strength. While Sagicor has a slightly better complaint index with the NAIC, New York Life's is low as well at just 0.25.
Overall, New York Life beats Sagicor Life for life insurance coverage.
| Sagicor Life | New York Life | |
|---|---|---|
| Market Share | Very small | 5.1% (4th largest) |
| Number of Plans | 3 | 9 |
| Dividends for policyholders | N/A | $1.9 billion (2022) |
| Wellness Program Discounts/Quit Smoking Incentives | Yes | Not applicable |
| Service Method | Agents | Agents |
| AM Best Rating | A- (Excellent) | A++ (Superior) |
| Price Rank | Varies | Varies |
| NAIC Complaint Index | 0.10 Excellent | 0.25 Excellent |
Sagicor Life Insurance Company is available in most U.S. states for whole and indexed universal insurance plans. With accelerated underwriting, it is simple to sign up for coverage as long as you fit within the specific requirements for issue.
Our Methodology: How We Review Life Insurance Carriers
At Investopedia, we use our proven Life Insurance Review Methodology to evaluate today’s leading life insurance providers. Using a specific set of factors, we review and analyze the market’s most current data to form an overall portrait of each provider. We rate providers in areas like coverage, rider selection, price, underwriting, and customer support. We also look to leading ratings providers like AM Best for financial strength and J.D. Power for customer satisfaction. Based on these factors and more, we present a comprehensive review of today’s life insurance market for you and your family’s financial needs.