Sagicor Life Insurance Review

Same day, hassle-free life insurance coverage but limited options

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Sagicor Life

Sagicor Life

Investopedia’s Rating

Our Take

Sagicor Life Insurance Company (Sagicor) makes it easy to get permanent coverage as soon as the same day thanks to its automated underwriting system. However, you’ll be limited in the types of life insurance you can get. Further, the insurer isn’t available in five U.S. states and has more complaints than are expected for a company of its size.

  • Pros and Cons
  • Company Overview
Pros and Cons
  • Same-day underwriting

  • No medical exams for up to $1M in coverage

  • Excellent financial strength rating

  • Limited policy options

  • Not available in 5 states

Company Overview

Sagicor Life Insurance Company (Sagicor) is a wholly owned subsidiary of Sagicor Financial Corporation Limited (SFC) that offers life insurance and annuities in the U.S. SFC was founded in 1840 and has operations in 22 countries. However, Sagicor Life Insurance Company (USA) was founded more recently in 1954 in Austin, Texas. It’s now fully licensed in 45 U.S. states (excluding New York, Connecticut, Alaska, Vermont, and Maine) and the District of Columbia.

  • Year Founded 1954
  • Kinds of Policies Whole life, indexed universal life
  • Payment Options E-check, credit card, debit card, electronic funds transfer (EFT), personal checks, cashier’s checks
  • Customer Service Online form, phone (tel:+1-888-724-4267), and email
  • Official Website
Sagicor Life

Sagicor Life

overall rating

Pros Explained

  • Same-day underwriting: Sagicor’s Accelewriting underwriting system can provide a decision within minutes.
  • No medical exams for up to $1M in coverage: You can get up to $250K in whole life insurance and up to $1M in indexed universal life coverage without a medical exam, phone interviews, attending physician’s statements, or providing bodily fluids. 
  • Excellent financial strength rating: The company earned an A- (Excellent) financial strength rating from AM Best.

Cons Explained

  • Limited policy options: You can’t get a term, regular universal life, or a variable universal life insurance policy in the U.S., unlike with most of the highest-rated life insurance companies.
  • Not available in 5 states: The insurer currently offers coverage in 45 states, leaving residents of New York, Connecticut, Alaska, Vermont, and Maine ineligible for coverage.

Complaint Index

Sagicor Life Insurance Company (Sagicor) has more complaints than are expected for a life insurer of its size, according to the National Association of Insurance Commissioners (NAIC) complaint index. 

If a company has an index of 1.0, its complaints are in line with what is expected. An index above 1.0 means a company has more complaints than are expected, while an index below 1.0 means it has fewer complaints than are expected. Sagicor’s NAIC complaint index averaged over three years is 0.11, meaning it’s received less complaints than expected for an insurer of its size.

Third-Party Ratings

Sagicor does well regarding its ability to meet ongoing insurance policy and contract obligations, according to AM Best’s Financial Strength Ratings (FSR). The FSR scale ranges from A++ to D and is used to give AM Best’s independent opinion on an insurer’s financial strength and creditworthiness.

Sagicor earned an A-, AM Best’s fourth-highest rating, which is assigned to agencies that have an “excellent” ability to meet their ongoing insurance obligations. Though this is indicative of an excellent ability to pay claims, most of the insurers we reviewed received an A grade or higher.

Policies Available 

Here’s a look at the life insurance policy types Sagicor currently offers. 

Whole Life Insurance

Whole life insurance is a permanent type of policy designed to provide you with a fixed amount of coverage you carry for the rest of your life. Your premium typically stays the same over time so you can get the best rates by buying insurance at a younger age. When you pass away, your beneficiary receives a death benefit. These policies have a cash value component that often earns interest each year based on a fixed rate. 

Indexed Universal Life Insurance

Indexed universal life (IUL) insurance policies are another type of permanent policy. You can keep them for life and they pay a death benefit to your chosen beneficiary. They also have a cash value component. However, the cash value in an IUL policy earns interest based on the performance of a stock market index, like the S&P 500. The cash value will not lose value based on negative performance—a minimum interest rate of 0% or 1% is usually guaranteed. 

Available Riders

Sagicor offers the following riders that you can add to your policy to expand your coverage. 

Guaranteed Insurability Rider 

A guaranteed insurability rider enables you to purchase additional permanent life insurance coverage at certain ages without showing evidence of insurability. 

Child Rider 

A child rider enables you to add term insurance coverage for your children onto your life insurance policy. When the term ends, your children can convert the policy into permanent coverage for up to five times the original coverage amount. 

Waiver of Premium 

A waiver of premium rider waives your monthly premium payments if you become totally disabled. As a result, you can keep coverage without needing to continue to make payments. 

Accidental Death Benefit

An accidental death benefit rider pays your beneficiary an additional benefit if you die due to a covered accident. 

Terminal Illness Rider

An accelerated death benefit rider (ABR) enables you to receive some or all of your policy’s death benefit if you are diagnosed with a qualifying condition. The terminal illness ABR lets you access the death benefit if you’re diagnosed with a terminal illness, such as some types of cancer.

Terminal illness riders vary by insurer but often require a diagnosis from a physician claiming you have a certain life expectancy, such as 12 or 24 months. 

Chronic Illness Rider

You can also accelerate a portion of the death benefit if you are diagnosed with a qualifying chronic illness, which typically requires that you lose the ability to perform at least two activities of daily living or develop a severe cognitive impairment. 

Customer Service

Sagicor Life offers various ways to get help if you need it. You can fill out an online form, email client services at, or call the support phone line at 1-888-724-4267 ext. 4610 or 4630 for claims. There’s also an email address,, for the claims department. However, the company doesn’t list its hours of operation or response times.

Our Methodology: How We Review Life Insurance Carriers

We designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories: financial stability, customer satisfaction, product and feature variety, the overall buying experience, and cost.

In order to do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each; we then weighted category scores to determine how companies performed overall.

To learn more, read our full Life Insurance Methodology.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. AM Best. "AM Best Assigns Credit Ratings to Sagicor Reinsurance Bermuda Ltd.; Affirms Credit Ratings of Sagicor Financial Company Ltd. and Its Other Subsidiaries."

  2. NAIC. "Sagicor Life Ins Co National Complaint Index Report."

  3. AM Best. “Guide to Best’s Financial Strength Ratings - (FSR).”