Sagicor Life Insurance Review 2023

Same-day, hassle-free life insurance coverage but with 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. But you’ll be limited in the types of life insurance you can get from this insurer. Sagicor isn’t available in five U.S. states.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & 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

Key Takeaways
  • Sagicor Life Insurance Company is a wholly owned subsidiary of Sagicor Financial Corporation Limited (SFC), which operates in 19 countries.
  • Sagicor offers no-medical-exam policies for up to $1M in coverage.
  • Sagicor Insurance Company doesn't offer term, regular universal life, or variable universal life insurance policies in the U.S.
  • It has fewer complaints than expected for a life insurer of its size.
Company Overview

Sagicor Life Insurance Company (Sagicor) is a wholly owned subsidiary of Sagicor Financial Corporation Limited (SFC). SFC was founded in 1840 and has operations in 19 countries, including several in Latin America and the Caribbean.

Sagicor Life Insurance Company was founded in 1954 in Austin, Texas. It offers life insurance and annuities in 45 U.S. states and Washington, D.C., excluding New York, Connecticut, Alaska, Vermont, and Maine. Life insurance and annuity products are sold through a network of over 9,000 independent agents nationwide, and Sagicor Financial has $10.4 billion plus in assets, including those of its subsidiary companies.

  • 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 required 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 has 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 variable universal life insurance policies in the U.S., unlike most of the highest-rated life insurance companies.
  • Not available in 5 states: The insurer 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 fewer complaints than are expected for a life insurer of its size, according to the National Association of Insurance Commissioners (NAIC) complaint index. 

A company's complaints are in line with what's expected if it has an index of 1.0. An index above 1.0 means a company has more complaints than expected. An index below 1.0 means it has fewer complaints than expected. Sagicor’s NAIC complaint index was 0.02 in 2022 based on one complaints, so it’s received fewer 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. This is indicative of an excellent ability to pay claims, but 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 offers. 

Whole Life Insurance

Whole life insurance is a permanent type of policy designed to provide you with a fixed amount of coverage you'll 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. Your beneficiary receives a death benefit when you pass away. 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. But 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 won't lose value based on negative performance.

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 lets you add term insurance coverage onto your life insurance policy for your children. Your children can convert the policy into permanent coverage when the term ends 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. You can keep coverage without continuing 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) lets you receive some or all of your policy’s death benefit if you're 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 they often require a diagnosis from a physician confirming that 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're diagnosed with a qualifying chronic illness. This 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. But the company doesn’t list its hours of operation or response times.

Final Verdict

On the plus side, Sagicor Life Insurance Company offers no-medical-exam policies for up to $1M in coverage. That's a nice perk if you're looking for that kind of ease and convenience. And its ability to pay out on those policies is strong, according to AM Best, which gives the company an A- (Excellent) financial strength rating.

We like the wide range of additional riders that can help you align your policy with your personal needs, but Sagicor doesn't offer many life insurance types. You're pretty much limited to permanent policies, and you can't buy a policy at all if you live in one of five states where Sagicor doesn't sell coverage: New York, Connecticut, Alaska, Vermont, and Maine.

Frequently Asked Questions (FAQs)

Is Sagicor a good life insurance company?

Sagicor has good ratings in two key areas: financial strength and the NAIC complaint index. This makes it stand out from many other life insurance companies, but an insurer is only "good" for you personally if it provides what you need. Sagicor's policy types are limited.

Can I withdraw money from my Sagicor Life Insurance?

Sagicor's whole life insurance policies come with a cash value component that often earns interest each year based on a fixed rate. The company's indexed universal life policies also have cash value, but it's hinged on the performance of a stock market in this case. You won't lose cash value based on poor performance, however. You're typically guaranteed at least a certain interest rate. Cash value represents your ownership interest in the policy.

How do you apply for Sagicor Life Insurance?

You can complete and submit an application form on the Sagicor website to request a quote on its insurance policies. The site provides email and live chat options to further guide you if you have questions, or you can reach out to one of the company's 9,000-plus agents. The company also provides an agent/advisor search tool on its website.

Who owns Sagicor Life Insurance?

Sagicor Life Insurance Company is a wholly owned subsidiary of Sagicor Financial Corporation Limited (SFC). But SFC states that "Sagicor Financial Company Limited is a separate entity and is not responsible for the insurer’s financial condition or contractual obligations."


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.

We collected over 5,000 data points in order to do this 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.

Read our full Life Insurance Methodology to learn more.

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.
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  2. Sagicor Life Insurance Company. "The Genesis of a Company," Page 12.

  3. Sagicor Life Insurance Company. "Company Profile," Page 1.

  4. Sagicor Life Insurance Company. "Sage Whole Life," Page 3.

  5. Sagicor Life Insurance Company. "SIUL Product Guide," Page 4.

  6. Sagicor Life Insurance Company. “Credit Ratings.”

  7. National Association of Insurance Commissioners. “Sagicor Life Ins Co National Complaint Index Report.”