Sagicor Life Insurance Review

Accelerated underwriting with simple, straightforward coverage

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Sagicor Life

Sagicor Life

Our Take

Sagicor Life Insurance Company is known for great customer service and financial strength with an easy underwriting process, but coverage is more limited than other providers.

  • Pros and Cons
  • Key Takeaways
  • Company Overview
Pros and Cons
  • Accelerated underwriting

  • Available outside the U.S.

  • Excellent ratings

  • Limited insurance policies

  • May still require an exam

  • Only 45 U.S. states

Key Takeaways
  • 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 Latin America and 22 countries in the Caribbean.  
  • Whole, term, universal, 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.
Company Overview

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 the U.S., Latin America, and 22 countries within the Caribbean. In the U.S., it is licensed in 45 states and the District of Columbia.

  • Year Founded 1954
  • Kinds of Plans Term, whole, universal, indexed universal life insurance
  • Number of Plans 5
  • Payment Plan Options Annually, semi-annually, quarterly, monthly
  • Customer Service Phone: 888-724-4267; Email
  • Official Website

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 also available in Latin America and 22 Caribbean countries.
  • Excellent ratings: Since 1991, Sagicor has maintained an A- (Excellent) score from AM Best with excellent NAIC customer satisfaction scores.  

Cons Explained

  • Limited insurance policies: Sagicor only offers term life insurance with a maximum of 20 years instead of the 30 years typically seen with other providers.
  • 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 four types of insurance: term, whole, universal, and indexed universal life insurance.

Term Life

Term life insurance is a type of life insurance that you can buy for temporary coverage. It has an expiration date, although many policies allow you to convert your policy to permanent coverage before your policy expires.

Sage Term Life Insurance

Sagicor offers one term insurance policy - Sage Term Life Insurance. Policies are available in terms of 10, 15, or 20 years with a level death benefit until the age of 95.

The amount of coverage you can buy depends on your age at the time of issue.

Sage Term Life Coverage
Issue Ages Accelewriting Coverage Amount  Fully Underwritten Coverage Amount 
18 years-45 years $50,000-$1,000,000  $1,000,001+
46 years-55 years  $50,000-$750,000  $750,001+ 
56 years-65 years  $50,000-$500,000  $500,001+ 
66 years-75 years  N/A $50,000+

Because coverage is temporary, premiums tend to be more affordable than permanent coverage. There are also guaranteed level premiums, which means that the cost of your premiums will not increase over the life of your policy. 

Whole Life

For those looking for more permanent coverage, Sagicor offers two plans for whole life insurance

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. 

Peace Assured Final Expense Whole Life

For those concerned about final expenses, like funeral and burial costs, Sagicor offers its Peace Assured Final Expense Whole Life policy that delivers a cash payout within days of your passing. As long as you pay your premiums, your coverage and rates will remain unchanged for the life of your policy.

Depending on your final wishes, you can choose as much protection as you need, with coverage available from $5,000 to $50,000 for policyholders between 45 and 85 years. Rates begin at $15 per month with an easy online application and no medical exam required. 

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. 

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. 

Policies link to market indices using the Bonus Strategies Each Bonus Strategy, tracking either the S&P 500® Index or a combination of the S&P 500® Index, EURO STOXX® Index, and Hang Seng® Index over a 12-month, point-to-point basis. 

Indexed Universal Life

Indexed universal life insurance is a type of permanent coverage that blends the benefits of term insurance. Plans feature adjustable premiums with the ability to earn cash value through market participation. 

Sagicor has one indexed universal policy, its Sage indexed Universal Life policy.

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 with built-in tax protections. 

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.

Coverage depends on your age when you purchase your policy.

Sage Indexed Universal Life Coverage
Issue Ages Juvenile  Accelewriting Coverage Amount  Fully Underwritten Coverage Amount 
15 days-17 years $50,000-$99,999 N/A
18 years-50 years  N/A $100,000-$1,000,000  $1,000,001+
51 years-65 years  N/A $100,000-$500,000  $500,001+ 
66 years-85 years  (70 in California)  N/A  N/A  $100,000+

Ultimately, it is important to check with Sagicor Life Insurance Company or contact a licensed insurance agent to ensure coverage and availability for your area. 

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.

Guaranteed Insurability Option (GIO) Rider

The Guaranteed Insurability Option (GIO) Rider ensures that you will be able to purchase future coverage without having to show proof of insurability. This means no medical exams when you upgrade coverage during eligible terms.

Waiver of Monthly Deductions Rider

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 
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 
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. Customer satisfaction has improved in 2019 and 2020, with 0.08 and 0.00 scores, respectively. In 2019, the company did not receive a single customer complaint. 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. Since 1999, it has maintained an A- (Excellent) rating from AM Best for financial strength.

As is the case with smaller providers, it is not rated in J.D. Power customer satisfaction surveys, including the J.D. Power 2020 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.


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. The price of its policies varies, with sample pricing provided for its Peace Assure policy.

Peace Assured Sample Pricing
Type of Coverage Needed Suggested Coverage  Starting Price 
Simple cremation or direct burial $5,000-$10,000 $15/month
Full-service funeral  (visitation, formal service, and burial)  $15,000-$20,000  $35/month 
Final expenses and legacy for heirs  $25,000-$50,000  $55/month 

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. 


To measure Sagicor Life Insurance Company against the rest of the insurance industry, we compared it to New York Life. As the largest insurance provider 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. With lower dividends, Sagicor has half the plans available for life insurance. Although it ranks slightly better in customer satisfaction, New York Life has greater financial strength. 

Overall, New York Life beats Sagicor Life for life insurance coverage. 

  Sagicor Life New York Life 
Market Share 0.36% Largest in U.S., 6.75%
Number of Plans 10 
Dividends for 2020  $602.5 million  $2.3 billion 
Wellness Program Discounts/Quit Smoking Incentives  Yes  Not applicable 
Service Method  Agents  Agents 
AM Best Rating  A- (Excellent)  A++ (Superior) 
Price Rank  Varies Better than most 
Complaints Trend  0.08 Excellent 0.15 Excellent
Final Verdict

Sagicor Life Insurance Company is available in most U.S. states for whole, term, universal, 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. 

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. NAIC. “CIS Refined Results.” Accessed September 23, 2021.