Sagicor does not advertise as heavily as other competing companies do; instead, they invest the portion of that their budget that would be spent on marketing back into their company to benefit their policyholders- that means YOU.
Likewise, you might find yourself seeking information on the internet about term life insurance from Sagicor.
That’s what this Sagicor Life Insurance company review is all about.
Is Sagicor the right life insurance company for you?
Every situation is different, and everyone’s health class is unique. The absolute best advice we can give you is to reach out to our underwriting experts, especially if you have heart conditions. With the right quotes, you can confidently make the right decision for you and your family.
How do you advise people to comfortably choose an insurance company in the midst of a sea of possibilities? At last count, there are almost 900 life insurance companies in the US alone, so the task is daunting.
How do you choose the right one? How do you learn which company will enable you to have the best policy for you as an individual?
For most of us, we start with the website’s About section or the CEO’s message, because beyond great rates and comprehensive coverage, we are all looking for a connection—something that resonates.
I found that, a connection, with Sagicor.
They’re an old company with a new name. Sagicor is the combination of “sage” meaning “wise” and “cor” meaning “heart”. Wise heart—I like it, and if you think about it, that’s what most of us want from a life insurance company.
Let’s explore Sagicor, shall we?
Sagicor Company Overview
Sagicor’s headquarters is in Barbados. Here is their contact information.
Sagicor Financial Corporation
Cecil F de Caires Building
Wildey, St Michael, Barbados
Tel: (246) 467-7500
Fax: (246) 436-8829
Websites: www.sagicor.com and www.sagicorlife.com
Independent Financial Ratings for Sagicor Life
When choosing a life insurance company, it is certainly important to obtain the right type, as well as the right dollar amount, of life insurance coverage. It is equally important to choose a financially sound and strong insurance carrier. Sagicor is an excellent choice for you, because they have a strong industry reputation.
Sagicor operates in 90% or 45 of the 50 states in the U.S., and they consistently rank as one of the top life insurance firms in the United States. They also operate in 22 countries around the world, and have over $6B in assets.
The firm of A.M. Best, renowned for their reports on the financial stability of insurance carriers, consistently ranks Sagicor highly. In fact, the company is the oldest and most widely recognized of all ratings firms. Because of their exclusive insurance industry focus, those high ratings mean a great deal.
For over 50 years, Sagicor has consistently maintained an excellent (A-) rating with A.M. Best. The longevity and consistency of this rating say it all—Sagicor is a trusted and competent provider of insurance.
Sagicor Company History
The company was originally established as The Barbados Mutual Life Assurance Society in 1840. As such, it is one of the oldest insurers in the Americas. In 2002, after 162 years in business, the company demutualized its structure to become Sagicor.
In Barbados, as the British economy declined, the business founders saw a need to reduce reliance on British capital and instead establish a financial services industry on the island. Soon, they were providing mortgage financing, commercial credit, debt management and insurance services.
They made a name for themselves and became known across the colonies for their finanical services. The company expanded across the Caribbean as it changed from a British colonial cluster into independent nations.
They rebranded in 2002 to become Sagicor to better meet the economic needs of the global business world, and they have remained strong. A number of companies have evolved under the Sagicor brand, and today they run a global financial services conglomerate that includes financial services, insurance, annuities, pensions, banking, investments, wealth management, and card services.
Sagicor is a respected global brand with a very sizeable and sustainable portfolio. They credit their gifted and dedicated professional team of management and staff and their visionary CEO.
While much has changed since 1840, one thing has not—Sagicor is still focused on attaining and sustaining profitability and creating an environment that is uplifting and personally satisfying. They still operate in a spirit consistent with the fine values that started the company.
As Sagicor approaches its 200th anniversary, they continue to strive to focus for what is right for customers and shareholders.
What Does Sagicor offer for Life Insurance?
When you buy life insurance, the proceeds to your beneficiaries are tax-free to use for many different needs, so it’s important to choose a carrier that offers a wide selection of coverage options. Sagicor does just that. Allowing you to build your own custom life insurance plan as part of your overall financial portfolio, Sagicor ensures you have the best policy for you as an individual.
The company offers term life as well as permanent life insurance protection. Term options ranging from 10-20 years are available, and Sagicor will not increase your premium during that term. Permanent life insurance options include a cash value that grows over time.
These policies are tax-deferred; tax is only due on capital gains upon withdrawal of funds. They also include a death benefit protection plan.
Sagicor offers a couple of different options here:
- Fixed Indexed Universal Life – has cash value and a death benefit protection. The plan can change over time as the policy holder’s needs change.
- Sage No Lapse Universal Life – this plan offers the same death benefit protection but also offers a guaranteed fixed premium for the remainder of the policy holder’s life. The policy holder cannot change the policy, nor can Sagicor cancel it, even as the policy holder ages or incurs a medical problem.
- Sage Whole Life – this plan comes with bhot a locked premium and death benefit. The cash value grows tax-deferred and allows the policy holder to borrow money against the plan.
- Fixed Indexed Single Premium Whole Life – this is a lump sum premium plan that serves as a high growth cash value plan.
- Interest Sensitive Single Premium Whole Life – the policyholder can adjust their estate value over time and access living benefits, if needed to help with costs of a chronic illness or long-term medical care.
Sagicor is extremely competitive in price. In fact, they consistently rank first in value in nearly every policy scenario. Sagicor distinguishes itself from competitors because some of these life insurance plans do not require a medical exam, and they offer these at a very competitive price.
Certainly a life insurance policy with a medical exam is always the least expensive option, but a medical exam is not an option for all customers. That’s why Sagicor’s non-medical options are quite appealing for customers with serious health issues; it provides peace of mind that they will be able to obtain the coverage they need.
Another testament to the strength of the company is that Sagicor provides other financial products in addition to life insurance. For example, they offer retirement annuities for an ensured retirement income for life. Even better, they offer immediate or deferred annuity options.
As the name suggests, income begins immediately with the immediate annuity plan. With the deferred plan, income builds up in the account over time as a tax-deferred annuity. This option even allows for two individuals (like a married couple or siblings) to have ongoing income for life.
Sagicor Customer Service
Sagicor’s application process is electronic and most applications are approved online within minutes. You can complete it by phone and they’ll email the policy for your e-signature. Most policies are active within 48 hours.
They have an amazing automated underwriting system that makes this happen. Underwriters look at three main pieces of information: (1) a prescription medication check, a motor vehicle report, and a review of their medical information bureau (MIB). Individuals with no medication history and a good driving record for the past five years receive fast approval.
The MIB is a Sagicor database they use to prevent insurance fraud; if you’ve been declined for insurance before, the record will be in their database.
If for some reason you don’t qualify using this automated process, Sagicor will refer you to an actual underwriter, who will usually complete the review and approval process within a few days. If you’re declined, it’s usually because you have not disclosed something in one of these three areas.
There’s no higher Better Business Bureau (BBB) rating than A+, and that is the rating Sagicor has had consistently since 2009 when they first sought accreditation. BBB doesn’t endorse a company or its products, but they hold the company to a commitment to resolve consumer complaints. Amazingly, the company has only had one complaint in the last three years.
Better Business Bureau Grading Criteria
The scale at the BBB runs from A+ to F. This is what the various member companies are graded on:
- Trust: Establish and maintain a positive track record in the marketplace.
- Honesty: Adhere to established standards of advertising and selling. Honestly represent products and services, including clear and adequate disclosures of all material terms.
- Transparency: Openly identify the nature, location, and ownership of the business, and clearly disclose all policies, guarantees and procedures that bear on a customer’s decision to buy.
- Honor Promises: Abide by all written agreements and verbal representations.
- Responsiveness: Address marketplace disputes quickly, professionally, and in good faith.
- Safeguard Privacy: Protect any data collected against mishandling and fraud, collect personal information only as needed, and respect the preferences of customers regarding the use of their information.
- Integrity: Approach all business dealings, marketplace transactions and commitments with integrity.
Is Sagicor the best life insurance company for you?
In summary, there’s really no downside to choosing Sagicor as your life insurance provider. They’re an established, publicly traded, and trusted company. People worldwide rely on Sagicor for their life insurance needs.