Sagicor Life insurance is committed to providing customers with a fully-online experience. You don’t have to buy through life insurance agents, and you can be approved for a policy in twenty minutes. They do have agents, but you don’t have to use them.
Sagicor Life Insurance has been in business since 1954. In 2005, they joined Sagicor Financial Corporation, which originated in 1840 and serves 22 countries. Sagicor means “wise judgement” and the company says this reflects the financial advice and products they offer.
They originated in Texas as the American Founders Life Insurance Company. Today, they have assets totaling $1.9 billion dollars with over 110,000 policies in force.
- Pros and Cons of Sagicor Life Insurance
- Products Offered by Sagicor Life Insurance: 70/100
- Financial Strength Rating of Sagicor Life Insurance: 80/100
- Customer Satisfaction Rating of Sagicor Life Insurance: 90/100
- Consumer Complaints Rating of Sagicor Life Insurance: 100/100
- Digital Experience Rating of Sagicor Life Insurance: 100/100
Pros and Cons of Sagicor Life Insurance
|– Easy online quoting for both term and whole life insurance|
– No medical exams
– Online approval in minutes
– $25 donation to the charity of your choice when you purchase a policy
– Competitive rates
|– Not available in all states|
– Term insurance is only available up to 20 years
Products Offered by Sagicor Life Insurance
Sagicor Life Insurance offers term life, whole life insurance, and permanent life insurance.
Term life insurance is available in terms of 10, 15, and 20 years. You can get up to $1,000,000 in insurance. If you want to skip a medical exam entirely, you can get up to $500,000 as long as you’re in reasonably good health and younger than 66.
Rates are very competitive. For a 30-year old male in superb health requesting $250,000 worth of insurance, we got this quote.
You can apply for term life insurance up to age 75, and you can renew a term policy you already have up until age 95. You can also convert any term policy to whole life insurance.
Whole life insurance: Sagicor offers whole life insurance policies instantly for up to $250,000. A whole life insurance policy lasts the rest of your life and builds cash value you can borrow against. It’s usually an expensive policy, but rates at Sagicor may make it affordable for those who are young and healthy. Cash value is tax-deferred, and coverage is guaranteed, as long as you continue to pay your premiums.
>>MORE: Why is Whole Life Insurance Not Worth It? And Is Whole Life Insurance a Good Investment?
Permanent life insurance: Sagicor offers the following:
- No lapse Universal Life. Learn more about universal life insurance
- Indexed Universal Life. Learn more about indexed universal life insurance and if it is good for retirement planning
- Wealthcare Indexed Single Premium Universal Life. Learn more about single premium life insurance
>>MORE: Case Studies of Universal Life Insurance
All of these policies (including whole life) feature “Accelewriting” which is Sagicor’s term for expedited underwriting. If you qualify, they can grant you a policy with no medical exam, no bodily fluids drawn, no attending physician statement and no phone interview required.
Peace Assured is Sagicor’s name for final expense insurance. However, they are not accepting any new Peace Assured policies at this time, according to the website. It’s unclear if they will be offering this policy again in the future.
All policies come with a free accelerated benefit rider. Other riders available are:
- Accidental death benefit. Learn more about accidental death life insurance
- Children’s term rider. Learn more about life insurance for children
- Waiver of premium rider
When purchase a policy, you have the opportunity to select from four charities and Sagicor will donate $25 to the one you choose. This is a nice and somewhat unique benefit.
Keep in mind that Sagicor is not available in Alaska, Connecticut, Maine, New York, or Vermont. If you live in one of those states, you’ll have to continue shopping for a life insurance company.
Financial Strength Rating of Sagicor Life Insurance
Financial strength reflects a company’s ability to pay claims and meet its financial obligations. A.M. Best gives Sagicor an A- rating, which is Excellent. They also foresee a stable outlook which is great news if you’re considering a long-term insurance policy.
Customer Satisfaction Rating of Sagicor Life Insurance
Sagicor does not appear on J.D. Power’s insurance study, so we will have to consider other sources.
The BBB gives Sagicor an A+ rating. Sagicor is accredited by the BBB, which is a plus. There are only three customer reviews, and one complaint on the BBB’s website. The details of the complaint are unavailable, but one complaint statistically insignificant.
On Trustpilot, Sagicor has over 200 reviews and 85% of them are four or five-star reviews. Many of the reviews praise how quick and easy the process was, and remark on the great customer service they received.
Consumer Complaints Rating of Sagicor Life Insurance
The NAIC calculates a complaint ratio for every insurance company. The median average score is 1.0, meaning a company received an average amount of complaints. Sagicor has a ratio of 0.0, which means they didn’t receive any complaints at all.
Digital Experience Rating of Sagicor Life Insurance
As you might have already guessed, Sagicor prides themselves on the ease of their online application. You can receive a quote, apply for a policy and be accepted in minutes. You don’t have to have a medical exam, see a doctor, or have someone come to your house. You can also receive the policy instantly. You can get up to $500,000 in term life or $250,000 in whole life insurance with this process.
There are health questions, and not everyone will qualify for Accelewriting, but it does make applying for insurance a breeze if you do.
They do have life insurance agents in case you have questions or really like working with agents. Some policies will benefit from working with an agent, such as indexed universal life. They also have an online chat bot.
You can also pay your bill online, or have it deducted automatically from a checking or savings account.
To file a claim, you can contact them by phone, email or fax.
There is no mobile app, but you can find Sagicor on all manner of social media.
Sagicor makes it easy to get an insurance policy online. It’s possible to be approved for a policy in less than twenty minutes. Of course, not everyone will qualify and Sagicor is not available in every state. But it’s so easy to get a quote, that if you live in a state Sagicor serves, you might as well get a quote to see how they compare.
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