Sagicor Life Insurance Company Review

by Jeff Rose on June 19, 2017 · 0 comments

Life insurance coverage is an essential part of most any financial plan. This is because the proceeds from life insurance – which are received income tax-free to the beneficiary – can be used for a wide variety of different needs.

sagicorWhen applying for life insurance protection, it is important to ensure that you are obtaining the right type and amount of life insurance coverage. However, equally as important is the be sure that the insurance carriers that you purchase your coverage through is strong and stable from a financial standpoint, and that the carrier has a good, positive reputation for paying out its policy holder claims. One company that is well known for doing just that is Sagicor Life Insurance Company.

The History of Sagicor Life Insurance Company

The mission of Sagicor Life Insurance Company is “To be a great company committed to improving the lives of the people in the communities in which we operate.” This company has essentially be in the life insurance business since 1840.

In its beginning, the company was known as The Barbados Mutual Life Assurance Society. It quickly spread its product offerings to several of the Caribbean Islands and made investments throughout the British Empire, as well as in Japan, Norway, Argentina, and the U.S.

Up until 2005, Sagicor Life Insurance Company grew by acquiring large blocks of business via other life insurance carriers. Today, the company offers a range of both life insurance and annuity products.

Sagicor Life Insurance Company Review

The term Sagicor is a combination of two different words – Sage, which means wise, and Cor, which refers to heart or judgment. The company name of Sagicor reflects this insurer’s philosophy of both wisdom and heart. Today, “Wise Financial Thinking for Life” represents both the way that the company is operated, as well as the essence of what Sagicor has to share with its customers.

As of year-end 2015, Sagicor Life Insurance Company was licensed in 45 of the 50 Untied States, and it had operations in 22 different countries, as well as in Latin America and the Caribbean. The company had more than $1,193.5 million in total assets, and it is ranked among the top 142 life insurance companies in the United States.

The mission of Sagicor Life Insurance Company is “To be a life insurance organization that consistently generates high returns to its shareholders, exceptional opportunities for its employees, and respect and trust from its various publics.” Currently, Sagicor Life Insurance Company has corporate offices that are located both in Scottsdale, Arizona, and in Tampa, Florida.

Insurer Ratings and BBB Grade

Due to its strong financial standing, along with its timely payout of its policyholder claims, Sagicor Life Insurance is rated as an A- (Excellent) by A.M. Best and Company. This represents the fourth highest out of a total of 16 possible ratings.

Sagicor also has been given a grade of A+ from the Better Business Bureau (BBB). This is on an overall grade scale of between A+ and F. The company has been an accredited company of the BBB since September 17, 2009.

Over the past three years, Sagicor Life Insurance Company has closed out a total of one complaint – with no complaints over the past 12 months. The complaint had to do with problems with the company’s products and / or services.

Life Insurance Products Offered By Sagicor Life Insurance Company

Sagicor Life Insurance Company offers a wide range of life insurance coverage options. This can help its policyholders to essentially “customize” the plan that may work the best for them and their specific protection requirements.

Sagicor Life Insurance Company offers both term and permanent life insurance protection. With the term insurance options, coverage can last for 10, 15, or 20 years. During the duration of the policy, the amount of the premium will not increase. The benefits from these Sage Term life insurance policies can offer an affordable alternative for protection – and the proceeds can be used by the beneficiary for any need that they see fit.

The company also offers permanent life insurance coverage. Permanent life insurance coverage provides both death benefit protection, as well as cash value, build up. The cash is allowed to grow on a tax-deferred basis – which means that there will be no tax due on the gain unless or until the funds are withdrawn.

Sagicor Life Insurance Company offers several different permanent life insurance options, including the:

  • Fixed Indexed Universal Life – The Fixed Indexed Universal Life insurance plan offers death benefit protection, along with cash value. These plans can be altered – within certain guidelines – to change along with a policy holder’s changing needs.
  • Sage No Lapse Universal Life – The No Lapse Universal Life insurance plan provides guaranteed premium and death benefit protection for the remainder of the policy holder’s life. The premium amount is locked in and is guaranteed to be level until age 120. Once approved for this policy, the plan cannot be canceled by the insurance company – regardless of the insured’s age and / or health condition – provided that the premium continues to be paid.
  • Sage Whole Life – With whole life insurance coverage, the death benefit and the amount of the premium will be locked in. The cash value is allowed to grow tax-deferred – and can be either borrowed or withdrawn by the policyholder for any number of different financial needs.
  • Fixed Indexed Single Premium Whole Life – The fixed indexed single premium whole life insurance company offers the option of paying the entire premium that is due in just one lump sum. That way, there are no additional premiums due. Also, the cash value in this policy can get a head start on its growth.
  • Interest Sensitive Single Premium Whole Life – With the interest sensitive single premium whole life insurance plan, the policyholder can increase his or her estate value, as well as access living benefits from the policy in case of the need for long-term care or a chronic illness.

Some of the life insurance products that are offered via Sagicor Life Insurance Company do not require the applicant to undergo a medical examination. This means that those who may have certain adverse health issues could be able to more easily qualify for the coverage that they need.

Other Insurance and Financial Products Offered

In addition to life insurance coverage, Sagicor Life Insurance Company also offers retirement annuities. An annuity can be used for helping to grow financial assets, as well as for ensuring that a retirement income will be received for the remainder of the annuity holder’s life – regardless of how long he or she may live.

Sagicor offers both a single premium immediate annuity option, as well as a single premium deferred annuity plan. With the immediate annuity, the income stream that is derived from the annuity will begin either immediately, or very soon after the individual purchases the plan.

The deferred annuity will allow the tax deferred build up of funds over time. This means that there will be no tax due on the gain in the account until the time of withdrawal. A deferred annuity will also provide the option for receiving retirement income for life – no matter how long the individual may live. There may also be the option to have two income recipients on an annuity, which can ensure that a married couple, or even two unrelated individuals, will have ongoing income for life.

Where to Find the Best Premium Rates on Life Insurance Coverage

When seeking life insurance premium rates – whether for the products of Sagicor Life Insurance Company or any other insurance carrier – it is typically best to work through an independent life insurance brokerage or agency. That way, you will be able to more directly compare benefits, policies, and premium prices in an unbiased manner.

If you are ready to move forward with comparing life insurance companies and quotes, we can help. We work with many of the top life insurance carriers in the industry today – and we can assist you with obtaining all of the key information that you require for making a well-informed buying decision. When you are ready to proceed, then just simply take a moment to fill out the quote form on this page.

Should you find that you still have any additional questions or concerns regarding life insurance plans and quotes from Sagicor Life Insurance Company – or, even if you just have a question about life insurance in general – please feel free to contact us directly. We can be reached via phone, toll-free, by dialing 888-836-7071.

We understand that the purchase of life insurance coverage may seem to be a bit challenging. There are many different variables that you will want to ensure – including the right type and amount of coverage to protect those you love and care about. So, contact us today – we are here to help.

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