Life insurance coverage is an essential part of most any financial plan. This is because the money from life insurance – which are received income tax-free to the beneficiary – can be used for different needs.
When 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 and that the carrier has a positive reputation for paying out 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 been 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 UnitedStates, 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 has a grade of A+ from the Better Business Bureau (BBB). This is on a scale of A+ to F. The company has been an accredited company of the BBB since September 17, 2009.
Through the past several years, Sagicor Life Insurance Company has resolved one complaint – with no complaints over the past 12 months.
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 life insurance needs.
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 money goes to the beneficiary or the contingent, for any need that they see fit.
The company also offers permanent life insurance coverage. Permanent plans (or whole life policies) have a cash value part. A part of the premiums goes towards this “bucket” of money. The money grows tax-deferred.
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 premium will be locked in. The cash value is allowed to grow tax-deferred – and can be either borrowed or withdrawn by the policyholder.
- 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 sold by 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
Sagicor Life Insurance Company also sells 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 – you always need to do some looking around. Sagicor is only a drop in the sea of insurance companies. Sure, they tend to be one of the best, but who knows which company is going to be perfect for you.
We know life insurance is confusing. 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.
This post has given you a in-depth look at Sagicor, hopefully you’ll feel more confident when you’re shopping for life insurance. If you’re still left with questions, we can be reached via phone, toll-free, by dialing 888-836-7071.