Sagicor is one of the companies that has catapulted in popularity over the last few years. It’s no exam product is affordable, and a solid competitor in the landscape of life insurance products. Let’s learn a little more about the company, products and view some sample quotes.
Sagicor is a renowned life insurance company that sells both life and annuity products. The company is part of the Sagicor Financial Corporation family of companies. They have been in business for more than 60 years, and have therefore acquired an outstanding reputation within the insurance industry. Sagicor Life Insurance Company has been rated “A” by the Insurance Rating Organization. Also, it is financially stable and has a rating of “A+” with the Better Business Bureau.
This particular company serves the United States of America and also has offices in other 21 countries, which include the Caribbean and Central America. Their products are sold via a network of over 6500 life insurance independent agents nationwide. Life insurance products offered by the company include term, universal and permanent life insurance policies. They also offer annuities, which are meant to address both immediate and long-term life insurance needs. Not forgetting, they deliver non-medical life insurance products, which get approved within 72 hours. So, if you have existing health conditions like diabetes and needs a life insurance policy, Sagicor is an ideal choice for you.
Sagicor Life Insurance Products
There are countless life insurance agents across the U.S. offering customers life insurance and annuity products. Such products have been highlighted below:
- Sage Term Life Insurance: Sagicor offers term life insurance plans with 10-, 15- or 20-year policy terms. Term life policies are quite affordable since they are not lifetime coverage plans. Premiums do not increase within the period of coverage. Term life insurance policies by Sagicor offer guaranteed level premiums during the initial policy term. This means they will neither increase nor decrease throughout the whole term. They also offer the ability to convert term to permanent life insurance policy when the agreed period ends. In case the policyholder is confined in a nursing home or the agreed term gets terminated, an income help is offered. There are also some optional riders, which include Children’s Term Rider, Waiver of Premium Rider, and the Accidental Death Benefit Rider. Term life policies can be issued to individuals aged between 18 and 65 years. The face amount is between $50, 000 and $1000, 000.
- Sage Whole Life/Permanent Life Insurance: Sagicor provides affordable coverage for your entire life. Whole life insurance plans offered through Sagicor can accrue a cash value on a tax-deferred basis. You are going to remain covered as long as you continue to pay your premiums. The premiums are leveled and fixed, which means they will never change. There are also optional riders to help increase coverage for a permanent policy. Also, there are numerous options of permanent life insurance, which include:
- Fixed Indexed Single Premium Whole Life: This particular product offers a 10% of the single premium paid. There is a 2% interest rate, which is guaranteed for the rest of your life. A policyholder can make partial withdrawals anytime they choose to. Also, there is a guaranteed death benefit, which may increase as your policy’s cash value increases. In addition, as a policyholder, you can take out an emergency loan if you wish.
- Interest Sensitive Single Premium Whole Life: This particular product helps to increase the value of your estate. As a policyholder, you have full control of your money and you can access it whenever you have an emergency by taking out a loan or doing partial withdrawals. Also, you are able to transfer your money to your heirs without any restriction. If you are diagnosed with severe disease, you can access your living benefits to help cater for any medical expenses. There is a guaranteed interest rate of 3% and a 100% guaranteed return of premium. And lastly, an Accelerated Benefit Insurance is added at no extra cost.
- No Lapse Universal Life: As the name suggests, the product has built-in lapse protection. Any individual aged between 15 days and 85 years can access this particular policy. There are guaranteed level premiums, which means your premiums can neither increase nor decrease. Also, there is a guaranteed yearly interest rate and a flexible death benefit protection period. As a policyholder, you can access policy loans to cater to your financial emergencies. In addition, the product has a no medical exam option. And finally, policyholders can acquire coverage of between $25, 000 and $500,000.
- Whole Life Policy: With Sagicor whole life, the policyholder’s named beneficiaries will receive a guaranteed face amount of the policy. Since this is whole life coverage, the locked in premiums will not increase even if the insured contracts a severe health condition.
- Fixed Indexed Universal Life: This particular option offers an immediate death benefit. It also provides an option for considerable accumulation in the cash account. If you opt to take the money out, this is the only time you will be required to pay taxes. Also, the policy provides a flexible premium option.
Other Products Sold Through Sagicor Life Insurance Company
Apart from life insurance products, Sagicor also sells annuities. These products have been highlighted below:
- Single Premium Immediate Annuity: Nowadays, many people fear to live without money after retirement. With an annuity, you can have an ongoing stream of income for the rest of your life. Single premium immediate annuity takes effect immediately after acquiring the annuity. It offers a consistent income that best suits the annuity holder. As the name suggests, it only requires a single lump sum deposit.
- Sage Choice Single Premium Deferred Annuity: This one requires the annuity holder to make a single lump sum deposit of up to $400, 000. With time, these funds grow tax-deferred up to a point where the holder can start taking his or her income.
- Sage Select Fixed Indexed Single Premium Deferred Annuity: With this particular annuity, you can have the opportunity to acquire growth depending on the performance of the market. When there is the market recession, the initial deposit you made remains intact.
Sagicor’s Affordable No Medical Exam Sage Term Life Insurance
Sagicor’s sage term life product has gained its popularity because of its simplified issue underwriting option. An applicant is not expected to undergo any medical test when applying for life insurance coverage. But remember you will have to provide your past medical records for review.
In order to qualify for Sagicor’s no medical exam term life policy, you ought to be fairly healthy. You should also be aged between 18 and 65 years. The sage term is available in health classifications of Standard, rated and the Preferred. For smokers, they can opt for Preferred Tobacco, Standard Tobacco or Rated Tobacco classifications.
One good thing about Sagicor is that it offers higher amounts of term life insurance coverage without the need to undergo a medical exam. Many insurance companies offering no medical exam life insurance coverage have restrictions on the amount one can apply for, which ranges between $100,000 and $250, 000. However, Sagicor decides to offer up to $1000, 000 for the same coverage. This, therefore, makes the company more popular and many people have confidence in the insurance services they deliver.
With Sagicor’s no medical term life insurance, you can get approval in as little as 15 minutes. Especially if you have an outstanding medical history, you can get your approval in no time. When you apply for the coverage, you will be required to answer some questions regarding your health history. Once your application reaches an underwriter, the following is reviewed:
- Medical Information Bureau- This is a database which contains information regarding your medical history. The underwriter will check if you have ever been diagnosed with a serious ailment in the past. Your application may be declined if your medical history reveals that you have an existing severe illness.
- Prescription Check- This database contains history pertaining to prescribed prescriptions.
- Motor Vehicle Report- This database has information regarding to your driving history.
Pros and Cons of Sagicor’s No Medical Exam Sage Term Life Insurance
Non-medical exam life insurance is not a choice for everyone. Unless you are fairly healthy and have a clean medical record, you may not qualify for a non-medical exam policy. As such, Sagicor’s no medical exam term life insurance has its own pros and cons.
- It is an affordable non-medical exam term life insurance policy: With many insurance companies offering no medical exam policies, these products are sold at exaggerated prices. As such, people decided to ignore them and opt for traditional life insurance policies with medical tests. But with Sagicor, their non-medical exam term life insurance is quite affordable.
- Ability to purchase up to $1000, 000 without undergoing any medical test: This is a great favor to anyone planning to purchase huge coverage without a medical exam. With most companies, the face amount for non-medical exam policies does not exceed $250, 000.
- Quick approval which can take as little as 15 minutes: If you are working with an independent agent, the approval time can go up to 30 minutes. But if you choose to work with Sagicor directly, you can get your application approved within 15 minutes.
- It is costly as compared to traditional term life insurance. In fact, if you are in good health condition, a traditional policy can be cheaper by far.
- Sagicor is a bit strict with their underwriting process than other life insurance companies. As such, the chances of getting declined are way too high.
- Not a good option for people with existing health complications or with suspicious medical records. If you have ever been diagnosed with a certain severe ailment, you may not qualify for the coverage.
How to Apply for Sagicor No Medical Exam Term Life Insurance Quote
If you are planning of purchasing the Sagicor no medical exam term life insurance policy, then you need to look into finer details. For instance, you have to be fairly healthy. Remember that the underwriter will have to check on your past medical history. So, if an existing medical complication is detected, you may not qualify for the coverage. Keep in mind that Sagicor has a strict underwriting process and applications for people with health complications could be turned down. So, it is good to reconsider your health status before you proceed with the application for non-medical exam term life coverage.
The quickest way to make your application is through online or electronic application. With the help of an independent life insurance agent, you can quicken the process. You need to spare only 15 minutes to make your application. Ensure you work with an established life insurance agency that knows what they are doing. Once you fill out the online form by answering the requisite questions, your agent will send a copy via your email so you can sign electronically confirming that the answers given are all correct. After that, the application form is electronically submitted to Sagicor Life Insurance Company and a final decision is issued within a few minutes.
Sample Sagicor Life Insurance Quotes
These are rates for a 10-year term life insurance, which shows quotes from a policy that do not require a medical exam. The quotes are for both male and female and are based on a monthly premium. The individuals are assumed to be in the Preferred Plus health class and the coverage face value is $500, 000. Also, the individuals are assumed to be nonsmokers. The rates differ from one insurance company to another
Age Male Female
30 $19 $16
40 $23 $22
50 $53 $41
60 $142 $98
70 $462 $296
The Bottom Line
If you are scouting for an affordable life insurance policy, then Sagicor Life Insurance Company should be your preferred choice. With a rating of an “A,” from the relevant rating agency and an “A+” rating with the Better Business Bureau, Sagicor has proved to be the best company for anyone anticipating to get the best value on an insurance policy. The company has a stable financial standing and an excellent customer service record in the insurance industry. In all the 45 states Sagicor serves, there are almost no complaints that have been launched against the company. With that said, Sagicor Life Insurance Company is your partner for all your life insurance needs.