Sagicor has built a stellar reputation for financial stability and has a good product offering, especially if you are looking for permanent life insurance. Many people consider them one of the best life insurance companies in America for this reason.
This Sagicor life insurance review will look at the company as a whole as well as the life insurance products it has to offer.
History of Sagicor Life Insurance Company
Sagicor Life Insurance Company has been in the business of offering life insurance products and annuities to its policyholders for more than 60 years. This company helps its customers to both build and protect wealth at all stages of their lives. One of the company’s key values is to be a “Timeless, Borderless, and Colorless entity.”
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.”
In 2005, Sagicor Life Insurance Company joined the Sagicor Financial Corporation family – an entity that was founded back in 1840. This is considered to be one of the oldest insurance groups in the Americas, having operations in more than 20 different countries, along with $5.5 billion in overall assets.
Sagicor Life Insurance Company Review
Sagicor Life Insurance Company holds total assets of roughly $1.2 billion, and it is presently ranked as one of the top 140 largest life insurers in the United States. The company operates in 45 of the U.S. states, as well as in the District of Columbia. The life insurance and annuity products that are offered via Sagicor are sold through approximately 6,500 career and independent agents.
Sagicor is considered to be both strong and stable financially – and this is reflected in the high ratings that the company has been given from the insurer rating agencies. It also has a good reputation for paying out its policyholder claims. A.M. Best has provided the rating of A (Excellent) to Sagicor Life Insurance Company. This is the fourth best rating out of 16 possible overall. The company has also been given a rating of A+ by the Better Business Bureau.
Products Offered Through Sagicor
Sagicor Life Insurance Company offers a wide range of life insurance and annuity products. Its annuities include immediate options and those that address longer-term needs. Its life insurance offerings include both term and universal life coverage.
Term Life Insurance Coverage
Term life insurance coverage is considered to be the most basic form of life insurance protection that is available in the marketplace today. This is because term life provides a pure death benefit only, without any cash value build up.
Sagicor Life Insurance Company offers a term product called Sage Term Life. It offers options for coverage of 10, 15, or 20 year periods. This affordable protection can allow an individual to purchase the amount of death benefit that they may need for a premium price that fits into their budget. With the plans that are offered through Sagicor Life, the premiums are guaranteed level during the initial term of coverage. These plans can also help in providing income due to a terminal illness or a confinement in a skilled nursing home facility (with some limitations).
Term policies may be used to fit both individual and business situations, so they can be geared towards most face amount that may be needed, as well as most premium budgets. These plans also offer additional benefit riders, such as the Children’s Term Rider, so that coverage can be further customized in order to meet specific protection needs.
Permanent Life Insurance Coverage
A permanent life insurance policy will provide death benefit protection, as well as a cash value component within the insurance plan. Therefore, rather than expiring after a certain time period has elapsed, these plans will provide protection throughout an insured’s entire lifetime – provided that the premium continues to be paid.
With permanent life insurance coverage, the premium amount will typically be locked in, and cannot be increased. Likewise, the coverage cannot be canceled by the insurance company – even as the insured’s age increases, or if the insured contracts an adverse health issue.
The cash that is within the cash-value component of the policy is allowed to grow on a tax-deferred basis. This means that the gain will not be taxed unless or until the time it is withdrawn. This can allow the cash to compound exponentially over time.
There are numerous permanent life insurance policy options that are offered through Sagicor Life Insurance Company. These include the following:
Sage No Lapse Universal Life (UL) Coverage
The No Lapse Universal Life (UL) coverage provides a guaranteed death benefit and premium amount. This means that the insured cannot outlive his or her coverage unless they live past the age of 120.
This plan can provide the following advantages to a policyholder:
- Guaranteed level premiums throughout the life of the policy
- The option to choose a set period of time for level death benefit protection
- Income and living expense protection for the insured’s dependents
- Funding for mortgage payments, if desired
There is also an accelerated benefit rider included on this plan at no additional premium charge. With this rider, the insured is able to access a certain amount of the death benefit while still living if he or she has been diagnosed with a terminal condition or a chronic illness. This can help to pay uninsured medical bills or other types of debts.
Fixed Indexed Universal Life Coverage
The fixed indexed universal life insurance policy can provide immediate death benefit protection, along with the potential for a great deal of growth in the cash value component of the policy without subjecting the policy holder’s principal to any market risk.
With these types of plans, the growth of the cash account is tied in large part to an underlying market index, such as the S&P 500 index. When the market is up, the cash account can grow. However, in down market periods, principal remains protected.
There are various interest crediting methods that can be chosen from by the policyholder. This plan comes with a minimum face amount of $50,000, and the policy is available to applicants from the age of 15 days to 85 years old.
Fixed Indexed Single Premium Whole Life Coverage
The fixed indexed single premium whole life insurance coverage can also allow policyholders some choices in how they protect their loved ones, as well as in how assets are allocated – especially in comparison to CDs (Certificates of Deposit) and money markets, as well as even annuities and personal property.
As with other indexed life insurance coverage, the growth on the cash value portion of this plan is linked to an underlying index such as the S&P 500. However, rather than paying in the policy’s premium over time, this plan requires just one, single lump sum premium payment.
The fixed indexed single premium plan does all control and access to funds for emergencies, as well as for other financial opportunities, should they come up. These can be accomplished via policy loans. In addition, the policyholder may also make use of the policy’s living benefits feature to pay for the costs of a chronic or a terminal illness should he or she be diagnosed with one.
Interest Sensitive Single Premium Whole Life Insurance Coverage
The interest sensitive single premium whole life insurance product can allow a policyholder to re-allocate assets into an alternative option that is safe, yet also allows tax-deferred growth on funds. This can provide benefits such as increased estate value over time.
Policyholders can still have access and control over funds for emergencies, as well as other financial opportunities (within certain guidelines that are specified in the policy). There are also living benefits available so that the insured can access death benefit funds while still living in case he or she is diagnosed with a terminal or a chronic illness.
Sage Whole Life Insurance Coverage
The Sage whole life insurance coverage will guarantee that the policy holder’s named will receive the stated amount of the death benefit. This can allow immediate security to loved ones, along with peace of mind. This policy also provides a cash value component where the gain on the funds inside are allowed to grow on a tax-deferred basis. This means that no taxes are due on the funds unless or until they are withdrawn.
Because the amount of the premium on the Sage whole life insurance policy is guaranteed to never go up, it can provide affordable coverage for the policy holder’s entire lifetime. Also, the insurance company can never cancel this coverage – including due to the insured’s increasing age and / or because of his or her declining health, provided that the premium continues to be paid.
The face amount of coverage on the Sage whole life insurance policy can range from a minimum of $25,000 up to a maximum of $250,000. Those who are eligible to apply for this coverage range in age from 15 days to 85 years old. There are several additional riders that may be added to this policy in order to customize the coverage. These include the accidental death benefit rider, the waiver of premium rider, and the accelerated benefit insurance rider.
How and Where to Get the Best Quotes on Life Insurance Coverage
When seeking the best premium life insurance quotes that are offered through Sagicor Life Insurance Company – or for life insurance that is offered by any insurance carrier – it is typically your best course of action to work through either an agency or a company that has access to more than just one single life insurance provider. This is because you will be much better able to compare the coverage and the premium prices – in an unbiased manner – and then to determine from there which will be the best for you and your specific situation.
If you are ready to move forward with the purchase of a life insurance policy in order to protect the ones you love, we can help. We work with many of the top life insurers in the marketplace today, and we can assist you with obtaining all of the important details that you will need for making an informed purchase decision. If you are ready to proceed, start out by using the form on this page to get your quotes.
Should you find that you have any questions regarding Sagicor Life Insurance Company – or even if you just have an inquiry about life insurance in general – we can help. Please feel free to contact us and our experts will walk you through the information that you require. We can be reached directly, toll-free, by calling 888-229-7522.
Life insurance is an important financial tool for completing your overall plan – both now and in the future. So, don’t leave your loved ones unprotected. Contact us today – we’re here to help.