Every year I reach out to my existing clients to do an annual review, this is when we see if the plan they bought still fits their needs. This year I was going to throw myself into the mix by doing a thorough review of my own policy. The results were that my current policy was short by about $500,000 so I was underinsured.
Considering I run an independent online life insurance agency finding a plan should be easy but…there was one small issue…Time! Like most Americans, my days are a juggling act between life’s demands. Not only did I want to get the coverage in force fast, I didn’t have the time for an exam and all the paperwork that comes with traditional way.
Luckily I didn’t need a large face amount so I could choose between a few carriers as long as I didn’t need more than $500,000. After looking into Fidelity, TransAmerica, American National and Sagicor to compare their rates, the winner was evident. I picked Sagicor for a 20-year term with a face amount of $500,000 for a few reasons:
Company Strength
I have been familiar with them for a few years now and actually wrote a ton of no medical exam life insurance policies through them. By working with Sagicor I know what they stand for and what their company goal is. They are absolutely obsessed with making the life insurance process as digital and painless as possible. In addition to that, their customer service is one of the best which is hard to come by with a life insurer since they get so busy and is hard to find great employees.
Besides all this, just as I would do for my clients I had to research the company’s strength, history, and financials. I found out that they have been around for a very long time and originally were called Barbados Mutua Life Assurance Society. The company is also rated “A-” by A.M. Best which is considered excellent. If you don’t know who A.M. Best is, they are an entity that rates all the insurers in the U.S. on annual basis. Sagicor also has about $1.2 billion dollars in assets that they manage which is not bad but I’m hoping they can bring this number up in the future. I can definitely say they are not a fly by night and will be there if your family ever needs to file a claim. Her is a short video about them and a link to our full review:
Convenience
Probably the biggest sticking point of this company is how easy it is to apply for the coverage. In the age where most life insurers are still sending agents to knock on doors with a pile of paper applications, it was refreshing to see a 100% paperless application that can be completed in 10 minutes and signed electronically with a digital signature. Having to work with over 60 different life insurers I’d have to say Sagicor is in the top 3 when it comes to convenience.
Best Value
They were the only carrier to give me a preferred health rating which most of the time is only available if the company can verify your health with an exam. Most other no exam companies will start you at a standard rate category which is two classes down from preferred rate. This can be a huge bummer if you’re in really good shape and can qualify for it. Because of this they also happen to have the most competitive no medical exam quotes.
For example, a 40-year-old male looking to secure $250,000 20 Year Term can secure a policy with Sagicor for $25.80/mo versus $44.71/mo with American National which is the second best quote.
Speed
The approval process of this company is very fast and I was actually approved within 5 minutes of submitting my application. Of course, you’d have to answer “No” to all their qualifying questions and pass all their checks but if you do this policy get’s approved almost instantly. Now, if you have a few controlled medical conditions or speeding tickets on your record than it might take up to 72 hours to get you approved. But still, compare this to the traditional application process which takes anywhere from 4 to 8 weeks and 3 days becomes speed of light. The company is able to do this through their Accelewriting process where they use a digital database to pull your info for quick approval times.
Zero paperwork
At the time of me getting the policy, only their application process was without any paperwork but you would receive your policy in the mail after approval. Since 2017 they have added an electronic delivery of the policy so you can get it in your inbox and satisfy any delivery requirement with a few clicks. I can now say that their entire process is now paperless.
Permanent Life Insurance without an Exam
Although I bought a term life insurance plan it is important to note that Sagicor is the only company currently offering a permanent life insurance plan without the need to do a medical exam. You can secure up to $400,000 of permanent life insurance that will provide coverage until age 121 paperless and without an exam.
The crazy part is that they happen to have the most competitive rates for this amazing product we call a guaranteed universal life. A guaranteed universal life is the most affordable and easy to understand plan out of permanent options. So this permanent life insurance without an exam is a huge hit with consumers that are looking for more than a term policy.
Where can Sagicor Improve?
Although it is really hard to think about what they can do better there is always room to improve. First off they have a tendency to ask for a copy of driver license or utility bill to verify identity when they can’t do it through the vendor that they use. It can sometimes take away from the smooth process that they stand for. Also, it would be cool if they offered an accelerated product with a higher face amount like $1 million. ***(As of April of 2018 they now offer $1 million of life insurance without an exam)An accelerated product may offer no exam but they will still request medical records from your doctor and require a phone interview. Some large carriers are already doing this and it’s a cool concept.
Let us Help!
Although I have helped 1,000’s of clients with their life insurance needs for some reason when I got approved instantly I got excited! When I am excited I like to share and when I like to share I write on the world wide web, so now you know how this article came about.
The process was quick and easy that I wish more carriers start offering a product line of no exam life insurance plans. I commend the companies that took that leap because it does go against the traditional way life insurance is bought and can potentially be riskier for the carrier.
I think more people would opt in for this new digital way of acquiring life insurance. With the passing of health care reform and now medical records going all electronic I can see how more life insurance plans will be available with no exam.
By the way, if you want to see how much a no medical exam will cost here is a link to our quote engine specifically for no exam plans. Here at InsureChance, we work with over 60 top rated insurers with about 10 of them offering life insurance without an exam. Let us scour the entire marketplace to find the right plan for you.
