If you are looking for some information about Sagicor, then you have come to the right place! Sagicor is one of the top ‘A’ rated companies out there and has a good set of products. As an independent online life insurance agency, we get the opportunity to shop around with many companies. Being a consumer first agency, over time we found that some products perform better than others for our clients. So with that in mind remember to keep shopping around because this may the best for someone else but not exactly you and there is nothing wrong with that!
Sagicor Life has been around for over 170 years and offers products from Term life to Whole life and even a Universal life product. According to their website, the Sagicor logo was designed to capture their heritage and link it to their vision and their promise for the future. Sagicor is rated ‘A-’ by A.M Best which is really good but is not as high as many of their competitors are. They are widely known for their excellent no medical exam life insurance and are one of the top 15 life insurance companies in the U.S and is even one of the top 10 best no medical exam life insurance companies. Another thing they are known for is their fast approvals that can take up to 15 minutes to apply and get approved! However, Sagicor may be a great company for one but not for all and their rating make them fall back when comparing other top ‘A’ rated companies.
Products
Sage Term
- Sage term comes in the form of 10, 15, or 20-year terms.
- Premiums are leveled so it will never increase nor decrease throughout your entire term.
- Level Death Benefits are available with this product, up to age 95.
- Sage Term has the ability to convert to a permanent life insurance policy.
- Income help is offered in the case of a terminal condition or confinement to a nursing home.
- Optional riders include; Accidental Death Benefit Rider, Children’s Term Rider, and Waiver of Premium Rider.
- Undergoes an “accelewriting” (underwriting) process.
- No medical exam.
- Issue ages: 18-65 years
- Face amounts of $50,000 to $1,000,000
Sage Whole Life
- Affordable coverage for your entire life.
- The premiums are level, fixed and will never change.
- This product allows for cash value accumulation and is tax-deferred.
- Accessible cash value for policy loan.
- Options as part of your estate planning are available.
- Undergoes an “accelewriting” (underwriting) process.
Fixed Indexed Single Premium Whole Life
- This product offers 10% of the single premium paid.
- 2% interest rate and is guaranteed for your entire life.
- 100% guaranteed return of premium is available.
- Partial withdrawals are allowed at any time, the minimum withdrawal is $500.
- Guaranteed Death Benefit that can increase over time as your cash value inside the policy may increase.
- Loans are available for emergencies.
- Triple Tax advantage which provides tax-deferred interest earning on the cash value account.
- 100% guaranteed return of premium.
Interest Sensitive Single Premium Whole Life
- This product offers increased estate value.
- You can control your money and access it in any case of emergencies and opportunities through policy loans and partial withdrawals.
- You can transfer your money efficiently to heirs.
- In case diagnosed with a terminal condition or a chronic illness, living benefits can be accessible to help pay for the expenses that are associated with your diagnosis.
- Guaranteed 3% interest rate.
- 100% guaranteed return of premium.
- Accelerated Benefit Insurance rider is included at no cost.
No Lapse Universal Life
- This product offers a built-in Lapse protection.
- This policy is available for ages 15 days to 85 years.
- Guaranteed level premiums are available which means your premiums will never decrease or increase.
- Guaranteed annual interest rate
- Policy loans are available with this product.
- Flexible Death Benefit protection period option is available.
- Undergoes an “accelewriting” (underwriting) process.
- No medical exam
- Face amounts from $25,000 to $500,000.
What is Sagicor’s Accelewriting Process?
Sagicor’s Accelewriting process was created to eliminate the need for medical exams, bodily fluids, and Attending Physician’s Statements for anyone between the ages of 16 and 65 applying for $25,000 to $250,000. This process is basically an underwriting process that will provide their decision in minutes without having to do a phone interview. A regular underwriting process usually takes 4-8 weeks maybe longer depending on the client. This underwriting is supposed to speed everything up, and in this modern age you need things that go quickly like we do, it’s nice to see that Sagicor is thinking of the consumers and their time.
What is an Accelerated Death Benefit?
Another addition you get with this policy at no extra cost is the “Accelerated Benefit Insurance Rider.” This rider will provide an accelerated death benefit amount to you in the event of a terminal illness. What that means for you is, if the doctor gave you 12 months or less left to live, you would get close to 50% of your death benefit amount to do with as you please. This can be used to take care of medical expenses associated with the treatment. If you beat the illness, you do not have to pay the money back. However, it will be subtracted from your total death benefit amount. Meaning your beneficiaries will get your coverage amount minus the accelerated benefit.
No Medical Exam
The Sage Term product by Sagicor was made popular with its simplified issue underwriting option. This means that you will be able to skip out on the medical exam portion of the underwriting process. To qualify, you would have to be in fairly decent health and between the ages of 18-65. The coverage is capped at $1,000,000.
The process will include an application done online or over the phone with one of our agents. It takes between 10 to 15 minutes and is followed by an automated underwriting decision that can range from a few minutes to 72 hours, depending on the case.
Keep in mind that even though it’s a mostly automated, no exam process, there will still be a review of your medical records and history.
Full Underwriting
You will be asked to participate in the full underwriting process, which includes the exam, for two reasons. The first is if you need more than $1,000,000 in coverage. So anything beyond that coverage amount will require you to do an exam. This takes place at a time and place of your choosing and will run like a typical physical, along with a blood and urine sample.
The second reason for a full underwriting requirement would be if you’re considered a high risk. This means that you’re in either other than ideal health or have a dangerous avocation that lands you in the “Substandard” health rating.
Optional Riders
Besides the two benefits, you get at no cost, like most life insurance products Sage Term does offer additional riders, for an additional cost.
Children’s Term Rider – this a term life insurance policy for your children between the age range of 15 to days to 19 years. This coverage would remain in force for each child until age 25 or marriage. At this point, it can be converted to a permanent product 5 times the original coverage amount, without proof of insurability. However, on the product brochure, it states that this is only available on fully underwritten applicants.
Accidental Death Benefit Rider – with this add on your beneficiaries will get more money if the death is the result of an accident. So let’s say your coverage amount is $250,000. If you die of an illness your family would only get $250,000. However, if you die due to an accident, your family would receive an increased amount, depending on the terms of the rider. (E.g. $350,000)
Waiver of Premium – this rider does exactly what it sounds like it does. It will waive your premium if you become fully disabled. Once the disability is no longer an issue you can resume your premium payments and not cause your policy to lapse.
Versus the Competition
Most of the product competition for Sage Term lie on the top no medical exam life insurance companies like ANICO, Fidelity, and Assurity. When it comes to coverage amount, Sagicor offers the most at $400,000 with all of them coming in at 2nd with $250,000 cap for simplified issue products. As far as speed of the application process, Fidelity is right up there with a 48-hour approval and electronic application. When it comes to cost, it will depend on you specifically so feel free to run a quote on our no exam quoter here with no personal info required.
Why We Approve
The popularity of this product mostly comes from it’s simplified issue attributes. Many of our clients love the convenience that the simplified issue portion of this product provides. The increased cap on no exam coverage being $1,000,000 often makes it a clear winner for some of our clients. Whether they’re looking to get life insurance fast or just looking to skip the needle, we’ve found Sage Term to be very popular among our clients, even in the case that there is a more competitively priced exam product available with another company. Nothing beats speed and convenience for the modern-day consumer.
As an independent life insurance agency, we can shop with all the companies to see if Sage Term by Sagicor Life is the right product for you. We work with over 60 top “A” rated companies which help us provide more options for our clients. It can be a big headache trying to find the best company to receive coverage from, let us make your life a little more simple and let us do all the dirty work of comparing and contrasting. Or you can feel free to compare quotes on our site with no personal information required. If you have any questions feel free to call us at 888-492-1967 or hit the chat button below. Welcome to InsureChance!
