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Sagicor Life Insurance Review: 2023 Update

In the following Sagicor review, we will address the company’s history, financial rating, and policies. At JustBuryMe, we love this company and it is one of our favorite simplified issue term and whole life insurance companies.

We are on a mission; let’s make life insurance more accessible than ever before so we have more of the population protected. When individuals pass away without a policy in place, it means that their family is left with debts, mortgage payments, and even funeral and burial costs.

Although they might be able to pool some money together, it leaves many families financially crippled every single year. Even though the solution is so simple, still millions live on without life insurance to cover final expenses.

Currently, there is a lot of confusion surrounding the many policies and options available which is why we created the life insurance company review series.

Over time, we have assessed some of the biggest companies in the market and today we have Sagicor. As well as showing you their main product offerings, you will see their official ratings and some important factors to note.

Hopefully, you will then be in a good position to see whether or not Sagicor is the right company for you.

2023 Review of Sagicor

About Sagicor

So far, we have seen many companies with a long history in the United States but Sagicor is actually one that started in Barbados and still has their headquarters in the country. Over the years, they experienced rapid growth and now operate in numerous countries but are perhaps most popular in Latin America and the Caribbean.

Since forming in 1849, they have come a long way and now have total assets of over $5.8 billion. In addition to this, they have opened different divisions including Sagicor Capital Life as well as Sagicor Group Jamaica. In fact, the Royal Bank of Canada actually sold all of their assets in Jamaica to the company just a couple of years ago.

Sagicor’s Official Ratings

In order to assess their financial position as well as how well they deal with customers, we will be looking at two ratings in particular.

A.M. Best – Over the years, A.M. Best has garnered a reputation for being one of the most trustworthy agencies who rate all life insurance companies. From one little letter, it allows all consumers to see the financial position of providers within a matter of seconds. With Sagicor, we can see that they have an ‘A-’ rating which is actually very good. For the most part, experts suggest that we should choose companies within the ‘A’ grade and Sagicor is in this group comfortably.

Furthermore, we can also see that they are in the ‘VII’ financial size category which is equivalent to $50-$100 million. In terms of their outlook, they were recently awarded a ‘Stable’ rating and A.M. Best has also assessed their long-term issuer credit rating and given an ‘a-’.

Overall, this is superb news for the company and for you. If you were interested in Sagicor, you can be confident that they can pay all claims that come their way.

BBB – After the financial position, we can also assess interaction with customers thanks to the Better Business Bureau (BBB). Once again, this is an agency that has gained much respect through the years and they have been reviewing businesses for decades. For Sagicor, they have been been accredited and awarded a rating of ‘A+’.

Overall, the BBB uses a number of different factors to make their grading all relating to customer service. Then, it gives a score from 0-100; at A+, this suggests a score higher than 97 which doesn’t really leave a lot for us to say.

With such a good BBB rating, it shows that they interact with customers well, answer questions, and are willing to help out wherever possible!

Sagicor Life Insurance Policies

Now that we know how good Sagicor is both financially and in terms of customer service, you can be confident moving into their products.

Although they do offer various annuities and other products, today we are going to be focusing on their permanent policy as well as the term life option.

Currently, their products are available across 45 of the states in the US and, assuming that you are in one of these, you could benefit from;

Permanent Life Insurance – Essentially, this is a whole life insurance policy that works just as a normal permanent policy would. For example, it will stay in place for life as long as the premiums are paid and, upon the death of the insured, the beneficiary will receive the death benefit. Furthermore, there is a cash value component to the policy that builds over time with no concerns over tax. If you wanted to customize your policy slightly, there will be opportunities to add riders which add protection for certain circumstances whilst increasing your premiums.

In addition to the standard whole life policy option, you will also find Fixed Indexed Universal Life (FIUL), No Lapse Universal Life (NLUL), Interest-Sensitive Single-Premium Whole Life (ISSPWL), and Fixed-Indexed Single-Premium Whole Life (FISPWL). Although they all offer something slightly different, the main factor to note is that they are all permanent and will all last until death – this is completely different to the second offering.

Term Life Insurance – On the other hand, you have an opportunity to purchase a shorter policy depending on your needs. Rather than lasting until you die, this policy will have an end date either 10, 15, or 20 years from now. Unlike some other companies, they do not go all the way up to 30 years but the policy still has many benefits. First and foremost, it will be much cheaper than any of the permanent options because there is no cash value component. Also, it will expire in the future which also drives down the price. Secondly, you can choose from $50,000 to just under $400,000 in terms of coverage. Finally, we should also mention that your premiums will not change at any point during the policy as they are ‘guaranteed’ and will remain the same.

Sagicor Underwriting

Before we head any further, we should say that there is no medical examination with Sagicor which will be a huge sigh of relief for many people. Ultimately, everybody has their own reasons for not wanting a medical exam whether it is because they have been rejected from a  policy before, they have a medical condition of some sort, or maybe they just don’t like the thought of having a blood test and providing samples. Since there is no medical exam to worry about, this opens up the company to a wider audience.

This being said, there is an underwriting process that Sagicor use and it contains three different variables;

Motor Vehicle Report (MVR) – First, Sagicor will take a look at your driving history but only what has happened in the last five years. Depending on what they find, you will either pass, be restricted with your insurance, or declined completely. For example, having nothing on your report will clearly see you through to the next variable with no issues but up to two moving violations will see you restricted to a preferred rate class. However, any DUI’s and your application will be immediately thrown into the trash.

Prescription Check – After this, Sagicor need to get some sense of your health which is why they look at all the prescriptions you have received in the last five years. If you have no history of medication whatsoever, you will be in a great position to receive low rates. If you receive medication for controllable problems such as blood pressure, depression, or anxiety, you are likely to see standard rates.

Medical Information Bureau (MIB) – Finally, this Bureau actually prevents insurance fraud so they will do a quick check to see what interaction you have had with life insurance in previous years. With Sagicor, people often report a mixed experience when they find out that you have been declined in the past (if this is the case). Furthermore, these records will also show whether you have ever tested positive for nicotine during the application phase with another insurance company. In either of these two scenarios, they are likely to contact you for explanations, to see why you were rejected and whether you have stopped smoking. If you can answer positively, there is still a chance that you will receive coverage.

Normally, this will be the underwriting process for most applications. This being said, there has been examples of Sagicor using human underwriters. Initially, people tend to panic at this stage but this shouldn’t be the case. Sure, the confirmation might take a few more days to come through but it doesn’t necessarily mean that they have found something negative. Instead, they might have seen a small discrepancy in the information you provided. Once they have verified the truth or that it was an accident, the human underwriter will follow the usual process and grant the life insurance policy.

Although technology has made giant leaps in recent years, it stills runs into some trouble now and then. In the past, some Sagicor members have said that their application was held up because the computer was struggling to interpret a particular piece of information. When the computer can’t find an explanation for something in your application, the company is likely to use a human and then the process can continue as normal. However, this is actually rare in the grand scheme of things and the application will be 100% electronic the majority of the time.

Sagicor Review Conclusion

In most cases, applicants hear back within two days maximum and they will either have coverage or they will be declined for one reason or another. On the whole, Sagicor is a very good company with experience, well-trained employees, and two fantastic products. With both permanent and term life options, you can see whether they fit your needs before going ahead with the policy.

In terms of the official ratings, Sagicor are sitting pretty which is why they are one of the most trusted companies in the market. Not only do they have a strong financial rating, they have a positive record with customers and their complaints which always bodes well. Sometimes, you can’t necessarily trust what the company says on their website or in adverts because they are trying to get your custom. When other customers talk positively about a company and official agencies give good ratings, this is always a positive sign.

As long as they meet your needs, Sagicor presents a very good opportunity for life insurance!