When a person applies for life insurance coverage, there are several important criteria that need to be addressed. Certainly, the type of protection that you are getting will be one key factor to be mindful of, as is the amount of benefit that you obtain. This is because you will want to ensure that your loved ones will not have to suffer any financial hardship if they should be responsible for debts or ongoing living expenses and not have a way to pay for them.
But another key aspect of choosing the right life insurance product for your needs is to be sure that you also have chosen a strong and stable insurance carrier from a financial standpoint. This means that the insurer has a good reputation for paying out its policyholder claims and that it is known for having an ample amount of financial reserves.
One such insurer that has been in the life insurance industry for many years, and that has a positive reputation for doing so is Sagicor Life Insurance Company. This full-service insurance carrier helps its clients to make wise financial decisions to ensure that they are protected – both now and tomorrow.
The History of Sagicor Life Insurance Company
Sagicor Life Insurance Company was established in 1840. Its initial name was The Barbados Mutual Life Assurance Society, and today its official name is Sagicor Financial Corporation. It is considered to be one of the oldest insurers in the Americas.
As it grew, the company expanded on to several of the Caribbean Islands throughout the late 1800s, while at the same time making investments throughout the British Empire, as well as in countries such as Japan, Norway, Argentina, and the U.S.
Initially established as a mutual company, Sagicor “demutualized” in 2002. In the early 2000s, the company also acquired American Founders Life, which it rebranded into Sagicor Life Insurance Company.
The main growth method for the company was to acquire blocks of insurance business from other life insurance carriers – and today, the company provides a wide array of both life insurance and annuity products.
The company name, Sagicor, reflects the firm's philosophy of wisdom with heart. In other words, it reflects the company's pursuit of its goals and objectives with “wisdom, dignity, and humility.”
Today, Sagicor's key mission 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.”
It also has a vision “To be a great company committed to enhancing the lives of the people in the communities in which (it) operates.” Sagicor has offices both in Scottsdale, Arizona, and in Tampa, Florida. The company is licensed to write life insurance business in 45 U.S. states. It has operations in 22 countries – and does its primary business in the United States, as well as in Latin America and the Caribbean.
Sagicor Life Insurance Company Review
Sagicor has continued to provide its customers with high-quality insurance and annuity products throughout the years. As of year-end 2015, the company had a net income of just under $77 million, which was an increase of nearly 4% over the prior year.
The insurer's total revenue also increased to $1,104.2 million, which was an increase of $59.0 million. And, net premium revenue closed at $673.9 million – up by over $48 million from 2014 the prior year. Overall, asset growth has continued to rise at Sagicor over time consistently.
The company is always seeking to offer value-packed products for its policyholders, and it is committed to putting its philosophy to work for those who purchase coverage through it. It offers a great deal of information on its website to educate consumers about the value of having insurance coverage.
Also, the customer service representatives at Sagicor can easily be reached for questions, concerns, or to make policy changes, updates, or additions. These methods of communication include a toll-free telephone line, as well as an email. Business hours are between the hours of 8:00 a.m. and 6:30 p.m. Eastern time Monday through Friday during November and March, and 8:00 a.m. and 7:30 p.m. the remainder of the year.
Sagicor Life Insurance Company's Financial Strength and BBB Grade
Sagicor Life Insurance Company is considered to be strong and stable from a financial standpoint. It has been provided with the rating of A- by A.M. Best. This is considered Excellent, and it is the 4th best rating out of a possible 16 total.
Also, Sagicor Life Insurance Company is also an accredited member of the BBB (Better Business Bureau and has been since September of 2009. The insurance carrier has been given a grade of A+ (on a grading scale of A+ to F).
Over the past three years, there have been two complaints closed through the Better Business Bureau. These complaints have centered on problems with the company's products or services.
Life Insurance Products Offered By Sagicor
Sagicor offers a variety of different life insurance products. This way, its customers can more custom design the coverage that closely fits their needs. These coverage options include both term and permanent protection.
Term Life Insurance Coverage Options
Sagicor Life Insurance Company offers the Sage Term insurance option. With term life insurance, coverage is purchased for a specific amount of time. It offers death benefit only coverage, with no cash value component – and because of this, term life insurance can typically be quite affordable.
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The Sage insurance provides options for ten years, 15 years and 20 years, with a level amount of death benefit up through age 95 (with certain qualifications). These plans provide level premiums throughout the life of the coverage – and they also offer the opportunity for the policyholder to convert over to a permanent life insurance policy up through the policy anniversary following the insured's 70th birthday.
Also, there is also the option to use a percentage of the policy's death benefit if the insured should be diagnosed with certain terminal conditions or if he or she is confined to a skilled nursing home facility. This accelerated benefit insurance rider may allow the insured to use either the lesser of 50% of the face amount or $300,000 to pay for medical expenses or other care related needs.
There are also optional riders that can be added to the Sage term life insurance policies that are offered through Sagicor. This include:
- Children's Term Rider – With the children's term rider, term life insurance protection can be provided for the insured's child or children who are between the age of 15 days to 19 years – and the coverage can remain in force until the child reaches either the age of 25 years or he or she gets married. If the child is eligible at the end of the term, the benefit may be converted over to a qualified permanent life insurance policy – for up to 5 times the original amount of coverage – regardless of the child's current health condition.
- Accidental Death Benefit Rider – With this rider, should the insured die due to a qualifying accident, then his or her named beneficiary (or beneficiaries) receive an additional amount of death benefit from the policy.
- Waiver of Premium Rider – The waiver of premium rider will waive the insured's premium payments if he or she were to become totally disabled an unable to work and pay the premium.
There is the opportunity to obtain simplified underwriting on certain term life insurance policies through Sagicor Life Insurance Company. This means that there would be no medical examination required as a part of the underwriting process – thus, making the policy easier to qualify for.
Permanent Life Insurance Options
With permanent life insurance coverage, there is both a death benefit component and a cash value component. This provides the insured with protection, as well as a savings area that offers tax-deferred growth.
At Sagicor, there are several options for permanent life insurance coverage to choose from, including:
Sage No Lapse Universal Life Insurance
Universal life insurance provides death benefit protection and cash value. These policies are considered to be quite flexible as the insured can choose, within certain limitations, how much money from the premium will go into the cash account and how much will go into the death benefit. The policyholder can also choose the timing of his or her premium payments.
Fixed Indexed Universal Life Insurance
Fixed indexed universal life insurance also offers death benefit protection, along with a cash value account. The cash value growth is tied to an underlying index, such as the S&P 500 or the DJIA. With this type of policy, the policy holder's cash value has the opportunity to rise in upward moving markets. However, the principal will be protected in the case of a market decline.
Fixed Indexed Single Premium Whole Life Insurance
With a single premium Whole Life Insurance policy, rather than paying premiums over time throughout the life of the policy, the policyholder will only make one single lump sum payment, and then the policy will be considered as paid-up. Because of this, the cash value account will get a “jump start” on growth. And, as an indexed product, the principal will also be protected from market downturns.
Interest Sensitive Single Premium Whole Life Insurance
The interest sensitive single premium whole life insurance policy will also only require that the policyholder makes one single premium payment in order for the policy to be paid-up. With this type of policy, the policyholder will have the opportunity for increased estate value, as well as the ability to access living benefits should he or she need them to pay for chronic care costs or long-term care. This type of policy can also allow for the efficient transfer of money to one's heirs.
Sage Whole Life Insurance
Whole life is considered to be the most “simple” of permanent life insurance protection. This is because the death benefit is guaranteed, and the premium amount is locked in. In fact, provided that the premium continues to be paid, this type of insurance can't be cancelled by the insurer – and it will last throughout the “whole” of the insured's lifetime.
Other Products Offered
In addition to life insurance coverage, Sagicor Life Insurance Company also offers annuities. These products can help people – especially retirees and those who are approaching retirement – to create and control an income for life.
How and Where to Get the Best Quotes on Life Insurance Coverage
When seeking the best quotes on life insurance coverage, it is always wise to work either with a company or an agency that has access to more than just one insurance carrier so that you can make comparisons. This is not only true for when seeking the best life insurance policy but also when shopping for other forms of coverage as well, such as the best auto insurance companies and rates.
We work with many of the top life insurers – and we can assist you in obtaining all of the details that you require for making a well-informed purchase decision. If you are ready to move forward, all you have to do is use the quote form to the side of this page to get your first set of life insurance quotes.
We know that the purchase of life insurance entails a great deal of thought. There are many variables that you need to consider – which is why it is always a good idea to have an ally on your side. We can help you in narrowing down your choices to ensure that you have the right type and amount of protection that you require. So, contact us today – we're here to help.