Sagicor Life – No Exam Life Insurance Review

Written by The Life Insurance Blog

The reasons for buying life insurance are varied. And, just as all situations and needs are different, there are numerous types of life insurance policies that are available on the market today. Likewise, the parameters for approval and qualification can also differ.

For instance, in some cases, a policy will require that the applicant for coverage go through a medical exam, which includes providing a blood and urine sample for testing purposes, which other “no medical exam” policies will not.

Before you purchase a life insurance policy, it is important to make sure that you have the proper type and amount of coverage. It can also be beneficial for you to closely review the insurance carrier you are considering purchasing the policy through to make sure that it is strong and stable financially, and that it has a good reputation for paying its policyholder claims. One company that fits into these parameters is Sagicor Life.

About Sagicor Life

sagicorInitially established in 1840 as the Barbados Mutual Life Insurance Society, Sagicor Financial Corporation is now considered to be one of the oldest insurers in the Americas. Sagicor is a full-service life insurance company that assists it clients with making wise financial decisions to protect them in the case of the unexpected.

Sagicor Life offers its products in 45 of the U.S. states, as well as in the District of Columbia. The company currently holds over $1,193 million in assets, and due to its size, the company is ranked among the top 142 life insurers in the United States.

With its logo of a contemporary and symbolic rebirth of the Phoenix, the company’s name stands for “wise judgment.” The parent company of Sagicor Life, Sagicor Financial Corporation, has operations in more than 20 countries around the globe, including the U.S. and Latin America.

Sagicor Life Insurer Ratings and Better Business Bureau Grade

Due in large part to its strong financial footing, along with its timely payment of claims to its clients. Sagicor is rated as an A- (Excellent) by A.M.  Best Company. In addition, Sagicor Life Insurance Company has been an accredited company of the Better Business Bureau (BBB) since 2009.

The Better Business Bureau has given Sagicor Life Insurance Company a grade of A+ (which is on an overall grade scale of A+ to F). Over the past three years, the company has closed out two customer complaints through the BBB. Of these, one had to do with the company’s billing and collection issues, and the other had to do with problems with the company’s product and/or service.

No Exam Life Insurance Offered Through Sagicor Life

Sagicor Life offers a wide variety of different life insurance coverage options to choose from. These include both term and permanent. With term life insurance, death benefit protection is offered, without any cash value or investment build up. Because of this, term life insurance can often be more affordable than permanent coverage, with all other factors being equal.

As it name suggests, term life insurance is purchased for a set period of time, or “term.” These time periods may be 10 years, 20 years, or even for 30 years. In some cases, a term life insurance policy can be converted over into a permanent plan (often without the insured having to prove evidence of insurability).

The Sage Term life insurance product that is offered through Sagicor Life can be purchased for a period of ten, fifteen, or twenty years. During this time, the amount of the coverage, as well as the amount of the premium payment, will remain level. This policy also offers “living benefits,” meaning that dollars from the policy’s death benefit may be used while the insured is still living, provided that he or she has been diagnosed with a qualifying terminal illness or has been confined to a qualified stay in a nursing home.

While Sagicor’s Sage Term policies require an applicant to go through the underwriting process to be approved, it may be possible to apply for this coverage via Sagicor’s Accelewriting Process. This process eliminates the need for a medical exam, as well as for the underwriters to review an Attending Physician’s Statement (APS).

Eligible applicants are those who are between the ages of 18 and 65 years old, and who are applying for coverage amounts of between $50,000 and $500,000. The Accelewriting process can also provide individuals with a decision within just minutes, with no telephone interview required.

There are multiple health classifications available via the Accelewriting process, and once approved, and applicant can also receive their policy via email as versus having to wait for a tangible policy to be mailed to them.

Permanent life insurance offers both death benefit protection and cash value build up. Permanent policies are designed to last for the remainder of an insured’s lifetime. The cash value in these plans is allowed to grow tax-deferred – and the money can be withdrawn or borrowed for any reason.

As with its term insurance policies, Sagicor offers both fully underwritten and no medical exam options. For example, the Sage Whole Life Insurance policy provides level, fixed premiums that never change. Over time, the cash value in these plans grows, based on a set rate of return.

With this policy, the Accelewriting process is available for those who apply for coverage between the age of 16 and 65, for face amounts of coverage between $25,000 to $250,000. There is no exam required, nor is it necessary to have the underwriters review an APS. And, in many cases, a decision regarding approval can be made in just minutes. This means that coverage could essentially be in place right away.

The Sage No Lapse Universal Life Insurance policy may also be applied for without the need for a medical exam. This policy is available to applicants who are between the age of 15 days up to 85 years. It offers guaranteed level premiums, as well as a guaranteed annual interest rate on the cash value.

There is also the option to purchase the Sage Interest Sensitive Single Premium Whole Life Insurance or ISSPWL. Because of the single premium, cash value can increase faster. This policy also offers living benefits that can help with paying for the expenses and/or the case that is associated with a terminal health condition or a chronic illness. This plan also allows more ease in transferring money efficiently to your heirs.

With the Accelewriting on the ISSPWL plan, applicants who are between the ages of 45 and 85 may qualify, with a minimum single premium of just $5,000 required. Here, too, the need for a telephone interview is also eliminated.

Other Products and Services that are Available

Fully underwritten life insurance is also available through Sagicor Life Insurance Company. These include both term and permanent plan options. With the Sage Term plan, the fully underwritten issue ages are 18 to 65 for face amounts of $500,001 or more, and up to age 75 for face amounts of $50,000 to $500,000.

Sagicor also offers fully underwritten permanent life insurance options. These include the following:

  • Sage Whole Life Insurance
  • Sage No Lapse Universal Life Insurance
  • Sage Fixed Indexed Universal Life Insurance
  • Sage Fixed Indexed Single Premium Whole Life Insurance (FISPWL)
  • Sage Interest Sensitive Single Premium Whole Life Insurance (ISSPWL)

In addition to its life insurance solutions, Sagicor Life Insurance Company also offers retirement annuities to its clients. Today, given longer life expectancy, one of the top concerns on peoples’ minds is outliving their retirement income. But an annuity, with its lifetime income option, can offer the ability to receive a guaranteed lifetime income – regardless of how long it may be needed.

How to Get the Best Premium Rates on No Exam Life Insurance with Sagicor

If you are seeking the best premium rates on no exam life insurance for Sagicor Life Insurance Company – or any life insurer – it can be beneficial to work with an independent life insurance agency or broker who can provide you with details, and premium quotes, on multiple options.

As an independent life insurance brokerage, we can assist you with getting all of the information that you require for making a well-informed life insurance buying decision. We can do so very quickly and easily – all from your computer – and without you having to even meet with an insurance agent. To get this process started, all you need to do is just simply take a quick minute to fill out the quote form on this page.

Should you still have any additional questions or concerns, our experts are here and available to help you. Please feel free to reach out to us directly via phone, toll-free, by dialing 800-277-3098.

The purchase of life insurance can be somewhat overwhelming. This is especially the case if you have been turned down for coverage in the past. However, this process can be made so much easier when you have an ally on your side. So, contact us today – we’re here to help.

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