Company Spotlight: Sagicor Life Insurance company
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UPDATED: Aug 14, 2020
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As an online life insurance broker, we’re not limited to working with one specific life insurance company. By definition, a broker typically works with several companies but represents you, not the company.
Every life insurance company we make available to you has been carefully chosen to provide competitive prices, fast term life insurance application processing and underwriting (see guidelines here: life insurance underwriting guidelines), and excellent customer service. Today, we’ll take a closer look at one such company: Sagicor Life Insurance Company.
Sagicor Life Insurance Company is a full-service life insurance company with 60 years of experience providing quality and value to their policyholders. They operate in 45 states and the District of Columbia and their products are provided through approximately 6,500 independent and career producers. The company has total assets of approximately $1.2 billion.
The company is a wholly-owned subsidiary of Sagicor Financial Corporation, one of the oldest insurance groups in the Americas, with operations in 21 countries
Sagicor Life has an A- rating from AM Best rating service. These company ratings represent a measure of a company’s claims paying ability and overall performance.
Features Included with Every Term Life Insurance Policy
These features are often called “riders” in life insurance lingo. This simply means they “attach to” or “ride along” with your policy. These two are included for free with your policy.
1. Accelerated Benefit Rider
Sagicor life includes an Accelerated Benefit (AB) rider at no extra cost to you (in approved states). This benefit allows you to receive a portion of the death benefit if you develop a terminal condition, with a life expectancy of 12 months or less, or become confined to a nursing home. The policy owner can request payment of up to 100 percent of the eligible death benefit.
2. Conversion Endorsement
A Conversion Endorsement is included with no extra premium. You may convert the policy to select permanent life insurance policies issued by Sagicor. You do not need to show evidence of insurability to convert your policy, as long as you do it during the guarantee period of the policy, which expires at the end of the policy term or the policy anniversary date following your 70th birthday.
Optional Features You can Add to Your Policy
You can buy these optional riders and they will also become a part of your policy.
1. Waiver of Premium Rider
A Waiver of Premium (WP) rider is available with extra premium. If you experience a total disability your premiums will be waived retroactively from the beginning of the disability, once Sagicor has received and approved proof of disability. The premiums will continue to be waived for the duration of your total disability. You can buy this rider if you are between the ages of 18-55.
2. Accidental Death Benefit Rider
An Accident Death Benefit (ADB) rider is available with extra premium. This rider pays in addition to the base policy death benefit if you were to die in an accident. The benefit amount is up to the face amount of the base policy or a maximum of $250,000 on any one life (includes any such benefit already in force). For example, let’s say you have a $250,000 term life policy with the ADB rider attached. If you die in a covered accident, Sagicor will pay your beneficiary an additional $250,000 death benefit, for a total payout of $500,000.
You can buy this rider if you are between the ages of 18-60. It will expire on your 70th birthday. The annual cost is $1.32 per $1,000 of coverage.
3. Children’s Term Rider
The Children’s Term (CT) rider is also available with an extra premium when buying life insurance for children. It provides level term insurance on each insured child, up to age 25. One rider covers all children in the family and any new children born or adopted after the policy is issued, with no increase in cost. The minimum amount of coverage available is $2,000 and the maximum is $20,000. The annual cost is $5.76 per $1,000 of coverage.
You can buy this rider if you are between the ages of 18-60 and your children are between the ages of 15 days to 19 years. Coverage for each child expires when the child reaches age 25 or marries, whichever happens first.
Sagicor Life offers no medical exam term life insurance policies in term lengths of 10, 15, and 20 years, during which time your rates are guaranteed to remain the same. The minimum coverage amount is $50,000 and the maximum is $400,000. A paramedical exam is not required to apply for a policy of $25,000 – $99,999. A paramedical exam is not required to apply for any policy up to $400,000.
Remember, working with an online life insurance broker has its advantages. Buying online allows you to complete the process at your own pace while avoiding pressure to buy. It also gives you a variety of life insurance companies to choose from.
Get started with a free term life insurance quote and let us know if you’d like one of our licensed Insurance Professionals to help you choose the best life insurance company for you and your unique circumstances.