Sagicor Life Insurance Company

Although no one wants to think about the unexpected or end-of-life matters, it is still quite important to plan for the inevitable.  As if losing a loved one wasn’t difficult enough, then you have to consider the costs of flowers, memorial service, burial plot, and the headstone, just to name a few of the final expenses typically accumulated during such a time.  The average cost for a funeral today is around $8,500 to $10,000.

Most often, families do not have this amount of disposable cash readily available.  So, families and loved ones left behind are forced to cash out savings and sell other assets in order to come up with the funds needed.

There is a better way to be prepared for the unexpected and to ensure that your loved ones are not facing the financial hardship of funding your final expenses.  Final expense life insurance can provide you and your loved ones that peace of mind needed.

Before purchasing a final expense insurance policy, it is essential to have a good sense of the amount of coverage you will need, as well as the type of insurance you will need.  Additionally, you will want to make sure that the prospective insurance carrier has a strong, stable financial standing and a credible name regarding the payment of its policyholders’ claims.  Sagicor is one insurance company that has been in the industry for over 100 years and meets all the aforementioned criteria.

The History of Sagicor Insurance Company

Since 1849, Sagicor has been offering its customers wealth enhancement and protection.  Originating in the Caribbean, over the years, Sagicor has grown remarkably to operate out of 17 different locations in the Dutch and English speaking Caribbean and Latin America.

Sagicor has been in the business of assisting its customers with wealth enhancement and protection since 1840. The company began in the Caribbean, and over the years, it has grown substantially to operate in 17 different countries in the English and Dutch-speaking Latin America and the Caribbean.

Sagicor primarily focuses on providing banking services, financial services, and insurance.  Additionally, the company offers money management, educational savings, retirement planning, and mortgage assistance.  Currently, Sagicor’s headquarters are located in Barbados, with its American office located in Scottsdale, Arizona.

Company Review

Providing a broad range of life insurance products to serve a multitude of needs, Sagicor Life Insurance Company is currently licensed to conduct business in 45 U.S. states, including the District of Columbia.

Sagicor Life Insurance Company is considered to be financially stable and secure, with its nearly $6 billion in total assets and $40 million in net income.  The insurance company is the parent company of Sagicor Life Inc., Sagicor Jamaica, Sagicor USA, Sagicor General, Sagicor Bank, Sagicor Panama, and Globe Finance.

Sagicor Insurance Company Ratings

Insurance rating agencies have awarded Sagicor Life Insurance Company with high ratings due to its timely payment of claims and its positive financial strength.  The insurance company currently holds an “A-” (Excellent) rating with A.M. Best. 

Furthermore, The Better Business Bureau (BBB) rates Sagicor Life Insurance Company at an “A+,” based on the A+ – F grading scale.  The life insurance company has had only two customer complaints on file within the last three years, which have both since been resolved.

Term Life Insurance

Sage Term Life Insurance, provided by Sagicor Life Insurance Company, is typically used for burial and other final expenses.  The insured has a choice of coverage terms – 10, 15, or 20 years.  Sage Term uses the simplified issue underwriting process, which means no medical exam or phone interview is required.  There is an automated underwriting decision within minutes.

Application age requirements are 18 to 65 years of age, and in most cases, no medical exam is required for coverage approval.  Coverage ranges from $50,000 to $500,000.  Premium and coverage amounts are fixed for the life of the policy.

Additionally, you have the ability to convert the Sage Term Life Insurance policy over to a permanent life insurance policy.  Cash value accumulation is also an advantage of the policy.  This allows you to access funds from the policy’s death benefit even while you are still alive in case you need to cover unexpected expenses.

Sagicor Life’s Sage Term policy has optional riders available in the event that you need to add more coverage.

• Accelerated Benefit Insurance Rider: Available at no additional premium cost.  This rider allows you access to your policy’s funds throughout your life.  However, the amount that can be obtained is the lesser of $300,000 or 50% of the death amount listed on the policy.
• Accidental Death Benefit Rider: An additional death benefit will be paid to your beneficiary if your death occurs because of a covered accident.
• Waiver of Premium Rider: If you should become disabled, this rider waives the premium payments.  Should the disability discontinue, the policyholders would simply proceed in making premium payments in order to keep the policy active.
• Children’s Term Rider: Provides term life insurance safety for your children, ages 15 days to 19 years old, and it stays in force until your children are married or at least 25 years old.  Once the term period has concluded, this benefit can be converted to a lifetime insurance policy for nearly five times the original amount, regardless of your child(ren)’s health condition at the time.

Whole Life Insurance     

A Simplified Issue Policy provided by Sagicor offers coverage amounts ranging from $25,000 to $249,000.  These policies do not require a medical exam and can be approved in just a few days, sometimes even the day of application.  This coverage provided by Sagicor is easier to obtain if you have certain medical conditions.

Sagicor Life Insurance Company also provides a no-lapse Universal Life (UL) insurance policy.  This policy offers a death benefit, along with a cash value benefit that is provided on a tax-deferred basis.  You have the freedom to alter coverage amounts and annual premium payments.  Different than the fixed premium payments and fixed death benefit of the whole life policy, you are able to skip a payment provided you have accrued ample cash value to cover it.

Final Expense Insurance Offered by Sagicor

Final expense insurance, or burial insurance as it is often called, is a type of life insurance policy that is acquired specifically for covering the costs of your final expenses, such as funeral costs, burial plot, memorial service, and all other expenses related to your passing.  Typically, the coverage provided by a standard burial insurance policy will range between $5,000 to $25,000.  However, there are final expense insurance carriers that offer higher coverage amounts.

Universal Life Insurance

The accumulated cash value of the universal life insurance policy can either be withdrawn or borrowed by you for any reason, such as paying off debt, providing ongoing income, or find taking a long-awaited trip.  Any un-repaid amount borrowed or withdrawn from the cash value component will be deducted from the death benefit upon payout to your beneficiary.