Sagicor Life Insurance Review - An Insider’s Guide

Who Is Sagicor Life and are they a Reputable Company?

In 1954, Sagicor Life USA was founded by the Sagicor Financial Corporation, which has been operating around the world since 1840. The company offers a variety of insurance and annuity products in over 22 countries, including the United Kingdom.

Sagicor Financial Corporation is a publicly traded company (TSX: SFC) managing over $10.14 billion USD in assets as of April, 2022. In the United States, they specialize with non-medical term and permanent life insurance policies in 45 states and the District of Columbia.

How Competitive are Sagicor's Life Insurance Rates?

How do Sagicor’s prices compare with other no-medical exam life insurance providers?

Our insider's guide to Sagicor Life Insurance reveals that Sagicor’s prices come in first in almost every scenario. For example, take a 50 year old male looking for a 250k / 10-year term life policy.

Comparative rates appear below:

At Preferred Rate Class -10 Year - $250,000

At Standard Rare Class -10 Year - $250,000

In the above example, if the man qualifies at the preferred rate class he would receive a 41% savings with Sagicor over Assurity (the next best quote). Even at the standard rate class, he would save 32% over American National.

Who is Eligible for a No-Exam Policy From Sagicor?

Sagicor offers their non-medical exam policies to men and women ages 18 to 65.

They currently offer these term, guaranteed universal life, and indexed universal life insurance options:

1. Term Life Insurance 

• Coverage Amounts: $50,000 to $399,000 - no medical exam required.

•  Non-tobacco underwriting rate classes: preferred, standard, and rated

•  Tobacco classes: standard tobacco and rated tobacco.

2. Guaranteed Universal Life

• Coverage Amounts: $25,000 to $249,000 - no medical exam required. 

•  Non-tobacco underwriting rate classes: preferred, standard, and rated

•  Tobacco classes: standard tobacco and rated tobacco.

3. Indexed Universal Life

• Coverage Amounts: $100,000 to $1,000,000 

•  Non-tobacco underwriting rate classes: preferred, standard, and rated

•  Tobacco classes: standard tobacco and rated tobacco.

Unlike most no-exam providers, Sagicor offers a "rated" class for people with health issues. This is great news for many people that don't fit into a "standard" risk class due to common medical conditions like obesity or Type-II Diabetes.

How Fast is Sagicor’s Approval Process?

The majority of my Sagicor applications are approved within minutes making the company ideal for anyone that needs to secure life insurance in a hurry. 

Our insider's guide to Sagicor Life Insurance shows that their underwriting is at light speed compared to the majority of non-medical options available today. Everything is automated!

Underwriting consists of three main variables:

1. Prescription check (Rx) 

They will determine the prescription medications that have been prescribed for you over the past five years. Those with no medication history have a good chance at preferred rates, while those who take medication for things like blood pressure, anxiety or depression can expect standard rates.

2. Motor Vehicle Report (MVR) 

Underwriting will review your driving history for the past five years. Any DUI’s during this time will cause your application to be automatically declined. With two or fewer moving violations within 12 months, you can still qualify for a preferred rate class.

I am often asked:

“What does my driving record have to do with life insurance?”

Well…nothing, specifically. But insurance companies feel that being a reckless driver increases the chances that someone will die tragically in an auto-accident, increasing the risk that death proceeds payout would be likely.

3. Medical Information Bureau (MIB) 

This group maintains a medical database for life insurance companies to prevent insurance fraud.  If you have previously been declined for insurance or tested positive for nicotine with another company, this data will be on record here.

As long as you haven’t been declined before or have multiple, recent life insurance applications you should be able to receive an approval.

However, not all policies will qualify for automated underwriting.

I’ve had many cases that have been referred to an actual human underwriter. This isn’t exactly bad news. It just means the approval may take a few extra days.

I usually tell my clients the approval will take anywhere from two minutes up to five days, which is true for most cases. If an application is instantly declined, it’s normally decided due to one of the three variables discussed above.

This usually only happens when the applicant purposely fails to disclose something in their health or lifestyle history, hoping it won’t be discovered.  If it does take longer, don’t worry.

Chances are, they may just need a human to interpret some data or explanation the computer could not.

The application process is 100% electronic. Agents complete the life insurance application by telephone and afterwards email it to the applicant for their electronic signature.

Once they’ve E-signed, the agent is notified and submits the application to Sagicor to begin the automated underwriting process. If all goes well, the policy could be inforce (active) within 48 hours.

It’s really that simple!

Are There Any Downsides to Purchasing A Non-Medical Policy?

Yes, although a non-medical policy is the most convenient option, a policy that does not require a medical exam is more expensive than a policy that requires a medical exam.

Medical vs. Non-Medical Pricing

Sagicor’s prices for a non-medical policy are some of the most aggressive prices in the industry.

However, anytime you purchase a life insurance policy that does not require a medical exam, the risk for the life insurance company is higher, so the rates are slightly more expensive.

Below are some sample rates for a 40, 50, and 60 year old male in good “preferred” health to provide a comparison to a life insurance policy from an A-rated company with and without a medical exam.

Sample Life Insurance Quotes from Sagicor

Sagicor's Sample Rates For Life Insurance with an Exam

Sagicor’s Sample Rates for No Medical Exam Life Insurance

To try to make the application process as easy as possible for our clients that do decide to complete the free medical exam, our examiners are usually available from 8am to 8pm Monday through Saturday.

Does Sagicor Pay Its Claims?

When it comes to shopping life insurance rates, you simply want the best price from a highly-rated insurance company that will be around when it comes time to pay the death claim.

Sagicor Life is owned by the Sagicor Financial Corporation, which was founded in 1840, making it one of the most established companies offering life insurance in the U.S. today.

Sagicor Financial has approximately $10.14 billion USD in assets and they been in business for over 180 years. The company is rated A- (Excellent) by A.M Best as of April 2022, and they have never failed to pay a valid life insurance claim.

What Makes a Claim Valid or Invalid?

Every life insurance claim is considered valid, unless fraud or foul-play is suspected.

What is foul-play?

According to Collins Dictionary, foul-play is criminal violence or activity that results in a persons death. In other words, if a criminal investigation was conducted into the death of the insured person, and you (the beneficiary) are not found guilty of ending that person’s life (murder), the life insurance company will pay the claim. 

Fraud could be suspected if the insurance company discovers that you were diagnosed with a terminal illness prior to your application and did not disclose it. An example of a terminal illness is advanced stage cancer, HIV, or heart disease. Please keep in mind, this is extremely rare, and something our agency has never experienced. 

For an accurate quote, select your state on the map below. In less than a minute, you'll be able to compare rates from dozens of no-exam life insurance providers. You can also give us a call to speak with one of our experts about you options, toll-free 855-247-9555.