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Sagicor Life Insurance Review - An Insider’s Guide

Jason DanaWritten by Jason Dana, Co-Founder and Managing Partner

Do you need life insurance in a hurry?

Are you too busy for a medical exam?

Does the thought of having your blood drawn creep you out?

If you answered “YES” to any of these questions, a policy from the Sagicor Life Insurance Company might be your best option.

Rated "Excellent" by AM Best for financial stability, Sagicor is one of the best no-exam life insurance providers in the industry, especially for people in less than perfect health. Keep reading to find out if Sagicor is the right company for you. 

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Here’s what we'll cover in this post:

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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

CompanyProductMonthly Rate
SAGICORSage Term – Simplified (preferred non tobacco)$49.07
ASSURITYNon-Med Term 350  (Select Plus NT)$83.60
ASSURITYNon-Med Term 350 (Select NT)$142.34

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

CompanyProductMonthly Rate
SAGICORSage Term – Simplified (Standard non tobacco)$71.77
AMERICAN NATIONALAnico Signature Term (Standard Nicotine non-user)$106.25
FIDELITYRapid Decision Plus (Standard Non-Nicotine)$107.01
ASSURITYNon-Med Term 350 (Standard NT)$190.30

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 termguaranteed 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.

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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.
This is due to the fact that the life insurance company cannot evaluate your cholesterol, height/weight, blood pressure, use of tobacco, etc. like they would  if you were to complete a medical exam.

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

40 Year Old Male $250,000 of coverage / monthly cost50 Year Old Male $250,000 of coverage / monthly cost60 Year Old Male $250,000 of coverage / monthly cost
10 year level premium: $15.2110 year level premium: $31.2810 year level premium: $71.97
15 year level premium: $18.5115 year level premium: $40.6415 year level premium: $100.41
20 year level premium: $23.1020 year level premium: $50.7420 year level premium: $131.03

Sagicor’s Sample Rates for No Medical Exam Life Insurance

40 Year Old Male $250,000 of coverage / monthly cost50 Year Old Male $250,000 of coverage / monthly cost60 Year Old Male $250,000 of coverage / monthly cost
10 year level premium: $25.7010 year level premium: $49.0710 year level premium: $126.06
15 year level premium: $31.0615 year level premium: $64.8815 year level premium: $178.79
20 year level premium: $38.4520 year level premium: $85.6820 year level premium: $202.20
If your goal is to secure your life insurance as inexpensively as possible, a life insurance policy with a free medical exam is almost always the least expensive option available. For some of our clients; however, this simply isn’t an option

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

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Jason Dana

Jason Dana

Co-Founder and Managing Partner

Jason offers more than a decade of life insurance experience to JRC where he is a co-founder and managing partner. He specializes with helping clients who are considered a “high risk" for life insurance by finding the most affordable options for coverage available to them. Outside of work, Jason enjoys surfing, traveling, and spending time with friends and family.

Ask Our Experts

Leave your question below and one of our insurance agents will give you a detailed answer.

Questions From Our Visitors

Some of the questions we received from our website visitors:

Karen mcinnis:

Why do I have to buy a copy of my life insurance policy? This makes no sense. I'm paying for my policy, surely I'm due a copy of my policy!

Randy McClintickRandy McClintickChairman & Co-founder

Karen, Most companies will reissue a lost insurance policy, however, many are beginning to convert to emailing them allowing you to print and/or share with appropriate family members.

Scott Dixon:

Where can I find out about my American Founders Life insurance policy

Randy McClintickRandy McClintickChairman & Co-founder

Scott, Best place to start is by contacting your state's insurance commission. For instance, if you purchased your insurance in Georgia, you can Google "Georgia state insurance commission" and they're will be a information and phone number to call for many services including lost policies if you're having trouble reaching the insurance company directly.

Rachel:

I am 63 years old woman in good health; I was approved for a "with exam" $300.000 by Protective life insurance but with a higher rate $250/month. The application is pending my acceptance. Can I still apply with Sagicor ? Would the premium be lower ?

Randy McClintickRandy McClintickChairman & Co-founder

Rachel, Thank you for your question and visting JRC's life insurance website. We work closely with Protective Life's underwriters, and they are a very good insurer. That being said, there may be another equally rated company which may be a better personal fit for you. Call JRC at (855) 247-9555 and we'll discuss what, if anything, affected your mortality risk assessment ("risk class") with Protective, and can tell if another carrier may look at those factors more favorably. We generally recommend putting an approved policy in force. If we determine another carrier could offer a lower rate, and we can get it approve for you, you can cancel your Protective policy with no obligation if it's a term policy or "Guaranteed Universal Life" policy. If cancelled within first 30 days, Protective would return that premium. JRC Life Insurance: (855) 247-9555

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By submitting an online insurance quote request, you are providing JRC Insurance Group with your prior express and written consent to call you at the cell phone number or residential phone number provided. Final rates are based on eligibility. You can also reach us toll-free at 855-247-9555.