Sagicor Life Insurance Company Review
Sagicor Life Insurance Company is part of the Sagicor Financial Corporation family of companies. The name Sagicor literally is a combination of two words, “Sage” which means wise and “Cor” meaning the heart or judgment and the company says this name reflects its philosophy of wisdom with heart.
Founded in 1840, Sagicor has had a long standing reputation of stability within the insurance industry. Not only does the company have operations in America but it also has offices in 21 countries besides the U.S. including countries in Central America and the Caribbean. The U.S. operations span 45 states and the District of Columbia. Life insurance and annuity products are sold through a network of over 6,500 independent agents nationwide. Sagicor Financial has more than $5 billion in assets including assets of its subsidiary companies.
Better Business Bureau Rating
Sagicor is BBB accredited since 2009 and has received the Better Business Bureau ‘s “A+” rating. There are no customer reviews listed and only a total of two customer complaints. One complaints was addressed and resolved to the customer's satisfaction and was closed. The other complaint was addressed by the company but the BBB has not received a response from the customer regarding his satisfaction with the company's response. For such a large company, this is an unusually low number of customer complaints.
Life Insurance Products
Local Sagicor Life Insurance agents across 45 U.S. states offer customers life insurance and annuity products including:
- Term Life Insurance: Term life insurance plans offered through Sagicor Life are available for 10-, 15- or 20-year policy terms. A term life policy is generally a more affordable option since it is not a lifetime coverage plan. The premium is guaranteed not to increase during the coverage period. The Sagicor term life insurance policies all offer guaranteed level premiums during the initial policy term, a level death benefit to age 95, the ability to convert to a permanent life insurance policy at the end of the policy term, and income payments available for terminal conditions or confinement to a nursing home. Coverage amounts are available from $50,000 to 1,000,000 depending on age.
- Permanent Life Insurance (Also known as Whole Life Insurance): The whole life insurance plans offered through Sagicor can build cash value on a tax deferred basis. Your coverage is guaranteed as long as you pay your premium. Optional riders are available to increase coverage for a permanent life insurance policy. Several options of permanent life insurance are available including no lapse universal life (NLUL) , fixed indexed universal life (FIUL) , fixed indexed single premium whole life (FISPWL), interest sensitive single premium whole life (ISSPWL) and the whole life (WL) policy.
Annuity options through Sagicor Life range from immediate needs to products that serve long term retirement needs including the following annuity products:
- Single Premium Immediate Annuity (SPIA): An annuity plan designed to provide a steady stream of income in a schedule you are able to design with guaranteed payment terms regardless of economic condition or investment return opportunity. Flexible payment periods are available and you may add a one-time withdrawal rider if you need to make an early withdrawal at some point.
- Single Premium Deferred Annuity (SPDA): A deferred annuity plan that offers a single premium payment and earns interest at a fixed rate that accumulates value and is tax deferrable. You have the option of taking the annuity payment for life or for a specific number of years. The minimum premium is $2,000 and the maximum premium is $200,000 per owner.
- Fixed Index Single Premium Deferred Annuity (FIA): This plan gives a 4% bonus on the single premium and gives you control and access to your money for emergency withdrawals. The minimum premium is $2,000 (Not available in California).
The Bottom Line
If you are looking for life insurance or retirement options, Sagicor Life Insurance Company is a good option to consider when searching for the best value on an insurance policy or annuities and retirement planning. With coverage in 45 states and an “A-“ Excellent A.M. Best Rating, as well as a “A+” rating with the Better Business Bureau; Sagicor has a good financial standing and customer service record within the insurance industry.
To find a local agent or get a quote for life insurance or annuities, you can visit the Sagicor Life Insurance Company Website or call 888-724-4267. You can also contact the company by email, ClientServices@SagicorLifeUSA.com.