Sagicor life insurance review
Accelerated underwriting with no medical exam requirements for most applicants
finder.com’s rating: 4.5 / 5.0
- Get a quote if you’re looking for a group policy to offer your employees.
- Pick something else if if you want a longer term-life policy or you live in a state where Sagicor doesn’t operate.
18 to 75
$50,000 to $1 million
Medical Exam Required
|Free quote||Online, phone|
|Policy options||Term, whole, universal, variable universal, final expense whole life.|
|Term lengths||10, 15, 20|
|Claim methods||Phone, email, fax mail|
|Ratings||AM Best : A- BBB : A+|
|Available states||45 states and D.C. Not available in Alaska, Connecticut, Maine, New York or Vermont.|
|Customer support||Phone, email, mail|
|Riders||Accidental death benefit, children’s term rider, waiver of premium, accelerated death benefit, loan lapse protection, guaranteed insurability|
Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.
If you’re looking for life insurance without a medical exam, Sagicor Life offers a quick and easy online application process and competitive prices. But if you live in a state where the company doesn’t operate, or you don’t qualify for Sagicor’s accelerated underwriting, shop around for life insurance policies to find other no-exam options.
What types of life insurance coverage does Sagicor Life offer?
Sagicor Life offers term, whole and final expenses life insurance with a standard set of riders available to customize your policy. You can choose between the following life insurance products:
Term life insurance
Sagicor offers 10-, 15- and 20-year term life insurance policies with a no-cost accelerated benefits rider. The company’s accelerated underwriting is available for all applicants age 18 to 45 and for applicants outside that age range, depending on the amount of coverage they want. Which means you’ll get an underwriting decision within minutes of submitting your application. All term policies can be converted to a permanent life insurance policy before age 70.
Permanent life insurance
All whole life policies offer Sagicor’s accelerated underwriting process that requires no medical exam or phone interview for applicants age 16 to 65. Applicants over age 65 will need to go through the full underwriting process, and applicants under 16 will go through the juvenile issue process. Here’s a list of your permanent life insurance options:
- Whole life. A traditional permanent life insurance that includes a no-cost accelerated benefit rider, which allows you to use a portion of your death benefit if you’re diagnosed with a terminal illness.
- Universal life. This policy provides built-in lapse protection, a flexible death benefit and a guaranteed annual interest rate.
- Indexed universal life. A universal whole life insurance that allows you to choose between three interest strategies to potentially improve the cash value of your policy. Its flexible payments option allows you to increase the cash value with larger premiums or pay the minimum to keep your policy active. You’ll get the accelerated benefit and lapse protection riders at no cost.
- Indexed single premium universal life. With this policy, your cash value earns interest based on the market rate of a stock index, but you can choose between five bonus strategies to potentially improve your returns based on your risk tolerance. The policy comes with return of premiums protection and an accelerated benefits rider that covers both chronic and terminal illness.
Final expense life insurance
Final expense life insurance is designed to provide coverage for end-of-life expenses only. The policy requires no medical exam or health questionnaire, though some health questions are part of the application process. Sagicor offers three final expense life coverage options:
|Basic||$25||$5,000 – $10,000|
|Classic||$35||$15,000 – $20,000|
|Grand||$55||$25,000 – $35,000|
What riders can I add to my life insurance policy?
Sagicor offers a pretty standard set of riders to make sure your policy meets your coverage needs. Not every rider is available as an add-on to every policy, but the following riders are available across Sagicor products:
- Accidental death benefit. Provides an additional lump sum payout to your death benefit if you die in an accident.
- Children’s term rider. Adds a term life insurance for your children who are ages 15 days old to 19 years old, which stays in place until your child turns 25 or gets married. This rider can be converted to a whole life policy for up to five times the original face value amount without health restrictions.
- Waiver of premium. If you become totally disabled, this rider waives your premium until you can return to work.
- Accelerated benefit insurance. Allows you to access a portion of your death benefits to help cover medical costs if you’re diagnosed with a terminal illness.
- Loan lapse protection. Protects your policy from lapsing due to the loans you take out against the cash value.
- Guaranteed insurability. Provides the opportunity to purchase additional coverage at regular intervals without having to prove your insurability through questionnaires or medical exams.
How much does Sagicor life insurance cost?
As with most insurance that doesn’t require a medical exam, Sagicor Life bases its rates mainly on age and tobacco use. Compare sample quotes for monthly premiums on a $100,000 term life insurance policy for nonsmokers in excellent health from the Sagicor online quote tool.
|10-year term||15-year term||20-year term||Whole life|
|Male, age 30||$10||$10||$11||$88|
|Female, age 30||$9||$9||$10||$80|
|Male, age 40||$11||$12||$13||$133|
|Female, age 40||$11||$11||$12||$118|
Pros and cons of Sagicor life
- Accelerated underwriting. If you qualify for Sagicor Life’s accelerated underwriting process, you can fully apply online with no medical exam and get your decision in minutes. Qualification is based on your age, tobacco use, the amount of coverage you’re applying for and your answers to basic health questions. Quick underwriting decisions aren’t always easy to find among insurers.
- Competitive prices. Most no-exam policies cost more because of the higher risk to the insurer, but Sagicor’s policies stay competitive even to insurers that require medical exams.
- Love notes program. Sagicor has an optional program that allows you to write a final letter to your beneficiaries that is delivered with your death benefits.
- No longer term-life policy options. The longest term available is 20 years. So, if you’re looking for a 30-year or longer policy, you’ll need to shop elsewhere.
- Common illness may disqualify. While most Sagicor policies don’t require a medical exam, you do have to answer a few health-related questions to apply. Some common illnesses like asthma, diabetes or sleep apnea have caused customers to be rejected or pay higher rates.
- Not available in every state. Sagicor is licensed in 45 states, but doesn’t operate in Alaska, Connecticut, Maine, New York or Vermont.
Compare alternatives to The Sagicor Life
Sagicor life insurance reviews and complaints
Sagicor Life is accredited with the BBB and has an A+ rating with no unanswered customer complaints. The company has a 4.4 out of 5 star rating on Trustpilot with 200 reviews, most of which praise the speed and ease of the application process and excellent customer service.
How do I sign up?
Sagicor Life offers free online quotes without requiring your personal information until you’re interested in applying for a policy.
- From the Sagicor home page, click Get a Quote.
- Enter your general information and click Get My Quotes.
- Use the slider bar to select the amount of coverage and see how your premiums change. When you’ve determined your coverage amount, choose the policy you want, select any optional riders and click Apply Now.
- Enter your personal information and click Apply. To complete the application, you’ll need your driver’s license number, Social Security number, doctor’s contact and information on any existing life insurance policies in your name.
More about Sagicor Life
Sagicor Life’s parent company, Sagicor Financial Corporation, has been in operation since 1840, and is considered one of the oldest insurers in the US. Sagicor Life Insurance has been in operation since 1954 and is now licensed in 45 states and the District of Columbia. AM Best has given the company an A- rating for financial strength. In addition to life insurance, Sagicor also offers a range of annuities products.