Buying life insurance is important. It can often mean the completion of one’s overall financial plan. This is because this essential tool can help to protect a surviving spouse and / or other dependents from having to endure financial hardship in case the unexpected should occur.
As you start the process of purchasing a policy, make note to consider how much coverage you want/need and whether you favor a permanent or term type of plan. In addition, though, it is also important to factor in the insurance carrier through which you will be purchasing the coverage. We have compiled a list of the 10 best life insurance companies that we feel should be checkout out before you make your final purchase decision on a policy!
Many may be hesitant to go forward with looking into Life Insurance coverage due to health issues, But don’t let that stop you from getting the coverage you deserve.
You will want to ensure that which company you choose, is strong from a financial standpoint and that it has a positive reputation for paying out claims to its policyholders. That way, your loved ones won’t be left out in the cold if or when the time comes to file a life insurance policy claim. One company that has been known for many years for paying out its benefits in a timely fashion is Sagicor Life Insurance Company.
The History of Sagicor Life Insurance Company
Sagicor Life Insurance Company has a long history in the insurance industry. The company was originally established back in 1840 as The Barbados Mutual Life Assurance Society – making it one of the oldest insurers in all of the Americas. The company soon expanded into several of the surrounding islands in the Caribbean throughout the late 1800s and made investments in the former British Empire, as well as in several countries including Japan, Norway, Argentina, and the U.S.
The company grew over the years, and it also acquired large blocks of business from other insurance carriers. Today, Sagicor – a name that means wise judgment – offers a wide variety of both life insurance and annuity products. The Sagicor tagline is “Wise Financial Thinking for Life.”
Although the company began as a mutual insurer – meaning that it was essentially owned by the policyholders that it served – in 2002, Sagicor Life Insurance Company decided to demutualize.
Today, Sagicor continues on its mission, “To be a life insurance organization that consistently generates high returns to its shareholders, exceptional opportunities for its employees, and respect and trust from its various publics.” The company also has the vision, “To be a great company <that is> committed to enhancing the lives of the people in the communities in which we operate.”
Sagicor Life Insurance Company Review
Sagicor Life Insurance Company prides itself on offering valuable products that provide its customers with peace of mind – and because of this, the company’s asset base has continued to grow. As of year-end 2013, Sagicor held nearly $1.2 billion in assets.
The company is licensed in 45 states, plus the District of Columbia. And, it is ranked in the top 140 life insurance companies in the United States. Sagicor Life Insurance Company is a wholly-owned subsidiary of Sagicor Financial Corporation – which is one of the oldest insurance groups in the Americas. This institution has operations in more than 20 different countries.
Sagicor Life Insurance Company has two primary offices. These are located in Scottsdale, Arizona and in Tampa, Florida. In addition to offering insurance and financial products, Sagicor is active in the communities that it services.
For example, the company is a proud sponsor of the Tampa Lowry Park Zoo. The company is also a partner of the Tampa Bay Rays baseball team, as well as a participant in the Tampa Arthritis Walk for a Cure.
The company makes it easy to find out about their products and services – and, once someone has become a client, they can easily reach a customer service representative to ask questions, make changes, or file a claim.
Customer services reps can be reached in the home office of Sagicor via a toll-free telephone line, as well as through email. Business hours are Monday through Friday between 8:00 a.m. and 6:30 p.m. Eastern time November through March, and 8:00 a.m. through 7:30 p.m. April through October.
Sagicor Life Insurance Company Ratings and BBB Grade
Because of its healthy financial standing, as well as its positive policy payout reputation, Sagicor Life Insurance Company has been provided with high ratings from the insurer rating agencies. A.M. Best has given Sagicor a rating of A-.
Also, Sagicor Life Insurance Company has also been an accredited business with the Better Business Bureau, or the BBB. This organization has given Sagicor Life Insurance Company the grade of A+. This is on an overall grade scale of between A+ through F, similar to a school report card grade system.
Over the past three years, Sagicor Life Insurance Company has closed a total of one complaint via the Better Business Bureau (BBB). This complaint had to do with the company’s products / services.
Life Insurance Products Offered Through Sagicor
When it comes to life insurance products that are offered, Sagicor offers a wide variety of options to its customers. These come in the form of both term and permanent protection. With term life insurance, the policyholder will get pure death benefit protection at an affordable premium price. This is particularly the case if the applicant is young and in relatively good health at the time of application.
Term life insurance is sold for certain time frames – or terms – for instance, 10 years, 20 years, or 30 years. Sagicor Life Insurance Company offers several options on its Sage Term life insurance coverage, including a ten year, a 15 year, and a 20-year plan.
The term policies offered by Sagicor can offer a simplified underwriting process. This means the applicants qualify for life insurance with no exam.
In order to proceed with the no medical exam life insurance application, an applicant must be between the age of 18 and 65, and they must be applying for a coverage amount of between $50,000 and $500,000 in benefit. Sagicor also offers the option of an eApplication, which means that the client can go through an automated underwriting process and have a decision regarding their coverage within minutes. There is also the option of submitting a paper application and having a telephone interview. Here, a decision regarding coverage may be made within as little as 15 minutes.
These policies provide affordable life insurance protection, along with a guaranteed level premium amount during this initial term period. They can also help to provide income should the insured contract a terminal illness or become confined to a skilled nursing home facility.
Term life insurance is often thought of as “temporary” life insurance coverage. With that in mind, these policies can be a good option for situations such as paying off a mortgage, providing funding for child care, making future college tuition payments, debt repayments, and / or paying one’s final expenses. For business owners, a term life insurance may be a good option for funding a business buy / sell agreement.
The term life insurance policies that are offered through Sagicor may also be able to offer additional protection through the addition of policy riders. These may include the following:
• Accelerated Benefit Insurance Rider – With the accelerated benefit insurance rider, the insured can have help in covering medical or nursing home care costs through the policy’s death benefit. The benefit that can be received will be the lesser of $300,000 or 50% of the policy’s total death benefit. There is no additional premium cost to add this rider to the term policy.
• Children’s Term Rider
The children’s term rider can provide term life insurance protection for the insured’s child or children who are between the ages of 15 days and 19 years at the time of application. The coverage will remain in force until the earlier of the child’s age 25 or their marriage. If the child is eligible, at the end of the term period, the benefit may be able to be converted over into a qualified permanent life insurance policy, with a benefit that is up to 5 times the original amount of the term coverage – regardless of the child / insured’s health.
• Accidental Death Benefit Rider
With the accidental death benefit rider, should the insured die due to a qualifying accident, his or her named beneficiaries would receive an additional amount of death benefit.
• Waiver of Premium Rider
With the waiver of premium rider, the premium payments on the term life insurance policy would be waived if the insured were to become totally disabled – as defined in this rider. Should the disability cease, the premium payments would then resume.
Sagicor Life Insurance Company also offers several options for permanent life insurance coverage. These plans provide coverage for the insured’s entire lifetime – as long as the premium is paid. They also build tax-deferred cash value over time. And, similar to the term life plans, these policies may be further customized by adding various riders.
With the Sage no lapse universal life insurance policy, the insured can have a guaranteed death benefit and premium that are locked into age 120. These plans are considered to be flexible, as the insured can change – within certain guidelines – how much of the premium goes into the cash component, and how much goes into the death benefit.
The fixed indexed universal life insurance policy allows the cash component to experience growth that is based on an underlying market index, such as the S&P 500 – yet, in times of a market downturn, the policyholder won’t lose value in their cash component.
A fixed indexed single premium whole life insurance policy will also provide a death benefit that is guaranteed, as well as a cash value component. The premium amount will be locked in as long as the insured lives – regardless of increasing age or decreasing health condition.
An interest-sensitive single premium whole life insurance policy will be paid off with just one single payment. With this type of policy, the cash value will be able to build faster due to the large initial premium.
Sagicor Life Insurance Company also offers a regular whole life policy option. This plan guarantees that the insured will have a level death benefit, as well as a cash value that grows at a set rate of interest.
Other Coverage Products Offered
Sagicor offers other coverage products in addition to just life insurance. Annuities can provide individuals with guaranteed lifetime income – which can alleviate the worry of running out of savings in retirement.
The company offers several options in annuities, including the Sage Single Premium Immediate Annuity, the Sage Choice Single Premium Deferred Annuity, and the Sage Select Fixed Indexed Single Premium Deferred Annuity. All of these offer several different retirement income options, depending on your specific needs.
How and Where to Find the Best Premium Quotes on Life Insurance Coverage
So you’re ready to start the process, awesome! Finding any rate is easy, but to get the lowest rates you should ideally look for an agency or agent that represents more than one or two companies. The best way to do this is finding an independent advisor who has contracts with at least ten or more carriers.
For quick and easy quotes just use the form we’ve provided to the right of our page. You can input different numbers to see where you should start your search. But if you need more guidance, or have extra questions then give us a call at 888-430-7668 and we’ll do our best to answer your question immediately or do some research and get back with you. Our goal at Rootfin is to provide you with tailored quotes that tick all your boxes.