Sagicor Life Insurance Review: Great Service & Options for No-Medical-Exam Coverage
No medical exam term and whole life insurance policies with larger death benefits and lower rates than most competitors.
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Editor's Rating
Sagicor Life has outstanding reviews and is a great choice if you know you want a no-medical-exam life insurance policy. Sagicor's no-medical-exam term quotes are lower than many of its competitors, and you can purchase coverage almost instantly. This is handy if, for example, you need to show proof of coverage to get a loan. In addition, Sagicor's simplified issue whole life and universal life insurance policies have higher options for death benefits than you can find almost anywhere else.
Pros and cons
Pros
No medical exam for some policies
Policies are approved quickly
Low rates
Cons
People with health issues may not be eligible
Term policies only go up to 20 years
Sagicor life insurance policies
Sagicor life insurance offers several term, whole and universal life insurance policies, most of which can be purchased with no medical exam. The company’s accelerated underwriting process provides a decision on whether you’re approved for coverage within two days, though it often takes just a few minutes.
While many insurers offer simplified issue life insurance policies, Sagicor offers competitive rates and some of the highest death benefits. However, the company’s no-medical-exam quotes are still typically higher than those you would receive with full underwriting from other insurers.
Sagicor term life insurance
Sagicor offers term life insurance for 10-, 15- and 20-year terms, and coverage can range from $50,000 to more than $1 million. You can purchase a level term life insurance policy up to age 75, and coverage is renewable until you reach 95. Just keep in mind that Sagicor’s no-medical-exam policies are only available if you’re 65 or younger and need less than $500,000 in coverage.
Since Sagicor offers universal and whole life insurance policies, its term policies are all convertible to permanent coverage until you reach age 70. This is a great benefit, as your financial needs may change as you get older, and permanent coverage isn’t always available for simplified issue life insurance. In addition, Sagicor offers multiple term life insurance riders:
- Accelerated death benefit: If you’re diagnosed with a terminal illness or need to stay in a nursing home, you can receive a portion of your death benefit while still alive to cover medical expenses. The maximum amount of money you can receive early is $300,000 or 50% of your policy’s death benefit, whichever is lower.
- Accidental death benefit: If you pass away due to an accident, such as a car crash or sudden fall, your beneficiaries would receive an additional death benefit.
- Child rider: You can add coverage for your children if they’re younger than 19 and the coverage extends until they turn 25. In addition, a child’s policy can be converted to a larger permanent policy with no medical exams.
- Waiver of premium: If you become totally disabled, your life insurance will remain in place without you having to pay premiums.
Though Sagicor’s simplified issue term life insurance rates aren’t the absolute cheapest, they do offer lower premiums than many of the top insurers. We compared Sagicor’s no-medical-exam quotes for both smokers and nonsmokers to quotes from three of the largest insurers. As you can see below, only MassMutual offered a better deal:
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Keep in mind that each insurer has different restrictions and preferences when it comes to underwriting. However, Sagicor may reject your application or offer higher quotes if you have certain common conditions, such as arthritis, asthma, sleep apnea or diabetes.
Sagicor universal life insurance
Sagicor offers both guaranteed and indexed universal life insurance. Both policies offer permanent coverage and have a cash value that can be borrowed against or used to pay premiums.
Policy details | Guaranteed universal life | Indexed universal life |
|---|---|---|
| Age availability | Up to age 85 | Up to age 85 |
| Minimum coverage | $25,000 | $50,000 |
| Premiums | Level | May increase |
| Cash value | Flat interest rate | Based on index performance |
| Underwriting | No medical exam if below age 65 and less than $400,000 coverage | Medical exam and health questions |
Sagicor’s guaranteed universal life insurance policy is somewhat similar to a term life insurance policy. It lasts until you turn 120, making it a great choice if you just want a permanent death benefit. Premiums are level for the entire length of coverage, and you can purchase a policy with no medical exam if the death benefit isn’t greater than $400,000. The only key difference is that the policy builds a cash value over time, which grows according to a fixed interest rate.
Sagicor’s indexed universal life insurance is fairly standard as compared to policies from other insurers. A portion of premiums is put toward the policy’s cash value, and the cash value grows according to the investments you choose. The policy is limited, though, as Sagicor only offers three investment options:
- Fixed interest rate (around 3%)
- S&P 500 (with a cap on the maximum interest rate, your account will be credited within a given month)
- Basket of indices (though Sagicor can cap your participation rate, meaning you would only receive a percentage of the total returns)
Both universal life insurance policies from Sagicor come with an accelerated death benefit rider. This rider would allow you to receive up to $400,000 or 25% of your policy’s death benefit (whichever is less) if you contracted a terminal or chronic illness. The option to accelerate a death benefit can be incredibly valuable given the high cost of hospital stays, medication and other expenses associated with a life-impacting illness. You also have the ability to add an accidental death benefit, child rider or waiver of premium rider, similar to term life insurance.
Sagicor whole life insurance
Sagicor offers traditional whole life insurance and two single premium policies. Their traditional whole life insurance policy is fairly standard, with the primary differentiator being that you can get up to $250,000 of coverage with no medical exam. The majority of insurers will only provide up to $50,000 of whole life insurance coverage without a medical exam.
Sagicor’s single premium whole life insurance policies have a minimum $5,000 initial premium, but there are no ongoing costs. The death benefit you purchase is guaranteed as a minimum for the life of the policy and can be increased over time using your cash value.
The only real difference between Sagicor’s single premium policies is how the cash value is invested. One policy lets you choose to invest in indices (similar to their indexed universal policy), while the other essentially tracks market interest rates.
Policy Details | Whole Life Insurance | Indexed Single Premium Whole Life | Interest Sensitive Single Premium Whole Life |
|---|---|---|---|
| Age availability | Up to age 85 | Ages 18 – 85 | Ages 45 – 85 |
| Premiums | Level for lifetime | One-time | One-time |
| Underwriting | No medical exam if below age 65 | No medical exam | No medical exam |
| Cash value | Grows at fixed rate | Tied to indices, minimum 2% interest rate | Tied to market, minimum 3% interest rate |
| Accelerated death benefit | Lesser of $250,000 or death benefit minus $5,000 | Lesser of $250,000 or death benefit minus $25,000 | Lesser of $250,000 or death benefit minus $25,000 |
A great benefit for both single premium whole life insurance policies is that, if you decide later on that you want to surrender the policy and cancel your coverage, you’ll get a full return of your premium. While there’s an opportunity cost to having not done something else with your money, this at least reduces your risk in making a large coverage purchase.
Sagicor life insurance ratings and customer reviews
Sagicor Life Insurance Company has an Excellent (A-) rating from A.M. Best, and it receives great reviews from customers who praise the company’s simple and fast application process. In addition, the brokers and agents that Sagicor sells life insurance through are well-reviewed for their patience and knowledge of the products. However, overall, due to its term life insurance rates, it is not considered one of the best life insurance companies.
While the majority of Sagicor’s feedback is positive, the company receives mixed ratings for its online platform. In addition, customers have had occasional issues when trying to cancel a policy or change billing information.
Who would not qualify for Sagicor’s no-medical-exam life insurance?
Sagicor does not offer life insurance in Alaska, Connecticut, Maine, New York or Vermont. In addition, you won’t qualify for no-medical-exam coverage if any of the following apply to you:
- You receive medical care at home and need help to perform daily activities such as bathing, dressing and eating.
- You’re currently staying in a hospital, nursing home or other treatment facility. You can also be disqualified if you’re in a prison or correctional facility.
- You’ve tested positive for or been diagnosed with HIV, AIDS, Alzheimer’s disease, dementia, cirrhosis, emphysema or chronic obstructive pulmonary disease.
- In the last year, a doctor has advised that you be hospitalized, receive diagnostic tests or have a medical procedure performed, and the doctor’s recommendation has not been completed.
- In the past two years, you’ve been diagnosed with or treated for cancer (aside from certain skin cancers), a heart attack, a stroke or alcohol/drug abuse.
- In the past two years, you’ve had your driver’s license suspended, had two moving violations or you’ve been caught driving while impaired.
Unfortunately, you’re unlikely to qualify for most no-medical-exam life insurance policies if the above situations apply to you. However, if you need coverage and are willing to pay a bit more, a number of insurers offer guaranteed acceptance life insurance.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.