If you are young and healthy, obtaining the life insurance coverage that you need can typically be simple.
It will usually just require that you complete an application for coverage, and then go through a medical examination where you will have to give a urine and blood sample. These samples are tested by the insurance carrier to determine whether you have any health issues that could be considered risky for the insurance company if they accept your life insurance application.
For those who do have certain types of adverse health conditions, it may be possible that you won’t qualify for traditional life insurance coverage. However, that does not necessarily mean that you must forgo getting life insurance altogether. One alternate option for you is to apply for a no medical exam life insurance policy.
When doing so, its important to know that you are obtaining the right amount and type of coverage your you needs, and to able make sure that the insurance company you are buying the coverage through has strong financial backing. One company that meets this criterion is Sagicor Life Insurance Company.
The History Of Sagicor Life Insurance Company
Sagicor Life has been in the insurance business ever since 1840. This makes it one of the oldest insurance groups in America. The company has grown throughout the years, and it is headquartered in Scottsdale, Arizona.
Today, Sagicor has grown into a large and well-respected life insurance carrier. The company currently has operations in 22 countries – which include the United States, the Caribbean, and Latin America. In addition to its financial strength, the company is known for offering its customers world-class service, along with value and integrity.
Sagicor Company Review
Sagicor Life Insurance Company is a large and financially stable company. As of mid-year 2016, the company had total revenue of $553 million, with assets of more than $6.5 million. The company – owned by its shareholders – also significantly increased its earnings per common share to 5.2 cents – which is up from 2 cents a year prior. The company also had net premium revenue from its insurance offerings of $318 million, and it had paid out nearly $295 million in benefits.
Customers of Sagicor Life Insurance Company can choose from a wide variety of both term and permanent life insurance policy options, as well as from several different retirement annuity alternatives.
Insurer Ratings And BBB Grade
- A.M. Best Company Grade: A-
- Better Business Bureau Grade: A+
No Exam Life Insurance
Sagicor offers no medical exam life insurance coverage. These options may be a good fit for those who are unable to qualify for traditional, medically underwritten life insurance coverage due to an adverse health issue.
With the Sagicor no exam term life insurance option, applicants can choose policies that are in lengths of 10 years, 15 years, or 20 years. During this time, the amount of insurance coverage is locked in, and the premium is guaranteed not to increase throughout the length of the policy.
This option, available to anyone ages 18 to 65, with coverage amounts that can range between a minimum of $50,000 and a maximum of $500,000. (If an applicant wishes to apply for coverage that is above $500,000 they may do so, however, they will be required to undergo a medical examination. This will include providing a urine and blood sample for testing).
The policy is renewable to age 95. However, if the insured wishes to convert the term coverage over to a permanent policy without having to prove insurability, they can do so within a certain time frame.
The no medical exam life insurance policy through Sagicor Life Insurance Company offers differing rate classifications – which include rated, Standard, and even Preferred. There are also ratings for tobacco users, which also include a rated alternative, as well as Standard and Preferred categories.
There are two ways that individuals can apply for the Sagicor term life insurance coverage with no medical exam. These include sending in a paper application. This option will also include having a brief telephone interview. In this case, a policy approval decision can be made in as little as just 15 minutes.
Applicants can alternatively decide to submit an electronic application for coverage. Here, there is no telephone interview required, and likewise, a policy approval decision can typically be made within just a few minutes, allowing the applicant to have coverage in force almost immediately.
Sagicor also offers a permanent insurance option with simplified issue underwriting. This plan is available to those who are between age 16 and 65, with policy face amounts of between $25,000 and $250,000. Here, too, there are several policy rating categories, including rated, Standard, and even a Preferred.
Other Available Products
Sagicor also offers medically underwritten life insurance coverage. Here, the company has a line of both term and permanent life insurance product offerings, which include:
Sagicor’s Term Life Insurance
The Sage term life insurance can be purchased with time periods of 10, 15, or 20 years. These plans can offer an insured, affordable protection, along with guaranteed premiums throughout the stated life of the policy. They also offer a level term life insurance death benefit until the insured reaches the age of 95.
In addition, the term life policy options that are offered by Sagicor Life are able to be converted over into a permanent life insurance option, up through the policy anniversary that is the closest following the insured’s 70th birthday. Also, if the insured should contract a terminal illness and / or require care in a skilled nursing facility, he or she may be able to access funds from their death benefit to pay medical bills and / or take care of other pressing financial needs.
With the term life products that are offered by Sagicor, full underwriting will be required for anyone applying for more than $500,000 in coverage, as well as for anyone agse 66 – 75 for face amounts of $50,000 or more.
Sagicor Life Insurance Company’s term life insurance products also allow insureds to choose from various additional policy riders. These include a children’s term rider, which provides term life insurance protection for the insured’s children. Children who are between the age of 15 days and 19 years are eligible, and the coverage will remain in force for each covered child until the earlier of their turning age 25 or getting married. This coverage option can also be converted over from term to a permanent life insurance policy, with coverage of up to five times the original amount – regardless of current health condition.
There is also the option to add an accidental death benefit rider – which provides beneficiaries with an additional amount of death benefit if the insured dies in an accident – as well as a waiver of premium rider, which will waive the premium payments on the policy if the primary insured becomes totally disabled and unable to pay his or her premiums.
Sagicor’s Permanent Life Insurance Coverage
The company also offers several different permanent life insurance coverage options, which include:
• Sage No Lapse Universal Life
• Fixed Indexed Universal Life
• Fixed Indexed Single Premium Whole Life
• Interest Sensitive Single Premium Whole Life
• Sage Whole Life
In addition to life insurance, Sagicor Life also offers retirement annuities. An annuity can be used for generating a retirement income that cannot be outlived – no matter how long the recipient may live.
Annuities Offered By Sagicor
Single Premium Immediate Annuity (SPIA) – With the single premium immediate annuity, an individual will make just one, single lump sum deposit into the annuity. Then, soon after that, income will begin. The deposit that goes into an immediate annuity will often be from an individual’s 401(k) or other retirement plan, or IRA that has been building up in value throughout the years.
Sage Choice Single Premium Deferred Annuity (SPDA)
With the Sage Choice Single Premium Deferred Annuity, the individual will make premium deposits over time. The funds that are inside of the annuity are allowed to build up on a tax-deferred basis, which means no taxes on the growth until the time of withdrawal. This annuity earns a competitive interest rate that is set by the insurance carrier.
Sage Select Fixed Indexed Single Premium Deferred Annuity (FIA)
This annuity also allows one, single lump sum deposit. Because it is deferred, it will allow tax-deferred build up of funds over time. The return on the annuity’s funds is based upon a performance of the underlying market index, such as the S&P 500. If the index performs well, the account will be credited with a positive return – up to a certain stated “cap.” If, however, the underlying index performs poorly in a given period, the account will simply be credited with a 0%. This can help to provide the annuity holder with gains, yet protect their principal from market-related losses.