For those who have people they love and care about, there is usually the need for life insurance in their overall financial plan. This is because the proceeds that are received from life insurance coverage can be used for a wide variety of needs, such as the continuation of ongoing income, the payoff of debts, and/or to ensure that a child or a grandchild has the funds that they need for their future college education.
Before going out and purchasing a life insurance policy, it is important to first consider several things – including the type and the amount of coverage, as well as the financial strength of the insurance carrier that you are buying through. That way, you can be more assured that the policy will pay out if or when it is needed. One insurance carrier that has a good reputation for paying out its policyholders’ claims is Sagicor Life.
The History of Sagicor Company
Established back in 1840, the Barbados Mutual Life Assurance Society – which is today known as Sagicor Financial Corporation – is one of the oldest insurers in the Americas. Over time, this company expanded into several of the Caribbean Islands, as well as to the British Empire, and beyond.
The name Sagicor is a combination of two words. Sage means wise, and Cor refers to heart or judgment. This insurer’s name, Sagicor, therefore reflects the company’s philosophy of wisdom with heart. In other words, it describes the pursuit of the insurer’s goals and objectives with wisdom, dignity, and humility.
Sagicor Insurance Company offers a variety of wealth enhancement and protection solutions to its customers, including both term and permanent life insurance coverage, as well as retirement annuities. Sagicor has corporate offices in the U.S. that are located in Tampa, Florida, and in Scottsdale, Arizona.
Sagicor Company Review
Although it began as a mutual insurer, today Sagicor is a stock insurance company, meaning that its shares are traded on a stock exchange. The company is considered to be strong from a financial standpoint, bringing in more than $41 million in net income for the six months ended June 30, 2017. This is a considerable increase over the $34.1 million of the same time period in 2016.
The company’s total revenue during the first half of 2017 amounted to $562.6 million, which also represents an increase of nearly $10 million over the same period the previous year. And, between January 1 and June 30, 2017, the company’s net premium revenue stood at more than $340 million – exceeding the prior year by more than $21 million.
Insurer Ratings and Better Business Bureau Grade
Due to its financial strength and its timely payment of policyholders’ claims, Sagicor Life Insurance Company has been given a rating of A- from A.M. Best Company. The FSR (Financial Strength Rating) and the Long-Term Issuer Credit Rating of this company are A- and a- respectively.
In addition, Sagicor Life has been an accredited company of the Better Business Bureau (BBB) ever since 2009, and the BBB has provided Sagicor with a grade of A+. This is on an overall grade scale of A+ through F.
Over the past three years, Sagicor Life Insurance Company has closed out only a total of two customer complaints through the Better Business Bureau. One of these has been closed out within the past 12 months. Of the two total complaints, one focused on problems with the company’s products and/or services, and the other one focused on billing and/or collection issues.
Life Insurance Products Offered By Sagicor Company
Sagicor Insurance Company offers a wide range of competitive life insurance products, which include the following:
- Term Life – The Sage Term Life Insurance product offers death benefit only protection, without any cash value build up – and because of that, the premium for this plan can be very affordable. These plans can be purchased with coverage that lasts for ten, fifteen, or twenty years. During this time period, the amount of the premium will remain the same and cannot be increased, and there can be a level death benefit up until the insured’s age 95. In addition, the Sage Term Life Insurance policy is able to be converted over into a permanent life insurance policy in the future.
- Whole Life – Sagicor offers several different versions of whole life insurance. With whole life, there is death benefit protection, along with a cash value component of the policy where the funds are allowed to grow and compound on a tax-deferred basis. With the Sage Whole Life plan, there is a guaranteed amount of coverage available for the remainder of the insured’s lifetime – provided that the premium is paid. Also, the cash in the cash value component may be accessed for various financial needs, such as paying off high-interest debt or supplementing one’s retirement income. Sagicor also offers an Interest Sensitive Single Premium Whole Life insurance plan that allows a single lump sum of cash – such as from a savings account or a CD – to be deposited into the policy. Likewise, the cash in this policy will grow on a tax-deferred basis. In addition, Sagicor offers a Fixed Indexed Single Premium Whole Life policy. Here, there are some additional opportunities and choices when it comes to the cash value growth.
- No Lapse Universal Life – With the Sage No Lapse Universal Life plan, the premiums can be locked in and guaranteed until the insured’s age 120. This plan can also help to provide additional protection as one grows older and may experience adverse health issues – which can make it difficult to qualify for a new life insurance policy.
- Fixed Indexed Universal Life – The Sage Fixed Indexed Universal Life insurance policy offers the potential for a considerable amount of growth in the accumulation value (which takes place on a tax-deferred basis), yet without the funds being subject to loss in the case of a market downturn. This is a flexible premium policy that can help policyholders and their loved ones with attaining both their short- and their long-term financial goals.
Other Products and Services Offered by Sagicor Insurance Company
In addition to life insurance coverage, Sagicor also offers retirement annuities. These include single premium, immediate, and deferred annuity options. With so many people who are living longer today, one of the key concerns on the minds of retirees is that of outliving their income. An annuity can help with eliminating this fear, as these products can provide an ongoing income for as long as it is needed.
The annuities that are offered by Sagicor include the:
- Single Premium Immediate Annuity – The Sagicor Life Gold Series Single Premium Immediate Annuity offers a guaranteed income stream that will begin immediately (or very soon after) the client deposits a single premium contribution. This annuity offers several different flexible income payment periods, as well as beneficiary benefit option. There is also an inherent one-time withdrawal rider.
- Sage Choice Single Premium Deferred Annuity – The Gold Series Sage Choice Single Premium Deferred annuity offers a guaranteed minimum interest rate of 2% for the first ten years, and then 3% after that. There is also a death benefit included on this annuity.
- Sage Select Fixed Indexed Single Premium Deferred Annuity – The Sage Select Fixed Indexed Single Premium Deferred Annuity provides the opportunity to benefit from an upturn in the market, while at the same time protecting the contract’s principal and credited interest if the market goes down. With this plan, there is also a 4% bonus paid on the single premium, which is 100% vested on day one.
How to Get the Best Life Insurance Premium Rates on Coverage from Sagicor Company
If you are in the process of seeking the best premium rates on life insurance coverage from Sagicor – or for that matter, from any life insurance carrier – we can help. We are an independent life insurance brokerage, and we work with many of the top life insurance companies that are in the marketplace today. This means that we can show you numerous life insurance policies and premium quotes, and from there, you can pick and choose the one that works best for you.
When you are ready to move forward with this process, all you must do is just simply take a moment to fill out the quote form on this page. And, should you still have any additional questions, please feel free to reach out to us directly via phone. We can be reached toll-free, by dialing 334-380-4188.
We understand that the purchase of life insurance can be a bit overwhelming. There are many different variables to be aware of, and you want to ensure that you are going in the right direction. But this can be made much easier when you’ve got an ally working on your side. So, contact us today – we’re here to help.