Sagicor No Exam Term Life Insurance Review

Sagicor No Exam Life Insurance Review

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Sagicor Financial Corporation has a history dating back to 1840 and currently operates in 22 countries in the Caribbean, Latin America, the United Kingdom and the United States.

Sagicor Financial Corporation, started as Barbados Mutual Life Assurance Society in 1849.  After over 150 years of operations throughout the Caribbean, the Barbados Mutual Life Assurance Society acquired interest in, and established a number of companies including, Mutual Bank of the Caribbean, Capital International Management Service and Island Life in Jamaica.

Sagicor Life Insurance Company (“Sagicor”) is a full-service life insurance company that helps clients make wise financial decisions today, to ensure they’re protected tomorrow. We are licensed in 45 States and the District of Columbia and rated “A-” (Excellent) by A.M. Best Company.

With more than $1,193.5m in assets, Sagicor is ranked among the top 142 life companies in the U.S*. Sagicor is a wholly-owned subsidiary of Sagicor Financial Corporation, one of the oldest insurance groups in the Americas, with operations in 22 countries mainly in the United States, Latin America and the Caribbean.

In November 2002, after 162 years as a mutual company, the policyholders overwhelmingly agreed to demutualize in order to give the company the structure and tools it needed to compete and succeed in a changing world and to better serve the needs of both current and future customers.

In 2005, Sagicor Financial Corporation acquired American Founders Life. Founded in 1954 and domiciled in Texas, American Founders Life was re-branded Sagicor Life Insurance Company at the time of the acquisition.

Prior to 2005 the main method of growth was through acquiring blocks of business from other life insurance companies. After the acquisition, Sagicor (U.S.) turned its focus on becoming a direct writer of business.

Today, Sagicor offers a comprehensive portfolio of life and annuity products, including Sagicor No Exam Term Life Insurance:

• Sage Term:

Sage Term (Sagicor No Exam Term Life Insurance)  is available in term lengths of  10, 15 or 20 years. It provides affordable rates, a guaranteed level premium during the initial term and can help in providing income due to a terminal condition or confinement to a nursing home (not available in all states).

Benefits from Sage Term can be used to replace income, payoff a mortgage, provide funding for child care, tuition payments, debt repayment, funeral expenses and even funding a buy/sell agreement. With Sage Term you can feel secure in knowing that you and your loved ones are protected now and in the future.

Sage Term offers affordable coverage that will fit almost any budget and the cost will not increase during the coverage period.  This coverage also offers a level death benefit to age 95 and offers preferred rates for tobacco users.

Sage Term offers, fully underwritten and simplified issue (no exam) for policies up to $500,00.00 which can be applied for over the phone or online, with decisions promised in 15 minutes or less.

Issue ages 18-65 with amounts of $50,000.00 to $500,000.00

Rate Classes for Sagicor No Exam Term Life Insurance:  Preferred Non-Tobacco, Standard Non-Tobacco, Rated Non-Tobacco, Preferred Tobacco and Standard Tobacco

**Simplified issue means no medical exam, bodily fluids or attending physicians statement.  The Issuance of the policy will depend on answers to the health questions in the application.

• Sage Term Riders

Accelerated Benefit Rider:

This rider is included at no additional charge (cost of this rider is included in every policy premium).

The Accelerated Benefit Insurance Rider helps to cover medical costs or nursing home care by allowing you to use a portion of the death benefit in the event of a terminal illness diagnosis or confinement to a nursing home facility. The benefit received is the lesser of 50% of the death benefit amount or $300,000.

• Sage Term Optional Riders:

 Optional riders are designed to allow you to customize your policy to your families needs.

Children’s Term Rider:

This rider provides term life insurance for your children and is available for age 15 days up to 19 years old.  This coverage remains in force for the child until either age 25 or they marry.  If eligible at the end of the term it may be converted to permanent life insurance policy for up to five (5) times the original amount regardless of their current health status.

Accidental Death Rider:

If this rider is in-force when the insured dies due to an accident, as defined in this rider, an additional death benefit will be paid.

Waiver of Premium Rider:

This rider will waive your premium payment if the primary insured becomes totally disabled .  If the total disability ceases you will resume the premium payments.

• Sage No Lapse Universal Life (Permanent Life Insurance)

Permanent Life Insurance:

Permanent Life Insurance  products build cash value on a tax deferred basis and provide a way for you to access part of your money (cash value) in the event of an emergency.

Coverage is guaranteed to stay in force for as long as the premiums are paid.   Permanent insurance benefits  can be used to help with the costs of a funeral, to secure the future of your loved ones or leave a legacy for your beneficiaries.

Sage No Lapse Universal Life  product offers you an affordable universal life insurance policy as an alternative to term life insurance, which you may outlive. The No Lapse Universal Life Insurance product can provide you with guaranteed premium and death benefit protection for life.

Your premiums can be locked in and guaranteed level to age 120. This product can also provide you with added protection as you grow older and experience adverse health changes that may make it more difficult to qualify for new life insurance policies and when Term Life Insurance is priced out of your budget.

An accelerated death benefit rider of up to $250,000 is included at no extra charge and policyholders are given the option to select a specific death benefit protection period.

A.M. Best Rating:

S&P rating of BB-

Following the recent lowering of the sovereign rating on Barbados to “B” from “BB-”, Standard and Poor’s (S&P) on December 30, 2014 lowered the rating on Sagicor Life to “BB-”, from “BB+”. The rating action on Sagicor is as a direct result of the rating action on Barbados, and the rating on Sagicor remains the maximum two notches above its Sovereign Barbados.

In explaining its rationale for the rating action, S&P indicated that on a stand-a-lone basis Sagicor has a potential rating of “BB+”, which is supported by the company’s moderately strong capitalization, improving operating performance and adequate competitive position.

If you are looking for a No Medical Exam Life Insurance policy, Sagicor No Exam Term Life Insurance has to be looked at.  They have several rate classifications where most companies have, which helps keep rates low.  Their easy application process and the ability to give a decision in less than 24 hours makes them one of our top companies for No Medical Exam Term Life Insurance.