One of the most affordable no exam life insurance companies is Sagicor. Though, despite most consumers having never heard of this slightly smaller life insurance company, they are actually quite a giant in the no medical exam life insurance space.
Our Sagicor Life Insurance Review
Welcome to the latest installment in our series of major life insurance company reviews. We’re here to provide you with honest and up-to-date information about major competitors in the life insurance market. This is because every company has unique strengths and weaknesses in terms of product offerings, affordable policies, and target niches.
You may find a solid company that just can’t compete with others for your age bracket, coverage needs, or other qualifications. On the other hand, you may find rock-bottom premiums and the policy of your dreams, but come to find that the company’s financial situation is unstable.
In this article, we’re here to review Sagicor Life USA, providing you with important information regarding the strength of the company, its customer service, and its most popular products.
About Sagicor Life USA
Sagicor Life USA began as a modest, single-line, Caribbean life insurance company named Sagicor Financial Corporation in 1840, and today the company operates in over 22 countries in the Caribbean, Latin America, and the United States. In business for over 175 years, Sagicor has based its success on the strength and vitality of its relationships with employees, customers, and communities across the globe.
The company’s name means “wise judgement,” and the group is committed to applying its namesake to each and every situation for the good of the client’s financial health and well-being.
In addition, Sagicor has a long track record of social investment in local communities, including providing financial support and volunteering for the enhancement of health, education, youth development and athletics. Sagicor’s voluntary assistance has also been committed to the support non-communicable disease prevention and the promotion of healthy living.
Third Party Ratings
As always, we encourage you to become familiar with the third-party ratings associated with your potential carrier’s business practices and financial strength. In addition to being one of the oldest life insurance companies around, Sagicor enjoys strong ratings in these categories:
- Sagicor Life has been accredited by the Better Business Bureau since 2009 and has the BBB’s A+ rating.
- Sagicor Life has an A- (Excellent) rating from A.M. Best. This isn’t as strong as some other companies, but is a decent financial strength rating.
- The company also has around $5.5 billion dollars in assets and has never failed to honor a valid claim.
Who should consider Sagicor?
Sagicor Life Insurance Company is one of our favorite companies in a particular category – fast-approval, no medical exam policies.
This means that anyone who needs to avoid the hassle, needles, time consumption, or disclosure of a detailed medical examination with blood work should consider getting a quote with Sagicor today. This may include people who hate needles, people who need fast approval for divorce decree or SBA coverage, or people who fear that a medical screening may disqualify them from an affordable plan.
Why We Love Sagicor’s Non-Medical Exam Option
It’s simple – Sagicor’s non-medical exam policies consistently outrank top competitors in terms of price in almost every scenario, and by a pretty large margin.
For instance, for a 50 year-old, non-smoking male who needs a 10-year term life policy at a $250,000 face value, monthly premiums at preferred rate class would be $49.07.
The closest competitor in the preferred rate class category? Assurity’s NonMed Term 350, coming in at $83.60/month.
Standard rate class premiums for Sagicor’s non-medical exam policy would cost the same person $71.77, whereas the next best price in standard rate class is with American National at $106.25/month.
The trend goes on and on. Sagicor’s non-medical Sage Term – Simplified term life policy blows other carriers’ premiums out of the water! In the above examples, Sagicor’s prices trounce those of competitors by at least 30%.
Sagicor Life Insurance Company provides both term life and guaranteed universal life policies, offering non-medical exam options to men and women between the ages of 18-65. Without a medical exam, term policies can carry face values ranging from $50,000-$399,000, and GULs range from $25,000-$249,000.
Applicants between the ages of 18-65 will complete a simple questionnaire and wait while Sagicor’s system checks out three main sources to assess the risk in providing a policy:
- MIB – The company will check the Medical Information Bureau for any relevant health history, including major health problems, nicotine use, and other issues associated with higher risk of mortality.
- DMV – The company will also check with the Department of Motor Vehicles to make sure that the applicant has not received more than 2 moving violations in the last 3 years. Insurance companies associate reckless driving habits resulting in repeated traffic violations with a higher risk of death, so if your driving record is sub-par, you may be declined or stuck in standard rate class.
- Prescription Database – The company will also find out whether you’ve been prescribed with medications indicative of any major health issues that would reduce your insurability. Run-of-the-mill illnesses won’t affect your rates; the system is looking out for medications indicative of heart disease, depression, anxiety, blood pressure, and other broader health problems. Expect standard rates if you’re taking medications of this nature.
At this point, if you have a clean health history, a good driving record, and no concerning prescriptions, you will most likely qualify for automated underwriting. This means that your application may be approved within minutes of submission! But not everyone qualifies for automated underwriting – if not, your application may be either denied or sent to a human underwriter for further review.
If you’re denied immediately, it’s usually because the automated system has determined that you have failed to disclose health or lifestyle information in hopes of qualifying. If you’re not denied, it’s likely that the system just needs a human to help interpret some tricky data. Your application may take up to five days to be approved if this is the case.
In short, this process is designed to get more people approved faster, improving customer experience and increasing efficiency. The process is entirely electronic, and if everything goes smoothly, your policy could be fully in force within 48 hours of applying!
Underwriting Rate Classes
Through the process above, you’ll qualify for one of several underwriting rate classes. There are three non-tobacco rate classes – preferred, standard, and rated – as well as two tobacco rate classes – standard tobacco and rated tobacco.
Some individuals who won’t qualify for “standard” rate classes because of weight, medical conditions, etc. may benefit significantly from the rate classes available with Sagicor.
Should you choose a non-medical exam policy?
Some people have to, while others just want to, but you should know that policies not requiring a medical examination are always more expensive than policies that do. This is because the company can’t take many significant markers of your overall health – such as height/weight, cholesterol, blood pressure, tobacco and alcohol habits, etc. – into account, which means that you’ll be a generally higher risk than someone who sends in comprehensive screening data.
For this reason, by choosing a policy that does require a full medical screening, you could slash your premiums by almost 40%.
Still, if you really need your approval fast, hate needles, or just want to avoid the extra hassle, you’re in luck with Sagicor Life Insurance Company – the group may just top the industry with its pricing of these policies.
Sagicor is a company that has exhibited a great deal of financial strength and enjoys solid third-party ratings. The company’s most popular niche product is a non-medical exam policy that blows competitors’ premiums out of the water. The process is fully automated unless more attention is necessary, which means that applicants may have an in-force policy within 48 hours of applying.
Consider Sagicor if:
- You need insurance for a divorce decree or SBA, and you don’t have time to go through a long application process.
- You don’t want to go through a medical exam or have blood drawn.
- You might not qualify for a policy requiring a full screening.
- You don’t mind paying additional premiums for one of the most convenient, streamlined approval processes on the market.
Of course, we have to recommend that if you are able and willing to have a medical exam done, you do so – it could save you enormous amounts on your premium payments. In addition, if you are choosing a policy requiring this examination, continue to shop around and compare rates from a number of different companies before settling on your plan.