Sagicor Life Final Expense Insurance Review & Complaints: Life Insurance

Sagicor Life Insurance Company offers life insurance and annuities as well as a basic whole life options. There is no Sagicor Life Final Expense product, but its equivalent is called Sage Whole Life. You cannot get Sagicor Life quotes online; they can only be obtained by speaking with an agent.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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Written by Eric Stauffer
Founder & Former Insurance Agent Eric Stauffer

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Nov 5, 2021

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Sagicor Life

Financial Strength

Sagicor Life is part of an international group of companies under the Sagicor banner that have been in operation since the mid-1800s. The company focuses its products on whole life insurance and term life insurance as well as annuities.

About Sagicor Life

Sagicor Life Insurance Company is part of Sagicor Financial, a group with a history dating back to 1849 when it was founded as Barbados Mutual Life Assurance Society on its namesake Caribbean island. The company expanded over the years and now serves 22 countries including the US. The company became Sagicor in 2002 when it shifted from a mutual company to a stock company.

The company that would become Sagicor Life in the U.S. was previously known as American Founders Life and was founded in 1954. Sagicor acquired the company in 2005, marking its entrance to the American market.

Sagicor Life focuses on a few products; life insurance and annuities. They have U.S. offices in Florida, Arizona, and Oklahoma and operate in 45 states and the District of Columbia.

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Sagicor Life Final Expense

Sagicor does not sell a policy that is specifically described as being a final expense product, but they do have a basic whole life option that can be purchased for that purpose.

Sage Whole Life is a traditional whole life policy that can be used as part of funeral planning. Like all whole life plans, the coverage is permanent and includes a cash accumulation account that can be borrowed against.

There are several versions of this plan, one of which is aimed at the senior market, but two of which could be used as a final expense plan. The simplified issue Accelewriting Process plan is available with issue ages of 16 through 66 and has no requirements for any medical exams. It can be issued immediately and has face values between $25,000 and $250,000.

The fully underwritten plan is available to those between the ages of 65 and 85 and has the same death benefit amounts available. It does have several health classifications that will determine how much the premiums will be. This is the closest option to what other companies market as final expense life.

All of the plans included an accelerated death benefit for terminal illness, which pays out $250,000 or $5,000 less than the face value of the policy, whichever is less.

Other optional riders include an accidental death benefit, children’s term rider, and waiver of premium.

Unlike many plans that are classified specifically as final expense insurance, Sagicor’s whole life option does not use a graded death benefit in order to issue policies to those who are not in perfect health. This may be a good thing for those who are willing to pay more to get an immediate death benefit, but also means there is no simplified issue option for those with health problems like those seen at other companies.

Another major difference with a company that does not have a final expense-specific policy is that the death benefit amounts are much higher, starting at the level where many final expense policies cap coverage.


Sagicor does not offer online quoting, therefore, we were unable to obtain rates. While this is common among companies focused on life insurance, it is something we are hoping to see a change in the near future.

Insurance shoppers today expect to be able to gather information and quotes without having to make multiple phone calls or put themselves on the solicitation list of a lot of agents and companies. While the lack of online quoting is common, it is something that is becoming a deterrent for the modern insurance customer.


The Claims FAQ on the company website provides the contact information as well as offering advice on how to file a claim.

Claims can be filed by regular mail, email, fax, or over the phone. There is no option to start a claim online, although there is a customer login area and we cannot be certain what is located through that portal.

A claim packet will be sent out within three days of the initial notification of an insured’s death, which can be sent back to the company through one of the methods above. After all the documentation is received, the company promises that non-contestable claims will be paid within seven business days. The death benefit or a portion of it can be assigned directly to a funeral home to pay final expenses.

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Ratings and Consumer Reviews

Sagicor Life has an A+ rating with the Better Business Bureau (BBB), with only one complaint on file. They have been accredited since 2009. Three customers have left reviews on the file, including complaints regarding claims and billing. Sagicor responds to these reviews, which is always a positive thing.

The three reviews on Google provide an overall 4.7-star rating, but there are no comments to go with the positive star ratings given by the reviewers. The three positives seem to balance the three negatives on the BBB page.

Sagicor overall has a solid reputation; we found no red flags and nothing of concern that would prevent us from recommending this company.

The Bottom Line

Sagicor is not the right choice if you have some health problems and are seeking a simplified issue final expense plan with a low death benefit for the sole purpose of paying funeral expenses. They are a good pick, however, if you are looking to get a higher face value on your plan and are willing to undergo full underwriting – or are under 66 and want simplified issue with a high death benefit. We cannot compare them on rates, but found nothing to worry about in terms of reputation.

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