Sagicor Life Insurance Company Review & Complaints: Life Insurance (2024)

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Sagicor Life Insurance Company traces its roots back to Barbados, where it has been operating since 1840. Today Sagicor is a large company offering products in 22 nations, including the United States.

About Sagicor Life Insurance Company

Sagicor Life began as Barbados Mutual Life Assurance Society in 1840, spreading to surrounding Caribbean islands over the following decades. Starting in 1987, a series of acquisitions and expansions created a larger financial service and insurance company throughout the region and beyond. In 2002, the name change to Sagicor Life Inc. was made, and the insurer no longer operated as a mutual society.

What are Sagicor Products?

Sagicor has both permanent life insurance options and term life insurance products as well. They also offer a selection of annuities.

Permanent Life

The permanent life product listing includes both whole life insurance and universal life insurance policies.

There are two universal life products. The No Lapse Universal Life appears to be a relatively standard universal policy, with a guaranteed premium and death benefit up to age 120. There is a five-year no lapse guarantee as long as the terms set out in the policy are met.

The Fixed Indexed Universal Life policy is designed to be both a life insurance policy with a guaranteed death benefit and an investment opportunity. This type of policy invests premiums with an eye towards growth.

Sagicor has three whole life options to choose from. The first is a Fixed Indexed Whole Life plan that is similar to the universal version, placing cash accumulation funds into fixed indexed investments.

There is also an Interest Sensitive Single Premium Whole Life product, which allows the customer to make a one-time payment and have the coverage remain in place on a permanent basis.

Finally, there is the standard Sage Whole Life policy, which is a permanent product with steady premiums and a guaranteed death benefit, as well as a cash accumulation account.

Term Life

Sagicor offers term life policies with term lengths of 10, 15, or 20 years – surprisingly, a 30-year term is not offered. A simplified issue plan with no medical exam and quick approval is offered for issue age of 18-65, and death benefit amounts can range from $50,000 up to $500,000.

Fully underwritten policies are also offered for ages 18-65 with death benefit amounts higher than $500,000, and for ages 66-75 in amounts of $50,000 and up. These include more medical information requirements.

These policies can be renewed up to age 95, or are convertible to a permanent life insurance policy at any time. If you carry a term life insurance policy with Sagicor, your life insurance coverage can be expanded to provide additional benefits. Riders include accelerated death benefit, waiver of premium, and children’s term and will likely come at an additional cost.

Annuities

Sagicor’s annuities are available in three forms and designed to provide retirement income on a tax-deferred basis. All of the annuities offered by Sagicor are single premium, with a variety of investment and payout options.

There is a single premium immediate annuity, a single premium deferred annuity, and a fixed indexed single premium deferred annuity.

How to Get Rates

Sagicor does not offer online quoting at this time, but rather directs website visitors to contact an agent for more information and a quote.

For a company that sells simplified issue life, we like to see the option to complete a quote at the very least online, if not the full application process. Lacking even a quote, however, we are unable to provide a comparison to other life insurance companies as far as value for your insurance dollar.

Sagicor Life Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Sagicor Life Insurance Company offers multiple channels for filing insurance claims to cater to the convenience of its policyholders. Policyholders can initiate the claims process through various methods, including online submissions, over the phone, or by using their mobile apps. This flexibility ensures that customers can choose the option that best suits their preferences and needs.

Average Claim Processing Time

Sagicor Life Insurance Company values prompt and efficient claim processing. While specific processing times may vary depending on the complexity of the claim, Sagicor strives to expedite the process to ensure that beneficiaries receive their payouts in a timely manner.

Policyholders can expect the company to provide transparent information about the expected processing times when filing a claim.

Customer Feedback on Claim Resolutions and Payouts

Sagicor Life Insurance Company has received positive feedback from customers regarding its claim resolutions and payouts. With an A+ rating from the Better Business Bureau, the company demonstrates its commitment to fair and efficient claim settlements.

While limited customer reviews are available, the scarcity of complaints suggests a positive overall experience for policyholders when it comes to claim resolutions.

Sagicor Life Digital and Technological Features

Mobile App Features and Functionality

Sagicor Life Insurance Company offers a mobile app that provides policyholders with convenient access to their insurance accounts. The app is designed to enhance the overall customer experience by offering features such as policy management, account information, and easy communication with the company.

Policyholders can enjoy the convenience of accessing their insurance details on the go through the mobile app.

Online Account Management Capabilities

Policyholders of Sagicor Life Insurance Company can efficiently manage their accounts online. The company’s online account management platform allows customers to review policy information, make premium payments, and update personal details with ease.

This digital feature simplifies the administrative aspects of insurance and empowers policyholders to have greater control over their coverage.

Digital Tools and Resources

Sagicor Life Insurance Company provides digital tools and resources to assist policyholders in making informed decisions about their insurance needs. These resources may include online calculators, educational materials, and informative articles to help customers understand their policies better.

By offering such digital tools, Sagicor aims to empower its customers with knowledge and support their insurance journey.

What are the Ratings and Consumer Reviews?

Sagicor Life has an A+ rating with the Better Business Bureau (BBB), and there are only two customer complaints on file in the past three years. One of which was closed in the past twelve months.

We were unable to find customer reviews on any of the usual sites to evaluate their level of customer service commitment, leaving little to go on in terms of the company’s reputation. However, when it comes to insurance companies, no review is generally a positive thing, as it means few customer complaints.

What’s the Bottom Line?

Sagicor is a relatively unknown name to many Americans, but has a very long history and appears to be a solid company. Without rate information, it is difficult to give a clear comparison to other companies, but they have a good selection of plans and may be worth comparing to others when working with an agent to select life insurance and financial planning products.