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2023 Sagicor Sage Term Life Insurance Review

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Finding the right life insurance plan to protect you and your family can be difficult when there are so many options available. 

We are sure you have already heard about one of those options, being Sagicor, and their solid no medical term life insurance option called Sage Term.

Sagicor is a full-service life insurance company licensed to offer its insurance products in 45 states, including the District of Columbia. But is Sagicor and their Sage Term life insurance the right policy for you?

To help you answer this question, we have put together everything we know about the popular term life insurance coverage to give you an in-depth product review on Sagicor Sage Term Life Insurance.

Sagicor Life Insurance Company

Sagicor Logo - BlackSagicor has an incredibly long company history that dates back to 1840.

For most of Sagicor’s existence, the insurance company was called “Barbados Mutual Life Assurance Society,” which originated in Barbados and quickly expanded into Jamaica and throughout the Caribbean islands.

The insurance company, over several decades, has acquired multiple companies growing their books of business. In 2002, Barbados Mutual Life Assurance Society rebranded to the name Sagicor Financial Company. 

It wasn’t until 2005 that Sagicor would enter into the U.S. life insurance market through two company acquisitions: Laurel Life and American Founders Life Insurance Company. At this point, Sagicor would enter into the U.S. life insurance space.

In 2006, Sagicor’s acquisition of American Founders Life Insurance Company was rebranded into what we now refer to as Sagicor Life Insurance Company, making them a major competitor to some of the largest U.S. life insurance brands.

The insurance company offers an extensive range of life insurance options, including:

  • Term life insurance
  • Universal life insurance
  • Whole life insurance
  • Fixed annuities

While Sagicor offers an extensive line of life insurance options, what really puts them out in front is their accelerated non-medical underwriting combined with the popular Sage Term Life Insurance.

Sagicor’s Life Insurance Ratings

Overall, Sagicor receives both excellent ratings and reviews.

A.M. Best rates Sagicor Life Insurance with an impressive A- rating. This rating means that Sagicor has been assessed to have the financial strength and ability to underwrite its products and meet its ongoing obligations to its policyholders, such as paying out any potential claims.

The A- rating from A.M. Best is the 4th highest rating out of a possible 16 ratings. Sagicor has consistently maintained an A- rating since 2015 and recently had the rating reaffirmed by A.M Best in September 2020. 

Sagicor also has impressive ratings from the Better Business Bureau, a highly credible source for consumer ratings and complaints. From the BBB, Sagicor earns an A+ rating, signifying that their business practices and customer service are sound. 

With Trustpilot, Sagicor scores a 4.5 out of 5-star rating with 200 customer reviews that are mostly overwhelmingly positive. Many customers enjoy Sagicor’s easy and fast application process, while others are happy to express their happiness with the overall process.

The vast majority of Sagicor Life’s feedback is positive, but they have received mixed ratings for their online platform or difficulty canceling/changing billing information.

They have a complaint index of 0.00 on the National Association of Insurance Commissioners in 2019, below the national average of 1. In 2018 it was 0.24, which was still below the national average.

Sagicor Sage Term Life Insurance

Sagicor’s Sage Term 10/15/20 level benefit term life insurance offers security with the following benefits:

  • Affordable protection
  • Guaranteed level premium during the initial 10, 15, 20-year term
  • Level Death Benefit to age 95
  • Ability to convert to a permanent life policy
  • Help in providing income due to a terminal condition or confinement to a nursing home
  • Sagicor’s Accelewriting eApplication process with policy eDelivery availability
Term Lengths:
18 years to 75 years - 10 Year Term
18 years to 70 years - 15 Year Term
18 years to 65 years - 20 Year Term (to age 55 for tobacco users)
Death Benefit Amounts: (No Medical Exam)
Minimum Face Amount: $50,000
Maximum Face Amount: $1,000,000
Issue Ages: (No Medical Exam)
18 years – 45 years up to $1,000,000 (available with 10, 15 and 20 year term)
46 years – 55 years up to $750,000 (available with 10, 15 and 20 year term)
56 years – 65 years up to $500,000 (available with 10 and 15 year term)
Issue Ages: (Medical Exam)
18 years – 45 years up to $1,000,001 or higher (available with 10, 15 and 20 year term)
46 years – 55 years up to $750,001 or higher (available with 10, 15 and 20 year term)
56 years – 65 years up to $500,001 or higher (available with 10 and 15 year term)
66 years – 75 years up to $50,000 or higher (available with 10 year term)
Policy Riders:
Accelerated Benefit Insurance Rider for Terminal Condition or Nursing Home Confinement
Accidental Death Benefit Rider
Children's Term Rider
Waiver of Premium Rider
Conversion Option:
Convertible to age 70

Accelewriting - No Medical Exam Underwriting

To understand Sagicor and their Sage Term life insurance, you need to be familiar with their streamlined underwriting process, known as Accelewriting.

Accelewriting is a non-medical approach that allows for qualifying applicants to skip the medical exam when they apply for coverage with Sagicor life insurance.

Within minutes of applying for a Sage Term policy through an electronic application submission process, Sagicor Accelewriting can provide an instant decision for coverage.

Accelewriting works by pulling consumer data reports to verify the accuracy of the question that has been answered on the life insurance application.

Not everyone will be eligible for the Accelewriting, no exam option. Some applicants will need a medical exam depending on their age, coverage amount being applied, and overall health history.

NOTE: All Sagicor Sage Term Life Insurance plans are automatically underwritten on a non-medical basis as long as the applicant falls within the coverage guidelines. Choosing to take a medical exam over not taking a medical exam is not an option.

Who is eligible to apply for Sagicor Sage Term Life Insurance Coverage?

Sage Term is available to applicants between the ages of 18-75. Those between the ages of 18 and 65 will be eligible to apply for coverage without taking a medical exam through Accelewriting, provided they meet the underwriting guidelines for coverage.

Additionally, you will not be able to apply for Sage Term coverage if you live in Alaska, Connecticut, Maine, Montana, New York, or Vermont. Sagicor does not offer insurance in those states.

Sagicor Sage Term minimum and maximum coverage amounts

Sagicor offers different underwriting methods for term life insurance based on your age and the amount of coverage being applied for.

The minimum and maximum coverage amounts are as follows:

  • 18 to 45: $50,000 – $1,000,000 with Accelewriting, $1,000,001+ with standard underwriting
  • 46 to 55: $50,000 – $750,000 with Accelewriting, $750,001+ with standard underwriting
  • 56 to 65: $50,000 – $500,000 with Accelewriting, $500,001+ with standard underwriting
  • 66 to 75: $50,000 – must be fully underwritten

Sagicor Sage Term contract lengths

Sagicor offers three different term contract lengths. The contract lengths you can choose from are:

  • 10 years: A good option for someone looking for an additional term policy after one ended or for those who know they will be financially independent within a few years. If you have a minimal budget, a 10-year policy will be the most affordable option. 
  • 15 years: The 15-year policy is a good option for those with slightly older children or who have already substantially paid through their mortgages. For some families, the 15-year policy could be long enough to cover financial debts and responsibilities. 
  • 20 years: While it’s the most expensive option, the 20-year policy will be the best fit for young families, newlyweds, and those with young children. You want a policy that is as long as your longest financial obligation (mortgage, children, etc.), and for many families, the 20-year policy is the right fit.

Sagicor Sage Term policy riders

Sagicor offers several options for policy riders. The riders or supplemental benefits you can add to your traditional policy include:

Accelerated Benefit Insurance Rider: This is an inherent rider meaning it is included at no additional cost. The rider helps cover medical costs or nursing care costs by allowing you to access a portion of your death benefit if you are diagnosed with a terminal condition or confined to a nursing home.

The benefit amount that can be accelerated is the lesser of $300,000 or 50% of the death benefit. The terminal illness payment is paid as a lump sum payment, while the nursing home confinement benefit is paid monthly.

Accidental Death Benefit Rider: For an additional cost, the accidental death benefit rider offers an additional death benefit if the death resulted from a covered accident.

This rider is available for policyholders ages 18 to 60 (terminates at age 70). The minimum accidental death benefit is $50,000, and the maximum is $250,000.

The additional cost to add the rider is $1.32 per $1,000 annually.

Children’s Term Rider: Available for an extra premium is the children’s term rider. Adding this rider provides term life insurance to all eligible children of the insured under the insured parent’s policy.

The issue ages are 15 days to 19 years, and the child’s coverage terminates on the child’s 25th birthday or when the child is married (whichever comes first). You can select child term rider coverage from $2,000 to $20,000, for an annual charge of $5.76 per $1,000.

The child term rider is convertible to a permanent policy for up to 5x times the original amount.

Waiver/Premium Rider: For an extra premium, you can add a waiver of premium rider that waives all premium premiums due on the policy and any other attached riders as long as you meet the definition of “totally disabled.” 

If the total disability were to cease, you would then resume your premium policy payments. To qualify for this rider, you must be between 18 and 55 years old. The rider terminates at age 60.

Sage Term conversion option

Sage Term offers a conversion option that allows you to exchange your term insurance to one of Sagicor’s permanent life insurance policies without insurability evidence.

Conversion may occur at any time before the policy anniversary
following the insured’s 70th birthday.

If you choose to convert your Sage Term life insurance policy within policy year 2 through 5, Sagicor will credit 12 months of premium payments towards the new permanent life insurance coverage.

What information is used to determine eligibility?

When assessing your eligibility, life insurance companies are looking at your overall risk of having to pay out a potential claim. To do this, Sagicor will consider several factors in the underwriting process. The information they use includes:

  • Age: Younger applicants are at a lower risk, so you can often get a better quote when applying for life insurance at a young age. 
  • Gender: Women have a longer life expectancy than men and often get lower premiums. 
  • Health: Those with existing health issues may get higher premiums or be ineligible. 
  • Occupation: People with high-risk occupations will face higher premiums. 
  • Hobbies: People with high-risk hobbies will also face higher premiums. 
  • Tobacco use: Smokers will have higher premiums.

Because Sagicor utilizes a streamlined application process for a large majority of its Sage Term insurance applications, a medical exam will generally not be required.

Instead, Sagicor underwriting will often rely on several pieces of consumer data to help assist with the underwriting and a quick approval process.

For example, combined with an application that consists of both health and lifestyle questions, Sagicor will verify the accuracy of the information on the application by requesting the following information:

  • Pharmaceutical database check
  • Medical Information Bureau (MIB)
  • Motor Vehicle Report (MVR)
  • Public Records
  • Credit File Information

While Sagicor aims to provide quick approval without the need for a medical exam, one could be required if further underwriting assistance is needed or if an applicant does not meet the guidelines for Accelewriting.  

Overall, the healthier and lower-risk your lifestyle is, the better your position is for a lower rate

Who is not eligible for Sagicor Sage Term?

There are some situations in which you would not be eligible for no medical exam coverage. If any of the following apply to you, then you will not be a candidate for Sagicor no medical exam coverage:

#1. Does the Proposed Insured currently receive health care at home, or require assistance with bathing, dressing, feeding, taking medications or use of the toilet?

#2. Is the Proposed Insured currently in a Hospital, Psychiatric, Extended or Assisted Care, Nursing facility?

#3. Is the Proposed Insured currently incarcerated due to a misdemeanor or felony conviction?

#4. Has the Proposed Insured ever tested positive for the HIV virus or been diagnosed by a member of the medical profession as having AIDS or the AIDS-Related Complex (ARC)?

#5. Has the Proposed Insured ever tested positive for or been diagnosed by a member of the medical profession as having Alzheimer’s or Dementia, Cirrhosis, Emphysema or Chronic Obstructive Pulmonary Disease (COPD)?

#6. In the past 10 years has the proposed insured had 2 or more of the following impairments: Cancer, Diabetes, coronary artery disease (including Heart Attack), Stroke or TIA (Transient Ischemic Attack), carotid artery disease, heart valve replacement, Peripheral Vascular Disease (PVD), Peripheral Artery Disease (PAD) or had multiple strokes or transient ischemic attacks (TIA)?

#7. Has the Proposed Insured in the past 12 months been advised by a physician to be hospitalized or to have Diagnostic Tests, Surgery, or any medical procedure that has not yet been completed or for which the results are not yet available, except those tests related to the Human Immunodeficiency Virus (AIDS)?

#8. Has the Proposed Insured in the past 24 months been diagnosed as having or advised by a physician to have treatment for Cancer (other than Basal Cell Carcinoma), Heart Attack, Stroke or TIA (Transient Ischemic Attack), Alcohol or Drug Abuse?

#9. Has the Proposed Insured in the past 24 months had a Driver’s License revoked or suspended, or been convicted of 2 or more moving violations, or been convicted of a violation for driving while intoxicated or under the influence, or for driving while ability impaired because of the use of alcohol and/or drugs?

If you experience any of the above, you are unlikely to qualify for Sagicor’s no medical exam policies.

The above nine questions are automatic knockout questions. Sagicor offers fair underwriting but does tend to be a lot more restrictive on certain health risks and the use of certain medications that can also disqualify applicants from being approved for coverage.

Sagicor Sage Term Frequently Asked Questions

Have questions about Sagicor Sage Term?

Here you will find a list of some of the most frequently asked questions about Sagicor and their Sage Term life insurance. If you have a question not found here, please be sure to reach out to us, and we will get you an answer.

How quickly can you be approved for coverage?

With Sagicor’s Accelewriting process, you can receive a speedy approval that, in many cases, will be made within minutes of the application being submitted to the insurance company.

Applications that do not meet Sagicor’s Accelewriting process and require a medical exam can take up to a few days to a few weeks for approval to be determined once the medical exam has been completed.

What happens after you are approved for coverage?

After you receive your application approval, you can complete your life insurance purchase confirming your death benefit, term length, and final premium.

The application approval will include further instructions on paying for your coverage online, followed by electronic delivery of your actual policy after payment has been processed.

You will also have the opportunity to register for a client portal account where you will have access to view your policy details, upload documents such as bank changes or beneficiary changes, and the ability to make premium payments online.

Is Sagicor Sage Term affordable?

Overall, Sagicor Sage term life insurance is an affordable life insurance option. Compared to some of the other non-medical competitors, Sagicor Sage Term may not be the cheapest but tends to be often positioned right in the middle.

Let’s compare the 20-year, $500,000 term policy to other companies that offer a non-medical option. The below rates represent what a healthy male and female would pay based on approval of the health risk class of preferred plus non-tobacco.

Sagicor Sage Term Sample Rates

Male AgeSagicorBannerProtectiveSBLI
Female AgeSagicorBannerProtectiveSBLI

*Preferred Plus Non-Nicotine underwriting classification. Monthly male/female premium rates comparing companies Banner Life, Protective, and SBLI versus Sagicor. Rates current as of 01/01/2021.

What happens when coverage ends?

Sage Term premiums remain constant throughout the term contract you choose (10, 15, or 20 years).

But what happens when your coverage ends?

When a term insurance contract ends, you will generally have the option to continue the coverage as an annual renewable term, convert coverage, or choose to let coverage lapse.

With Sage Term, you can continue paying premium up to age 95 after the initial term contract length ends. However, paying on a term insurance contract that has expired can be costly as the premium will increase annually.

Sage Term is also convertible to a selection of permanent life insurance options offered by Sagicor as long as it is done before the policy anniversary before your 70th birthday.

What to do if you are declined for coverage?

Sagicor is very strict with certain medical conditions, so you may be declined for a non-medical exam coverage based on your medical questionnaire. If you are declined for non-medical exam coverage, then you could try to apply via full underwriting that includes a medical exam. The other option is to shop around for other non-medical exam coverage options from different insurance companies.

Pros & Cons of Sagicor Sage Term Life Insurance

Overall, Sagicor is a reputable, experienced life insurance provider. They offer a range of insurance products, but their term life insurance is one of the most popular. Here are the pros and cons of Sagicor Life Insurance:

Sage Term Pros

  • Quick and easy application process.
  • Fast approval. Sagicor offers instant-approval insurance. You can often apply for and finalize your life insurance policy in less than 30 minutes. 
  • Strong financial ratings, indicating stability and trustworthiness. You can rest assured they will be able to pay out the death benefit. 
  • Up to $1,000,000 of no-exam life insurance.
  • One of the few companies to offer a no medical exam term insurance option up to age 65.

Sage Term Cons

  • Only available in 45 states. Those living outside of those 45 states aren’t eligible for coverage. 
  • Term lengths only up to 20 years. Many other insurance companies offer term lengths of at least 30 years, sometimes more. People with very young children or a new 30-year mortgage may need coverage over 20 years.
  • Sagicor is tougher when underwriting some medical conditions that other insurance companies may accept. It may not be the best option for you if you suffer from medical conditions. 
  • Sagicor only represents one company. You cannot compare to other company’s costs or offerings via Sagicor’s site if you apply directly.
  • Sagicor will not help you find coverage from another company if you do not qualify for their term insurance.

How do you apply for coverage?

There are two ways to apply for Sagicor Sage Term Life Insurance. 

The first option we do not recommend and for a good reason. Sagicor offers the direct to consumer option to apply for their life insurance coverage. This option is called SagicorNow, and you can use this option by visiting the Sagicor website.

We don’t recommend this option because if you do not qualify for coverage with Sagicor, they will not help you shop around with another company that may be willing to offer you a policy.

You will not save any more money by applying directly with Sagicor than using an agent’s help, which is the second option and most recommended option.

Applying with an agent or agency such as No Medical Exam Quotes is a smart move. We work with multiple life insurance providers to shop your coverage if you do not meet the underwriting guidelines for Sagicor Sage Term.

How to get a Sagicor Sage Term Quote

While you can get a Sagicor Sage Term Quote right from their website, you won’t be able to compare it to any others. The best way to get your Sagicor Sage Term quote and compare it to others using our easy to use online quote tool.

Instantly compare no medical exam life insurance rates online and complete the quick step by step application right here on our website.

Get a Quote

Instantly compare rates & apply from home

Picture of Jeffrey Manola - Life Insurance Expert
Jeffrey Manola - Life Insurance Expert

Jeffrey Manola is the founder of No Medical Exam Quotes, an online insurance agency that strongly focuses on helping people shop for the perfect life insurance policy. He is a licensed life insurance expert and content creator for the website.

Before becoming a life insurance agent, he served in the United States Marine Corps, transitioning from serving his country to helping families find affordable life insurance coverage beginning in 2009. Since starting a career as a licensed life insurance agent, Jeffrey has helped thousands of families with their life insurance needs.

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