Sagicor Life Insurance Company Review & Complaints: Life Insurance

Sagicor Life Insurance Company reviews are few and far between, which means there are very few complaints against this company even though Sagicor Life Insurance claim forms are not available online. The Sagicor Life Insurance Company rating is A+ with the Better Business Bureau, and Sagicor Life Insurance policies are available in Arizona, Oklahoma, and Florida.

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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: Jun 1, 2022

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Sagicor Life Insurance Company

Financial Strength

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 insurer no longer operated as a mutual society.

In 2005, Sagicor acquired U.S. insurance company American Founders Life, a Texas insurer in business since 1954. The following year they rebranded their acquisition to Sagicor Life Insurance Company Limited. This established the company in the United States, where growth has continued as a full-service life insurance company.

Sagicor, whose name is derived from “sage” for wisdom, and “cor” meaning heart, now operates four offices in the U.S. Two are located in Arizona, one in Florida, and one in Oklahoma. They write life insurance in 45 states and the District of Columbia.

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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.


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.

How to File Claims

The Sagicor website offers a toll-free claims line, fax number, and email address, all of which are found at the bottom of the website. These are easy to locate, which is not always the case with life insurance companies.

We did not notice any claims forms available for download, something many insurance companies do offer, nor is there any further information regarding the claims process available on the website. There is a client login where these might be available, but for a life insurance company whose claims are paid to beneficiaries and not the insured in most cases, most information should be readily available to someone who may not have the login credentials.

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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.

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