Life Insurance

Sagicor Life Insurance Review: Great Service & Options for No Medical Exam Coverage

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Sagicor Life Insurance Review: Great Service & Options for No Medical Exam Coverage

No medical exam term and whole life insurance policies with larger death benefits and lower rates than most competitors.

Good for

  • No medical exam term life insurance with up to $500k coverage
  • No medical exam whole life insurance with up to $250k coverage
  • Low quotes for no medical exam policies

Bad for

  • Shoppers with arthritis, asthma, sleep apnea or diabetes
  • No term policies over 20 years in length

Editor's Rating


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Sagicor Life has outstanding reviews and is a great choice if you know that you want a no medical exam life insurance policy. Sagicor’s no medical exam term quotes are lower than many of their competitors and you can purchase coverage almost instantly. This is handy if, for example, you need to show proof of coverage to get a loan. In addition, Sagicor’s simplified issue whole life and universal life insurance policies have higher options for death benefits than you can find almost anywhere else.

Sagicor Life Insurance Policies

Sagicor Life Insurance offers several term, whole and universal life insurance policies, most of which can be purchased with no medical exam. Their accelerated underwriting process provides a decision on whether you’re approved for coverage within two days, though it often takes just a few minutes.

While a large number of insurers offer simplified issue life insurance policies, Sagicor is a great choice as they offer competitive rates and some of the highest death benefits. However, their no medical exam quotes are still typically higher than those you would receive with full underwriting from other insurers.

Sagicor Term Life Insurance

Sagicor Life offers term life insurance for 10, 15 and 20 year terms, and coverage can range from $50,000 to over $1 million. You can purchase a level term life insurance policy up to age 75 and coverage is renewable until you reach 95. Just keep in mind that Sagicor’s no medical exam policies are only available if you’re below 66 and don’t want more than $500,000 in coverage.

Since Sagicor offers universal and whole life insurance policies, their term policies are all convertible to permanent coverage until you reach age 70. This is a great benefit, as your financial needs may change as you get older, and isn’t always available for simplified issue life insurance. In addition, Sagicor offers multiple term life insurance riders:

  • Accelerated death benefit - If you’re diagnosed with a terminal illness or need to stay in a nursing home, you can receive a portion of your death benefit while still alive to cover medical expenses. The maximum amount of money you can receive early is $300,000 or 50% of your policy’s death benefit, whichever is lower.
  • Accidental death benefit - If you pass away due to an accident, such as a car crash or sudden fall, your beneficiaries would receive an additional death benefit.
  • Child rider - You can add coverage for your children if they’re younger than 19 and the coverage extends until they turn 25. In addition, a child’s policy can be converted to a larger permanent policy with no medical exams.
  • Waiver of premium - If you become totally disabled, your life insurance will remain in place without you having to pay premiums.

Though Sagicor’s simplified issue term life insurance rates aren’t the absolute cheapest, they do offer lower premiums than many of the top insurers. We compared Sagicor’s no medical exam quotes for both smokers and non-smokers to quotes from three of the largest insurers. As you can see below, only MassMutual offered a better deal:

This graph compares rates for no medical exam term life insurance rates from Sagicor with three other companies

Keep in mind that each insurer has different restrictions and preferences when it comes to underwriting. However, Sagicor may reject your application or offer higher quotes if you have certain common conditions, such as arthritis, asthma, sleep apnea or diabetes.

Sagicor Universal Life Insurance

Sagicor offers both guaranteed universal life insurance and indexed universal life insurance. Both policies offer permanent coverage and have a cash value which can be borrowed against or used to pay premiums.

Policy DetailsGuaranteed Universal LifeIndexed Universal Life
Age AvailabilityUp to age 85Up to age 85
Minimum Coverage$25,000$50,000
PremiumsLevelMay increase
Cash ValueFlat interest rateBased on index performance
UnderwritingNo medical exam if below age 65 and less than $400,000 coverageMedical exam and health questions

Sagicor’s guaranteed universal life insurance policy is somewhat similar to a term life insurance policy that lasts until you turn 120, making it a great choice if you just want a permanent death benefit. Premiums are level for the entire length of coverage and you can purchase a policy with no medical exam if the death benefit isn’t greater than $400,000. The only key difference is that the policy builds a cash value over time which grows according to a fixed interest rate.

Sagicor’s indexed universal life insurance is fairly standard as compared to policies from other insurers. A portion of premiums is put towards the policy’s cash value and the cash value grows according to the investments you choose. The policy is limited though, as Sagicor only offers three investment options:

  • Fixed interest rate (around 3%)
  • S&P 500 (with a cap on the maximum interest rate your account will be credit within a given month)
  • Basket of indices (though Sagicor can cap your participation rate, meaning you would only receive a percentage of the total returns)

Both universal life insurance policies from Sagicor come with an accelerated death benefit rider. This rider would allow you to receive up to $400,000 or 25% of your policy’s death benefit (whichever is less) if you contracted a terminal or chronic illness. The option to accelerate a death benefit can be incredibly valuable given the high cost of hospital stays, medication and other expenses associated with a life-impacting illness. You also have the ability to add an accidental death benefit, child rider or waiver of premium rider, similar to term life insurance.

Sagicor Whole Life Insurance

Sagicor offers traditional whole life insurance, as well as two single premium policies. Their traditional whole life insurance policy is fairly standard, with the primary differentiator being that you can get up to $250,000 of coverage with no medical exam. The majority of insurers will only provide up to $50,000 of whole life insurance coverage without a medical exam.

While Sagicor’s single premium whole life insurance policies have a minimum $5,000 initial premium, but there are no ongoing costs. The death benefit you purchase is guaranteed as a minimum for the life of the policy and can be increased over time using your cash value.

The only real difference between Sagicor’s single premium policies is how the cash value is invested. One policy lets you choose to invest in indices (similar to their indexed universal policy), while the other essentially tracks market interest rates.

Policy DetailsWhole Life InsuranceIndexed Single Premium Whole LifeInterest Sensitive Single Premium Whole Life
Age AvailabilityUp to age 85Ages 18-85Ages 45-85
PremiumsLevel for lifetimeOne-timeOne-time
UnderwritingNo medical exam if below age 65No medical examNo medical exam
Cash ValueGrows at fixed rateTied to indices, minimum 2% interest rateTied to market, minimum 3% interest rate
Accelerated Death BenefitLesser of $250,000 or death benefit minus $5,000Lesser of $250,000 or death benefit minus $25,000Lesser of $250,000 or death benefit minus $25,000

A great benefit for both single premium whole life insurance policies is that, if you decide later on that you want to surrender the policy and cancel your coverage, you’ll get a full return of your premium. While there’s an opportunity cost to having not done something else with your money, this at least reduces your risk in making a large coverage purchase.

Sagicor Life Insurance Ratings & Customer Reviews

The Sagicor Life Insurance Company has an Excellent (A-) rating from A.M. Best, and receives a proportionately low number of consumer complaints. Sagicor actually receives great reviews from customers, praising the company’s simple and fast application process. In addition, the brokers and agents that Sagicor sells life insurance through are well-reviewed for their patience and knowledge of the products. However, overall, due to its term life insurance rates, it is not considered one of the best life insurance companies.

While the majority of Sagicor Life’s feedback is positive, they receive mixed ratings for their online platform. In addition, customers have had the occasional issue when trying to cancel a policy or change billing information.

Who Would Not Qualify for Sagicor No Medical Exam Life Insurance

One key restriction of Sagicor is that the company does not offer life insurance in Alaska, Connecticut, Maine, New York or Vermont. In addition, you won’t qualify for no medical exam coverage if any of the following apply to you:

  • You receive medical care at home and need help to perform daily activities (bathing, dressing, eating, etc).
  • You’re currently staying in a hospital, nursing home or other treatment facility. You can also be disqualified if you’re in a prison or correctional facility.
  • You’ve tested positive for or been diagnosed with HIV, AIDS, Alzheimer’s, dementia, cirrhosis, emphysema or chronic obstructive pulmonary disease.
  • In the last year, a doctor has advised that you be hospitalized, receive diagnostic tests or have a medical procedure performed, and the doctor’s recommendation has not been completed.
  • In the past two years you’ve been diagnosed with or treated for cancer (aside from certain skin cancers), a heart attack, a stroke, or alcohol/drug abuse.
  • In the past two years, you’ve had your driver’s license suspended, had two moving violations, or been caught driving while impaired.

Unfortunately, you’re unlikely to qualify for most no medical exam life insurance policies if the above situations apply to you. However, if you need coverage and are willing to pay a bit more, a number of insurers offer guaranteed acceptance life insurance.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.