Sagicor No Exam Term Life Insurance Review
Do any of these scenarios apply to you? You need life insurance but you don’t want to deal with being poked with a needle. You need immediate life insurance coverage and you don’t have the time to wait through the full underwriting process. You need life insurance and you don’t have time to take a paramedical exam. If any or all of these scenarios apply to you, Sagicor’s Sage non-medical term product could be the right option for you. It offers affordable term coverage up to $500,00, an easy application process and no medical underwriting. Here’s how it works.
Product Facts – The Sage Term non-medical product is available on coverage amounts from $50,000 up to $500,000 for applicants ages 18 to 65 (there are some age limitations for tobacco users). The Sage Term product is available in 10, 15 and 20 year coverage durations. There are 5 possible risk classifications: Preferred Non-Tobacco, Standard Non-Tobacco, Rated Non-Tobacco, Preferred Tobacco and Standard Tobacco.
Conversion – The policy is convertible to age 70 to a qualified permanent product. Conversion credits are available in years 2-5, but only if the policy is fully converted.
Riders – A terminal illness rider is included in the policy which allows you to accelerate portion of death benefit if you become terminally ill. For an additional cost you can add an accidental death benefit rider which will increase your death benefit if your death is accidental. You can also add, at an additional cost, a waiver of premium rider which will waive your premiums if you become disabled for at least 6 months. If your disability ceases, you simply resume premium payments. Riders are not available in all states.
Application Process – The application process is simple. In fact, the whole application, including signatures, can all be done online. The application usually takes about 15-20 minutes to fill out with your agent and asks pretty much all of the standard questions you would expect to see on a life insurance application. To qualify for the non-medical application option, you must answer “No” to 8 “knockout” questions on the application. If you answer “yes” to any of these 8 questions, you will not qualify for the non-medical option. The questions are meant to disqualify any applicants with major issues such as:
- HIV
- Currently receiving health care at home or require assistance with any activities of daily living such as bathing, dressing, feeding etc.
- Currently confined to a hospital, nursing facility, psychiatric facility etc.
- Currently in a correctional facility or prison
- Driver’s license suspended or revoked, any DUI’s or more than 2 moving violations in the last 24 months
- Diagnosed with Alzheimer’s or Dementia, Cirrhosis, Emphysema or COPD
- Advised to have diagnostic tests, surgery, or medical procedures in the last 12 months that haven’t been completed
- In the past 24 months been diagnosed or advised to have treatment for cancer, heart attack, stroke, TIA, drug or alcohol abuse
If none of these issues apply to you, then you can move forward and fill out the rest of the application. There is one other section in the application that asks additional personal and medical questions as well. Answering “Yes” to any of the questions in this section will not disqualify you from the non-medical option, but will require you to provide additional information about your “yes” answer.
Decision – Once the application is filled out in its entirety, you can electronically sign it and your agent will submit it. In many cases, Sagicor will respond immediately with a decision on your rating. If you choose to accept the terms offered, simply pay your first premium due and you are covered.
Cost – The cost of Sagicor’s Sage Term product is very reasonable when compared to other non-medical policies. When compared to fully underwritten coverage, Sage Term is considerably more expensive. For non-medical policies, you pay a higher premium for the convenience of limited underwriting. Here is a comparison of rates between Sagicor’s Sage Term non-medical product and a fully underwritten term product from a leading insurer. The annual rates are for a 45 year old non-smokers with the best health rating for each product.
MALE RATES
Fully Underwritten Term Life – Annual Rates
| Term Length | $100,000 | $250,000 | $500,000 |
|---|---|---|---|
| 10 Years | $126.92 | $196.73 | $320.00 |
| 15 Years | $157.00 | $264.99 | $450.00 |
| 20 Years | $188.99 | $335.00 | $591.02 |
Sagicor’s Sage Term Non-Medical – Annual Rates
| Term Length | $100,000 | $250,000 | $500,000 |
|---|---|---|---|
| 10 Years | $220.15 | $428.88 | $787.75 |
| 15 Years | $273.50 | $565.00 | $1060.00 |
| 20 Years | $335.65 | $700.93 | $1331.86 |
FEMALE RATES
Fully Underwritten Term Life – Annual Rates
| Term Length | $100,000 | $250,000 | $500,000 |
|---|---|---|---|
| 10 Years | $116.04 | $177.33 | $289.00 |
| 15 Years | $139.99 | $211.30 | $350.00 |
| 20 Years | $155.00 | $270.00 | $464.99 |
Sagicor’s Sage Term Non-Medical – Annual Rates
| Term Length | $100,000 | $250,000 | $500,000 |
|---|---|---|---|
| 10 Years | $193.64 | $375.96 | $681.92 |
| 15 Years | $224.00 | $413.36 | $756.72 |
| 20 Years | $268.22 | $561.07 | $1,052.14 |
Rates as of 5/17/2016
The non-medical option is more expensive, but for those who do not want to take a paramedical exam and want coverage quickly, the added cost may be worth it.
About Sagicor – Most people have never heard of Sagicor, but they have been around since 1840 as Sagicor Financial Corporation. The company’s life insurance division has been around for 60 years. The company is A- rated by A.M. Best (4th best out of 16 possible ratings) which is shows its financial strength and ability to meet its ongoing obligations.
Conclusion – If you want to avoid a medical exam and need a small amount of coverage quickly, Sagicor’s Sage Term could be an excellent option. Sagicor makes the application and underwriting process extremely easy and you can receive a decision almost instantly in most cases. It should be noted that if you are in good health, you should look at a fully underwritten policy first. Non-medical policies offer the convenience of limited and less stringent underwriting but can be much more expensive than fully underwritten coverage. If you are interested in a non-medical policy, give us a call at (888) 687-9444 or email us at info@archstoneagency.com if you have any questions.
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com. You can also visit our website at www.archstoneinsurance.com.
