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While nobody wants to dwell on the unexpected, it is certainly important to plan for it. Unfortunately, upon the passing of a loved one, the cost of a funeral today can cost, on average, between $8,500 and $10,000. This is especially the case when you factor in the price of flowers, transportation, and a memorial service, as well as the price of a burial plot and headstone.
In many cases, families do not have this amount of money readily available. So, it is often required for them to dip into savings and to sell other precious assets to come up with the necessary funds.
There is, however, a better way to be prepared for these situations and to ensure that those you love and care about won’t endure financial hardship during an already difficult time in their lives. That is through the purchase of a burial insurance policy.
Burial insurance – which is also often referred to as funeral insurance or final expense insurance – is designed specifically for paying the cost of an individual’s funeral, as well as the related costs. It can also be used for paying off other debts, such as uninsured medical bills and the cost of hospice care.
Before you purchase a burial insurance plan, it is important that you have a good idea of the type and the amount of such coverage that you may need. You should also make sure that the insurance carrier you are buying though has a strong and stable financial foundation, and that is also has a respectable name for paying its policy holders’ claims. Sagicor is one company that has been in the insurance industry for more than 100 years, and that also meets these criteria.
The History of Sagicor Insurance Company
Sagicor has been in the business of assisting its customers with wealth enhancement and protection since 1840. The company began in the Caribbean, and over the years, it has grown substantially to operate in 17 different countries in the English and Dutch speaking Caribbean and Latin America.
The company focuses on providing insurance, finance, and banking services – as well as retirement planning, assistance with home ownership, education savings, money management – with a mission of serving its customers, and helping them through every situation. Today, Sagicor has its headquarters in Barbados, and its United States offices are located in Scottsdale, Arizona.
Sagicor Company Review
Sagicor Life Insurance Company is licensed to do business in 45 of the U.S. states, as well as in the District of Columbia. It offers a broad range of life insurance coverage products to fit a vast spectrum of needs.
With total assets of approximately $6 billion and net income of roughly $40 million per year, Sagicor is considered to be secure and stable financially. There are several companies affiliated under the Sagicor name, which includes Sagicor Life Inc., Sagicor General, Sagicor Jamaica, Sagicor USA, Sagicor Panama, Sagicor Bank, and GlobE Finance.
Just some of the financial vehicles that are included in Sagicor’s investment offerings are mutual funds, as well as a Global Balanced Fund, Select Growth Fund, Preferred Income Fund, and Segregated Pension Funds. For clients and potential clients to learn more about how to grow and protect their wealth, Sagicor also has a Learning Centre directly on its website. This makes the information readily accessible.
Also, Sagicor has a strong belief in corporate social responsibility. The company believes that the entire business of wealth creation and protection is about social investment. With that in mind, the company has as its vision, “To be a great company committed to improving the lives of the people in the communities in which we operate.”
Insurer Ratings and Better Business Bureau Grade
Due to its positive financial foundation and its timely payments of claims, insurer rating agencies have given Sagicor Life Insurance Company high ratings. The company currently is rated as an A- (Excellent) by A.M. Best.
Also, Sagicor Life Insurance Company has been an ascribed company through the Better Business Bureau (BBB), and it has been given a grade of A+ by the BBB, based on an A+-F grading scale. Within these last three years, Sagicor Life Insurance Company has shut out just two customer complaints (and none within the past 12 months). Of these two complaints, one centered on problems with the company’s products and services, and the other connected with billing/collection issues.
Burial Insurance Plans Offered by Sagicor
Burial insurance is a type of life insurance coverage that is purchased specifically for paying off one’s funeral and other final expenses, such as a memorial service, burial plot, and possibly even end of life medical or hospice costs. The face amount of a standard burial insurance policy will usually be in the range of $5,000 to $25,000 – although some insurance carriers will offer these types of policies with a higher amount of coverage.
At Sagicor Life Insurance Company, the company offers its Sage Term Life Insurance policies which can typically be used for burial and other final expenses. These policies provide insureds a choice of coverage terms, which are usually ten years, 15 years, or 20 years. In many cases, there is no medical examination required to be approved for coverage – and once an individual has been approved for a policy, the amount of the coverage and the amount of premium due will remain constant throughout the life of the policy.
These policies can provide individuals with affordable life insurance protection – especially if they are young and in good health at the time of application. With the Sage Term life insurance products that are offered by Sagicor Life Insurance Company, insureds may also be able to convert the policy over to a permanent life insurance policy. Also, an insured may also be able to access money from the policy’s death benefit while they are still living to help pay expenses if they are diagnosed with a terminal illness and if they are confined to a nursing home.
With the Accelewriting Process that Sagicor uses, policies are typically offered very quickly to those who are approved. Also, once a life insurance policy has been approved and issued by Sagicor, the policy may be delivered either by mail or through eDelivery. (To be qualified for Sagicor’s Accelewriting process, an applicant for life insurance coverage must be between the ages of 18 and 65 years old, and applying for coverage amounts of between $50,000 and $500,000. If qualified to use this Accelewriting process, an underwriting decision can often be made within just minutes, with no telephone interview required.)
The Sage Term Life Insurance coverage by Sagicor Life also provides additional protection via its inherent Accelerated Benefit Insurance Rider. This rider is included at no additional premium cost.
With the Accelerated Benefit Insurance Rider – which allows access to the policy’s funds during life – the benefit amount that can be obtained is the lesser of $300,000 or 50 percent of the policy’s death benefit amount.
Sage Term Life products also offer some additional riders, which can mostly help insureds to customize their policies to fit their specific needs more closely. These riders include the:
- Accidental Death Benefit Rider – With the accidental death benefit rider, an additional death benefit will be provided to the insured’s beneficiaries if death occurs to the insured because of a covered accident.
- Children’s Term Rider – The Children’s Term Rider provides term life insurance safety for the insured’s children ages 15 days to 19 years – and it remains in place for each child until they are married or turn 25 years old. At the conclusion of the term period, the benefit can then be changed over to an available, lasting life insurance policy for up to five times the original amount – no matter the child’s current health condition.
- Waiver of Premium Rider – The Waiver of Premium Rider waives the premium payments if the primary insured becomes disabled. If the total disability ceases, then the policy holders can just simply resume making premium payments to keep the policy in force.
Sagicor Life Insurance Company also offers a simplified issue policy, where coverage of $25,000 up to $249,000 may be purchased. With these policies, it can be easier to qualify for those who have certain types of health conditions. Because there is no need to wait for medical or other underwriting requirements to come back to the insurance company, these policies can often be approved within just a few days – or even on the same day of application.
Sagicor also offers a no lapse universal life insurance policy. This policy will provide a death benefit, as well as a cash value component. The cash value portion of the policy is allowed to grow and compound over time on a tax deferred basis. This means that there is no tax due on the gain in the cash component unless or until the policy holder withdraws the funds.
Money that is inside of a universal life insurance policy (or any permanent life insurance policy) can either be borrowed or withdrawn by the policy holder for any reason that they see fit, such as for paying off debt, paying ongoing living expenses in retirement, or even for taking a nice vacation. (It is important to note, though, that any un-repaid portion of the cash will be counted against the death benefit to the beneficiary).
Other Products and Services Offered
In addition to burial insurance coverage, Sagicor offers an extensive list of other products and services that can help its customers to grow and protect their wealth. These include the following:
- Individual life insurance coverage. (The company has a key focus on term life insurance, and it offers a line of Sage Term Life Insurance Coverage).
- Individual Health Insurance
- Property Insurance
- Retirement Planning
- College Planning
- Estate Planning
How to Get the Best Premium Rate on Burial Insurance from Sagicor Life Insurance Company
If you have been looking for the best premium rates on burial insurance from Sagicor Life Insurance Company – or from any insurance carrier – then it is recommended to shop and compare policies and premiums from several different insurers. Shopping around helps you obtain a nonbiased opinion of which may be the best for your specific needs.
When you are prepared to see what types of burial insurance coverage you may qualify for, we can help. We are an independent life insurance brokerage, and we work with many of the finest burial insurance companies in the market place today. We can get you all of the details that you need – and we can do so for you quickly, easily, and conveniently, directly from your computer. You don’t even need to meet in person with an insurance agent. If you’re ready to begin this easy process, then all you need to do is just simply complete the quote form on this page.
If you should find that, after reviewing our website, you still have any extra questions or concerns regarding burial insurance, feel free to reach out to us directly via phone, toll-free, by dialing 888-389-8676. Our burial insurance experts are here and are ready to assist you.
We understand that the purchase of a final expense/burial insurance policy can seem a bit overwhelming. There are so many different variables to be aware of – and you want to be sure that you are moving forward with the proper type and amount of coverage. But this process can be so much easier when you have any ally on your side. So, contact us today – we’re here to help.