Life insurance companies have been on a roll releasing new products that provide faster underwriting with no medical exam required. There are a few companies competing in this area, Sagicor being one of them. They have a great no exam life insurance product but how great is it? Let’s discuss what you get and don’t get when you apply for life insurance with Sagicor.

Application

The application process for Sagicor is one of the stand out features of this product. It asks a few typical questions of a life insurance application but involves absolutely zero paperwork. You do a quick online application with your agent over the phone and you will receive it for electronic signature, once signed it goes directly into underwriting. Overall time of the process can take anywhere from 10 to 20 minutes which is great in comparison to the old paper applications that some companies still partake in.

Underwriting

Another positive is the underwriting. Typically with a standard issue life insurance product underwriting takes between 4 to 8 weeks. With the Sagicor No Exam product underwriting can be instant, as in right now, ranging all the way up to 3 entire days. Still much faster than traditional policies and one of the few non med policies that offer preferred health ratings. I give part of the product another thumbs up.

Cost and Coverage Amount

Here is where we get to the not so glamorous parts of the product. This product is capped at $399,999. What that means for you is you cannot get more life insurance coverage than that with this particular company going the no exam route. With traditional life insurance policies you can get as much coverage as you need, or is reasonable to take care of your financial responsibilities. The reason for this is simple, the company is taking a higher risk by not administering an exam and for this same reason the policy is slightly more costly than the traditional term life. Usually about 25% to 50% higher premiums.

In Comparison to Competitors

We see how it stacks up to typical term life polices but how about the no exam competitors? When it comes to the application process only Fidelity offers an application process that matches the ease and convenience. When it comes to the speed of the underwriting Sagicor has the ace, its one of the if not the fastest company when it comes to this. Where it loses its lead a little is the approval. Sagicor is a little more strict with underwriting, usually for more healthy individuals looking for convenience, American National is much more lenient when it comes to this. As far as cost and capped coverage they are pretty linear amongst all non med carriers, with Sagicor being one of the companies to offer a little more coverage.

The Verdict

I give it a two thumbs up. It offers a speedy application and underwriting process and is great for anyone who is healthy and looking for coverage fast. The pitfalls being the capped coverage and higher cost than traditional term life policies.  If you don’t mind the medical exam you are best going with a standard term life policy as it will be cheaper for a bigger amount of coverage. If you would like to compare prices with all the no exam carriers you can do so here for free to see how Sagicor stacks up against its competitors.
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Sean Dudayev is owner of and life insruance expert at Insurechance.com

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