Sagicor Life Insurance Company at a Glance: Rates, Products and Reviews

Sagicor offers a selection of annuities designed for financial stability and guaranteed returns. With flexible payouts, penalty-free withdrawals and issue ages up to 90, these annuities cater to conservative investors looking for security and steady growth.

Sagicor’s annuities offer a combination of affordability, stability and flexible payout options. With a history of strong financial performance and an A- rating from AM Best, the company provides confidence to policyholders seeking dependable retirement solutions.

Sagicor Life Insurance Company is a well-established provider of annuity and life insurance products, dedicated to helping individuals secure their financial futures. Founded in 1954, Sagicor’s annuity branch has a long history of providing innovative financial solutions. The company operates in 45 states and the District of Columbia, offering a range of annuity types tailored to meet diverse retirement planning needs.

The company prides itself on offering annuities with accessible premium amounts, making retirement solutions available to a broad audience. Its products cater to those looking for security, predictable returns and flexibility in managing their financial futures. Whether seeking guaranteed income, growth opportunities or immediate payouts, Sagicor aims to meet a variety of retirement planning needs.

Sagicor provides a variety of annuity products designed to offer security and predictable income. Currently, Sagicor offers an immediate annuity and a multi-year guaranteed annuity (MYGA), with the exception of another MYGA local to only California. These options help individuals plan for retirement with confidence, ensuring financial stability through guaranteed returns and structured payouts.

Sagicor’s Milestone Max Multi-Year Guaranteed Single Premium Deferred Annuity (MYGA) is designed to help you grow and protect your savings with guaranteed interest rates over selected periods of three, four, five, six or seven years. This annuity offers tax-deferred growth, ensuring your earnings compound without immediate tax implications.

Beginning in the second contract year, you can access up to 10% of your accumulation value annually without incurring surrender charges. Additionally, if you face a terminal illness or require nursing home care, you may withdraw up to 100% of your accumulation value penalty-free.

In the event of your passing, beneficiaries receive the full account value, providing a legacy for your loved ones. Notably, there are no upfront fees or sales charges associated with this product.

In addition to these valuable benefits, Sagicor offers competitive fixed interest rates tailored to your selected guarantee period, ensuring steady growth for your savings.

Sagicor’s Milestone MYGA (California) is a fixed annuity offering guaranteed interest rates over three to seven years with a minimum premium of $15,000. It provides tax-deferred growth, penalty-free withdrawals of up to 10% starting in year two and full accumulation value to beneficiaries. Plus, there are no annual contract fees.

Designed for individuals who want to start receiving payments soon after their investment, Sagicor’s Single Premium Immediate Annuity (SPIA) provides payouts within a few weeks of premium payment. Annuitants can receive payments monthly, quarterly, semiannuity or annuity, allowing for flexibility in income planning.

Sagicor’s SPIA offers a reliable and consistent income stream tailored to your needs. With a minimum premium of $5,000, you can choose from various payout options, including: period certain, life only, life with period certain, joint life and joint life with period certain payouts.

Payments are fixed in amount and frequency, providing security against market fluctuations. Additionally, a one-time withdrawal rider allows for a single withdrawal of up to 30% of the annuity’s value during the guaranteed period, offering flexibility for unexpected needs.

Sagicor annuities are designed to offer financial security with a range of flexible features. Whether looking for low upfront costs, penalty-free withdrawals or multiple payout options, these annuities provide various benefits to suit different financial needs.

Understanding the fees associated with an annuity is crucial for maximizing its benefits. Sagicor’s annuities are designed to minimize fees, ensuring that policyholders can retain as much of their investment as possible.

There are no contract expense fees or front-end sales charges. Some Sagicor annuities allow owners to take annual 10% penalty-free withdrawals beginning in Year 2. Withdrawals exceeding this limit may incur surrender charges.

The fewer fees an annuity has, the more money remains in the annuitant’s pocket over time. Being aware of potential surrender charges and understanding withdrawal limits ensures smarter financial planning.

With $4,760,215,597 in assets and a 103.19% assets-to-liability ratio, Sagicor is financially secure. This stability provides confidence to policyholders looking for long-term reliability.

AM Best, a credit rating agency specializing in insurance, assigns Sagicor an A- rating, indicating a strong ability to meet financial obligations.

Sagicor’s annuities provide a range of benefits that may appeal to different types of investors. Those who prioritize financial strength, minimal fees and penalty-free withdrawal options will find these annuities particularly attractive. However, Sagicor does not offer variable annuities, which may be a drawback for individuals looking for higher growth potential.

For customers seeking a dependable, low-cost annuity provider, Sagicor’s products offer a solid balance of stability and flexibility. While the company provides a relatively limited selection of annuity products, its offerings are well-suited for individuals who value predictable income and security.

Choosing the right annuity depends on a variety of personal factors, including age, location, health status, marital situation and retirement goals. With numerous options available in the market, finding the best annuity can be overwhelming. Consulting a financial advisor is often the best way to ensure that your choice aligns with your long-term financial strategy.

Editor Norah Layne contributed to this article.