Sagicor announces one comprehensive solution to meet the changing needs of retirees
Scottsdale, AZ — (PRNewswire) — Sagicor® Life Insurance Company (Sagicor) introduces its WealthCare Indexed Single Premium Universal Life Insurance, a policy designed for the changing financial needs of Baby Boomers. As this generation continues to transition into retirement, their priorities shift. Protecting their assets from market risk, being able to pay for chronic illness care, passing wealth to their loved ones, and maintaining control of their money may become more important in their lives.
“We wanted to create an all-encompassing product that offered financial security, while also providing downside protection,” said Bart Catmull, President and Chief Operating Officer. “During development, we expanded upon this and added extra layers of protection and flexibility. Now, individuals have a product that provides for financial growth, while also allowing access to key funds if chronic illness care is needed — hence the name WealthCare.”
Designed to give individuals flexibility during retirement and provide a legacy
WealthCare gives retirees the confidence of knowing that they can have a cash resource and guaranteed wealth transfer by providing:
The financial protection of a guaranteed death benefit1
Cash value and death benefit growth opportunities linked to the performance of various market indices, with downside protection (no risk of market losses)
A full Return of Premium, so the policyowner has control of their money if their needs change2
Chronic and terminal illness protection should they need care3
Protection if you need care
According to the Institute on Aging, chronic illness has surpassed acute illness as the major health issue of older adults. This problem is increasing with medical advancements.4 The natural process of aging could lead to a chronic condition that takes away a retiree’s ability to perform simple Activities of Daily Living independently.
While traditional health insurance and Medicare may not cover certain caregiving expenses, WealthCare gives retirees the confidence of knowing that they can have a cash resource to use as they like should they develop a chronic illness and need assistance performing at least two of the six Activities of Daily Living or with a severe cognitive impairment.
Benefits when you need them
Because the time of need can be stressful for the policyowner, their spouse and other family members, Sagicor’s expedited process provides direct access to cash benefits upon qualification of the claim. Unlike other policies, there are no receipts required for reimbursement.
Another advantage of adding WealthCare to the retirement portfolio is asset control. WealthCare automatically includes a Return of Premium feature, which provides flexibility to the policy owner should their financial needs change.
To learn more about WealthCare, visit Sagicor.com.
About Sagicor Life Insurance Company
Sagicor Life Insurance Company (Sagicor) is a full-service life insurance company that helps clients make wise financial decisions today to ensure they're protected tomorrow. Sagicor is licensed in 45 states and the District of Columbia and is rated "A-" (Excellent) by A.M. Best Company (4th best out of 16 possible ratings).
Sagicor is a wholly-owned subsidiary of Sagicor Financial Company Ltd (SFCL).5 Founded in 1840, SFCL is one of the oldest insurance groups in the Americas, with operations in 22 countries mainly in the United States, Latin America and the Caribbean. Sagicor is committed to offering customers world-class service with integrity and value.
To learn more about Sagicor, visit Sagicor.com.
1 The policy is guaranteed not to lapse if there is no indebtedness. Indebtedness could cause the policy to lapse.
2 Less any withdrawals, indebtedness, and benefit payments.
3 Not all rate classes will be eligible for chronic illness protection.
4 Institute on Aging.
5 Sagicor Financial Company Ltd is a separate entity and is not responsible for the insurer's financial condition or contractual obligations.
Insurance and annuities issued by Sagicor Life Insurance Company. Home office: Scottsdale, AZ. Products may have limitations and restrictions including surrender charges and market value adjustments and are not available in all states. Guarantees are based on the claims-paying ability of Sagicor. Sagicor does not provide tax or estate planning advice. Consult tax advisor(s).
Withdrawals from non-MEC life insurance policies are a tax-free return of basis first. Loans from non-MECs are not taxed as distributions so long as the contract stays in force. MEC policies are taxed differently.
Policy Forms: ICC191021, ICC196069, ICC196070 and ICC19607
WC-PR2020 | S6801119
Sagicor Life Insurance Company
Katie Owens, AVP Corporate Communications
813-287-1602, ext. 6205