Fixed Indexed Single Premium Whole Life

Reallocating some of your assets to our Fixed Indexed Single Premium Whole Life product may provide many additional opportunities for your money. And, through Sagicor’s Accelewriting® process, you can have a decision in minutes!

Consumer Brochure PDF

Product Overview

Careful planning and wise financial thinking have allowed you to save for your retirement. Most likely, your assets have accumulated in savings and investment tools such as Certificates of Deposit (CDs), money market accounts, and annuities. Reallocating some of your assets to Sagicor’s Fixed Indexed Single Premium Whole Life (FISPWL) Product may provide many additional opportunities and choices for your money. And, through Sagicor’s Accelewriting® process, you can have a decision in minutes! Our automated underwriting system provides a decision quickly and eliminates the need for a face-to-face meeting with an agent and telephone interview.

Interest Crediting Options

Sagicor’s Fixed Indexed Single Premium Whole Life offers three distinct interest crediting strategies for diversification. You can transfer or change interest crediting strategies at the end of each 1-year term period, subject to policy provisions.

Declared Rate Strategy; 1 Year Term

Fixed interest rate declared by Sagicor that is guaranteed for one year.

S&P 500® Index Strategy; 1 Year Term With Cap (Indexed Strategy 1)

One year point-to-point indexed strategy linked to the S&P 500® Index.

Global Multi-Index Strategy; 1 Year Term With Participation Rate

One year point-to-point indexed strategy that utilizes the S&P 500®, Euro Stoxx 50® and Hang Seng® indices.

Accelewriting®

Sagicor’s Accelewriting® is an automated underwriting system that utilizes an eApplication. Accelewriting® will provide an underwriting decision within minutes with no medical exams, bodily fluids, Attending Physician’s Statements (APS), or telephone interview required. In some cases, additional requirements may be requested. Policy eDelivery is available with Accelewriting®. Other policy issue ages and coverage amounts are available through the fully underwritten process.

Features & Benefits

Features at a Glance

  • Indexed linked crediting rate that provides opportunity for growth and protection from a downturn in the market Increased legacy value
  • Control and access to your money for emergencies and opportunities through policy loans and partial withdrawals
  • Living benefits to help pay for expenses or care associated with a terminal condition or a chronic illness
  • Transferring money efficiently to heirs

Fees and Surrender Charges

  • Administrative fees, expense charges and cost of insurance charges will be deducted every year, as outlined in the policy. A policy surrender is subject to the surrender charge below. The surrender charge schedule will not affect your 100% Guaranteed Return of Premium.
  • Surrender Charge by Policy Year
    Year 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th+
    Charge % 12% 12% 11% 10% 9% 8% 7% 6% 4% 2% 0%

Bonus

  • 10% of the single premium paid is automatically applied to the policy at issue.

Guaranteed Interest

  • A lifetime minimum guaranteed interest rate of 2% eliminates the worry of market volatility plus your policy has future credited interest upside potential.

Guaranteed Return of Premium from Day 1

  • Your single premium payment is guaranteed from day one. In the unlikely event that you surrender your policy, you are guaranteed to receive at least 100% of your initial premium back, less any outstanding loans, withdrawals or Accelerated Benefits paid out.

Loans

  • Loans are available anytime after the first policy year for emergencies and opportunities.[1]

Partial Withdrawals

  • Partial Withdrawals[2] are allowed at any time. A withdrawal charge will apply if the partial withdrawal is taken during the surrender charge period. Withdrawals will reduce the policy face amount. The minimum partial withdrawal is $500.

Guaranteed Death Benefit

  • The minimum death benefit is guaranteed from day one regardless of changes in your age or health. Also, your death benefit can increase over time as your cash value inside the policy may increase. Death benefits to a named beneficiary are generally probate free.

Triple Tax Advantage

  • Sagicor’s Fixed Indexed Single Premium Whole Life policy provides tax-deferred interest earning on the cash value account, the compounding of interest on interest is tax-deferred and the death benefit may be free from federal income taxes.[3]

Right to Examine Policy

  • All premiums paid, considerations, fees or charges will be refunded if the policy is returned to Sagicor, or one of our representatives, for cancellation within 30 days after the policy is delivered. The policy will be deemed void from its beginning.

Accelerated Benefit Insurance Rider

The Accelerated Death Benefit Rider is included at no additional cost.

This rider advances a portion of the death benefit to the owner, prior to the insured’s death, in the event of a Terminal Condition or a Chronic Illness. The death benefit of the policy must exceed $25,000 to be eligible for any acceleration. The maximum accelerated benefit available is the lesser of $250,000 or the policy death benefit less $25,000. A one-time administrative fee, the lesser of $250 or the maximum allowed by state law, will be deducted from the elected accelerated benefit amount. Only one type of Accelerated Death Benefit is payable; the owner cannot receive a payment based on a Terminal Condition and a payment based on a Chronic Illness.

A terminal condition can be devastating for you and your family. Terminal Condition means the insured’s death is expected within 12 months or less. The elected accelerated benefit amount will be paid in a lump sum.

A chronic illness can limit one’s ability to perform life’s daily living functions. Chronic Illness means that the insured is unable to perform, without substantial assistance from another individual, at least 2 of 6 Activities of Daily Living (ADLs) for a period that is expected to last at least 90 days due to a loss of functional capacity.

The Activities of Daily Living are: Eating, Toileting, Transferring/Walking, Bathing, Dressing, Continence.

The benefit will be paid out in 33 equal monthly installments. In some states, the policy owner may choose to receive a portion of the accelerated death benefit amount due to a chronic illness as a lump sum payment. If a lump sum payment is chosen, the amount of the payment will be 90% of the elected portion of the accelerated death benefit amount.

Related Products

Interest Sensitive Single Premium Whole Life

Careful planning and wise financial thinking have allowed you to save for your retirement. Most likely, your assets have accumulated in savings and investment tools such as Certificates of Deposit (CDs), money market accounts and annuities. Re-allocating some of your assets to Sagicor’s Interest Sensitive Single Premium Whole Life (ISSPWL) Product may provide many additional opportunities and choices for your money.

Read More

Sage Whole Life

Sagicor’s Sage Whole Life Insurance Policy is specifically designed to provide lifetime insurance coverage along with cash accumulation. Purchasing a Sage Whole Life Insurance policy guarantees that you will receive the face amount of the policy, providing immediate security to you and your loved ones. Over time, the cash value of the policy will accumulate on a tax-deferred basis. Best of all, your premium payments always remain the same, even as you grow older, providing for affordable lifetime coverage.

Read More

Footnotes

  • Loans of any interest earnings from single premium whole life prior to age 59½ are subject to ordinary income taxation and may be subject to tax penalties. Loans are subject to an interest rate defined in the policy.
  • Not available in MN.
  • Issuance of the policy may depend upon the answers to the health questions set forth in the application.
  • Neither Sagicor Life Insurance Company nor its agents provide tax, legal or accounting advice. Please consult with your tax and/or legal advisor for information specific to your situation.
  • No Medical Exam for Qualified Applicants: All applicants must answer application health questions and undergo automated underwriting review. Depending on health answers, electronic report results, age, and amount of insurance applied for, an applicant may not receive an immediate decision, and a review of more information and/or a medical exam may be required to determine eligibility.

If there is a conflict with the policy and rider, the terms of the applicable policy and rider control. If you have questions about the policy and riders, please contact your insurance agent. Policy and riders are not available in all states. State variations may apply. Sagicor does not provide tax, legal or accounting advice. Sagicor Life Insurance Company issues life insurance and annuity products. Home Office: Scottsdale, Arizona.

Policy Forms: 1005, 6013, 6018, 6024 and 6033

Not FDIC insured. Not insured by any federal agency. Not a deposit or other obligation of the bank. Not bank guaranteed.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Sagicor Life Insurance Company (Sagicor). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Sagicor. Sagicor’s Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index. The EURO STOXX 50® is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland and/or its licensors (“Licensors”), which is used under license. The Products based on the Index are in no way sponsored, endorsed, sold or promoted by STOXX and its Licensors and neither of the Licensors shall have any liability with respect thereto. The Hang Seng Index (the “Index”) is published and compiled by Hang Seng Indexes Company HSI Services Limited pursuant to a license from Hang Seng Data Services Limited. The mark(s) and name(s) Hang Seng Index are proprietary to Hang Seng Data Services Limited. Hang Seng Indexes Company HSI Services Limited and Hang Seng Data Services Limited have agreed to the use of, and reference to, the Index by Sagicor Life Insurance Company in connection with the Policy (the “Product”), BUT NEITHER HANG SENG INDEXES COMPANY HSI SERVICES LIMITED NOR HANG SENG DATA SERVICES LIMITED WARRANTS OR REPRESENTS OR GUARANTEES TO ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON (i) THE ACCURACY OR COMPLETENESS OF THE INDEX AND ITS COMPUTATION OR ANY INFORMATION RELATED THERETO; OR (ii) THE FITNESS OR SUITABILITY FOR ANY PURPOSE OF THE INDEX OR ANY COMPONENT OR DATA COMPRISED IN IT; OR (iii) THE RESULTS WHICH MAY BE OBTAINED BY ANY PERSON FROM THE USE OF THE INDEX OR ANY COMPONENT OR DATA COMPRISED IN IT FOR ANY PURPOSE, AND NO WARRANTY OR REPRESENTATION OR GUARANTEE OF ANY KIND WHATSOEVER RELATING TO THE INDEX IS GIVEN OR MAY BE IMPLIED. The process and basis of computation and compilation of the Index and any of the related formula or formulae, constituent stocks and factors may at any time be changed or altered by HSI Services Hang Seng Indexes Company Limited without notice.

TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BY HSI SERVICES HANG SENG INDEXES COMPANY LIMITED OR HANG SENG DATA SERVICES LIMITED (i) IN RESPECT OF THE USE OF AND/OR REFERENCE TO THE INDEX BY SAGICOR LIFE INSURANCE COMPANY IN CONNECTION WITH THE PRODUCT; OR (ii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES OR ERRORS OF HSI SERVICESHANG SENG INDEXES COMPANY LIMITED IN THE COMPUTATION OF THE INDEX; OR (iii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES, ERRORS OR INCOMPLETENESS OF ANY INFORMATION USED IN CONNECTION WITH THE COMPUTATION OF THE INDEX WHICH IS SUPPLIED BY ANY OTHER PERSON; OR (iv) FOR ANY ECONOMIC OR OTHER LOSS WHICH MAY BE DIRECTLY OR INDIRECTLY SUSTAINED BY ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON DEALING WITH THE PRODUCT AS A RESULT OF ANY OF THE AFORESAID, AND NO CLAIMS, ACTIONS OR LEGAL PROCEEDINGS MAY BE BROUGHT AGAINST HSI SERVICES HANG SENG INDEXES COMPANY LIMITED AND/ OR HANG SENG DATA SERVICES LIMITED in connection with the Product in any manner whatsoever by any broker, holder or other person dealing with the Product. Any broker, holder or other person dealing with the Product does so therefore in full knowledge of this disclaimer and can place no reliance whatsoever on HSI Services Hang Seng Indexes Company Limited and Hang Seng Data Services Limited. For the avoidance of doubt, this disclaimer does not create any contractual or quasicontractual relationship between any broker, holder or other person and HSI Services Hang Seng Indexes Company Limited and/or Hang Seng Data Services Limited and must not be construed to have created such relationship.