Important Sagicor Product Updates
2020 has been a year of challenges and opportunities, and we hope that you and your families are safe and healthy, and enjoying the holiday season.
At Sagicor, we are always reviewing our products to ensure that we are providing the utmost value to our customers. Given the tremendous volatility in the market and continuous changes in the insurance industry, this review has taken on new meaning. To allow us to hone our focus on those areas that we do best and continue our commitment to both the life and annuity markets, we have determined that we need to make the following product portfolio changes going into 2021.
LIFE
Consumers are demanding that life insurance meets multiple needs, all in one product. Sagicor will be focusing the life insurance portfolio around products with living benefits and our industry-leading, non-med Accelewriting® platform. Accelewriting meets the needs of both producers and consumers, with an electronic, fluid-free process, and never a telephone interview — improving cycle time and ease of doing business.
Sage No Lapse UL
Due to the continuing low interest rate environment, Sagicor will be suspending sales of our Sage No Lapse UL effective January 16, 2021. The last date for a No Lapse UL application to be received, both paper and eApplication, will be Friday, January 15, 2021. No Lapse UL will be withdrawn from quoting via the Sagicor producer portal illustration software and WinFlex the evening of Friday, January 15, 2021. Sagicor will continue to process No Lapse UL applications until settlement, and any updated illustrations needed after January 15 can be run by the Sagicor home office.
Sage IUL Enhancements
Sagicor is excited to announce that enhancements to our Sage IUL will be coming in the first quarter, including the ability to quote on the WinFlex platform. Enhancements will include:
- Improved .75% credited interest rate bonus starting in year 11 (currently .50%)
- Reduced COIs
- The addition of a Preferred Plus underwriting class
- Improved income distribution
While maintaining:
- Accelewriting with No Paramed or Telephone Interview
- Up to $1,000,000 Death Benefit — through age 50
- Up to $500,000 Death Benefit — through age 65
- Chronic Illness included for no additional cost and no separate underwriting
- Transparent, easy to explain Index Strategies
- No multipliers
- Diversify with the Global Multi-Index Strategy
Other Life Products
We are continuing to focus on our term products and will be announcing exciting enhancements to this portfolio in 2021.
There are no anticipated product changes to Sagicor’s WealthCare Indexed Single Premium UL or Sage Whole Life, and both will remain an important part of our living benefits-focused life insurance portfolio.
ANNUITY
Due to historically low interest rates and the accompanying lower investment returns, as well as the volatility in markets, we have seen consumers searching for safe opportunities to stabilize their retirement portfolios. We continue to believe that annuities can and should be part of the consumer’s retirement strategy. However, we have also experienced a significant increase in expenses associated with many of our annuity products. Therefore, we are making the following changes to our portfolio:
Indexed Annuities (Sage Select FIA and the Sage Secure FIA (5,7,10))
Sagicor will be suspending sales of Sage Select FIA and Sage Secure FIA (5, 7, 10) effective January 16, 2021. We still believe our Global Multi-Index Strategy is one of the best values to the consumer (and continues to be an index crediting option on our indexed life products), combining diversification and ease of understanding with solid returns. However, the expenses of offering these products have become so significant that we feel it’s best to focus on our other annuity products. Therefore, the last date for an FIA application to be received, both paper and eApplication, will be Friday, January 15, 2021. Sage Select FIA and Sage Secure FIA (5, 7, 10) will be withdrawn from quoting and eApp submission via the Sagicor producer portal illustration software and distributor versions of Firelight on the evening of Friday, January 15, 2021. Sagicor will continue to process all pending FIA applications; however, all funds and delivery requirements must be received for settlement by April 15, 2021. Any updated illustrations needed after January 15 can be run by the Sagicor home office.
Multi-year Guarantee and Single Premium Income Annuities
We believe in providing transparent, tax-advantaged guarantees in retirement, and Sagicor is committed to maintaining the MYGA (3, 4, 5, 6, 7) and SPIA products in our annuity portfolio. Be on the lookout for SPIA product and pricing enhancements, which we will be announcing in early 2021.