Sagicor At a Glance: Rates, Products and Reviews

Today’s Best Sagicor Life Annuity Rates

Term	Product	AM Best Rating	Rate
7 Years	Milestone MYGA	A-	5.40%
5 Years	Milestone MYGA	A-	5.35%
6 Years	Milestone MYGA	A-	5.35%

Compare Sagicor Annuity Rates

Additional Products Offered by Sagicor

When it comes to products offered, Sagicor keeps things simple. The company advertises access to three annuity types.

The first of these is a single premium deferred annuity called Sage Choice. This product is designed for those who still have time to keep saving for retirement. 

It’s a six-year, single-premium product with an initial interest rate that is guaranteed for a year. Nursing home and terminal illness waivers are included.

Sagicor also sells a single premium immediate annuity (SPIA) which can be customized to fit whatever you are looking for. 

Sagicor SPIA Payout Options

• Period certain
• Life only
• Life with period certain
• Joint life
• Joint life with period certain

On top of offering virtually any type of payout option, payments can be set to any schedule you prefer, such as monthly, quarterly, semiannually, etc.

Liquidity is also available, which allows for a one-time withdrawal of up to 30% of your contract.

The final type of annuity offered by Sagicor is its Milestone MYGA. 

Milestone MYGA Term Options

• Three years
• Four years
• Five years
• Six years
• Seven years

The MYGA includes the ability to withdraw up to 10% of the contract value without penalty.

About Sagicor

Sagicor Financial is a larger company originally founded in Barbados in 1840. Over the years, it has continuously grown and expanded its presence throughout America partly thanks to the acquisition of other companies over time.

Sagicor Life – the annuity-issuing branch of the company – can trace its origins back to 1954. The company exceeded $1 billion in direct annuity premiums sold in 2022.

While the overall Sagicor Financial’s credit ratings are a bit lower than some other major companies, Sagicor Life’s ratings are solid.

Credit Ratings

Credit ratings for annuity providers can help determine a company’s financial strength and stability — an indication that it will be around to guarantee payments to you in the future. Different rating companies use different scales.

Sagicor Life’s Credit Ratings

Rating Company	Credit Rating
AM Best	A-
Fitch	Not Rated
S&P	Not Rated

What Customers Are Saying About Sagicor

There is not a lot of readily available information out there on how satisfied annuity customers are with Sagicor.

The company did not make an appearance in the 2022 or 2023 additions of the J.D. Power Overall Customer Satisfaction Index for annuity companies. But it’s important to note that this just means the company wasn’t considered, not that it ranked poorly.

Sagicor includes positive customer testimonials on its website, but hand-picked and curated reviews are not always a strong indicator.

The company also holds an NAIC Complaint IndexNAIC Complaint IndexDetermined by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market. score of 0, which is unusual and impressive for a company that is exceeding $1 billion in annuity sales.

NAIC Complaint Index for Sagicor

All Policy Types	0.04
Individual Annuities Only	0

These numbers indicate that Sagicor receives fewer complaints than the industry average for all insurance policy types and for individual annuities specifically.

Sagicor Pros & Cons

A pro to working with Sagicor is that its annuity offerings tend to be pretty strong. Products available are customizable and offer features that stack up well with the rest of the industry.

There’s a decent variety of types offered as well, including MYGAs, deferred annuities and immediate annuities. 

Sagicor Life’s financial strength rating is also solid.

But while those products are strong, there just aren’t a lot of them. Sagicor advertises one annuity for each product type. Some smaller companies take this strategy, but larger financial institutions that are more involved in annuity sales tend to offer multiple types of each product to help potential customers laser in on the option that best fits their needs.

This doesn’t mean that one of Sagicor’s annuities isn’t the best choice for you. The customization options available also help.

Provider Rating Methodology

Annuity.org created a fact-based methodology to analyze the strength, security and reach of different annuity providers. We assessed companies based on their availability, the number of direct premiums sold, their AM Best Financial Strength Rating and their NAIC Complaint Index score.

Providers received a rating on a five-star scale for each of these categories, with the complaint index and financial strength ratings weighed as the heaviest variables. Then, using a weighted average, each company was assigned an overall star rating.

Top-Ranked Annuity Providers

Provider	Annuity.org Star Rating
Mass Mutual
New York Life
Pacific Life
Midland National
North American
Western & Southern

Our Rating Panel

The Annuity.org editorial team spoke with several different annuity experts to learn more about what is important to customers when searching for a provider and what factors make a company reliable. While Annuity.org designed the methodology, these experts provided feedback during the process and consulted on what factors we should leverage to best help prospective buyers compare providers.