Sagicor Life Insurance Company is a Scottsdale-based annuity carrier with Caribbean roots dating to 1840, a current A- AM Best rating, and one of the lowest NAIC complaint ratios in the industry (0.19 vs. a 1.0 average). If you want competitive MYGA rates, a maximum issue age of 90, and a carrier with an exceptional service track record, Sagicor belongs on your comparison list.
Sagicor Life at a Glance
| Detail | Information |
|---|---|
| Full Legal Name | Sagicor Life Insurance Company |
| Founded | 1954 (U.S. entity); parent traces to 1840 |
| Headquarters | Scottsdale, Arizona (domiciled in Texas) |
| Parent Company | Sagicor Financial Corporation Limited (TSX: SFC) |
| AM Best Rating | A- (Excellent) – verify current rating at ambest.com |
| S&P Rating | BB+ (note: below investment grade on S&P scale) |
| NAIC Complaint Index | 0.19 (industry average: 1.00) |
| Primary Products | MYGA, FIA, Fixed Annuity, SPIA |
| Minimum Premium | $2,000 (Sage Choice) / $15,000-$25,000 (MYGAs) |
| Maximum Issue Age | 90 |
| State Availability | 45 states + DC |
Sagicor’s Financial Strength and Background
Sagicor’s U.S. operations are backed by Sagicor Financial Corporation Limited, a Caribbean-origin financial group publicly traded on the Toronto Stock Exchange. The parent traces its origins to 1840, making it one of the oldest financial institutions in the Western Hemisphere. The U.S. subsidiary operates independently under state insurance regulation.
AM Best rates Sagicor Life at A- (Excellent), affirmed April 2025, with a stable outlook. One rating worth noting: S&P rates the parent at BB+, which is below investment grade on S&P’s scale. For annuity purposes, AM Best is the primary insurance-specific agency, and A- reflects a good ability to meet obligations. Buyers should verify current ratings at ambest.com and sagicor.com before purchasing.
The most striking data point for Sagicor is its NAIC complaint index of 0.19 on over $910 million in annual annuity premiums. An index of 0.19 means Sagicor receives fewer than one-fifth the complaints per premium dollar that the average carrier receives. That is an exceptional service record and worth factoring in alongside the rating.
What Annuity Products Does Sagicor Offer?
- Milestone MYGA (California only) – 3 to 7-year terms, $15,000 minimum. 10% annual free withdrawal beginning year 2. MVA applies on excess withdrawals.
- Milestone Max MYGA (45 states + DC, not California) – 3 to 7-year terms, $25,000 minimum. Two rate tiers: $25,000-$74,999 and $75,000+. Higher-tier rates are among the most competitive in the market for 5- and 6-year terms.
- Sage Accumulator FIA – 5, 7, and 10-year surrender periods. Linked to the S&P 500 and three iShares ETFs from BlackRock. Zero floor – you cannot lose due to index performance. No annual fees. $25,000 minimum, maximum issue age 85.
- Sage Choice Fixed Annuity – 6-year guarantee period, $2,000 minimum (one of the lowest in the market). Built-in nursing home and terminal illness waivers. Maximum issue age 90.
- Single Premium Immediate Annuity (SPIA) – $5,000 minimum. Includes a rare 30% partial withdrawal option during the guarantee period – useful for buyers who want immediate income but may need access to some principal.
No rate data found for this carrier at this time.
Who Is Sagicor Best For?
- Older buyers ages 75-90 who have hit age restrictions at other carriers – Sagicor’s 90-year maximum issue age is among the most liberal available.
- Small-premium buyers – the Sage Choice at $2,000 minimum accepts IRA contributions and smaller allocations that most MYGA carriers reject.
- SPIA buyers who want partial liquidity – the 30% withdrawal option is uncommon in immediate annuities.
- Rate-competitive buyers outside California who want a MYGA from an A- carrier with premium tiers that reward larger deposits.
Sagicor is not available in all states (45 + DC only), and the Milestone Max MYGA is not available in California – California residents must use the lower-minimum Milestone product instead.
Sagicor Pros and Cons
Pros
- A- AM Best with one of the lowest NAIC complaint ratios in the industry (0.19)
- $2,000 minimum on Sage Choice – accessible for small IRA contributions
- Maximum issue age 90 – more liberal than most competitors
- No annual fees on any product
- SPIA with 30% withdrawal option – rare built-in liquidity for immediate income buyers
- Competitive 5-6 year MYGA rates in the Milestone Max product
Cons
- S&P BB+ rating is below investment grade on S&P’s scale (AM Best A- is more relevant for insurance carriers but worth disclosing)
- Milestone Max not available in California
- Not available in 5 states
- 10% free withdrawal begins year 2, not year 1 on MYGA products
- Only one major agency rating (AM Best); no Moody’s or Fitch
Frequently Asked Questions About Sagicor
Is Sagicor a safe company for annuities?
Sagicor holds an A- (Excellent) AM Best rating, which reflects a good ability to meet policyholder obligations. Its NAIC complaint index of 0.19 (vs. 1.0 industry average) indicates unusually strong customer service. The one flag is an S&P BB+ rating on the parent company – below investment grade on S&P’s scale. For annuity purposes, AM Best is the most relevant measure of claims-paying ability. Your state guaranty association also provides protection up to $250,000 per carrier per insured. Verify current ratings at ambest.com.
What makes Sagicor’s SPIA different from other carriers?
Sagicor’s SPIA includes an optional one-time partial withdrawal of up to 30% of the account value during the guarantee period. Most SPIAs lock up your premium entirely. This feature is useful for buyers who want guaranteed income but want to preserve emergency access to some principal.
How do I buy a Sagicor annuity?
Sagicor products are sold through licensed independent agents. My Annuity Store can compare Sagicor against 20+ carriers side by side. Request a free quote or call 855-583-1104.
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