Sagicor Life Insurance and Marijuana (A Brutally Honest Review)

The good news is that Sagicor is one of a small handful of companies that will underwrite people who smoke cannabis both recreationally and for medical reasons. Sagicor Life Insurance and marijuana have had a tumultuous history, but recent changes in their underwriting guidelines are making it one of the most marijuana friendly companies available.

Our review will provide a brief history of the company, its financial strength, and the products they offer for marijuana users. This is part of our ongoing review of marijuana friendly life insurance companies.

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Quick Summary

Sagicor just updated their underwriting guidelines for cannabis use. Their new reference points for smoking frequency are much better than they used to be. They now more closely align with some of the most cannabis-friendly companies in the industry.

Sagicor Life Insurance Company History

Sagicor Life Insurance Company

Sagicor began in Barbados as the Barbados Mutual Life Assurance Society in 1840. Throughout the latter part of the 19th century, it opened branches in other Caribbean states.

The company formed the Mutual Finance Company in 1896 as it grew more substantial in size. Gradually, the company became listed on both the Barbados and Trinidad stock exchanges by the end of 2004.

Sagicor began to make inroads in North America when it acquired Laurel Life Insurance Company which was a subsidiary of American Founders Life Insurance Company in 2005. A successful $150 million bond offering in the U.S. market was launched in 2006.

In 2006, Founders Life Insurance Company was renamed as Sagicor Life Insurance Company. Sagicor has expanded its operations in the U.S. and further afield to Britain and European markets. The company is licensed to sell in 45 U.S. states. Corporate offices can be found in both Tampa, Florida and in Scottsdale, Arizona.

Sagicor Life Financial Ratings

One of the most important aspects for anyone purchasing life insurance is the financial stability of the company. It’s vital that the company exists and is available to pay your beneficiaries when you pass on.

Each life insurance company is financially reviewed each year by companies which specialize in analyzing the current financial strength of each company. Companies which have low financial ratings should be treated with caution. Fortunately, you can review the financial strength of each company online. Check on it from time to time to keep track of the company’s status.

For Sagicor, the most current rating by A.M. Best which is one of the top rating financial rating agencies in the country) assigned an A- rating to Sagicor. This is an excellent rating and is the 4th best of a possible 16 ratings. It clearly indicates the company is financially healthy.

Sagicor is also a member of the BBB (Better Business Bureau). They have given Sagicor an A+ rating which bodes well for customer satisfaction and is a positive indication of how the company has addressed any complaints from its clients.

Sagicor Life Insurance Products

Sagicor Life Insurance company offers several types of products. Their new underwriting guidelines allow for all of these to include some cannabis use without penalty. Their main insurance policy types are:

  • Term Life Insurance
  • Universal Life
  • Whole Life
  • No-Exam Life Insurance

Sagicor also has a relatively new accelerated underwriting program. Anything up to $1M in death benefits can qualify for faster underwriting. There are some restrictions so make sure to speak with your insurance agent about this.

Term Life Insurance

As a reminder, term life insurance covers you for a set number of years. It’s both the most straightforward and usually the lowest price of any type of life insurance.

Sagicor Sage Term

Sagicor Sage Term and marijuana

Sagicor Sage Term is level term life insurance and offers term lengths of 10, 15 and 20 years. Level death benefits are offered to age 95. You can also convert the term policy to a permanent policy up to the end of the policy term or age 70, whichever comes first.

A simplified issue underwriting process is available for ages 18 – 65. Depending on how you reply to the medical questionnaire, you may be able to skip taking a life insurance medical exam.

The possible no exam options are:

  • Issue ages 18 to 45: Coverage amounts of $50,000 to $1,000,000
  • Issue ages 46 to 55: Coverage amounts of $50,000 to $750,000
  • Issue ages 56 to 65: Coverage amounts of $50,000 to $500,000

I say “possible no exam” because all applicants much answer health questions and undergo an automated underwriting review. Depending on your answers to the heath question and the underwriting review, you may be approved in minutes without an exam.

An exam may be required, but it will be required with most companies anyways. Contact us if you are concerned about the exam. It’s not a big deal, even if you use marijuana. There are some companies that don’t test for THC so you don’t necessarily have to abstain.

Contact us to discuss specifics of your exact situation. We’ll let you know which options are available to you and which are the least expensive.

Full underwriting procedures are necessary if you’re seeking coverage higher than the guidelines above for no exam. It is also a requirement for those applicants older than age 65 who want coverage greater than $50,000.

There are various life insurance riders which can enhance your coverage including Children’s Term Rider, Accidental Death Benefit Rider, and Waiver of Premium Rider.

Universal Life Insurance

Universal life insurance is one type of permanent life insurance. These policies last for your entire life (although many expire at age 120, which is well beyond virtually everyone’s lifespan.)

Sage No Lapse Universal Life

The No Lapse policy provides a guaranteed premium which can be locked in until age 120, and death protection for your lifetime. The Sage No Lapse product also provides for additional financial stability as you age and if your health deteriorates.

This policy is guaranteed to remain in force for your first 5 years and providing the premiums are paid. Sage No-Lapse Universal life offers a possible no exam option for ages up to 65 and from $25,000 – $400,000.  $401,000 or more will require an exam.

Fixed Indexed Universal Life

The Fixed Indexed Universal Life policy contains flexible premiums along with 2 death benefit choices. You can opt from among 3 diverse crediting strategies to better customize your coverage. Policies are non-participating, so you do not qualify for a dividend. Contains the ability to borrow or withdraw and is available for those with a minimum face amount of $50,000.

Whole Life Insurance

Whole life is another type of permanent life insurance. This version is better for people who are more risk-averse since the cash value accumulation has less fluctuation than other types. You can get a possible no exam policy for up to $250,000 of whole life coverage.

Fixed Indexed Single Premium Whole Life

This policy offers 3 interest crediting options including:

  1. Guaranteed 1 Year Term Declared Fixed Rate
  2. S&P 500 1 Year Term with Cap – A 1-year point to point indexed strategy liked to the S&P 500 index
  3. Global Advantage Indexed 1 Year Term with Participation Rate – Uses a basket of indices and is good for 1 year.

The products provide a 10% interest bonus. This is added automatically to the single premium paid at issue. It also provides a 100% return of premium less any debt and can be applied with a simplified underwriting process if you qualify.

Interest Sensitive Single Premium Whole Life

Interest Sensitive Single Premium Whole Life comes with a guaranteed death benefit. It also provides for loans and withdrawals. Plus, has a 100% guaranteed return of premium and interest rate of 3%. Premiums begin at a minimal of $5,000 and are for ages 45 – 85.

No Exam Life Insurance

sagicor life insurance no medical exam

Sagicor Life Insurance company now allows marijuana use up to 8x per month at the cheapest rate class. Pretty awesome!

One of our top no-exam life companies. Policies provide for 3 class rates for Simplified Issue Term for 10, 15, and 20-year terms. Coverage amounts vary by age as noted above.

Both types of no-exam coverage offer some of the highest death benefits in the industry. The company has very rapid and even same day approval response times.

How Sagicor Compares in Price to Other Companies

Sagicor is on the lower end of pricing as far as all life insurance companies are concerned. However, there are cheaper options available in most categories.

Sagicor really shines with their no-exam policies. When most companies charge a ton more for life insurance without a medical exam, Sagicor’s no-exam policies are comparable to the exam-required policies of other companies in terms of price. It’s hard to beat them there.

Particularly with most companies doing a drug test as part of the life insurance medical exam, Sagicor can offer an attractive alternative. Just remember that bad things happen when you lie on your life insurance application.

Sagicor Underwriting Guidelines for Marijuana Use (Recreational and Medical)

While there are only about a dozen cannabis friendly life insurance companies at the moment, Sagicor just changed their underwriting guidelines. They previously held stringent guidelines where they allowed marijuana use, but any smoking whatsoever earned smoker rates.

Their new guidelines are falling more in line with what we are coming to expect from marijuana-friendly companies. They’re even recognizing the benefits of medical marijuana and are underwriting that differently than recreational use.

A quick side note before we jump in. Sagicor (and many other companies) heavily relies on a background credit check as part of your life insurance underwriting. So if you are in perfect health and your credit score is a mess, then talk to your insurance agent. Exploring other options may be wise.

Underwriting for Recreational Marijuana

Sagicor marijuana use guidelinesThe new underwriting changes allow anyone who smokes 8 times a month or less to qualify for preferred best non-smoker. That is the absolute best life insurance health class anyone can qualify for.

Smoking more than 8 times in a month will likely incur smoker ratings, but each case will be looked at on an individual basis.

Underwriting for Medical Marijuana

Medical marijuana will have no bearing on your life insurance application. Sagicor now solely looks at the condition for which you have the prescription. Any rating you receive will result from the medical condition.


This new change in underwriting guidelines is a victory for medical patients and recreational smokers alike. As more companies move past prohibition, there will be more competition and more options to choose from.

How Marcan Insurance Can Help

Marcan Insurance is one of the very few independent life insurance agencies which specialize in finding affordable life insurance whether you smoke to treat a health condition or for fun.

We work for our clients in finding the right life insurance solution for recreational marijuana users, those who have a medical marijuana card and people who own and work in the marijuana industry.

Marcan Insurance knows which companies offer policies for marijuana users and can compare rates to find low-cost coverage for your family.

If you want to learn more about Sagicor Life Insurance Company and marijuana use, then contact Marcan Insurance at 888-987-8447 today!