Our Sage IUL product provides immediate death benefit protection along with greater wealth accumulation potential through indexed-linked crediting strategies, downside market protection, tax advantages, and access to accumulated cash values through loans and withdrawals. The unique and powerful combination of features can help provide a solution to alleviate a lifetime of concerns, even if those concerns change over time. 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
The Sage IUL offers three distinct crediting strategies providing diversification and flexible customization options to help you meet your objectives. You may select one, or any combination of the three strategy options, provided the sum of your selections equal 100%. At the end of each one-year term, which occurs on your policy anniversary, you may change your strategy selection should you desire.
Declared Rate Bonus Strategy
A fixed interest rate declared by Sagicor that is guaranteed for one year. Interest is credited daily and may include the Credited Interest Bonus of 0.5% starting the 11th policy year. The guaranteed minimum declared rate is 1%.
S&P 500® Index Bonus Strategy
Based on the performance of the S&P 500® Index. Interest crediting is measured using a one-year point-to-point term. Guaranteed minimum cap rate of 1% and guaranteed to be credited no less than 0% due to negative market performance. Potential credited Interest Rate Bonus of 0.5% starting the 11th policy year.
Global Multi-Index Bonus Strategy
Based on the weighted performance of three indices: S&P 500® Index (50%), EURO STOXX® Index (30%) and the Hang Sang® Index (20%). Interest is measured using a one-year point-to-point term. Guaranteed minimum participation rate of 10% and guaranteed to be credited no less than 0% due to negative market performance. Potential credited Interest Rate Bonus of 0.5% starting in the 11th policy year.
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 and Benefits
A key benefit of the Sage IUL is your ability access the policy’s accumulated cash value. Policy loans are available any time after the policy has a cash value via a fixed or variable loan. Policy withdrawals are allowed after the first policy year.
The policy owner may elect an income stream, based on the death benefit to be paid to the beneficiary. If the policy owner has made no election, the beneficiary may choose to receive a lump sum death benefit or an income stream based on the death benefit amount.
While the policy is in force, there are two death benefit options available, Level Death Benefit and Increasing Death Benefit.
- Cash value accumulation with less risk
- Customize and enhance your coverage with adjustable premium payments, a choice of death benefit options, multiple crediting strategy choices offering diversification, and optional policy riders
- Income tax-free death benefit
- Tax-free policy loans
- Tax deferral on credited interest along with interest compounding
The fixed loan option allows you to borrow funds against your Sage IUL policy and you will be charged a fixed rate of interest. Preferred loans are available starting the 11th policy year and the charge on the borrowed money is equal to the interest that is being credited to the cash value of the policy, resulting in a zero-cost loan. The maximum fixed loan amount is the cash surrender value less anticipated charges and loan interest from the date of the loan to the next policy anniversary.
Many people have concerns about how rising taxes might affect their current and future retirement savings. Used as part of an overall financial strategy, a Sage IUL may help you save and keep more of your hard-earned dollars. The fact is, most retirement vehicles are either taxed when the contribution is made or taxed later when accessed. With the Sage IUL the cash value accumulates tax-free and earned interest may also be accessed tax-free1 through policy loans. Withdrawals however, are subject to taxation. Sagicor does not provide tax planning advice. Please consult your tax advisor.
A loan may be a cost-effective way to access accrued funds from your Sage IUL policy. There are two types of loans that may be made from your Sage IUL policy, a fixed and a variable loan.
In addition to loans, you have the option to make withdrawals from your policy’s accumulated cash value. However, the money withdrawn will not earn interest, may be subject to taxation and can reduce your policy’s value, including the death benefit. In addition, withdrawals generally include:
- A transaction fee that is assessed per withdrawal
- A limit on the number of withdrawals that can be taken per policy year
- A minimum withdrawal of $500 and a maximum of 100% of the policy’s net cash surrender value
- Additional fees if the withdrawal reduces the policy’s face amount
The variable loan option allows borrowed funds to continue to track the underlying market indexes earning some credited interest. Because the interest rate charge on the loan is variable, it can fluctuate over time, meaning you may earn more, or less than the interest rate charged on the money borrowed. The maximum variable loan amount is the account value of the index strategies. The accumulated value less the variable loan amount must exceed the anticipated charges and loan interest from the date of the loan to the next policy anniversary.
- Life insurance death benefits are free from federal income taxes, in most cases..
- Monthly deductions include policy expense charges, cost of insurance charges and costs or charges for all other benefits added to the policy by rider, endorsement or amendment.
- 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 you have questions about the policy and riders, please contact your insurance agent. Insurance and annuities issued by Sagicor Life Insurance Company. Home office: Scottsdale, AZ. Products have limitations and restrictions including surrender charges. Not available in all states and variations may apply. Guarantees are based on the claims-paying ability of Sagicor. Withdrawals prior to age 59½ may be subject to ordinary income tax and a 10% IRS tax penalty. Sagicor does not provide tax or estate planning advice. Consult tax advisor(s).
Policy Forms: ICC171017, ICC176065, ICC106035, ICC116056, ICC156063, ICC176066, ICC106038
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.