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SBLI Life Insurance Review [2023 Update]

review of SBLI life insurance

SBLI Life Insurance is one of the top life insurance companies in the U.S. . But there is more to SBLI Life than you may know. Below we’ve outlined some of the pros and cons of SBLI in this SBLI Life Insurance review.

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SBLI, aka The Savings Bank Mutual Life Insurance Company of Massachusetts, has been in business since 1907. The company was founded by Louis Brandeis, who was an associate justice (1916-1939) on the Supreme Court of the United States.

According to Britannica.com, in order “to remedy abuses by life-insurance firms, Brandeis devised a system, used in Massachusetts (from 1907), New York, and Connecticut, whereby life insurance was offered over the counter by savings banks at rates within the means of workers.”

For over 100 years, SBLI has continued to pursue this goal by providing  “high quality life insurance accessible, affordable and reliable for all who need it.”

SBLI corporate headquarters:
One Linscott Road,
Woburn, MA 01801

SBLI Life Insurance Ratings

SBLI Life Insurance Ratings as of April 2020:

  • A.M. Best rating: A
  • S&P rating: A-
  • Comdex ranking: 76

BBB Rating

According to BBB.org, SBLI maintains a A+ BBB rating, with a 3.79 customer review rating based on 14 customer reviews.

SBLI Life Insurance Rates

SBLI Life Insurance stands out because they offer some of the most competitive term life insurance rates in the market. When it comes to purchasing life insurance, affordable rates are usually a top priority for most people. After all, who wants to pay more than necessary for a policy? SBLI consistently ranks in the top 10, and often in the top 5, for affordability across various types of life insurance policies. This makes them a great option for those who are looking to secure life insurance coverage without breaking the bank.

SBLI Healthy Credits

Qualifying applicants can benefit from a health rating boost if they meet certain healthy credit criteria.

Healthy credits are available for ages 18-70 on all products.

Criteria SBLI considers for healthy credits include:

  • Family health history
  • Cholesterol
  • Blood Pressure
  • Build

SBLI Accelerated Underwriting

Accelerated underwriting is available in all states except New York and Montana and allows the applicant to avoid a visit from a paramedical examiner, meaning you do not have to give blood or fluids.

It is available for both term and whole life, for ages 18-60, on face amounts of $100,000 to $750,000 ($25,000 minimum on whole life).

SBLI Life Insurance Policies

Guaranteed Level Premium Term
SBLI prefers not to mention no exam life insurance when it comes to underwriting. Rather, the company uses the term “accelerated underwriting” to describe its blood draw and urine sample free application process.

Guaranteed Level Premium Term Snapshot:

  • Eligibility: 18-60 years old
  • Term Lengths: 10, 15, 20, 25 and 30
  • Death Benefits: $100,000-$750,000 with accelerated underwriting
  • Available in: 48 of 50 states (New York and Montana excluded)

This accelerated underwriting life insurance policy gets so much attention because it has such a high death benefit. It’s not everywhere that you can find innovative underwriting combined with a policy death benefit that goes up to $750,000!

If you’re looking for a high death benefit policy that offers the convenience of accelerated underwriting, SBLI is the way to go.

SBLI Term Life Insurance
SBLI’s term life insurance is different than others in that it is actually possible to renew every year. The rate on annual renewable term is based on the insured’s current age. You can also get regular term lengths apart from annual renewable term.

SBLI Whole Life Insurance
SBLI’s whole life insurance policies offer a lot of guarantees: premiums, death benefit, and cash value growth. With SBLI whole life insurance, you also get annual dividends. Of course, like with any permanent life insurance policy, the premiums are higher than a term life insurance policy, but this isn’t unique to SBLI. SBLI Whole Life offers:

  • Guaranteed Premiums
  • Guaranteed Death Benefit
  • Guaranteed Cash Value Growth
  • Annual Dividends

SBLI Continuous Payment Whole Life: This offers you coverage until 121 years of age (as long as you continue to pay the premium). Premiums are guaranteed.

SBLI Limited Payment Whole Life: If you want to pay off your life insurance so that you don’t have to worry about it in retirement, then this is the way to do it. You’ll pay for your life insurance policy for 10, 15, or 20 years, but then won’t have to pay premiums after that. Coverage lasts until 121 years old, at which point the company will hand you a check for the death benefit.

SBLI Single Premium Payment Whole Life: If you want to buy life insurance in one go, then you can write a single check and be done with it! This is a good option if you have a good size of money you want to invest in life insurance right away. When you do this, you will pay more in one shot, but less in the long run.

SBLI’s Potential Drawbacks

As evidenced by this review, we highly recommend SBLI as a top life insurance company with affordable rates and unique coverage options. However, there is one potential drawback to consider before committing to SBLI: their underwriting guidelines may not be suitable for everyone.

SBLI caters to relatively healthy individuals who are likely to qualify for a standard health rating or better. This means that if you have certain health conditions or lifestyles that are deemed higher risk, SBLI may not be the right fit for you. For instance, if you are over 50 and don’t receive regular check-ups, or if you recently quit smoking and hope to qualify for the best health rating, SBLI may not be the best choice.

Therefore, if you’re in good health and have relatively safe hobbies, SBLI could be an excellent option for you. However, it’s always wise to have other alternatives and to obtain quotes from various carriers. This way, you can compare prices and find the best policy that fits your unique needs and circumstances.

Final thoughts…

SBLI life insurance can be a great option for those who are in good health and lead relatively low-risk lifestyles. However, it’s important to note that SBLI may not be the best fit for everyone. Depending on your specific health conditions or habits, other insurance companies may offer you a better policy at a more competitive rate.

Therefore, it’s crucial to shop around and get quotes from multiple insurers to compare policies and prices. By doing so, you can ensure that you’re getting the best life insurance policy for your unique needs and circumstances. Ultimately, the decision of which insurer to choose is up to you, and you should take the time to research and compare your options to make an informed decision.

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