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
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
One reason we love SBLI Life Insurance is because they offer some of the most affordable term life insurance rates around.
And this is an important point because when looking for life insurance, one thing people usually want is a great rate.
And why not, because who wants to pay more for life insurance than they have to?
SBLI Life Insurance is consistently in the top 10 and many times the top 5 when it comes to price. This is true on a number of their different life insurance policies.
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
- Blood Pressure
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 you can see by this review, we are fans of SBLI. They’re a great life insurance company and they normally offer awesome rates. The coverage SBLI offers is unique and worth looking into.
But, of course there is a drawback to buying SBLI. The biggest drawback of all is that you will be committing to just one life insurance company.
Why is that a problem?
Well, the major drawback of SBLI is it does not cater to those with certain health conditions or lifestyles.
You see, SBLI favors those who are relatively healthy and who will most likely qualify for a standard health rating or better.
For example, if you are over 50 and you don’t get a regular doctor check up, SBLI is probably not the right company for you.
Or if you quit smoking 3 years ago and you want to try and qualify for the top health rating, SBLI is not the best choice for you.
So, if you are in decent shape, and refrain from certain risky hobbies, SBLI might be the best option for you. If not, it pays to have other options. And either way, it always pays to get a few quotes form different carriers.
How We can help.
We are experts in the life insurance industry with years of experience. We know the ins and outs of SBLI and dozens of other life insurance companies. As a result, we’re well positioned to help you make the best life insurance decision. We will get to know you and your needs and make a customized recommendation.
Want to find the best life insurance policy for you? Call us today and experience the IBUSA difference.