SBLI Life Insurance Review of 2020


SBLI Life Insurance Review
Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email

Table of Contents

Though nobody really wants to think about one’s death, it’s an inevitable event that will take place at some point. When that time does come, it’s important to be prepared.

One of the best ways to prepare for that is through life insurance. Owning a life insurance policy can ensure that your loved ones are financially provided for should that day happen.

A life insurance policy can provide the necessary funds to allow your spouse and children to continue living their lifestyle without any financial disruption.

It can also help plan, as well as, pre-pay funeral expenses that can cost upwards of $10,000 or more. This is money that most people don’t have laying around.

When it’s time to purchase a life insurance policy how do you know which company to purchase it from?

SBLI Life Insurance Company is one of several great life insurance companies. In this article, we will be discussing the life insurance company as well as providing information about their line of available life insurance products to help you determine if they are the best company for you.

History of SBLI Life Insurance

SBLI first formed in 1907 and was founded by Supreme Court Justice Louis Brandeis. The company is headquartered in Woburn, Massachusetts and offers life insurance coverage is 48 of 50 states excluding Montana and New York. SBLI Life Insurance Company Logo

SBLI is the short name for The Savings Bank Mutual Life Insurance Company of Massachusetts. Their company motto is “The No-Nonsense Life Insurance Company”.

SBLI takes pride in being a customer-focused company. Their company mission is to leave you with both a positive and confident feeling when doing business with them. The company also has strong company values in treating others with kindness, compassion, and respect.

Should you compare life insurance quotes, you’ll notice that SBLI life insurance coverage is competitively priced and made very affordable. This holds true as they currently insure over 1,000,000 families.

SBLI Life Insurance offers several coverage options that include term life insurance, whole life insurance for both adults as well as children, fixed annuities and a specialty service called Legacy Shield.

Keep reading to learn more about your coverage options with SBLI.

SBLI Term Life Insurance

SBLI offers a wide variety of level premium term contracts from 1 year up to 30 years. Depending on the term length you chose, premiums will be locked in and guaranteed to remain the same price until the end of the level premium term contract.

SBLI’s term insurance is relatively simple and very basic as most term insurance policies are. Where SBLI stands out from its competition is with its accelerated underwriting process.

Their accelerated underwriting was developed to bring customers a fast and hassle-free way to purchase life insurance coverage. It’s so fast that approval can be made in as little as one week or sooner.

This niche underwriting is available to those that are between the ages of 18-60 and require less than $500,000 of level premium term life insurance.

If you fall within SBLI’s accelerated underwriting guidelines, the application process is rather simple. The entire application is done over the telephone and will not require a medical exam.

Best of all, you can qualify for up to preferred rates!

If your level premium contract expires, SBLI offers two options to convert your coverage to one of their permanent protection plans as long as it’s done prior to your 70th birthday or before the end of the level term period.

Issue Ages: 18-74

Contract Lengths: 1, 10, 15, 20, 25 & 30 years

Face Amounts: $100,000 – $1,000,000+

Conversion Option: Yes

Included Riders: Accelerated Death Benefit

Optional Riders: Accidental Death Benefit, Children’s Level Term & Waiver of Premium

SBLI Whole Life Insurance

If your life insurance needs are more permanent rather than temporary, SBLI offers three different whole life insurance coverage options. The major difference between all three whole life insurance options is in the frequency of payments. These three options consist of the following:

Continuous PayPayments are made throughout the life of the contract.

Limited PayPayments can be paid up in 10, 15 or 20 years as well age up to age 65.

Single PayPayments can be paid all at once.

As with any whole life insurance coverage, SBLI’s also offers both guaranteed cash values and death benefit. However, SBLI’s whole life insurance is participating whole insurance meaning it’s eligible to receive dividends.

Dividends are a great benefit as they can be left to accumulate with interest, reduce future premiums, fund paid-up policy additions or be taken as cash.

It should be noted that dividends are not guaranteed but SBLI has an outstanding history of either meeting their projected dividend or even surpassing it.

Issue Ages: 15 days to 80 years

Contract Lengths: To age 121

Face Amounts: $25,000 – $1,000,000+

Included Riders: Accelerated Death Benefit

Optional Riders: Children’s Level Term, Guaranteed Purchase Option, Single-Pay Paid-Up Additions, Waiver of Premium, Accidental Death Benefit & Guaranteed Level Premium Term

SBLI Children's Whole Life Insurance

While nobody wants to think about losing their child (or grandchildren), a life insurance policy for a child has several benefits especially if it’s a whole life policy.

A whole life insurance policy for a child is very affordable to purchase while they are young, but it also locks in their future insurability as well as grows in cash value.

The Children’s Whole Life insurance policy with SBLI is available from age 15 days to 14 years with policy coverage ranging from $10,000 to $1,000,000.

Policies also accrue guaranteed cash values and are also eligible to receive dividends.  Cash from the life insurance policy can be borrowed at any time throughout the policy for any reason. The cash value growth is often tax-free, too.

Issue Ages: 15 days to 14 years

Contract Lengths: To age 121

Face Amounts: $25,000 – $1,000,000

Included Riders: Accelerated Death Benefit

Optional Riders: Children’s Level Term, Guaranteed Purchase Option, Single-Pay Paid Up Additions, Waiver of Premium, Accidental Death Benefit & Guaranteed Level Premium Term

SBLI Annuities

In addition to life insurance coverage, SBLI offers two different types of annuities. Annuities are fixed sums of money paid out each year as long as you pay your premiums on time.

The annuities offered by SBLI are as follows:

Single Premium Immediate Annuity

This is a fixed and immediate annuity product that guarantees payouts right away. Simply pay your single premium and start receiving benefits right away. You can receive payments however you choose ranging from monthly to annually.

Type: Single Premium
Issue Ages: 0-90
Initial Deposit: $10,000 Minimum

Optimizer MVA Series Annuity

This annuity offers a fixed deferred option. With this option, your initial investment will accrue interest that can be tax-deferred with payouts that start on a date that you specify.

You can also rest assured that the annuity comes free of penalties for withdrawals and access to funds in times of terminal illness or other critical events.

Type: Single Premium
Issue Ages: 0-85
Initial Deposit: $5,000 Minimum

Free LegacyShield Subscription

As an added feature to any life insurance policy purchased with SBLI, policyholders will gain access to a complimentary subscription to LegacyShield.

LegacyShield is a cloud-based storage service that can be used to store important documents, life lessons, memories, last wishes, and more.

With this service, you’ll also receive access to Financial View which is an online tool to help with consolidating bank accounts, investments, and credit card balances.

Keep your paperwork and accounts in order so that your loved ones aren’t left with a mess when you pass away.

SBLI Company Ratings

A.M. Best is an insurance rating company that supplies ratings for life insurance companies based on their ability to serve policyholder needs and financial strength.

The company offers several ratings ranging from Superior to a Suspended Rating. A. M. Best reviews SBLI with an ‘A’ rating which stands for Excellent.

This is the second-highest rating available for an insurance company.

Furthermore, the BBB or Better Business Bureau rates this company with an A+ based on several factors including complaints received from the public. This is the highest rating available from the BBB.

SBLI Life Insurance

SBLI Life Insurance Company is a top insurance provider that prides itself on helping people feel better about securing their families’ financial futures. They offer straightforward protection with no hassle and no pressure for competitive rates.

Another important note about SBLI life insurance is that in 2017 the company became a mutual life insurance company. This means that policyholders are not just customers, but owners, as well as stakeholders too.

In closing out our review on SBLI Life Insurance Company, we want to make it important to keep in mind that you should always compare insurance policies and rates to ensure that you’re getting the best policy for your family.

A policy that works for a friend or family member might not be the best policy for you, or it might be. Shop around and ask questions to get the best benefit.

SBLI Life Insurance is a great company to purchase coverage from and we at Top Quote Life Insurance highly recommend them. If you’re interested in purchasing SBLI life insurance, need a quote or if you have questions, please be sure to contact us.

Ready to Compare Life Insurance Rates?

It’s free, fast and super simple.

Jeffrey Manola

Jeffrey Manola

Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.

Not only does he strive to provide you with the best rates for your life insurance coverage, but he also wants you to be well informed about the different types of life insurance options that are available. You will also find a significant amount of valuable information on the multiple life insurance companies that can provide you with coverage.

Jeffrey Manola is licensed to provide expert advice and help aid in the purchasing process of life insurance products. He is licensed with the National Insurance Producer Registry (NIPR) in the following states:

AL: 790866 AR: 14358927 AZ: 14358927 CA: 0K29801 CO: 531038 CT: 002536246 DC: 3000281706 DE: 3000190912 FL: W383615 GA: 3089339 HI: 482421 IA: 14358927 ID: 646048 IL: 14358927 IN: 3100885 KS: 14358927 KY: DOI-986908 LA: 758187 MA: 2045330 MD: 3000011601 ME: PRN252004 MI: 14358927 MN: 40427014 MO: 8428106 MS: 10519253 NC: 14358927 ND: 14358927 NE: 14358927 NH: 2434852 NJ: 1562332 NM: 14358927 NV: 3299018 NY: LB-1484031 OH: 1117369 OK: 100293583 OR: 14358927 PA: 740709 RI: 3000183893 SC: 14358927 TN: 2383399 TX: 1969337 UT: 648983 VA: 987464 VT: 3426230 WA: 947010 WI: 14358927 WV: 14358927

Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency. We want to help you save money, protect your future, and earn your trust (888) 777-7574.

More Articles Written by Jeffrey Manola

Ready to Shop for Great
Life Insurance Rates?

Purchasing Life Insurance has never been easier

Or give us a call...888-777-7574

Ready to Shop for Great
Life Insurance Rates?

Purchasing Life Insurance has never been easier

Or give us a call...888-777-7574