SBLI touts itself as the no nonsense life insurance company and since it rates as one of our top 10 life insurance companies in the United States it definitely takes term life insurance seriously.
For anyone who has ever purchased a life insurance policy, the reasoning behind the purchase has likely been somewhat different. This is because everyone has differing financial needs and goals. 
As an example, there are some who may wish to ensure that their loved ones and survivors have enough money to pay off certain debts such as estate taxes, a home mortgage, and / or final expenses. In other cases, ongoing income for the purpose of paying basic living expenses for many years to come may be the key reason for the purchase of life insurance. This is typically the case for those who have young children and want to be sure that they will be able to move forward in the event of the loss of a breadwinner.
Regardless of the reason for the purchase, it will be important to ensure that there is enough coverage purchased. In addition, it will also be essential to be sure that the insurer that is chosen to purchase the coverage through is strong and stable financially and that it is known for paying out its claims to its life insurance policyholders. This is because when loved ones and survivors need to file a claim, they should not need to worry that the claim may not be followed up on.
The History of SBLI Life Insurance Company
SBLI Life Insurance Company has been in the business of providing insurance coverage to its customers for more than 100 years. This company began back in 1907 when its founder, a Boston lawyer and Supreme Court Justice named Louis D. Brandeis advocated for affordable life insurance protection for those who were in the working class. This was also at a time of one of the worst stock market crashes in U.S. history. During this same time period, United States savings banks that were incorporated under Massachusetts law were allowed to start offering annuities and life insurance coverage to their customers.
Therefore, Louis Brandeis negotiated with the Whitman Savings Bank is establishing the very first SBLI department that would later become Savings Life Bank Life Insurance. The following year, in 1908, the first life insurance policy was issued by SBLI.
Throughout the years, SBLI has continued to hold strong to its promise of providing affordable life insurance coverage to the working class citizens and families of the United States. The company is also very active in a number of different charities.
SBLI has a motto of being “The No Nonsense Life Insurance Company.” The insurer is headquartered in Woburn, Massachusetts.
Reviewing SBLI Life Insurance
When conducting an SBLI Life Insurance Company review, it is important to keep in mind its overall product offerings, as well as its financial strength and stability, and its reputation for paying out claims to its policyholders.
SBLI Life Insurance has a good reputation for being stable financially – and this is reflected in the ratings it has been given by the insurer rating agencies. The insurer has earned the following ratings:
- A+ (Superior) from A.M. Best
- A- from Standard & Poor’s
- Good from Weiss Ratings
In addition, SBLI has also earned many endorsements from various organizations, including:
- AAA of Merrimack Valley
- AAA of Southern New England
- The Massachusetts Bankers Association
- The Virginia Bankers Association
SBLI is also an accredited business of the Better Business Bureau (BBB). The insurer has earned a grade of A+ from the BBB (on a scale of between A+ and F).
One reason from such high marks is because the company has covered more than one million families in total with its insurance products. In addition, SBLI is known for its stellar customer service in helping its policyholders in choosing the right coverage for their needs, as well as in assisting their customers when the time does come for filing a claim or for making any type of revision or change that may be needed.
For example, customer service representatives can be reached via toll-free telephone, as well as via a downloadable email request that is available directly on SBLI’s website. Policyholders can also set up an online account on the company’s site so that they may manage their policies directly via the site, as well.
SBLI also offers a life insurance learning center directly on the company’s website. Here, website visitors can learn a great deal about life insurance from articles, downloadable guides, videos, and even online coverage estimators. This information can help individuals in finding the answers they may be looking for in terms of what type of life insurance that they may need, as well as how much coverage may be right for them.
Products Offered Through SBLI
There are several different types of coverage products that are offered by SBLI. These include life insurance, annuities, and elder care insurance. SBLI’s life insurance product suite include both term and whole life coverage.
Term Life Insurance Coverage
Term life insurance is considered to be the most “basic” of all life insurance products. This is because, with term life insurance, only death benefit protection is provided, without any cash value or savings component. Because of this, term life insurance is usually a more affordable option than permanent life insurance coverage.
With term life insurance, as the name implies, coverage is offered for a set amount of time or term. This is usually for ten years, 15 years, 20 years, or even for 30 years – depending on the age and the health of the individual at the time of application. Because of its “temporary” nature, people will oftentimes think of term insurance as being coverage for temporary needs, such as for covering a home mortgage payoff, or covering a child or a grandchild’s college expenses should an insured pass away. Many term life insurance policies will offer the option to convert the policy over to a permanent policy before the term life coverage expires.
At SBLI, there are three different term life insurance options that are available to choose from. These include the following:
- One year non-renewable term life coverage. This plan offers guaranteed life insurance protection for one year at an affordable single premium. It also offers the ability to convert to a permanent policy that builds cash value. Coverage amounts can range between $100,000 and $10 million. An individual can apply for this particular policy between the ages of 18 and 90.
- Annual renewable term life coverage. With the annual renewable term life insurance coverage, the plan will renew each year. This option can be quite affordable during the early years, but can become more costly as the insured gets older. This particular plan will automatically renew each year until the insured reaches the age of 90. Should the insured require coverage between the ages of 75 and 90, the plan will continue. However, the coverage amount will decrease each year.
- Guaranteed level premium term life coverage. With this option, the insured can choose a duration of either 10, 15, 20, 25, or 30 years, and a face amount of between $100,000 up to $30 million (with certain exceptions). The premium on this policy will remain level throughout the entire term of coverage that is selected. At the age of 70, or at the end of the guaranteed level premium period – whichever time comes first -, the policyholder will be allowed to covert his or her policy over to an SBLI whole life insurance policy or a conversion universal life insurance policy. This can be done without the need to prove insurability via a paramedical exam or to provide additional proof of insurability.
There are also several riders that may be added to the various term life insurance plans. These can help in customizing coverage. These riders include the:
- Accelerated Death Benefit Rider
- Children’s Level Term Rider
- Waiver of Premium Rider
Whole Life Insurance Coverage
Whole life is a form of permanent life insurance coverage. This means that it offers a death benefit, along with cash value build up. With whole life insurance, the death benefit, and the premium amount, are guaranteed. And, as long as the policyholder continues to pay the premium, the policy cannot be canceled by the insurance company.
At SBLI, there are several different whole life insurance policy options to choose from. These include the following:
- Continuous Payment Whole Life Insurance Coverage – With a continuous payment whole life insurance policy, the insured will be covered for his or her entire life – provided that the premium continued to be paid. (This policy has a maturity age of 121 years old). This plan provides a guaranteed death benefit, along with a cash value. As with other whole life insurance plans, the cash is allowed to grow on a tax-deferred basis. This means that there is no tax due on the growth until the time of withdrawal. Cash may be borrowed or withdrawn for any reason by the policyholder.
- Limited Payment Whole Life Insurance Coverage – With a limited payment whole life insurance policy, the insured is also covered for his or her entire life. However, the policyholder will only need to pay premiums for a certain number of years, and then the policy will be paid up. (This policy also has a maturity age of 121 years). There is also a tax-deferred cash value in this policy.
- Single Premium Payment Whole Life Insurance Coverage – The single premium whole life insurance policy only requires one lump sum premium payment, and then the policy is considered to be paid up in full.
As with the term policies that are offered through SBLI, there are also several riders available for the whole life policies that can help in further customizing coverage. These include the following:
- Accelerated Death Benefit Rider
- Children’s Level Term Rider
- Guaranteed Purchase Option Rider
- Single Premium Paid-Up Rider
- Flexible Premium Paid-Up Additions Rider
- Waiver of Premium Rider
- Accidental Death Benefit Rider
- Guaranteed Level Premium Term Rider
How and Where to Obtain the Best Life Insurance Premium Quotes
If you are looking for the best life insurance premium quotes on products that are offered through SBLI Life Insurance Company – or on products that are offered by any life insurer – then the best course of action for you may be to work in conjunction with a company or with an agency that has access to many different life insurance carriers. This is so that you can directly compare what each has to offer regarding policies, benefits, and premium prices – and then from there to determine which will be the best for you and your specific needs.
When you are ready to move forward, we can help. We work with many of the best life insurers in the industry, and we can assist you in finding all of the important information that you may require. We can do so for you quickly and easily – and when you want to proceed with the process, use the form on this page to get your first set of quotes.
Should you find that you may still have some questions regarding life insurance quotes, or even life insurance in general, then please feel free to contact us directly. We can be reached toll-free by calling 888-229-7522. Our experts will be happy to walk you through any of your questions or concerns.
Reviewing life insurance companies and their products is essential in obtaining the coverage – and the peace of mind – that you need for securing the coverage for making your financial planning complete. Knowing that the insurance company you go through is solid financially is a key part of the equation.
So, don’t leave your loved ones short when it comes to putting the pieces into place for paying off debt, providing ongoing income, or ensuring that they are taken care of. Contact us today – we’re here to help.
