You might be wondering “Who is SBLI? I’ve never heard of that life insurance company.” Often times you’ve heard of certain life insurance companies because they market heavily and you often pay for that “familiarity”.
Rates and benefits differ per company, but in an industry full of cookie-cutter services, it’s quite refreshing to see Savings Bank Life Insurance Co. (SBLI) use a unique take on insurance and policies.
SBLI Life Insurance Company
Review Summary
SBLI currently has their headquarters based in Woburn, MA, with $125 billion in-force policies to boast about. The company provides coverage in every American state except Montana and New York.
SBLI Life Insurance Company Review
The bottom line is that most insurance companies provide similar policies for their clients – survivorship, universal, term, variable, and perhaps even high-risk types.
History of SBLI – Savings Bank Life Insurance Co
SBLI was established in 1907 once savings banks were allowed to issue life insurance to their customers directly.
The first SBLI policy was sold in 1908, and just over 20 years later, the company had $100 million in premiums.
The same products are offered by the company in just about every state, although some offerings differ per region. It is best to verify that the contents of the policy you’re interested in apply to the state where you reside.
Policies are purchased from agencies and sold to consumers via SBLI’s official website. An introductory quote can be acquired by completing an online form.
Based on the desired policy, extra details might be required to guarantee applicable rates.
SBLI Financial Strength
Financial Strength Ratings
- AM Best: A
- Moody's: N/A
- Standard & Poor's: A-
- Fitch: N/A
- Better Business Bureau: A+
How to choose? SBLI has received excellent grades from many of the top financial ratings organizations. If you’re comparing companies & looking to choose from two carriers, one rated A+ and one rated A++, either one is likely to be there when you need it. However, if you’re picking carriers that are rated B+ and A+, financial strength could factor in your buying decision. Try to avoid companies that 1 or more financial agencies rate as potentially vulnerable.
A.M. Best
SBLI received an A rating from A.M. Best who is often referred to as the Gold Standard of ratings organizations. An A rating may help ease your fears that SBLI is a company who may go bankrupt.
Life Insurance Rates of SBLI
To this day, SBLI remains the most affordable term life insurance policies out there – and we’ve done the research. At the time of writing, SBLI measures in at approximately 27% more affordable than their competitors.
SBLI Quotes
Will SBLI or some other company like Prudential, Sagicor, or Banner Life get you the best deal? If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…
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SBLI Life Insurance Products
WHOLE LIFE
SBLI sells whole life policies to both children and adults.
With the SBLI whole life insurance for children policy, they can be the recipient of an investment account when they reach a certain age. It tends to shy people away from life insurance policies for children, as they are a bad investment, for the most part.
TERM LIFE
The more economical choice is term life insurance, as policies can range from 10 to 30 years. An SBLI life insurance term policy is a great choice when looking for the lowest rate.
The premiums stay the same over that time-frame, and beneficiaries of the insured will get an equal pay-out.
Whole life insurance isn’t restricted to specified terms. Rather, each policy’s duration lasts as long as the premiums are paid for. Because the policy has cash value, the insured can borrow against it, with a portion of each premium payment invested. This permits the policy’s value to increase every year with minimal taxation. (Check out our article on term vs whole life insurance here.)
Compare SBLI with the market
With most of their business involving term life insurance policies, and the remainder originating from annuity investors, suffice it to say SBLI are experts in their field.
You can get a quote from them depending on how much life insurance you require.
We suggest obtaining quotes from several companies first, including Prudential Life Insurance or Protective Life Insurance, so you have an idea of what kind of numbers to expect.
SBLI Claims
SBLI provide a claims service on their official website (scroll down to “report a death” after clicking the “customer service” tab).
To register a claim for life insurance, simply complete the online form, or contact customer service at 1-800-694-7254. SBLI will ask for fundamental details about the policy first. A death certificate or similar documentation will be required prior to the issuance of any settlement.
Pending no complications with the policy and a smooth investigation, benefits will be dispensed among each beneficiary on the policy once the claim is processed.
SBLI Consumer Complaints and Research
Since 2007, SBLI has been officially recognized by the Better Business Bureau, and has a perfect “A+” rating on their website. The reviews section lists just 6 complaints over the last few years, with none received over the last year.
Here’s the deal:
If you’re seeking rock-bottom term life insurance, SBLI is your optimal choice. The company regularly ranks as one of the most affordable during rate assessments, and their approval process is quite easy by life insurance standards.
SBLI received an “A-“ from S&P with regards to finances, which can be an issue upon discussing life insurance. Even though an “A-“ might not seem so bad, due to the imperfect ranking system utilized by rating firms, there are at least six levels they could have scored better on.
What’s the bottom line?
Calling themselves the “No Nonsense Life Insurance Company”, SBLI prides itself on their customer-centric approach to life insurance.
SBLI continues to provide the lowest life insurance rates in several categories in comparison to their competitors, especially for the ones paying on a yearly basis.
SBLI’s underwriting term life policies don’t warrant a visit from a paramedical examiner.
Rather, the company gets details from various sources, including MVR, MBI, data from the Fair Credit Reporting Act, and the Prescription Database. (If you’re interested in learning more about No Medical life insurance, be sure to read our post on the pros and cons before buying here)
SBLI Advantages:
- Amazing customer service.
- Guaranteed premium level term insurance that doesn’t require a paramedical exam.
- Term lengths — a selection of term lengths ranging from 10, 15, 20, 25, and 30 years is available.
- Price — most beneficial when premiums are paid yearly.
Additionally, SBLI provides an annual renewable term product for people in search of a shorter term. If you’re looking for cheap life insurance, SBLI is a strong candidate.
You might be wondering: How do I purchase life insurance?
Is SBLI the right choice for your life insurance purchase? SBLI might be the best value for your situation, or it could be another life insurance company.
When buying life insurance it’s always best to keep your options open and compare rates from multiple companies. Never settle for just one company, because with life insurance – One company does not fit all situations.
Our recommendations
Make sure you always shop around and work with a licensed broker. When we speak with you, we take time to understand your goals and ask the right questions in order to find the best companies that you will qualify for.
Some companies offer the best rates for those in perfect health & others offer the best rates for certain health risks. We work with over 60 top rated companies in order to find the ones that meet your goals at the best rates on the market. If SBLI is the best life insurance company for you, we’ll be able to easily apply with them. If SBLI won’t be the best life insurance company option, we’ll find out who will be.
If you’d like to find out the best life insurance company that is right for you – The one that gives you the best value based on your health, lifestyle and goals, then call us today.
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