SBLI Life Insurance Company Review
Having life insurance to protect your loved ones is a must, but overpaying for it is something you can avoid. At EasyQuotes4You we are giving a review on every life insurance carrier that does business in the United States.
We are un-biased and hope to give our visitors a true understanding of each companies customer service, ratings, and products that we review.
Today we will be reviewing SBLI Life Insurance Company also know as The Savings Bank Life Insurance Company of Massachusetts.
History of SBLI Life Insurance Company
The Savings Bank Life Insurance Company of Massachusetts (SBLI) was founded in 1907 by Supreme Court Justice Louis Brandeis.
Louis Brandeis felt the life insurance industry had inflated rates from the past and formed SBLI Life Insurance Company in order to offer fair and affordable products.
In the first 23 years SBLI grew in exess of $100 million in active policies, and had grown over $100 million in assets by the 1950’s.
During the next 10 years, SBLI compounded its growth and top the $1 billion mark in active insurance. They accomplished all this while remaining in Massachusetts. Today they have over $125 billion in active life insurance.
The Savings Bank Life Insurance Company of Massachusetts now does business in all states except Hawaii and Alaska.
The Savings Bank Life Insurance of Massachusetts Ratings
When it comes to buying life insurance, the size of the company isn’t what is most important. What’s most important is the the insurance carriers rating with institutions like A.M. Best and Standard & Poor’s.
The Savings Bank Life Insurance of Massachusetts (SBLI) shows ongoing financial strength and stability which is affirmed by there ratings. They are:
- A.M. Best: A+ (Superior)
- Standard & Poor’s: A-
- Weiss Ratings: Good
SBLI Life Insurance Company has been a member of the Better Business Bureau (BBB) and holds the top grade of A+ since 2007.
SBLI has closed two complaints through the BBB since 2016, and have had none in the past 12 months. Of course we would like to see no complaints, but this shows SBLI takes care of their customers.
SBLI Life Insurance Company Products to Choose From
SBLI offers a variety of term life and whole life insurance to its customers across America. They have competitive rates and innovative underwriting.
With SBLI, if you are between the ages of 18-60, all policies are underwritten with a telephone exam if the face amount is less than $500K.
The company does however reserve the right to order a medical exam if additional underwriting is needed. If your in pretty good health and like to bypass the exam, SBLI would be a great choice.
Term Life Insurance From SBLI
SBLI Life Insurance Company offers a variety of term life insurance options which are renewable to age 85. Premiums are guaranteed to remain level for the term period chosen (10, 15, 20, 25, or 30 years).
Issue Ages for SBLI Term Life Insurance
SBLI Term Life is fully convertible up to age 70 and prior to the end of the level term period. This means if you health changes during your term period, SBLI has to offer a permanent life product without asking any medical questions.
Of course this will be more expensive since you are older, but a great option to have if you become uninsurable.
SBLI Term Life also offers a variety of riders to customize your policy to fit your needs. They are:
- Waiver of Premium: This rider pays your premium for you if you were to become disabled.
- Accidental Death Benefit: This will pay an extra benefit if you were to die from an accident.
- Accelerated Death Benefit (FREE): This allows you to access a percentage of the death benefit if you are diagnosed as terminally ill (less than 12 months to live).
- Children’s Level Term Life: You can cover your child with a term life rider up to age 25 with a face amount of $50K.
Sample Rates- Preferred Non-Tobacco- 10 year term
Whole Life Insurance offered by SBLI Life
The Savings Bank Life Insurance of Massachusetts (SBLI) offers 3 types of whole life insurance products. Whole life insurance is a permanent life policy with guaranteed premiums, guaranteed death benefit, and guaranteed cash value accumulation.
SBLI whole life insurance products are participating which means they also earn dividends.
There 3 whole life products are called:
- Flex Continuous Payment Whole Life
- Flex Limited Payment Whole Life
- Flex Single Premium Whole Life
Flex Continuous Payment Whole Life
Flex Continuous Payment Whole Life has level death benefit coverage with premiums paid for the life of the insured or to age 100.
These policies come with 4 options on how you would like your dividend each year. They are:
Paid in cash (by check). The policy owner receives a check annually on the policy anniversary date.
Annual dividends applied to the premium and any loan interest due on the policy anniversary date. Any excess dividend is paid in one of the following ways:
- Option A: Left in the policy to accumulate with interest.
- Option B: Applied to purchase paid-up additional whole life insurance.
- Option C: Paid in cash
Annual dividends applied to purchase paid-up additional whole life insurance. This option not only increases the death benefit but also the tax deferred cash surrender and loan value.
Annual dividend is left in the policy to accumulate with interest. Any amount accumulated with the policy at the time of death will be paid to the beneficiary.
Interest is earned annually on the prior year’s dividend accumulation balance. The interest rate is variable and may change from year to year.
You can also customize your Flex Whole Life policy with riders at an additional cost. They include:
- Accelerated Death Benefit
- Child’s Term Rider
- Guaranteed Purchase Option
- Single Pay Paid Up Additions
- Waiver of Premium
- Accidental Death Rider
- Lever Premium Term
Flex Limited Payment Whole Life
Flex Limited Payment Whole Life is for consumers who want to pay for their policy for a limited number of years or to a specific age. SBLI offers 10 pay, 15 pay, 20 pay and life paid up at 65.
This whole life policy also comes with the same dividend options and riders as the Flex Continuous Payment Whole Life product.
Flex Single Premium Whole Life
These policies are great for estate planning or trying to leave a tax free inheritance to your loved ones. The Flex Single Premium Whole life requires only one premium payment which provides death benefit protection for your whole life.
This whole life policy also comes with the same dividend options and riders as the Flex Continuous Payment Whole Life product and Flex Limited Payment Whole Life.
Annuities offered by SBLI
SBLI Life Insurance Company offers 2 different type of annuities. They offer a Single Premium Immediate Annuity and the Optimizer MVA Series.
The Single Premium Immediate Annuity is for the consumer looking for a lifetime payment that they cannot outlive.
The Optimizer MVA Series works like this and offers a bonus:
Check SBLI Life Insurance Company website out for current interest rates here.
Hmmm…what are our thoughts on SBLI Life. We like there simplified underwriting and great rates. They are a strong financially stable life insurance carrier which means claims will be paid when the time comes.
If we have one complaint it would be they don’t have any good products to convert there term life to, which can be a problem a consumers health status changes. Overall we would recommend SBLI, but we also believe in shopping around before making a choice. If you have any questions or need a quote, give us a call.