If you have ever applied for life insurance, then you know that there are several important criteria that you need to keep in mind.
One of these is the amount of insurance protection that you will need to have. This is because you will want to ensure that those whom you care about will have enough benefits to pay certain debts or have enough funds in order to pay their ongoing living expenses to go on and not have to drastically alter their lifestyle.
But there is also another extremely important factor that you must also include in your purchase decision. This is the actual company through which you purchase the coverage.
This is because you will want to make sure that the insurance carrier is strong and stable financially and that it is known for paying out its claims to its policyholders. One such insurer that has fit into this mold for many years is SBLI Life Insurance Company.
SBLI Life Insurance Company
Table of Contents
- SBLI Life Insurance Company
- The History of SBLI Life Insurance Company
- SBLI Life Insurance Company Review
- Financial Strength and BBB Grade of SBLI Life Insurance Company
- Life Insurance Products Offered Through SBLI
- Other Coverage Products That Are Offered
- How to Get the Best Premium Quotes on Life Insurance Coverage
- Bottom Line: SBLI Life Insurance Review
The History of SBLI Life Insurance Company
SBLI has been known for many years as being “The No Nonsense Life Insurance Company.” This insurer has been in the business of providing coverage to its customers for nearly 110 years. The company’s founder, Louis D. Brandeis, started the insurance carrier during one of the worst stock market crashes in United States history, as well as at a time when the insurance industry in the U.S. was thought to be corrupt and very expensive.
Because of this, Brandeis – who was an advocate for trustworthy and affordable life insurance for the American working family – decided to start the company. He did so by working to pass Chapter 561 of the Acts of 1907 – an act that essentially allowed savings banks that were incorporated under Massachusetts laws to establish departments to issue annuities and life insurance. Today, the company’s headquarters are still located in Woburn, Massachusetts.
Throughout the years, the company grew quite a bit – and by 1930, it already had $100 million of life insurance in force. By 1964, it had reached the mark of $1 billion of life insurance in force. Just 34 years later, in 1998, it was at $20 billion in force, and by 2003, the company had surpassed the $50 billion mark. As of 2012, SBLI had more than $125 billion of life insurance in force.
SBLI Life Insurance Company Review
SBLI is known for being a strong contender in the insurance industry. It is also extremely involved in the communities that it serves. It contributes and/or is a sponsor of numerous charitable organizations, including the:
- American Heart Association (AHA)
- Massachusetts General Hospital Home Base Program
- Boston Marathon Jimmy Fund Walk
- New England Center and Home for Veterans
- The Massachusetts Affordable Housing Alliance (MAHA)
- The Rodman Ride for Kids
- Woburn Memorial High School
- The New England Center for Children
The company has also earned endorsements from organizations such as the:
- Massachusetts Bankers Association
- AAA Southern New England
- AAA Merrimack Valley
For those who are interested in a policy, or who are current policyholders and who need assistance, the company’s customer services representatives are easy to get in touch with. They can be reached via a toll-free phone line during business hours. There is also an email form or a fax that can be sent into the company. Business hours are between the hours of 8:00 a.m. and 9:00 p.m. Eastern time Monday through Friday.
Financial Strength and BBB Grade of SBLI Life Insurance Company
Over the years, SBLI Life Insurance Company has consistently earned high ratings from the insurer ratings agencies. This shows the company’s ongoing financial strength and stability. These ratings include the following:
- A+ (Superior) from A.M. Best
- A- from Standard & Poor’s
- Good from Weiss Ratings
Since 2007, SBLI Life Insurance Company (The Savings Bank Life Insurance Company of Massachusetts) has been an accredited member of the Better Business Bureau (BBB). It has received a grade of A+ from the BBB, on an overall grading scale of A+ to F.
Throughout the past three years, SBLI has closed two complaints through the Better Business Bureau, and no complaints over the past 12 months. Of these two complaints, one centered on issues with the company’s products/services, and one had to do with billing/collections.
Life Insurance Products Offered Through SBLI
SBLI offers many different types of life insurance products so that customers can essentially customize coverage to fit their specific needs, as well as to provide what is needed throughout every stage of a customer’s life. This also helps to provide coverage, no matter what a person’s budget.
Life insurance products that are offered through SBLI Life Insurance Company include the following:
Term Life Insurance Coverage
Term life insurance coverage provides death benefit protection only, without any cash value or investment build-up. Because of this “basic” approach, term life insurance can be quite affordable – primarily if the applicant is younger and in good health.
This type of coverage is oftentimes referred to as “temporary” life insurance. This is because it is purchased for specific amounts of time such as ten years, 20 years, or 30 years. With that in mind, it will be important to have a good idea of how long you will need coverage if this is the type of life insurance policy that you choose.
SBLI offers three different types of term life insurance protection. These are:
Guaranteed Level Premium Term Life Insurance
With the Guaranteed Level Premium Term Life Insurance coverage, premiums are guaranteed to remain the same throughout the entire period of the policy. This particular plan will cover the insured until he or she reaches age 85. Once the guaranteed level premium period has ended, the premium will go up each year until the insured reaches age 85.
The level premium periods that can be chosen include durations of 10 years, 15 years, 20 years, 25 years, and 30 years, and coverage amounts can range between $100,000 to $30 million for those who are under age 70. For those who are age 70 and over, coverage may go up to $10 million.
Yearly Renewable Term Life Insurance
With Yearly Renewable Term Life Insurance, the policy will renew each year. This means that the premium that is paid by the insured will be determined based on his or her current age. This type of coverage can be extremely affordable in the beginning years, and then increase as the insured gets older.
This particular policy will automatically renew every year until the insured turns age 90. There is no medical exam that is required each year to provide proof of insurability. Between the ages of 75 and 90, the amount of insurance will decrease each year.
Up until the time that the insured reaches age 70, he or she will be allowed to convert the term insurance coverage over into a permanent life insurance policy. This can also be done without the need for a medical exam to prove insurability.
One-Year Non-Renewable Term Insurance
An individual may also choose to purchase a one-year non-renewable term life insurance policy. This life insurance coverage will stay in force for only one year. Coverage amounts on this plan can range between $100,000 and $10 million, and applicants’ age ranges can be between 18 and 90.
Permanent Life Insurance Coverage
SBLI Life Insurance also offers permanent life insurance coverage. With this type of life insurance, there is death benefit protection, as well as a cash value component. The funds that are in the cash value portion of the policy are allowed to grow on a tax-deferred basis. This means that no tax is due on the growth unless or until the policyholder withdraws them.
Permanent policies that are offered via SBLI include:
Continuous Payment Whole Life
The Continuous Payment Whole Life insurance option covers an insured for his or her entire lifetime. This means that the death benefit is guaranteed, and the policy will remain in force – provided that the premium is paid. The cash value will also continue to build up. This particular policy has a maturity age of 121 years old.
Single Premium Payment Whole Life
The single premium payment whole life insurance policy will also remain in force for the entire lifetime of the insured. This policy, however, only required one lump sum premium in order for the policy to be considered paid up.
Because of this, the cash value will get a “jump start” and it will continue to grow at a guaranteed rate of interest over time. The cash can be borrowed or withdrawn for any reason that the policyholder wishes.
Limited Payment Whole Life Insurance
The limited payment whole life insurance policy will also cover the insured for their whole lifetime. With this policy, the premium payments are only for a limited period. In this case, the options are for ten years, 15 years, 20 years, or until the insured is age 65. This policy also has a maturity age of 65 years old.
Overview of SBLI Life Insurance Products
|Term Life Insurance||• Affordable Protection With Term Options of 10, 15, 20, 25, or 30 Years|
• Three Types: Guaranteed Level Premium, Yearly Renewable, and One-Year Non-renewable
|Guaranteed Level Premium Term||• Fixed Premiums Throughout the Policy, Coverage Until Age 85, Amounts From $100,000 to $30 Million (Under 70 Years Old)|
|Yearly Renewable Term||• Annual Renewal, Premiums Based on Current Age, Convertible to Permanent Life Insurance Until Age 70|
|One-Year Non-Renewable Term||• One-Year Coverage, Amounts From $100,000 to $10 Million, Available for Ages 18 to 90|
|Permanent Life Insurance||• Combines Death Benefit With Cash Value Growth on a Tax-Deferred Basis|
|Continuous Payment Whole Life||• Lifetime Coverage With a Guaranteed Death Benefit and Cash Value Growth, Maturity Age of 121|
|Single Premium Payment Whole||• Lifetime Coverage With a Single Lump Sum Premium, Guaranteed Cash Value Growth, and Flexibility for Withdrawals or Loans|
|Limited Payment Whole Life||• Lifetime Coverage With Limited Premium Payments (10, 15, 20 Years, or Until Age 65), and Maturity Age at 65|
Other Coverage Products That Are Offered
In addition to life insurance, there are other products that are offered through SBLI Life Insurance Company. These can help the company’s customers to build and/or to protect their wealth. Some of these products include the following:
An annuity is essentially an insurance contract that is between an individual and an insurance company. These financial vehicles can offer a guaranteed income for the remainder of a person’s lifetime. This can help to alleviate the worry of outliving your retirement income – which is a major concern of many people today.
There are several different types of annuities. SBLI offers the following:
- Single Premium Immediate Annuity
- Optimizer MVA Series Annuity
Both of them are great options for supplementing your retirement income. There are a few different advantages to these annuities that you should take note of if you’re looking for a way to invest your money.
With their SBLI Single Premium Immediate Annuity is the best option for anyone who is looking to get payouts immediately. As you can probably guess from the name, you’ll only make one single payment, and then you start getting checks from the annuity.
The SBLI Optimizer MVA Series, on the other hand, does not have an immediate payout. You’ll make an investment, which will then start building tax-deferred interest with payouts that will start on a date that you’ll pick. With this annuity, you’ll be able to make some withdrawals without the penalties if you’re ever diagnosed with a terminal illness.
Elder Care Insurance
Because so many people are living so much longer today, long-term care has become a big concern as well. Unfortunately, that care can be very expensive. Therefore, many people are concerned about depleting their savings – primarily because Medicare does not typically pay for most kinds of long-term care needs.
How to Get the Best Premium Quotes on Life Insurance Coverage
When you are seeking the best premium quotes on life insurance coverage – either through SBLI Life Insurance Company or any insurance carrier – it is typically best to work with an independent agency or brokerage that has access to numerous different life insurance companies.
That is because you will be better able to compare and contrast many different policies, benefits, and premium quotes, and then determine which will be the best for you and your needs. This is not only true when seeking the best life insurance policy, but when seeking other forms of coverage as well, such as the best auto insurance companies and policies.
If you are ready to move forward with the purchase of a life insurance policy, then we can help. We work with many of the top life insurers in the industry today, and we can assist you with obtaining all of the pertinent details that you will require. All you have to do is fill out the form on this page, or you can jump over here and let Policy Genius guide you.
We understand that when it comes to life insurance coverage, there are a lot of options to choose from – even if you have been turned down in the past. But it sometimes takes having an ally on your side to help you narrow down what will be the best choices for you and your specific requirements. We will help to get you where you want to go. So, contact us today – we’re here to help.
Bottom Line: SBLI Life Insurance Review
SBLI Life Insurance Company stands out for its historical significance, strong financial stability, and diverse range of products. Founded over a century ago during challenging economic times, SBLI offers an array of life insurance products tailored to individual needs, including term and permanent life insurance options. Additionally, the company provides annuities and elder care insurance.
Recognized for its community involvement and high ratings from insurance agencies, SBLI ensures trustworthy and affordable insurance solutions. When seeking the best policy, consider comparing options through independent agencies for a comprehensive evaluation.
How We Review Insurance Companies:
Good Financial Cents systematically reviews U.S. insurance companies, emphasizing policy offerings, customer experiences, and overall reliability. Our goal is to present a balanced and comprehensive perspective to potential policyholders. Editorial transparency remains a cornerstone of our approach.
We actively collect information from insurance companies and place significant weight on customer feedback. By integrating this feedback with our research, we can offer a well-rounded evaluation. Each company is then rated based on multiple criteria, resulting in a star rating from one to five.
SBLI Life Review
Product Name: SBLI Life
Product Description: SBLI Life is a long-standing insurance provider known for offering comprehensive life insurance policies tailored to individual needs. Founded during a challenging economic period, the company emphasizes trustworthiness and affordability in its offerings.
Summary of SBLI Life
Established during one of the United States’ most significant economic downturns, SBLI Life has grown into a robust insurance entity, boasting over a century of service. Its diverse range of life insurance products, from term to permanent policies, are designed with the American working family in mind. Built on a foundation of trust and affordability, SBLI Life has gained significant recognition for its financial stability, community involvement, and a wide spectrum of insurance solutions that cater to various life stages and financial circumstances.
Cost and Fees
- Historical Significance: Founded during a tough economic phase, highlighting its resilience and stability.
- Diverse Product Range: Offers a wide variety of life insurance products, catering to various needs.
- Community Involvement: Known for active participation and sponsorships in charitable organizations.
- Strong Financial Ratings: Consistently receives high ratings from insurance rating agencies.
- Limited to Life Insurance: Primarily focuses on life insurance, which might limit those seeking a more extensive range of insurance products.
- Regional Limitations: Originally tailored for Massachusetts laws and may not be universally accessible.
- Complex Product Variants: Multiple life insurance products might be confusing for those unfamiliar with insurance terminologies.