SBLI Life Insurance Company
The History of SBLI Life Insurance CompanySBLI 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 – and 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 ReviewSBLI 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
- Massachusetts Bankers Association
- AAA Southern New England
- AAA Merrimack Valley
Financial Strength and BBB Grade of SBLI Life Insurance CompanyOver 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
Life Insurance Products Offered Through SBLISBLI 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 CoverageTerm 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 InsuranceWith 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 InsuranceWith 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 upon 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 the 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 InsuranceAn 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 CoverageSBLI 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 LifeThe 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 LifeThe 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 InsuranceThe 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.
Other Coverage Products That Are OfferedIn 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:
AnnuitiesAn 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:
- Single Premium Immediate Annuity
- Optimizer MVA Series Annuity