SBLI – Life Insurance Company Review

By / March 29, 2024

We answer the questions that people want to know about SBLI.

Table Of Contents
  1. Will SBLI Be There When I Need It?
  2. How Easy is it to Get a Policy with SBLI?
  3. Accelerated Underwriting Work with SBLI
  4. Are SBLI Policies Competitive?
  5. What Other Features and Benefits Do SBLI Policies Offer?
  6. SBLI Healthy Credits Program
  7. Uninsurable Conditions with SBLI
  8. Does SBLI Provide Good Customer Service?
  9. Final Words
  10. Other Companies Reviewed

Will SBLI Be There When I Need It?

With over 1 million families protected since its start in 1907, SBLI is a reputable company worth considering.

SBLI stands for Savings Bank Mutual Life Insurance Company of Massachusetts.

Financial Strength

  • AM Best – “A”
  • S&P – “A-“

SBLI is one of the more competitive life insurance companies we work with.

How Easy is it to Get a Policy with SBLI?

SBLI makes it easy to buy a policy by offering e-applications and e-policies.

Accelerated underwriting is offered by SBLI.

No exam is required if you meet the following criteria:

  • Ages – 18-60
  • Face Amounts – $100,000 – $750,000
  • Term Lengths – 10, 15, 20, 25 & 30 year terms
  • Whole life is also eligible
  • All underwriting rate classes are available
  • All states except NY and MT

Accelerated Underwriting Work with SBLI

It’s a very simple process where we gather basic information from you.

We submit the information to SBLI, and they will contact you for a 20-30 minute phone interview.

They’ll ask you financial, medical, employment, hobbies, tobacco, and other insurance-related questions.

Once complete, you will either e-sign or voice signature your application, and underwriting begins.

When SBLI begins underwriting, they will review:

Upon completion, underwriting will make their decision.

If approved, your policy will be e-delivered to you.

How Fast is SBLI’s Accelerated Underwriting?

It depends on what information underwriting receives.

Some cases (usually younger insureds) are approved immediately, while others may require medical records.

Are SBLI Policies Competitive?

Term life insurance from SBLI is very competitively priced, often ranking in the top 5.

SBLI offers the following term life insurance policies.

  • Minimum Face Amount – $100,000
  • Maximum Face Amount – $50 million
  • Term Lengths Available – 10, 15, 20, 25 & 30 year terms
  • Rate Classes
    • Preferred Plus
    • Preferred
    • Select
    • Standard
    • Preferred Nicotine
    • Standard Nicotine

SBLI term life insurance policies may be converted to a whole life insurance policy.

In some instances, a universal life policy is available.

The conversion must occur before turning 70 or the end of the level term period, whichever comes first.

What Other Features and Benefits Do SBLI Policies Offer?

Several riders are available to help meet your individual needs.

Accelerated Death Benefit Rider – No-cost rider accelerates a portion of your death benefit.

It is available if you become terminally ill and death is expected within 12 months.

The rider accelerates up to 50% of the death benefit if you choose, up to $250,000.

Available for the term and whole life.

Accidental Death Benefit – This additional cost rider pays up to 2x the base policy death benefit up to $250,000.

It is available for insureds up to age 65.

It pays the benefit if the insured dies before age 70 and within 180 days of an accidental body injury.

Available for the term and whole life.

Children’s Level Term

Provides up to $25,000 of term coverage at one low price for children.

Available for ages 15 days to 23 years, the rider expires when the child turns age 25 or the primary insured turns age 65.

The term may be converted to a whole life insurance policy.

Available for the term and whole life.

Waiver of Premium – This additional cost rider waives your premiums if you become disabled for at least six months.

It is available to insureds aged 15-55 (18-55 for whole life) and terminates at age 65.

Available for the term and whole life.

Guaranteed Level Premium Term – Additional cost rider available for whole life insurance policies.

This allows you to add term life coverage to your whole life policy, subject to limitations.

Guaranteed Purchase Option – Additional cost rider available for whole life.

Before turning age 50, you may purchase additional insurance with no exam or health questions required.

Single-Pay Paid-Up Additions Rider – This whole life rider allows you to make a one-time deposit at purchase.

It increases the death benefit and cash value when the policy is issued.

SBLI Healthy Credits Program

With the Health Credits Program, it’s possible to improve your underwriting offer by up to 2 table ratings!

  • Improvement available to Select Class
  • Ages 18-70
  • Up to $10,000,000 of coverage
  • Through Table Rating 5
  • Certain health impairments are excluded

If you miss the “preferred plus” or “preferred” guideline due to one of the following, you can still get the rate.

  • Build
  • Blood Pressure
  • Cholesterol
  • Family History

Wellness evaluations may include

  • A regular wellness exam within the past 24 months
  • Age/Gender-Related Evaluations such as
    • Colonoscopy
    • Mammogram
    • Pap smear
    • Prostate evaluation
    • Cardiovascular tests for age 40 and over.

We’ll let you know all options when we discuss your life insurance.

Uninsurable Conditions with SBLI

SBLI has a number of medical conditions that they will not insure, including:

  • AIDS/HIV+
  • ALS (Lou Gehrig’s)
  • Alzheimer’s
  • Cancer diagnosed in past two years
  • Cirrhosis
  • Congestive Heart Failure
  • COPD
  • Cystic Fibrosis
  • Defibrillator Use
  • Heart Disease diagnosed in past two years
  • Muscular Dystrophy
  • Multiple Sclerosis with progressing symptoms
  • Organ transplants
  • Quadriplegia
  • Pulmonary Hypertension
  • Renal Failure
  • Heart valve replacement in past 6 months

These are just some of the conditions that are uninsurable with SBLI.

Does SBLI Provide Good Customer Service?

Customer service is pretty good at SBLI, and they have been responsive to help you when needed.

You have several options available to reach SBLI when you need them.

The customer service phone number is 800-694-7254

SBLI offers an online portal – here

You can make changes to your policy, pay premiums, report a death claim, or request policy owner service forms.

SBLI Headquarters is located at:

1 Linscott Road, Woburn, Massachusetts 01801

Final Words

SBLI is a good company worth considering for your term life insurance needs.

Please take a few minutes to submit your quote request.

We’ll provide you with quotes from Savings Bank Life and their competitors. Thank you.

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