SBLI Life Insurance Reviews – No-exam Rates and More!

SBLI Life Insurance Reviews

The following article will contain everything that you need to know from an SBLI life insurance review.  We will cover all the advantages and disadvantages of SBLI, their financial strength, and their chart-topping low rates.

So Is SBLI Life insurance worth it? For starters, SBLI life insurance is one of the best accelerated underwriting programs on the market today.  Keep reading to discover why SBLI life insurance has earned a spot on our short list of top life insurance companies in the marketplace today.

There are hundreds of life insurance companies operating in the United States, but is SBLI Life Insurance Company the right one for you? If you are considering purchasing life insurance with SBLI Life Insurance, do not move forward without reading this review.

Shall we begin?

SBLI Life Insurance Company Overview

SBLI, also known as the Savings Bank Life Insurance Company of Massachusetts, was founded in 1907 by Supreme Court Justice Louis Brandeis.  A revolutionary in his time, Justice Brandeis set forth a vision on how to do business in an era before the robust consumer protections of today.  Over 100 years later, SBLI is still living up to the high standards that the honorable Justice Brandeis set forth over a century ago by:

  • Acting in the best interest of the customers
  • Making life insurance affordable and hassle-free
  • Treating the customer with dignity and respect at all times

SBLI has made good on their promises to more than a million families since their inception in 1907, and if Justice Brandeis were around today, we believe that he would be proud of the legacy that he left.

SBLI is headquartered in Woburn, MA and does business across the United States.  SBLI life insurance is offered in 49 states (excluding NY) and the District of Columbia.  SBLI recently transformed its corporate structure into a mutual company, which means that SBLI is owned by the policyholders, not stockholders.  This means that SBLI is looking out for it clients first, not Wallstreet investors.

SBLI Life Insurance Financial Strength

In the life insurance industry, brand recognition is important.  People need to feel confident that their life insurance company will pay when the time comes.  SBLI might not have a skyscraper in New York City or naming rights to a sports stadium, but they have a rock-solid balance sheet, which is what really counts.

So will SBLI life insurance payout? Since 1907, SBLI has never failed to pay a legitimate claim.  Think about that for a second?  Even during the Great Depression and Great Recession, SBLI made good on all legitimate claims to policyholders while other financial institutions were crumbling.

Rating agencies have affirmed that SBLI is investment grade. A.M. Best has classified SBLI life insurance company as A (excellent), and Standard & Poor’s has classified SBLI life insurance company as A- (Strong).

SBLI is also accredited by the Better Business Bureau as A+, which is their top rating.  While every business has complaints, SBLI has done an excellent job at keeping them few and far between.

SBLI Life Insurance and Financial Products

SBLI life insurance company offers some unique products and one of the best accelerated underwriting programs in the industry, which waives the medical exam for qualified applicants up to $500,000 of death benefits.

SBLI also offers annuity products to the public as well.  For the purposes of this SBLI life insurance review, we will focus on their life insurance products only.

SBLI’s term life insurance rates are consistently among the top in the industry on the charts.  Additionally SBLI’s accelerated underwriting program makes applying for life insurance quick and easy.  Simply put, there is no reason to take an exam with rates these low.

SBLI Term Life Insurance

SBLI offers affordable term life insurance and whole life insurance with a hassle-free application process that will waive the medical exam for applicants below age 60 or lower as long as the death benefits are under $500,000.

Even though SBLI will waive the medical exam for qualified applicants, they still reserve the right to order medical records and will require a third-party telehealth interview.  That being said, SBLI is a good option for clients who want to avoid taking the medical exam and remain competitive with fully-underwritten rates.

While having the exam waived is convenient if you do not like needles, SBLI’s life insurance is not express underwriting.  Scheduling the third-party telehealth interview and ordering medical records can take just as long as a fully-underwritten case.  We are seeing approvals on average around 3-4 weeks for cases that request medical records.

If you need coverage quickly, then we would recommend going with a company that specializes in a true no-exam express issue product. These types of policies can be approved within minutes and often have built-in living benefit for critical and chronic illness adding additional protections.

SBLI term life insurance comes in your standard durations of 10-years, 15-years, 20-years, and 30-years term.  However, SBLI also offers some unique term options, such as the 25-year term and the one-year non-renewable term for unique circumstances that may come up.  In addition, SBLI created a term life insurance policy that changes your protection as your needs change during your lifetime called SmartTerm 360

SBLI Term Life Insurance Rates

SBLI has some of the most competitive term life insurance in the industry right now with accelerated underwriting.  We have added a few rates below to illustrate SBLI’s affordability.

DEATH BENEFIT MALE 20-YEAR TERM FEMALE 20-YEAR TERM
$ 100,000
$ 11.57
$ 10.09
$ 250,000
$ 18.33
$ 15.44
$ 500,000
$ 28.19
$ 22.75

Reasons to Consider SBLI Term Life Insurance*Please note that these rates are a 30-year old male and female preferred best non-smoker health class and include the waived medical exam.

  • Low cost
  • 25-year term duration
  • Premiums never change for the period you select
  • Policies under $500,000 for ages 18-60 require no medical exam
  • Federal income tax-free death benefit
  • Option to convert to permanent life insurance (whole life insurance or universal life insurance) without a medical exam
  • Built-in terminal illness rider

SBLI Whole Life Insurance

SBLI whole life insurance provides lifelong death benefit protection while building cash value. However, the cost of whole life insurance can make it cost prohibitive for some people to afford the death benefit that they need.  Therefore, we suggest covering temporary needs with term insurance in order to affordably secure the coverage that your loved ones need first.

Reasons to Consider SBLI Whole Life Insurance

  • Coverage is guaranteed never to expire
  • Premiums are guaranteed never to increase
  • Cash value growth
  • Guaranteed income-tax-free death benefit
  • The ability to borrow from the policy’s cash value

As an agency, we often recommend simplified whole life insurance for burial costs and final expense insurance.  SBLI’s whole life policy has a minimum death benefit of $25,000, which may be more death benefit than needed for burial coverage. We would recommend looking at a company that specializes in this area of life insurance if you are looking for smaller death benefit amounts.

How to apply for SBLI Life Insurance?

You can purchase SBLI life insurance through an independent life insurance broker. An independent agent will review your needs, and can assist you with the SBLI life insurance application conveniently over the phone.

After you and your agent determine SBLI is the company that you want to protect your family, your agent will assist you in scheduling the phone health interview.  Scheduling the health interview takes 5 minutes, and your agent will go over the best practices for the call.

The interview itself takes approximately 20-30 minutes.  Make sure to have your primary care physician’s contact information prepared as well as the names of any prescription medication you are taking to expedite the call.

We suggest that you work with an independent life insurance agent. An independent agent can compare multiple companies in order to find you the best quote. That is why working with an expert in the life insurance market is a good idea. So, if you are looking for a SBLI Life quote, contact us today. That’s what we’re here for.

The Final Word on SBLI Life

Thank you for reading our SBLI Life insurance review. SBLI Life has a long company history of serving their policyholders  The SBLI Life Insurance Company phone number is 1-800-694-7254, or you can visit them on the web.

Today, SBLI Life offers life insurance solutions to their policyholders and has one of the best accelerated underwriting programs in the industry hands down.  Overall, SBLI Life’s life insurance is a reliable and convenient middle market solution, which places SBLI among the best life insurance companies.

However, if you have a pre-existing medical condition or are looking for term life insurance death benefit amounts over $500,000, there may be a better option out there for you. Additionally, if you are looking for cash value accumulation, there may be better whole life or universal choices out there for you.

Give one of our veteran agents a call or request a free no-obligation quote today. A simple phone call could potentially save you thousands of dollars on your life insurance.

Joseph Cirillo of Good Life Protection

Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs.  Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.