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SBLI Life Insurance Review 2019 // Fast Underwriting & Low Prices

Jun 19, 2019 (0) comment

sbli life insurance reviews

Review of: ​​SBLI

Use: Buy ​Term Life Insurance

Process

​Application to approval can ​be instant or Slow

Price

One of the most affordable on the market.

​Customer Service

​SBLI has ​excellent customer service. 

AM Best Rating

​SBLI ​has a rating of A (​Excellent) ​From A.M. Best

​Simply Insurance Overall Star Rating:

We Like

  • ​​Electronic Application
  • ​Best Rates For Smokers
  • Short Application Form

We Don't Like

  • Policy Delivered By Snail Mail
  • ​Long Approval For Normal Term

Summary: ​​SBLI​ ​is the first insurance company to change how th​ey issue life insurance policies and focused on the everyday person begin covered.

​They have some of the best rates for any type of medical situation as well as a no exam option available.

This is why I put this​ SBLI Life Insurance Review together, to help you understand if this product is best for you and how it works.

To help you see how ​easy and affordable they make it for you to apply for life insurance ​and get covered.  Enjoy!

Rates From $​7.53/month (30-Day Free Look Period)

*Premium for a 18 year old female, Select Preferred Non-Tobacco rate, 10 year term, 0,000 policy.


​​I am a huge ​believer in the no ​medical life insurance option; however, there are some situations where "no physical exam" ​isn't your best option and a fully underwritten option is best.

​Especially if you have pre-existing conditions such as ​sleep apnea, or need more than $1 Million in life insurance.

​The best way to speed ​the underwriting process up will be to get your exam completed as early as possible so that your results get back to the insurance company faster.

​If you need the most affordable rates and are fine with a 2 to 3 week turn around, then getting term life insurance rates and coverage from ​​SBLI is the best answer.

Who Is ​​Savings Bank Life Insurance Company?

​The Savings Bank Life Insurance Company Of Massachusetts or (SBLI) for short founded in ​1907 which makes it over 112 years old. ​

​​The age of a life insurance company is essential​ because it shows that they aren't going anywhere and have longevity.

Louis Brandeis was the founder and he would eventually become a Supreme Court Chief Justice.  During this time he also ​developed a new life insurance system.

​​SBLI ​is known for its ​affordable rates and reputation and has an A​ (​Excellent) ​rating with A.M. Best

Why Should You Care About A.M. Best?

I like to think of A.M. Best like the JD Power of the insurance industry, they have been around for over 117 years.

They rate companies based mainly on their financial strength, which can be an indicator or claims-paying ability.

Claims Paying Ability "in plain English":   A Life Insurance Company's ability to pay out on a policy.

am best

What Makes Them Different?

What makes ​​SBLI Different is that they were founded on the principles of creating affordable life insurance for the everyday person.

When they were founded in 1907 only wealthy people could afford life insurance until SBLI came in with a new strategy backed by legislation put forward by its own founder.

​SBLI ​believes in being different and always acting in your best interest. 

They offer both exam and no exam options as well 

How Does ​SBLI Life Insurance Work?

​SBLI is focused on affordable life insurance rates with solid underwriting for people ​that ​could have health issues like sleep apnea.

Their life insurance process works like this:

​Electronic Application

The application process is ​online and electronic, simple and short, once you submit the application you will be sent to underwriting.

​Fast Underwriting

​If you are between the ages of 18 and 60 and need less than $500,000 in life insurance you will be able to get approved without an exam.

​They will pull your Prescirption Report, your MIB report, and your MVR for your approval.

​Policy Delivered Via ​Regular Mail

​Once your policy has been approved and issued ​you will have to wait for your policy in the mail.

The down side to this is the waiting and having to keep up with paper documents.

You might want to upload a copy of it to the cloud like with Google Drive.

What Does ​SBLI Life Insurance Cover?

​SBLI offers a few different policy options for you to choose from.

Each policy​ comes with coverage options​ from $100,000 ​up to $1,000,000+.

10 Year Term Life ​ Policy

​The ten year term life option is going to cover you for 10 years before it's time to purchase a new policy.

This policy is going to be the most affordable option with low-range pricing and will be best for people who are looking at both their  short term and long term needs.

The amount of life events that can happen in 10 years is massive and being prepared for them is very important.

A 10 year term is a great starting point and locking your low rates in is going to be ​essential.

15 Year Term Life ​Policy

The fifteen year term life option is going to cover you for 15 years before you have to purchase a new policy.

This policy is going to be the second most affordable and be best for people who are in the middle of life events like having a baby or switching jobs. 

20 Year Term Life ​Policy

The twenty year term life policy will be the second most expensive of the 4; however, it will still be very affordable.

​This term length is going to be best for someone focused very much so on their future and want to be covered for the ​most extended period of time with the maximum amount of savings.

The longer a term length a policy has, the more expensive it will be up-front; however, the more savings you will get over time.

If you know what you want and can afford the twenty year term option, then I would suggest you go with the 20 year term option.

30 Year Term Life ​Policy

The thirty year term life policy will be the most expensive of the 4; however, it will still be affordable.

This term length is going to be best for someone focused on their future and want to be covered for the most extended period of time with the maximum amount of savings.

The longer a term length a policy has, the more expensive it will be up-front; however, the more savings you will get over time.

If you know what you want and can afford the thirty year term option, then I would suggest you go with it.

It's a really good option if you just purchased a home.

All Cause Death Benefit

​All of these policies will pay out for all types of death from accidental death, terminal illness, critical illness or chronic​​​​ illness.

With all insurance policies, there are some limitations so be sure to read the policy for things that aren't covered.

​Whole Life Insurance

​SBLI also offers a whole life insurance policy that builds cash value at an affordable rate.

​They recommend mixing whole life with your term life needs for the best result.

​SBLI Life Insurance Products

​SBLI ​primairly focuses on their SBLI Term Life product which we detail below:

​SBLI Level Term Life ​Insurance

​The Term Life Answers product has very competitive underwriting for a range of health conditions.

​It offers coverage for people between the ages of 18 to 80 and up to $1,000,000+ ​in life insurance.

They have 10, 15, 20, 25, and 30 year term options available

A wide selection of riders available to personalize your coverage and high limits for accelerated death benefit for terminal illness

If you are between the ages of 18 and 60 and need $500,000 in life insurance or less you qualify for the Accelerated Underwriting that won't require an exam.

You can also convert this policy into a whole life policy by following the below guidelines:

​The policy is convertible until the earlier of the end of the term or to age 70.

Some of the optional riders available are:

Child Protection Rider - This rider will cover all eligible children between the ages of 15 days and 23 years old. Available coverage up to $25,000.

Waiver Of Premium Rider - If you become totally disabled as a result of a qualifying event, premiums are waived​ for a fixed period of time.

Accelerated Death Benefit Rider - You can accelerate ​​a portion of the death benefit if you've been diagnosed with a qualifying terminal illness.

Unemployment Waiver of Premium Rider - If you become unemployed, you will not have to pay premiums for up to 6 months (after a ​4 week waiting period).

Accidental Death Benefit Rider - ​Provides payment up to two times the death benefit (maximum $250,000) if you die before age 70 and within 180 days of an accident.

​SBLI Life Rates & Comparisons

Just to give you an idea, below I wanted to compare ​SBLI life rates with some of the ​top 10 life insurance ​companies.

A 20 Year, 500,000 Term Policy for a 30 year old male in perfect health and a non-tobacco user, see the results below:


​Company Name


​Plan Name


$500,000 Quote

protective life logo


Classic Choice Term


$20.21/month

pacific life logo


​Pacific PROMISE Term   


$​20.84/month

lincoln financial logo


TermAccel


$21.00/month

aig logo


​Select-A-Term


$21.11/month

sbli logo


​Level Premium Term


$2​1.32/month

banner life logo


OPTerm


$21.44/month

mutual of omaha logo


Term Life Answers


$21.66/month

haven life logo large


Haven Term


$22.48/month

bestow life insurance logo


​Bestow No Exam Term


$26.25/month

​SBLI is in the top 5 of the most affordable life insurance rates and is also one of the best when it comes to customer service and customer accountability.

​It is probably worth the​ small difference in premium to choose ​SBLI because of ​their awesome customer service.

​SBLI & Legacy Shield

​SBLI has teamed up with Legacy Shield.

They are giving each policyholder a free ​account to ​the  Life's Mission Control® plan.

sbli legacy shield

​The Life’s Mission Control® is a highly-secure digital tool which can help you protect what’s most important to you and your loved ones.

​It has four unique features you can use​ such as: 

  • ​Store all of your documents, final wishes, family photos, videos, and more
  • ​Consolidate and view all of your financial accounts in one convenient dashboard
  • ​Estimate tax refunds and insurance and retirement needs
  • ​Create documents for your estate plan​ & Things Like your will & power of Attorney ​

An automated notification system will alert your family where they can find everything you’ve left for them in Life’s Mission Control.

How ​SBLI's Claims Process Works

​SBLI has also teamed up with Legacy Shield to assist with their claims filing process. 

​The entire process can be completed online.

sbli claims

​To initiate a Death Claim on a life insurance policy or annuity contract ​you can click here

If you need assistance filling out the form, please call ​their Customer Service Call Center at 1-800-694-7254.

​Are There Any Claim Exclusions

There are a few exclusions when paying out on a life insurance claim.

The exclusions include death from suicide (within the first 2 years of coverage), ​which is standard for almost all life insurance policies.

As always, please read the policy specifics when it arrives in the mail; however, those are some general exclusions which is industry standard for most policies.

​SBLI Availability & Policy Options

To qualify for ​a ​​SBLI ​life insurance policy, you must:

  • Be a U.S. citizen or Permanent Resident between the ages of  18 - 80
  • Looking For ​Term Options Of 10 - 30 Years
  • Need Between $100,000 to $1,000,000 in coverage
  • ​Need Less Than $500,000 If You​ No Exam Life Insurance Coverage
  • ​SBLI is ​available in all states except NY

​How To Take Action

No other ​​SBLI Life Insurance Reviews are as long as mine; however, I wanted to make sure that I gave as much detail as possible.

​There is no reason to wait when buying life insurance,  I say give the 30-day free look period a shot.

​SBLI has made it easy to apply for life insurance, you will either be approved without an exam or with an exam, it is all dependent on your insurance needs.

Just click on the link below to get started.

Thanks For Reading My Review... Before You Go!

What did you think of my review?  Did I miss anything?

Summary
Review Date
Reviewed Item
SBLI Life Insurance
Author Rating
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Sa El is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 11 years of experience in the industry. He is an Entrepreneur, Insurance Educator and Field Underwriter. Sa is on a Journey to get 1 Million Families insured.

All posts by Mark Mathon

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