Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.
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At a glance
3.7
Rating: 3.7 stars out of 5
Bankrate Score
Score breakdown
Life
Rating: 3.7 stars out of 5
3.7
Cost & ratings
Rating: 3.4 stars out of 5
3.4
Coverage
Rating: 4 stars out of 5
4.0
Support
Rating: 3.5 stars out of 5
3.5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Individuals seeking a diverse range of life insurance policies, available in nearly every state, may find SBLI to be a suitable option. SBLI provides an array of riders to tailor a policy to specific life insurance requirements and financial goals. However, keep in mind that it lacks local agents and a mobile application.
SBLI holds an A (Excellent) rating from AM Best, indicating a solid ability to meet its financial obligations.
Offers a streamlined application process for its Simple Term Life Insurance, allowing eligible applicants to skip medical exams and get same-day coverage.
Has improved its NAIC complaint index score over the past 3 years.
Provides a free subscription to LegacyShield with its policies, helping policyholders organize important documents and create a digital legacy for loved ones.
New
What’s New with SBLI?
On May 16, 2024, SBLI launched a pilot program in partnership with GRAIL, LLC to offer the groundbreaking Galleri multi-cancer early detection test to select Bank-Owned Life Insurance (BOLI) policyholders. The Galleri test uses a simple blood draw to screen for multiple deadly cancers before symptoms appear, aligning with SBLI’s mission to support health and longevity through innovation.
“GRAIL’s work in early cancer detection is a perfect match for SBLI’s commitment to the well-being of our policyholders,” said Jim Morgan, SBLI’s president and CEO. Initially available to select BOLI policyholders, this pilot program paves the way for potential future expansion across other SBLI products.
This collaboration highlights SBLI’s dedication to leveraging cutting-edge medical advancements to enhance the lives of its customers.
SBLI life insurance
In the vast landscape of life insurance, Savings Bank Life Insurance Company (SBLI) stands out with offerings that are notably comprehensive compared to other companies. Bankrate’s SBLI Insurance review finds that the insurer has consistently adapted to the evolving needs of the market. Founded in 1907 by Supreme Court Justice Louis Brandeis, SBLI now showcases a versatile array of products such as term life, whole life and final expense insurance.
To ensure tailored protection, SBLI provides an array of riders allowing policyholders to finetune their coverage. A highlight of SBLI’s offerings is its accelerated underwriting, available for individuals aged 18 to 50, offering up to $1,000,000 in coverage — with either a phone interview or medical exam — and an application decision within minutes.
Term: SBLI offers two types of term life insurance to suit different preferences and needs: SBLI Simple Term Life Insurance and SBLI Term Life Insurance. Both options provide financial protection for a specific period, but their features differ based on how much coverage you need and how quickly you want to secure it.
SBLI Simple Term Life: This option is designed for those who value convenience and speed. If you're between 18 and 55 years old, in good health, and looking for coverage up to $1 million, SBLI Simple Term allows you to apply online and get coverage the same day. There’s no medical exam required — just a quick series of questions. Policies are available in 10, 15 and 20-year term lengths, with guaranteed level premiums for the entire term.
SBLI Term Life: For those seeking higher coverage amounts or longer-term flexibility, SBLI’s traditional Term Life Insurance might be the better choice. Available to applicants aged 18 to 74, this policy offers term lengths of 10, 15, 20, 25 or 30 years, with coverage ranging from $100,000 to $5 million. Additionally, SBLI Term Life policies come with guaranteed rates for the duration of the term and the option to convert to permanent coverage without additional underwriting.
Permanent: Permanent life insurance, unlike term coverage, is designed to stay in place for your entire life as long as premiums are paid. Permanent insurance may be a better option for shoppers over the age of 50 who want coverage for the rest of their lives. SBLI offers whole life insurance:
Whole: SBLI provides a whole life insurance policy that ensures lifelong protection and the opportunity to build a cash value over time. This policy stands out with its guaranteed death benefit, unchanging premiums and the ability to borrow against its growing cash value, especially beneficial for those who've maximized their retirement savings. While the premiums might be steeper than term life, pairing it with term insurance offers protection tailored to different life phases. The coverage also boasts features like a tax-free death benefit and various payment schedules.
If you’re unsure which of these policies might be best for you, it may be wise to contact SBLI directly. If you’re in the process of figuring out how much life insurance you need, you may want to talk to a licensed life insurance agent, financial advisor or use an online life insurance calculator to offer guidance for your unique situation.
Pros and cons of SBLI life insurance
When evaluating SBLI for your life insurance needs, it’s helpful to weigh its strengths and potential limitations. Here’s a quick breakdown to help you decide if SBLI is the right fit for you:
Pros
Wide range of coverage options offered
Innovative digital platform
Numerous riders available
Cons
No universal life insurance options
No local agents
No mobile app
SBLI life insurance riders
The best life insurance companies offer endorsements, also called riders, to help you personalize your coverage to your unique needs. While riders can be helpful, keep in mind that the extra coverage will likely increase the cost of your life insurance. Those looking for the cheapest life insurance may not appreciate the added premium, but riders can add valuable coverage to your policy.
SBLI lists 10 riders, but the options available to you will depend on what policy type you choose and your eligibility. Some of SBLI’s riders include:
Accelerated death benefit: This option is included on all SBLI life insurance products at no added cost and allows you to access up to $250,000 of your death benefit if you have been diagnosed with a terminal illness (defined as likely to cause death within 12 months). This option may help you pay for unexpected medical bills as a result of your diagnosis, but it will lower the death benefit amount that your beneficiary receives.
Cash-out term: Available only on SBLI whole life insurance, this option tacks on a 30-year term policy to your coverage. If you choose, you can surrender the term rider portion of your policy for a partial or full refund of your rider premium, depending on the timing of the surrender.
Single-pay paid-up additions: Those with SBLI whole life might opt for this endorsement, which allows you to bolster your cash value or death benefit with a single lump sum payment.
Waiver of premium: This option is available on whole and term life products from SBLI and allows you to forgo your premium payment if you become totally disabled and can’t work.
SBLI customer satisfaction
Third-party ratings can be instrumental in gauging an insurance carrier's reliability and performance. These ratings, issued by independent agencies, offer insights into a company's financial stability and customer satisfaction. For SBLI, AM Best awarded it an A (Excellent), signifying a history of strong financial health. On the other hand, J.D. Power, which assesses customer satisfaction based on diverse parameters, has not scored SBLI in its 2024 U.S. Individual Life Insurance Study.
SBLI life insurance customer complaints
The National Association of Insurance Commissioners (NAIC) plays a crucial role in assessing and documenting customer complaints against insurance companies. Its complaint index provides a standardized measure to gauge the number of complaints a company receives relative to its size. The industry baseline for this index is set at 1.00. An index below this baseline indicates that the company has received fewer complaints than typical for its size, while a score above the baseline suggests the opposite. It's also noteworthy that NAIC differentiates complaint indexes based on product type, allowing for a more precise comparison across the insurance landscape.
In the context of SBLI, the company didn’t receive any complaints in 2023 and has been trending towards that mark since 2021.
NAIC Complaint Index life insurance product
Line chart with 3 data points.
The chart has 1 X axis displaying Year. Data ranges from 2021-01-01 00:00:00 to 2023-01-01 00:00:00.
The chart has 1 Y axis displaying Score. Data ranges from 0 to 0.79.
End of interactive chart.
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This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
To know if an SBLI life insurance policy is the right choice for you, it’s wise to compare life insurance quotes and coverage from multiple providers. Consider these options below:
SBLI vs. State Farm
State Farm won the Bankrate Award for Best Term Life Insurance company in 2022, 2023 and 2024 based on its exceptional customer satisfaction score and top AM Best score. The company also won the 2024 Bankrate Award for Best Universal Life Insurance, so if you’re trying to decide which type of life insurance product is right for you, you may want to consider State Farm as well as SBLI.
MassMutual won the Bankrate Award for Best Whole Life Insurance in 2022, 2023 and 2024 thanks to its network of local agents, “Superior” AM Best score and high coverage capacity. MassMutual may be beneficial for those looking for life insurance over the age of 50, as it offers resources for those planning for elder care and retirement.
SBLI does not offer universal life (UL) insurance, so you’ll have to look elsewhere if you want a UL policy. If you’re interested in UL, Nationwide may be a good option to consider. Nationwide offers two types of indexed universal life insurance: the Accumulator II 2020 and the Protector II 2020, although its offerings in New York are slightly different.
The insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers the information they need to make educated decisions when shopping for a policy.
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Is SBLI a good insurance company?
SBLI distinguishes itself as a life insurance provider focused on the interests of its policyholders, thanks to its unique ownership structure prioritizing long-term customer benefits over short-term shareholder profits. Those seeking policies with diverse rider options may find SBLI appealing, especially with the added advantage of the LegacyShield tool for end-of-life planning.
However, it's worth noting that SBLI does not offer universal life insurance, lacks local agent representation and doesn't feature a dedicated mobile app. These aspects may make it less appealing for those desiring an extensive digital interface or certain insurance products.
What are real-life customers saying about SBLI?
Hearing directly from customers can be invaluable when deciding on a life insurance provider. We reviewed feedback from Trustpilot, where SBLI policyholders share their experiences. From smooth claims processes to frustrations with delays, these reviews offer insights into what you might expect as an SBLI customer. Below are real quotes from policyholders, highlighting the highs and occasional challenges of working with SBLI.
Trustpilot user 1*
Nov 7, 2024
Frustrating delays during a difficult time
My brother passed away, and I filed a Withdrawal request, sent registered mail, called several times and was told they had all data, and would be 7-10 working days, Today I called and CSR said claim was not processed yet. Its been over 15 business days. I asked why, they said they were backed up, I asked how long are they backed up, complete silence, and said he didn't know. No apology or useful information. Just I don't know, I hung up because I was upset, hard enough dealing with a death claim without being treated disrespectfully.
My husband passed on March of this year, and we had life insurance for him through SBLI. The claim process all went very smoothly in my time of need. That's why I sought to get a quote from SBLI when I was considering a policy as an inheritance blessing for my family. My only disappointment was that you did not offer a 20 yr. policy as I feel 15 yr. is too short of a term in my case as a healthy woman. Your premium was lower than a well known competitor's policy premium for the same 15 yr. term and amount of coverage.
I thought the application process could have been easier. Was told no exam would be necessary. With all I had to go through to get all my medical records I would have rather just had an exam. I am in good shape, take no medications, workout, low BMI, never smoked, yet it took forever with multiple request to get everything in order.
Very happy. I’m 45 I obtained a $500,000 policy. SBLI made this pretty easy. I only had one snag in the process. When my medical records were obtained I had a pending procedure that was rescheduled. SBLI contacted me asked me the reason for the procedure. I explained it was routine and scheduled because I just turned 45. The next day SBLI issued my policy ! Great experience and it’s amazing knowing my kids have security if something happens to me.
*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.
SBLI company details
Here are a few ways to get in contact with SBLI and acquire information:
SBLI offers life insurance policies in all states (with the exception of New York) and Washington, D.C. Policy offerings will vary by state, so make sure you check with an SBLI agent.
SBLI tools and benefits
SBLI offers a unique digital platform called LegacyShield, which allows policyholders to consolidate financial accounts onto one dashboard, store documents, share final wishes and compile family photos all in one place. If you’re looking for an organization system for these items, LegacyShield may be worth your consideration. LegacyShield might be helpful for policyholders who want to manage end-of-life concerns such as final wishes, important documents, family photos and videos. Here are a few more standout features, perks and tools they offer:
Coverage calculator: This tool assists potential policyholders in estimating the amount of life insurance coverage they might need, based on their individual financial situation and future goals.
Affordability calculator: If you’re trying to find life insurance that fits your budget, SBLI has an affordability calculator that allows you to find term policies based on price. All you need to enter is your age, gender, monthly budget and whether or not you use nicotine products.
Quick quote tool: Ideal for those wanting a swift estimate, this tool provides an instant life insurance quote based on a few key parameters.
Online claim tool: Simplifying the claims process, this digital tool facilitates a seamless and prompt claim submission experience for policyholders.
No-exam policies: The company offers some term life policies without medical exams.
Customer hub: Think of the hub as your central place to interact with SBLI. You can make payments, download forms, submit claims, refer friends or family, submit a TrustPilot review, get customer support and find the company’s social media accounts.
Frequently asked questions about SBLI
SBLI's commitment extends beyond their insurance services, emphasizing corporate sustainability and a positive impact on society. Through the SBLI Charitable Foundation, it donated to various non-profit organizations, working towards important causes. Among the notable recipients are The Jimmy Fund, American Diabetes Association, National Brain Tumor Society, American Heart Association, National Breast Cancer Foundation and the National Multiple Sclerosis Society. This foundation's efforts underscore SBLI's dedication to fostering a healthier and more supportive community beyond its business realm.
Your beneficiary has several options for filing a claim with SBLI after the death of a policyholder. SBLI recommends submitting a claim online, which only takes around 10 minutes. Once you complete the form and submitting the necessary paperwork, it typically takes SBLI 7-10 business days to process the claim. If you prefer, you can submit a claim on the phone by calling 1-800-694-7254 and speaking to an SBLI representative. The company also allows you to request and submit a claim form by mail, although this option takes longer to process.
To submit a claim, you’ll need to provide the following information:
Your contact information (name, email address, phone number)
Beneficiary information (name, date of birth, date of death, Social Security Number, address)
Information about the insured (policy number)
Death certificate (note that you don’t have to have the certificate to submit the claim, but you must have it to complete the claims process
SBLI is a mutual insurance company, meaning it is owned by its policyholders rather than shareholders or external investors. As a result, the company is not publicly traded and is immune to the pressures of stock market volatility. This structure enables SBLI to prioritize its policyholders' best interests over shareholder profits, ensuring a long-term vision that emphasizes keeping policy costs low and prioritizing total customer happiness above all else. This contrasts with companies that might focus on raising stock prices and distributing dividends to shareholders.
At Bankrate, we strive to provide in-depth reviews of a wide range of insurance companies to help consumers make informed decisions. However, assigning a Bankrate Score isn’t always possible for every insurer. Life insurance, in particular, is a complex and highly individualized product — rates vary significantly based on personal factors such as health, age and lifestyle. This variability makes it difficult to apply a consistent rating system across all providers.
Additionally, different life insurers underwrite policies in unique ways, further complicating the process of determining affordability or value at a universal level. For this reason, some companies, including SBLI, may not have a Bankrate Score. We encourage consumers to focus on their individual needs and compare policy options to determine the best fit for their specific circumstances.
Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU — the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict
editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Insurance Disclosure
This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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