SBLI life insurance review 2024
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At a glance
Bankrate's take
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
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.
Diving deeper, SBLI offers a few different types of life insurance policies:
- 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.
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Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
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Compare SBLI with other insurers
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.
Learn more: State Farm Insurance review
SBLI vs. MassMutual
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.
Learn more: MassMutual Life Insurance review
SBLI vs. Nationwide
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.
Learn more: Nationwide Insurance review
Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth SBLI insurance review.
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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.
*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:
- Customer service and claims: 1-800-694-7254
- Company website: https://www.sbli.com/
- Email assistance: customerservice@sbli.com
- Payments: P.O. Box 55249 Boston, MA 02205-5249
State availability
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
