Policy shoppers who are looking for an insurer with an accelerated underwriting process may be considering SBLI life insurance. This established life insurance carrier offers consumers a broad selection of plans, competitive rates for many age groups and a responsive customer service experience. In this article, you'll learn about this major industry player and see what policy options are available to customers.
What Does SBLI Stand For?
As it relates to life insurance, SBLI stands for Savings Bank Life Insurance, which is a company that offers a variety of insurance policies and annuities for adults and children. This acronym may also represent other companies or phrases, depending on the context.
Who Owns SBLI?
Until July of 2017, SBLI was a stock insurance company. As such, it was owned by 30 banks, which served as shareholders. In July of 2017, the company became a mutual insurance company owned by SBLI policyholders and annuity contract holders. The company’s new name became The Savings Bank Mutual Life Insurance Company of Massachusetts.
What Products Does SBLI Offer?
SBLI, which is currently known as The Savings Bank Mutual Life Insurance Company of Massachusetts, offers a variety of life insurance products and annuities for commercial consumers. Offerings include, but are not limited to, the following:
- Whole life insurance: Whole life plans are permanent policies that offer lifelong protection and accrue a cash value, which can be used for unexpected expenses while you’re alive.
- Term life insurance: This type of policy provides coverage for a predefined time period. It can be converted to a whole or universal policy at your discretion.
- Final expense life insurance: This policy is intended to cover the cost of funerals, burials and related expenses. It may also be used to pay off medical bills, credit cards or other outstanding expenses.
- SmartTerm 360: This unique offering includes a group of term policies that can be arranged to suit an individual’s evolving coverage needs. It’s designed to minimize the excess costs that can come with overinsurance.
In addition to its policy options, SBLI also offers the following riders, which can be added on to plans to provide additional benefits:
- Accelerated death benefit rider: All SBLI life insurance plans include this rider at no extra cost. This add-on pays out benefits if the insured is diagnosed with a terminal illness.
- Accidental death benefit rider: This rider provides an additional payout if the insured dies as the result of an accident.
- Children’s level term rider: When added to a policy, this rider provides coverage for your natural or legally adopted children. It may be converted to a permanent policy at any time.
- Guaranteed purchase option rider: This add-on lets you buy additional coverage at predetermined times, such as birthdays and life milestones, without the need to undergo additional medical exams.
- Waiver of premium rider: If the insured becomes disabled and unable to work, this rider waives policy premiums so the plan won’t lapse.
- Term riders: An assortment of term riders may also be purchased to add additional coverage for a period of time ranging between 10 and 30 years.
Additional riders may be available, and it’s important to note that not all riders can be added to all plans. You should consult a company representative for details and guidelines governing SBLI products.
What Benefits Does SBLI Offer Customers?
SBLI is typically known as a provider of low-cost life insurance, but the company offers several other major benefits to customers:
SBLI is known in the industry for its accelerated underwriting process. Their streamlined process is available to customers under the age of 60 for whole and term life insurance plans with coverage up to $750,000.
For these applicants, applications can be started online, the interview may be conducted over the phone and the approval process doesn't involve a medical examination. Policy decisions may be made in as little as a week.
The company also uses iPipeline's iGO Drop Ticket to simplify the underwriting process for more than 250 participating independent agents and distributors.
SBLI policyholders also have access to LegacyShield’s Life’s Mission Control. This subscription-based digital tool provides SBLI customers with a dashboard that serves a multitude of purposes, including the following:
- Financial account consolidation
- Estate-planning document creation
- Tax refund estimations
- Document and photo storage
- Calculation of insurance and retirement needs
Is SBLI Life Insurance Reputable?
When it comes to financial services providers such as life insurance carriers, a company’s reputation is based on a number of factors, including years in the industry, financial stability, customer service and ethics. Reputation is also closely linked to ratings from several major industry foundations:
SBLI: An Overview
SBLI’s founder, Supreme Court Justice Louis Brandeis, created the company to make life insurance accessible and affordable for everyone who needs it. The company has been in business since 1907, and it's currently licensed to provide life insurance in 49 states and Washington, D.C.
SBLI: Industry Ratings
Industry ratings for SBLI life insurance are as follows:
- The company has been accredited through the Better Business Bureau since 2007 and has an A+ rating.
- M. Best has given SBLI a financial strength rating of A (excellent) and has noted the company's outlook as stable.
- SBLI’s rating from Standard & Poor’s is A-/stable. S&P notes that the company has a moderately low risk exposure.
How Can I Choose the Right Insurance Company?
Choosing the right insurance company is an important aspect of purchasing a policy. Although you should always make sure to go with a company that’s financially stable, several other factors may influence your choice of a carrier:
- The type of insurance policy being purchased
- Your age
- Underlying health conditions
Ultimately, no one company is suitable for everyone's needs, and a reputable financial advisor or estate planner can help you find a life insurance provider that's a good match for the needs of you and your family.