The Savings Bank Mutual Life Insurance Company of Massachusetts, commonly known as SBLI, is a reputable insurer with over 100 years of experience. They currently offer a small selection of term and whole life insurance at affordable rates.
Interestingly, no traditional SBLI final expense policy is available. Instead, they offer extensive customization on their whole life plan to make it function more like a standard burial plan.
Call Final Expense Benefits at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. if you’re interested in a Savings Bank Life Insurance Company plan. Be sure to check our free online quoting tool for personalized estimates.
Savings Bank Mutual Life Insurance Company of Massachusetts History
The Savings Bank Mutual Life Insurance Company of Massachusetts was founded by Louis Brandeis, a lawyer and former Supreme Court Justice who championed social rights for the working class. Dubbed the “people’s lawyer”, Brandeis was fed up with the state of life insurance at the turn of the century.
In the late 1800s and early 1900s, insurers often only provided life insurance for the wealthy. Every day workers would scrape together funds for life insurance, only to see insurers cancel their policy prematurely.
This tactic went unchecked for decades, bringing a lot of money to unethical insurers.
Outraged by this underhanded tactic, Brandeis founded the Savings Bank Life Insurance Company in 1907 with the goal of making insurance more reliable, accessible, and affordable for everyone.
In 2017, SBLI converted from a stock insurance company owned by shareholder banks to a mutual insurance company owned by its policyholders. To reflect this change, they added “Mutual” to the name, and after 110 years of business, the Savings Bank Mutual Life Insurance Company of Massachusetts reached its current form.
SBLI Life Insurance Coverage Options
Savings Bank Life Insurance offers a limited selection of low-cost insurance options: two similar term life policies and a whole life policy.
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SBLI Term Life Insurance
Customers can pick between two similar SBLI term life insurance policies: traditional term life and simplified term life. The major difference is processing speed: the simplified plan offers same-day coverage, with a quick application process that doesn’t require a medical exam.
As a result, the simplified term plan is only available to applicants aged 18-55 who are in good health seeking $1 million or less in coverage.
These policies are available in 10, 15, and 20 year terms. Important to note: applicants aged 51-55 can only purchase coverage up to $500,000, while those aged 18-50 can get up to $1 million of coverage.
The traditional SBLI term life insurance plan is available for applicants 18 to 74 years old. Benefits range from $100,000 to $10 million in 10, 15, 20, 25, and 30 year terms. Policies over $1 million usually require applicants to undergo a medical exam.
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SBLI Whole Life Insurance
No SBLI final expense plan is available; instead, they offer a whole life plan available to seniors. Like any whole life plan, it provides growing cash value, fixed premiums across its lifetime, and guaranteed protection, as long as premiums are paid.
Their whole life plan is competitive with other final expense products. Here are sample rates for a non-smoking applicant with no preexisting conditions for a $10,000 whole life policy:
| Gender | 50 y/o | 60 y/o | 70 y/o | 80 y/o |
|---|---|---|---|---|
|
Male |
$34 |
$45 |
$79 |
$147 |
|
Female |
$29 |
$35 |
$59 |
$104 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
If you’re interested in a customizable Savings Bank Life Insurance plan, call Final Expense Benefits at (866) 786-0725 to learn more.
Other SBLI Life Insurance Benefits
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Extensive Life Insurance Riders
Life insurance riders are a great way to tailor your coverage to perfectly suit your needs. Savings Bank Life Insurance offers an extensive list of riders, some included at no additional cost. Their riders include:
- Accelerated Death Benefit Rider
Included in all Savings Bank Life Insurance policies at no extra cost, this rider pays up to 50% of the death benefit if you are diagnosed with a terminal illness with death expected within 12 months.
- Guaranteed Purchase Option Rider
Lets policyholders purchase additional coverage after reaching certain ages or life events to expand coverage over time. With this rider, you can get additional coverage without needing a new medical exam, health inquiry, or new policy. It’s available on SBLI whole life insurance policies.
- Children’s Level Term Rider
Offers coverage for the policyholder’s biological and adopted children between the ages of 15 days and 23 years. This rider is available with whole life and term life insurance policies. - Single-Pay Paid-Up Additions Rider
Available with whole life and term life insurance policies, this rider increases the death benefit and cash value with a single additional up-front payment when the policy is issued.
- Waiver of Premium Rider
Available with whole life and term life plans, this rider waives the responsibility to pay premiums if you become totally and permanently disabled.
- Accidental Death Benefit Rider
This rider pays an additional amount if the policyholder dies within 180 days of an accident and is available with all SBLI term life insurance and whole life products. - Guaranteed Level Premium Term Rider
This rider enhances SBLI whole life insurance plans with additional term coverage for up to 30 years. It’s available only with whole life plans.
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LegacyShield Tool
LegacyShield is an application partnered with Savings Bank Life Insurance to provide digital estate planning services. It’s included at no extra cost to all SBLI whole life insurance and term life insurance plans. Policyholders can use LegacyShield to store documents, final wishes, photos, and videos in a secure digital vault.
From there, you can view your connected financial accounts and life insurance policies on their online dashboard. Also included is Estate Guru, which policyholders can use to create and verify estate plan documents including a will, trust, power of attorney, and advance directive.
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Accelerated Underwriting
Medical exams, questionnaires, and complex underwriting can slow down application processes. Savings Bank Life Insurance offers an accelerated underwriting process for healthy applicants ages 18-50 seeking $1 million or less in term or whole life coverage.
SBLI Pros & Cons
Pros
- Many policies don’t require a medical exam
Offering accelerated approval and simple underwriting processes means that several Savings Bank Life Insurance plans don’t require a medical exam.
Customizable policies
Their extensive rider list allows you to tailor your Savings Bank Mutual Life Insurance coverage to your needs.
- Competitive rates
Rates for SBLI term life insurance and whole life insurance are competitive with our top-rated providers and include significant upside and customization.
- Available in almost all states
SBLI whole life insurance and term life insurance are available in the District of Columbia and all US states except New York.
- Online payment
The Savings Bank Life Insurance website hosts a secure, simple, easy-to-follow online payment process.
- Excellent customer service
SBLI customer service is among the best in the life insurance industry, with consistently high ratings from customers and third-party reviews.
Cons
- Few life insurance options
Savings Bank Life Insurance only offers two similar term life plans and one whole life plan, with no specialized burial insurance plan.
- No coverage extended to those with health issues
Seniors with medical concerns like cancer, COPD, or other serious preexisting conditions may have trouble finding coverage with Savings Bank Mutual Life Insurance. They offer no modified plan, guaranteed-acceptance plan, or other policies geared towards seniors with health concerns.
Savings Bank Life Insurance Reviews: Third-Party Rating Services
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SBLI AM Best Rating
AM Best is a third-party agency that assesses insurance companies’ credit and ability to fulfill financial obligations. Savings Bank Mutual Life Insurance Co. currently is rated A-.
This high AM Best rating indicates they believe Savings Bank Life Insurance Co. has a strong financial basis.
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NAIC Rating
The National Association of Insurance Commissioners (NAIC) records complaints against life insurers on their yearly complaint index, with the overall goal of protecting consumers. Their rating scale ranges from 0 to 10. 1 is the average customer complaint rating; companies should aim to be rated below 1.
Savings Bank Life Insurance Co. has a complaint index rating of 0. This is the lowest possible rating, indicating no major complaints and that SBLI customer service has an exceptional ability to negotiate and resolve customer issues.
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BBB Rating
The Better Business Bureau (BBB) evaluates businesses’ trustworthiness by tracking customer complaints. They also offer complaint resolution services for customers and businesses. Based on complaints and resolutions, they rate companies from A+ to F.
The BBB grades Savings Bank Mutual Life Insurance at an A+ and they are accredited by the BBB. This signifies that BBB believes Savings Bank Life Insurance Co. exhibits superior ability to successfully resolve customer concerns.
Savings Bank Life Insurance Reviews: Customers
Jason R
New Smyrna Beach, FL
5/5
I’ve been in the life insurance business since 1991. I’ve written with nearly every company out there. SBLI is the best company I’ve ever done business with. I could give many reasons as to why. If you are an agent I would highly recommend SBLI. Get contracted and you’ll see exactly what I mean.
Laura G
Denton, TX
5/5
Good experience and good customer service. The process was quick and easy. I would suggest having less call-backs when a customer expresses interest as that daily (multiple times a day) call almost turned me off using SBLI.
Penny M
Roseville, MN
5/5
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.
Our Savings Bank Life Insurance Company of Massachusetts Review & Final Thoughts
Savings Bank Life Insurance offers excellent term and whole life coverage at competitive rates. They’re a great choice if you have specific needs for extra coverage or wish to customize your policy. In addition, SBLI customer service is rated among the best in the life insurance industry.
All these factors combined make SBLI life insurance an outstanding choice for anyone looking for simple, easy-to-get term or whole life coverage with customizable options and inexpensive rates.
Final Expense Benefits is here to help you understand your coverage needs and options and to help you develop a comprehensive life insurance plan. If you’re interested in a Savings Bank Life Insurance plan or want to see how their riders could affect your coverage, contact us today.
Call us at (866) 786-0725 with any life insurance questions. We also offer a free online quoting tool for personalized pricing estimates.
FAQ
Is SBLI life insurance legit?
The Savings Bank Life Insurance Company is a legitimate life insurance provider with over 100 years of service. They offer a small selection of quality term and whole life insurance products.
Is SBLI good life insurance?
Yes, Savings Bank Life Insurance is a great provider with outstanding rates. They offer exceptional customer service and customizable insurance options with a large catalog of optional insurance riders.
Can you get SBLI final expense insurance?
Unfortunately, there is no SBLI final expense insurance option. However, they provide a whole life insurance policy with rates comparable to many final expense competitors.
