SBLI life insurance, which stands for Simply Better Life Insurance, was founded in 1907. The company is headquartered in Massachusetts and sells life insurance products in almost every state across the country. In addition to standard life insurance policies, like term life and whole life, SBLI offers an impressive list of riders for personalized coverage. You can also get a life insurance quote and file claims online.
- Date established: 1907
- Insurance products offered: term life, whole life and final expense
- AM Best financial strength rating: A (Excellent)
- NAIC complaint index code: .22 (fewer complaints than average)
- Availability: 49 states and Washington, D.C.
|Wide variety of insurance products||No 24/7 customer service|
|Long list of optional riders||No mobile app|
|Accelerated underwriting option||No universal or variable life policies|
|Online quotes available for term life|
|Online claim support|
SBLI life insurance coverage types
SBLI offers a variety of life insurance policies, whether you need a permanent policy or short-term coverage. There is also a final expense policy, which offers guaranteed life insurance coverage for most applicants. However, the company does not sell any universal or variable life insurance policies.
In addition, you have the option to add riders to your SBLI life insurance policy to fill gaps in coverage and get additional financial protection in specific situations. Examples of available riders include a value-added benefit rider, accelerated death benefit rider, cash-out term rider, child level term life rider, waiver of premium rider and several others.
Here are the types of life insurance you can buy through SBLI:
- Term: Term life insurance offers short-term coverage for a specific number of years, typically between five and 30 years. It has a guaranteed death benefit and level premium. Term life coverage can be a good option for healthy individuals and families who want low-cost coverage. Policies with less than $750,000 in coverage do not require a medical exam if you are between the ages of 18 and 60. SBLI offers two types of term life insurance: a traditional policy and SmartTerm 360, which provides more flexible coverage during every stage of life and can be up to 50% cheaper than regular term life coverage.
- Permanent: SBLI sells whole life insurance, which is the only type of permanent life insurance available. It provides financial protection for your entire lifetime and never expires as long as you continue paying the premium. SBLI’s whole life policies have level premiums, a guaranteed death benefit and cash value that can be borrowed. Whole life insurance is a good solution for people who need a higher amount of coverage and want the peace of mind of knowing that they are protected for life.
- Final expense insurance: SBLI offers final expense insurance through its Cherish Life policies, which offers guaranteed acceptance and helps pay for final medical bills, funeral costs and other end-of-life expenses. This policy may be ideal for older adults with pre-existing health complications that can make it more difficult to get life insurance with a medical exam. You can get coverage between $2,000 and $35,000, with level premiums and a guaranteed death benefit. Every Cherish Life final expense policy includes a free lifetime membership to LegacyShield’s Life’s Mission Control, which is a digital tool that helps you organize estate planning and retirement information.
SBLI life insurance customer and claims satisfaction
According to third-party financial strength ratings, SBLI is financially sound. AM Best gives SBLI an A (Excellent) rating, which means this insurer has historically been able to repay policyholders after a covered claim. It also indicates that the company is not likely to go out of business or declare bankruptcy, which could complicate the claim process.
Although SBLI has a nationwide presence, the company is not rated by J.D. Power, one of the largest independent rating organizations. SBLI also has a low number of company complaints, per the National Association of Insurance Commissioners (NAIC). The company’s NAIC Complaint Index score is .22, which is considerably less than the national baseline of 1.0.
There are not many third-party SBLI life insurance reviews online, but the company does publish TrustPilot reviews on its website, most of which are positive. If you are purchasing life insurance for the first time, SBLI offers some helpful resources online, including a coverage calculator to help you determine how much life insurance you need.
Other insurance products
While some life insurance companies offer products besides life insurance, SBLI exclusively sells life insurance. You cannot purchase any other type of coverage from this company, including retirement products, like annuities. Life insurance from SBLI is available in every state except New York.