SBLI life insurance review 2022
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At a glance
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- Wide range of coverage options offered, including no-exam term life policies
- Innovative digital platform allows policyholders to manage money, store important documents and plan for the future all in one online location
- Operates as a mutual company, which means policyholders own the company
- No universal life insurance options
- No local agents
- No mobile app
Savings Bank Life Insurance Company, better known as SBLI, was founded in 1907 by Supreme Court Justice Louis Brandeis. SBLI’s life insurance offerings remain competitive in the life insurance marketplace. The company offers term life, whole life and final expense insurance, plus a wide range of riders to help policyholders personalize their coverage. The company also offers accelerated underwriting for shoppers between ages 18 and 60 for up to $750,000 of no-exam life insurance coverage.
SBLI life insurance is unique in a few ways. It is a mutual company, which means it is owned by its policyholders. For this reason, the company’s website indicates it isn’t beholden to shareholder interest and puts its policyholders first. SBLI also offers LegacyShield, an innovative tool that allows policyholders to manage end-of-life concerns such as final wishes, important documents, family photos and videos. The platform also allows users to consolidate all financial accounts into one dashboard.
SBLI life insurance coverage types
SBLI offers a few different types of life insurance policies, including term life, whole life, final expense insurance and a no-exam policy. The company also offers the following riders to help you personalize your coverage:
- Accelerated death benefit rider
- Children’s level term rider
- Accidental death benefit rider
- Waiver of premium rider
- Guaranteed purchase option rider
- Single-pay paid-up additions rider
- Term rider
- Cash-out term rider
- Child level term life insurance rider
- Value-added benefit rider
If you’re unsure which type of life insurance policy is right for you, consider the following aspects of the policy types offered by SBLI.
- Term: SBLI allows you to choose a term between 10 and 30 years, during which your policy is active. Shoppers who want coverage for a specific amount of time, such as when your children are young or while your mortgage is in effect, may benefit from term life coverage. For the budget-conscious, term life insurance is typically much cheaper than permanent life insurance. SBLI offers four riders that can be applied to term policies and a no-exam term policy option.
- Permanent: In regards to permanent policies, SBLI only offers whole life insurance. Whole life insurance is a form of permanent life insurance that remains active for the policyholder’s whole life (as long as they pay premiums) and comes with a cash value account that accumulates interest or returns over time. SBLI offers eight riders that are available with whole life insurance policies, including endorsements for children’s life insurance.
- Guaranteed: The company’s final expense insurance policy is a type of guaranteed whole life policy that does not require a medical exam. It provides a small amount of coverage designed to cover end-of-life expenses.
If you’re unsure which of these policies might be best for you, it may be wise to consult a life insurance guide. If you’re in the process of figuring out how much life insurance you need, you may want to talk to a licensed independent insurance agent or use an online life insurance calculator to offer guidance for your unique situation.
SBLI life services
SBLI offers a unique digital platform called LegacyShield Life’s Mission Control, 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, Life’s Mission Control may be worth your consideration.
Other SBLI perks worth considering
The following perks stand out as some of SBLI’s most competitive benefits.
- LegacyShield Life’s Mission Control: This tool allows policyholders to manage their documents, finances and final wishes all in one place.
- Accelerated underwriting: SBLI offers fast underwriting to everyone age 60 and under with no medical exam. Customers only have to complete a phone interview and answer basic health questions.
- No-exam policies: The company offers term life policies without medical exams.
- Multiple policy riders: SBLI offers 10 policy riders available to help policyholders personalize their coverage.
SBLI life insurance customer and claims satisfaction
SBLI received financial strength ratings of A (Excellent) from AM Best and A- (Stable) from Standard & Poors (S&P). The company is unrated in the J.D. Power 2021 U.S. Individual Life Insurance Study, but received few complaints, according to the National Association of Insurance Commissioners (NAIC), which suggests an overall positive customer experience.
SBLI corporate sustainability
Our SBLI life insurance review also took a look at the company’s corporate social responsibility initiatives. SBLI operates the SBLI Charitable Foundation, which donates money to organizations such as The Jimmy Fund, American Diabetes Association, National Brain Tumor Society, American Heart Association, National Breast Cancer Foundation and National Multiple Sclerosis Society.
Not sure if SBLI is right for you? Consider these alternatives
If an SBLI life insurance policy isn’t the right choice for you, it may be wise to compare life insurance quotes from one or more of the following providers, which were each recognized as some of the best life insurance companies in our 2022 Bankrate Awards for Life Insurance.
- State Farm: State Farm won the Bankrate Award for best term life insurance company, based on its exceptional customer satisfaction score and top AM Best score. If you’re looking for a more highly-rated insurance company, you may want to check out State Farm.
- MassMutual: MassMutual won the Bankrate Award for best whole life insurance, thanks to its use 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.
- Nationwide: SBLI does not offer universal life insurance. If you’re interested in universal life, Nationwide may be a good option to consider, as it won the award for best universal life insurer in the 2022 Bankrate Awards.