SBLI Life Insurance Review

About SBLI

Savings Bank Life Insurance Company, commonly known as SBLI, has built a solid reputation since its establishment in 1907 by U.S. Supreme Court Justice Louis Brandeis. Unlike many providers driven by shareholders, SBLI operates with its policyholders in mind, emphasizing affordability and long-term customer value. Offering a variety of life insurance solutions — including term, whole, and final expense coverage — SBLI provides reliable options for individuals and families seeking financial security.

One of SBLI’s standout features is its accelerated underwriting program, offering swift application decisions and coverage of up to $1 million for eligible applicants. The company has kept pace with technological advancements, making its services more accessible and efficient for today’s consumers.

Life Insurance Options Available Through SBLI

Term Life Insurance

SBLI offers flexible term life insurance plans that last 10, 15, 20, 25, or 30 years. Coverage amounts range from $100,000 up to $5 million, with availability for individuals aged 18 to 75. For applicants between the ages of 18 and 50, SBLI provides accelerated underwriting on policies under $1 million, often bypassing the need for a medical exam.

The company also provides a no-exam term option — ideal for those seeking faster approvals. Individuals aged 18 to 50 can apply for up to $1 million in coverage, while those aged 51 to 55 may qualify for up to $500,000. These simplified policies are available for 10, 15, or 20-year terms.

Term plans can be extended to age 85 or converted into permanent policies, giving policyholders long-term flexibility as their needs evolve.

Whole Life Insurance

SBLI’s whole life coverage is designed to last a lifetime. These policies not only provide a guaranteed death benefit but also build cash value over time. Additionally, eligible policyholders might receive dividends depending on SBLI’s financial performance, which can be reinvested, withdrawn, or used to reduce premiums.

This policy is also eligible for accelerated underwriting for qualifying applicants. While the company doesn’t provide online quotes for whole life policies, prospective customers can call SBLI’s dedicated agents at 888-630-5000 for assistance and personalized quotes.

Final Expense Insurance (Cherish Life)

SBLI’s Cherish Life policy offers simplified coverage to assist with end-of-life costs. It is available to individuals aged 50 to 79 and provides $2,000 to $35,000 in coverage — ideal for funeral expenses, medical bills, or other final costs.

Applications can be completed online, and no medical exam is needed. With a fast decision-making process, this policy helps families quickly access funds during a difficult time, potentially avoiding high-interest loans or financial hardship.

Policy Enhancements and Optional Riders

To customize your policy, SBLI offers a variety of riders that enhance protection. These add-ons come at an additional cost but can significantly increase your policy’s value depending on your needs:

• Accelerated Death Benefit Rider: Grants early access to up to $250,000 in benefits if diagnosed with a terminal illness.
• Children’s Term Rider: Provides coverage for children between 15 days and 23 years of age, with conversion options available later.
• Accidental Death Benefit Rider: Offers an extra payout if the policyholder passes away due to an accident.
• Premium Rider Waiver: SBLI waives premium payments in case the policyholder suffers injuries leading to disability and cannot work.
• Guaranteed Purchase Option: Allows policyholders to increase their coverage at key life stages without another medical exam.
• Single-Pay Paid-Up Additions Rider: Enables a one-time cash contribution to increase both the death benefit and cash value.
• Level Term Rider: Locks in premium rates for the life of the policy, ensuring affordability over time.

Pricing

SBLI is recognized for offering some of the most affordable term life insurance rates in the market. Potential customers can obtain quotes for term and final expense insurance online. However, pricing for whole life coverage is only available through a direct phone consultation.

SBLI agents are available to discuss plan options and help match you with the right policy based on your health, budget, and coverage goals.

Filing a Life Insurance Claim with SBLI

SBLI has streamlined the claims process, making it easy for beneficiaries to report a death and initiate a claim. Here’s how to proceed:

• For General Claims: Call 1-800-694-7254 or visit the SBLI website to begin the process.
• For Final Expense Policies: Submit required documents, including a claim form and proof of death, to:

Cherish Life Claims
P.O. Box 4049
Woburn, MA 01888-9942
Email: claims@cherishlife.com

SBLI guarantees that final expense claims will be processed within two business days. If not, they’ll pay an additional $250 to the beneficiary.

LegacyShield: Added Value for Estate Planning

Every SBLI life insurance policy comes with LegacyShield, a digital vault designed to help families prepare for the future. This tool allows users to securely store documents like wills, medical directives, and financial information. LegacyShield also includes digital services for creating basic estate planning documents, adding even more value to your policy.

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Conclusion

SBLI stands out as a customer-focused insurer offering robust coverage options, competitive pricing, and valuable digital tools. With flexible term plans, lifetime whole life coverage, and accessible final expense options, it meets a broad range of financial protection needs.

The lack of a mobile app, absence of universal life insurance, and limited in-person agent availability might be drawbacks for some. However, SBLI remains an excellent choice for those who value simplicity, affordability, and a customer-first approach.