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SBLI Term Life Insurance Review

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If you’re looking for a straightforward term life insurance plan, SBLI term life insurance could be an excellent option. Through SBLI’s accelerated underwriting process, you may be able to skip the medical exam. You won’t have to schedule an exam or provide blood and urine samples.

We want to help make your life insurance shopping experience a bit less stressful by giving you a complete review of SBLI and their level premium term life insurance plan, so you have all the information you need to make an informed decision.

Quick Notes

  • SBLI offers affordable, no-nonsense term life insurance with coverage amounts up to $1,000,000 and a non-medical accelerated underwriting process for qualified applicants aged 18-50.
  • Founded in 1907, SBLI has a strong financial rating and a long history of providing reliable life insurance coverage to over 1,000,000 families.
  • SBLI term life insurance offers competitive rates, guaranteed level premiums, and convertibility to permanent life insurance, with available riders such as accelerated death benefit, accidental death benefit, children’s term benefit, and waiver of premium.
  • The application process is straightforward, with a telephone interview and possible medical exam depending on age and coverage amount. Approval decisions can often be made within one week for qualified applicants.
  • While SBLI may not be the cheapest or fastest option for term life insurance, their inclusive underwriting process, strong financial standing, and comprehensive coverage options make them a top contender for those seeking reliable protection.

SBLI Life Insurance Company

The Savings Bank Mutual Life Insurance Company of Massachusetts, known as SBLI, was founded in 1907 by Louis Brandeis, who later became a United States Supreme Court Justice.

In 1907, owning a life insurance policy was not common for the average person. Life insurance plans lacked the rules and regulations they have today, which allowed insurance companies to raise rates and cancel policies, often leaving hard-working families without affordable coverage.

Justice Brandeis sought to change this by partnering with local savings banks in Massachusetts to create SBLI. The company’s goal was to offer affordable life insurance policies to hard-working families from an insurance company they could trust.

Today, Justice Brandeis’s vision for the company remains unchanged. SBLI, headquartered in Woburn, MA, has provided valuable life insurance coverage to over 1,000,000 families.

SBLI is a top competitor in offering affordable term life insurance rates. Their motto, “The No-Nonsense Life Insurance Company,” reflects their commitment to removing the “nonsense and confusing jargon” from life insurance by providing simple and effective life insurance plans.

SBLI life insurance options include:

  • Term life insurance
  • Universal life insurance (for term conversion only)
  • Whole life insurance

While SBLI offers whole life and universal life insurance for conversion purposes, their term life insurance plan, paired with a non-medical accelerated underwriting process for coverage up to $1,000,000, has positioned SBLI as a top contender in the life insurance market.

SBLI offers life insurance coverage in 49 states, with New York being the only exception.

SBLI Life Insurance Ratings

When purchasing life insurance, it’s crucial to consider a company’s ratings and customer reviews. SBLI performs well in both areas.

SBLI has received strong ratings from two top agencies:

  • A.M. Best: A (Excellent) – 3rd highest out of 16 ratings
  • Standard & Poor’s: A- (Strong) – 7th highest out of 21 ratings

These ratings indicate SBLI’s strong ability to meet financial obligations to customers.

Customer reviews provide valuable insights into experiences with the company. SBLI has an A+ rating with the Better Business Bureau (BBB), a nonprofit organization focusing on marketplace trust and quality. The A+ rating represents a score between 97 and 100 based on 13 extensive criteria.

SBLI BBB Reviews

On Trustpilot, another review website, SBLI has a 4.2 out of 5 rating, based on over 1,000 reviews. Notable customer remarks include:

  • “I was directed to SBLI through Dave Ramsey’s recommended insurers.”
  • “Life insurance made easy.”
  • “I turned 70 and could not find a policy until I was able to apply with SBLI.”
  • “I applied for my life insurance, and within a few weeks, I was approved and insured.”

SBLI Trustpilot Reviews

SBLI Level Term Life Insurance

One of SBLI’s most popular life insurance options is its level-term life insurance plans.

Term life insurance is an affordable, straightforward option suitable for most life insurance shoppers, including those with young families who need financial protection heavily.

SBLI term life insurance provides the following benefits:

  • Competitive rates
  • Guaranteed level premiums during the initial 10, 15, 20, 25, or 30 years
  • Ages 18-50 can qualify for up to $1,000,000 with no medical exam
  • Coverage convertible to permanent life insurance
FeaturesLevel Term Life Insurance
Issue Ages:18-74
Term Lengths:10-Year: 18-74 (18-70 Tobacco)
15-Year: 18-65 (18-60 Tobacco)
20-Year: 18-60 (18-55 Tobacco)
25-Year: 18-55 (18-50 Tobacco)
30-Year: 18-50 (18-45 Tobacco)
Coverage Amounts:Minimum Face Amount: $100,000
Maximum Face Amount: $50,000,000
Accelerated Underwriting:
(No Medical Exam)
Face amounts $100,000 to $1,000,000 (Ages 18-50)
Traditional Underwriting:
(Medical Exam)
Ages 51-74 or face amounts above $1,000,000, are underwritten with a traditional paramedical exam.
Policy Riders:Accelerated Death Benefit Rider
Accidental Death Benefit Rider
Children's Level Term Rider
Waiver of Premium
Conversion Option:Convertible to age 70
Renewability:Renewable to age 85
State Availability:Available in all states except NY

What makes SBLI term life insurance unique?

SBLI term life insurance offers a major benefit: accelerated underwriting. Applicants 50 and under who apply for $1,000,000 of coverage or less may qualify for the accelerated underwriting program, allowing you to skip the medical exams commonly required in underwriting.

Accelerated underwriting makes the application process much shorter. Decisions for approval can often be made within one week of applying. 

The accelerated program with SBLI can be done in 5 simple steps with the help of a licensed life insurance agent:

  • Complete a short drop ticket requesting coverage
  • Complete a 25-30 minute telephone application comprising your medical history, employment, income, tobacco, alcohol use, hobbies, and who your beneficiaries will be.
  • Sign your application via voice signature or electronic signature
  • Allow underwriting to review the application.
  • If approved, the policy and payment information will be sent to your email to get your coverage started.

Who is eligible to apply for SBLI term life insurance coverage?

SBLI term life insurance is available to applicants that are between the ages of 18 and 74. Any applicant between the ages of 18-50 will automatically qualify for accelerated underwriting as long as the death benefit is less than $1,000,000.

If you live in New York, you will not be able to apply for coverage as SBLI is not licensed to offer products in those states.

What are the minimum and maximum coverage amounts?

SBLI term life insurance offers a minimum of $100,000 and a maximum of $50 million in death benefit coverage. When determining an amount of life insurance coverage, it’s important to choose enough to replace your income and handle the debts that would be passed onto your loved ones.

To determine how much coverage you need, consider your current income, debts, potential end-of-life costs, and who’s financially dependent on you. If you have a spouse, you will want to determine how many years they will need your income to maintain their current lifestyle.

A good rule of thumb for figuring out a death benefit is to take your pre-taxed annual income and multiply it by a number of years, which will provide you a good starting point for how much coverage to get quotes for. Remember, the object is having enough death benefit protection to ensure that your family does not face financial hardship if you were to pass away.

What are the available SBLI term contract lengths?

SBLI offers several term contract lengths. Applicants 50 and under can choose between a 10, 15, 20, 25, or 30-year term. 20-year terms are unavailable for those over 60, and applicants over 65 can only apply for a 10-year term. 

When choosing a term contract length, try to choose one that lasts as long as your longest financial term. While you can renew your plan after the term, the premiums would be higher since you’d be older, so choosing an adequate term length from the beginning is best.

You’ll want to consider:

  • Durations of any debts, like a mortgage balance and any other loans. 
  • The age of your children and potential education and childcare costs 
  • The financial obligation to your significant other, such as replacement of income 

For example, if you just started a 30-year mortgage, it’s wise to choose a 30-year term length so that your mortgage can be paid off in the event of your death. If you have children, consider how many years they will depend on you and if you plan to help them through college.

Available Policy Riders

SBLI offers several policy riders for their term life insurance:

Accelerated death benefit rider (included at no extra cost):

  • Allows you to receive up to 50% of the death benefit (maximum $250,000) if diagnosed with a terminal illness resulting in death within 12 months.

Accidental death benefit rider (additional cost):

  • Pays up to two times the base policy’s death benefit (maximum $250,000) if the insured dies before age 70 and within 180 days of an accidental bodily injury.
  • Available to ages 0-65 at the time of application.

Children’s term benefit rider (additional cost):

  • Provides up to $25,000 of term insurance coverage at one low cost for all eligible children (15 days to 23 years old at the time of application).
  • Coverage expires when the child reaches age 25, the primary insured turns 65, or premiums are not paid.
  • Convertible to a permanent SBLI policy for up to five times the rider’s face amount when the child turns 25 or the primary insured turns 65.

Waiver of premium benefit (additional cost):

  • Waives all premiums if the insured becomes totally disabled for at least six months.
  • Insured must be 15-55 years old for whole life insurance and 18-55 years old for term insurance at the time of purchase.
  • Rider terminates at age 65.

SBLI term life insurance conversion option

SBLI term life insurance comes with a guaranteed conversion option that allows the term insurance to be switched to either an SBLI whole life policy or a universal life policy.

The conversion option is available at any point before the earlier of attained age 70 or the end of the level term period.

SBLI Level Term Frequently Asked Questions

Have questions about SBLI term life insurance?

Here you will find answers to some of the most frequently asked questions about the popular term life insurance coverage offered by SBLI. 

If we didn’t answer a question, please be sure to reach out to us so we can get you an answer to your question.

How do you apply for SBLI term life insurance coverage?

SBLI offers two different options for applying for their term life insurance coverage. 

If your life insurance request meets the guidelines for the accelerated underwriting option, the entire process is completed electronically. However, you will need to complete a 25-30 minute telephone interview to complete the life insurance application.

Suppose your application request for coverage is outside the guidelines of the accelerated underwriting program. In that case, you will be required to complete the traditional life insurance application, including a paramedical exam provided by SBLI, free of charge.

What information is used to determine eligibility?

To determine your eligibility, SBLI will assess many different personal factors, which include:

  • Age
  • Health status/health conditions
  • Lifestyle risk (occupation and hobbies)
  • Nicotine use

SBLI underwriting will utilize data-driven information to help verify responses to questions answered on the life insurance application. This information will help assess an applicant’s overall risk to the insurance company to provide a potential approval for coverage. 

A large part of data that is used to verify an individual risk comes from third-party sources such as the following:

  • Medical Information Bureau (MIB)
  • Motor Vehicle Reports (MVR)
  • Prescription Results (Rx)
  • Data analytics from the Fair Credit Report Act (FCRA)

It’s also not uncommon for SBLI to request medical records depending on the applicant’s medical history.

Will a medical exam be required?

A medical exam is typically not required for SBLI’s Level Premium Term policy as long as you are under 50 years of age and applying for $1,000,000 of coverage or less.

Even those with common medical conditions like mild asthma, high blood pressure, high cholesterol, and even well-controlled diabetes (Type 2) can qualify for no medical exam applications.

When would a medical exam be required?

In some cases, a medical exam will be required.

Applicants 51 and older can still apply for SBLI’s guaranteed level premium term life insurance, but they will need to undergo traditional underwriting. A medical exam would also be required for coverage amounts that exceed $1,000,000.

If your life insurance requires a medical exam, SBLI will provide it free of charge. A licensed examiner will contact you to schedule a date that works best with your schedule. Life insurance exams are often completed at the applicant’s home.

What happens after you are approved for coverage?

Your life insurance agent will notify you and provide the necessary details upon approval for coverage. If your policy is approved as applied, you will receive the application and any final forms electronically via email.

If your application is approved at a different risk classification, you can discuss the new rate with your agent or adjust your coverage to fit your budget. Should you choose not to accept the new terms, you are not obligated to accept the policy and may request to close your application.

You can create an online customer account after accepting your new SBLI term life insurance policy. This account lets you view your policy information, download policy forms, and make a one-time payment.

Who is not eligible for SBLI accelerated underwriting?

Underwriting without a medical exam can be tricky. Many companies that offer this option tend to have strict guidelines on who can apply, especially regarding health. 

On the other hand, SBLI and its accelerated underwriting are really good about considering applicants who may not have the greatest health history but have taken steps to improve it and keep their health condition under control with routine doctor visits and medication when needed.

While they may not be the fastest to approve coverage, underwriting will take the time needed to review applications from applicants with a history of certain health conditions by requesting medical records to decide for approval.

SBLI’s accelerated underwriting program cannot accept everyone, and a few immediate knockout questions can automatically disqualify someone from applying. 

  • Marijuana use, 4 or more times weekly
  • Substance abuse/misuse within the last 5 years
  • Criminal activity
  • DUI, more than 2, or under age 25, within the last year
  • Unemployed (other than homemakers or retired) with minimal household income or dependent on SSI/disability benefits
  • Bankruptcy filing within the last 2 years or past multiple filings
  • Liens/judgements, outstanding activity that exceeds $50,000
  • Heavy collection activity or significant bad debt/repossession activity

Is SBLI term life insurance affordable?

There are many key factors that influence the cost of an SBLI term life insurance. Age always impacts the cost of your term life insurance premiums. Additional factors that may affect the cost of SBLI term life insurance include:

  • Gender: Men tend to have higher premiums. 
  • Nicotine use: Smokers and nicotine users can face higher premiums. 
  • Career: High-risk careers can raise your premiums. 
  • Hobbies: High-risk hobbies, like scuba diving, can raise your premiums. 
  • Health status/ history: Those with diabetes, personal or family history of cancer, or nicotine use can still obtain life insurance, but you may be able to find more affordable policies elsewhere.

SBLI Term Life Insurance Rate Chart

AgeGender10 Year Term15 Year Term20 Year Term30 Year Term
Age 30Male$15.69 / monthly$16.95 / monthly$19.31 / monthly$29.30 / monthly
Age 30Female$12.80 / monthly$15.31 / monthly$15.98 / monthly$24.67 / monthly
Age 35Male$16.07 / monthly$19.65 / monthly$22.79 / monthly$34.24 / monthly
Age 35Female$13.45 / monthly$17.07 / monthly$20.75 / monthly$28.75 / monthly
Age 40Male$21.47 / monthly$26.83 / monthly$31.24 / monthly$49.20 / monthly
Age 40Female$18.15 / monthly$22.69 / monthly$26.72 / monthly$39.11 / monthly
Age 45Male$30.95 / monthly$35.38 / monthly$45.44 / monthly$76.61 / monthly
Age 45Female$27.63 / monthly$31.00 / monthly$36.02 / monthly$59.30 / monthly
Age 50Male$43.35 / monthly$53.23 / monthly$69.87 / monthly$124.76 / monthly
Age 50Female$37.86 / monthly$45.46 / monthly$54.80 / monthly$94.27 / monthly

*Preferred Plus Non-Nicotine underwriting classification. Monthly male/female premium rates are current as of 3/11/2024, representing the cost of a $500,000 SBLI Level Term Life Insurance 10, 15, 20 and 30-year policy.

Options When Coverage Ends

When you have a term insurance policy, you choose a contract length that locks your rates in for that entire contract duration. Once the term insurance contract ends, your guaranteed premium is over.

Most people outlive their term life insurance policy, which begs the question of what to do once coverage ends.

When your term insurance policy ends, you are not obligated to begin a new one. You may let your policy expire if you no longer need life insurance. 

However, some people may realize they still need life insurance after their term policy ends. In that case, you can purchase a new term life insurance policy for the contract length that makes sense for your current situation.

With SBLI term insurance, you can continue making premium payments after the initial term contract period has ended. You can choose to renew the coverage each year until you reach the age of 85, but beware, your premiums will be higher and will continue to increase each year.

Another option offered by SBLI term insurance is conversion. This allows you to exchange your term insurance policy for a universal life or whole life plan offered by SBLI. 

Converting to a permanent plan must be completed before the age of 70 or before the level term contract ends, whichever comes first. 

Pros & Cons of SBLI Term Life Insurance

There is a lot to like about SBLI and their guaranteed level benefit term life insurance coverage. We can honestly say that are not many cons that are so significant to the coverage, making it difficult to come up with any at all.

SBLI Level Term Pros

  • Up to $1,000,000 without a medical exam. Qualified applicants 50 and under may qualify for accelerated underwriting with coverage as high as $1,000,000. 
  • You don’t have to be in excellent health to qualify. Most no-exam options require you to be in perfect health to qualify for their no-medical coverage options. With SBLI, you don’t have to have an outstanding health history. SBLI is known for providing no-exam underwriting to applicants with health conditions such as high blood pressure, elevated cholesterol, and even diabetes. As long as you are being treated for your medical condition, there’s a good chance you can qualify for coverage.
  • Easy application process. If you don’t mind doing a short 25 to 30-minute telephone interview to complete the life insurance application, that’s pretty much all you need to do. It’s a straightforward process.

SBLI Level Term Cons

  • They are not the fastest to approve coverage: The turnaround for getting approved takes about a week, and that’s for healthy applicants. Those that require additional underwriting, such as medical records, can take a few extra weeks.
  • Higher coverage amounts are available with other companies: While SBLI offers a maximum coverage amount of $1,000,000, a few non-medical exam companies offer coverage of up to $2,000,000 or more.
  • Not the cheapest term insurance option: SBLI offers competitive rates, but they are hardly the most affordable. Be sure to compare rates from the other companies before settling on the first company you come across.

How to get an SBLI Term Life Insurance Quote

You can get a quote directly from SBLI but understand that their website will only provide quotes for their life insurance plans. This can be a disadvantage if you’re trying to do a price comparison with other life insurance providers. 

To compare quotes and apply for an SBLI term insurance plan, visit our online quote tool. Here, you can see instant-term life insurance rates for the top companies that offer applications without medical exams. If you have questions and would like to speak to a licensed agent

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Picture of Jeffrey Manola - Life Insurance Expert
Jeffrey Manola - Life Insurance Expert

Jeffrey Manola is the founder of No Medical Exam Quotes, an online insurance agency that strongly focuses on helping people shop for the perfect life insurance policy. He is a licensed life insurance expert and content creator for the website.

Before becoming a life insurance agent, he served in the United States Marine Corps, transitioning from serving his country to helping families find affordable life insurance coverage beginning in 2009. Since starting a career as a licensed life insurance agent, Jeffrey has helped thousands of families with their life insurance needs.

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