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SBLI life Insurance Review
by Jim Tobin, CFP
Life Insurance Help Desk Rating
If you are thinking about applying for term life insurance from SBLI you have landed in a good place. This SBLI life insurance review will address the company's history and financial ratings, product offerings, SBLI underwriting niches, and SBLI term rates.
SBLI Life Insurance Review of Company History
Founded in 1907, by future Associate Justice of the Supreme Court Louis Brandies, Savings Bank Life Insurance or SBLI has been growing ever since.
The carrier has become a significant player in the term life insurance market with over 125 Billion of in-force life insurance. Additionally, having evolved into a full services financial company, SBLI manages more than two billion dollars.
SBLI Life Insurance Review Of Financial Strength
More than 110 years since Brandies founded the company, it's finances are still strong. You can learn more about the financial strength of life insurance carriers here.
SBLI Life Insurance Company Ratings
A (Excellent) from A.M. Best
A- (Strong) from S&P
N/A (Not Covered) from Fitch
94 COMDEX score 84
SBLI Life Insurance Review of Products
SBLI offers both term and Whole life insurance. Lets take a look.
SBLI offers both level term and annual renewal term. The popular level term is offered in terms of 10,15,20,25 & 30 years. These policies are convertible to permanent whole life insurance at any time up to age 70 with no exam or other proof of insurability.
The term policies come with three notable rider options, accelerated benefits, child rider, and disability waiver.
The accelerated benefit rider allows for the early distribution of assets if the insured is terminally ill. This rider is cost free.
The child rider allows the insured to add a $10000 benefit to children and then convert those policy's to $50000 at age twenty five. There is an additional cost associated with this rider.
The waiver of premium rider. This rider allows for the waiving of premiums should the insured become disabled and not be able to pay the premiums. There is an additional cost associated with this rider.
Whole Life Insurance
SBLI is thought to have one of the better "vanilla" whole life policies on the market. SBLI offers whole life policies in three forms continuous pay, limited term, and single premium.
It is difficult to do a thorough review of SBLI whole life because whole life when done correctly, is tailored to the specific client needs. For this reason it is very difficult to do apples to apples comparisons by carrier.
That said, while whole is more expensive initially than term it does make sense in some situations. The primary benefits to whole life insurance center on
- Policy never lapsing
- Tax deferred earnings
- Tax free death benefit
- Growth regardless of volatility
- Borrow from cash value for any reason
- No income limit on funding (as opposed to IRA)
SBLI Life Insurance Review of Underwriting Niches
Unlike many of the carriers that the Life Insurance Help Desk has reviewed in the past, SBLI does not jump out for being particularly generous in underwriting any specific medical conditions.
The niche that SBLI has had recently is speed. SBLI is able to accelerate underwriting of policies for up to $500000. While the industry is catching up quickly, this has been a strong point for SBLI. It is worth noting that these policies are best for folks in very good health, as SBLI will request an attending a physicians statement if they are concerned.
SBLI Life Insurance Review of Pricing
SBLI is super competitive in some cases and appears expensive in others. However, it is important to note that even in cases where a carrier appears expensive they could be the best deal.
You may be asking: "How can the be?"
It all comes down to the underwriting class you are given. If a carrier is the most expensive of the major carriers at standard rates but the more competitive carriers would grade you as table 2/B or 4/D, then the "more expensive" standard rate would be the best deal.
If you would like to see accurate rates based on underwriting class for SBLI term life insurance, simply input your information into the quote tool and press "Display Quotes". Just bear in mind that, as I have discussed, the best rate is not always the best deal for your particular health situation.
Alternatives to SBLI Life Insurance
In cases where SBLI is not among the most competitive rates (for example applicants with significant health concerns), there are over 50 carriers available at the Life Insurance Help Desk. One of our alternative carriers may be a better choice.
Whether it's a condition that SBLI chooses not to see more favorably than others or it's accelerated underwriting you are looking for, you are looking for, the Life Insurance Help Desk will be happy to help you get the best deal possible.
Your Next Step
Now it's up to you to request a quote and start the process of protecting you family. We will make the process as quick and pain free as possible.