SBLI Life Insurance Review [2021]

SBLI is the Savings Bank Life Insurance Company and has been in business for over 100 years. SBLI insurance offerings include various types of term and whole life insurance options. If you are under 60 with a relatively healthy medical record, you may qualify for no medical exam term life insurance from SBLI. However, if you are over 50 or have certain medical conditions, SBLI might not be the cheapest option for you.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Quick Facts

  • SBLI offers various life insurance products, including term and whole life
  • Term life insurance can be purchased from SBLI with no medical exam until age 60, provided you meet certain requirements
  • SBLI has excellent financial and customer service ratings

SBLI stands for the Savings Bank Life Insurance Company and this provider has been in the insurance industry for over 100 years. SBLI offers different types of life insurance policy, such as term and whole life.

You can get SBLI whole and term life insurance quotes online, usually with no medical exam if you are under 60 years old.

Before you buy SBLI life insurance, shop around to see which company can offer your the best deal. Each company will offer you different rates so comparison shopping is a must. Enter your ZIP code now to compare life insurance quotes from multiple companies near you.

What products does SBLI offer?

SBLI life insurance products are varied and include:

  • Final expense life insurance — This policy delivers a cash benefit that family members can use to pay for funeral expenses or bills that may be outstanding after a death.
  • Term life insurance — Life insurance that is only good for a certain amount of time. While the initial policy is a less expensive option when the policy renews your rates will increase. This type of policy will only pay a death benefit if you pass away before the end of the term.
  • SmartTerm 360 — This is a set of term life insurance policies that change the payout and payment over a period of time as your life insurance needs change.
  • Whole life insurance – This type of permanent policy is good for your entire life and the rates don’t increase. However, the cost is generally higher than for term life insurance.

SBLI term life insurance is offered in 10,- 15-, 20-, 25-, and 30-year term lengths. Policies start at $100,000 and go up to $30,000,000 with a maximum issue age of 74.

Whole life insurance offered through SBLI comes with a cash value that you can access anytime during the life of your policy, as well as a tax-free death benefit. This is standard for a permanent policy.

SBLI also offers a whole life plan for children from 15 days old up to age 14.

The company also offers accelerated underwriting since policies are written very quickly, usually within a week. If you are healthy and under 60 years old, you may not have to take a medical exam to qualify for SBLI life insurance.

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What life insurance rates are offered by SBLI?

SBLI life insurance rates will be different for everyone. Rates are calculated based on factors like your age, gender, habits, hobbies, and medical history.

If you meet certain requirements, such as being a non-smoker in good health with a low-risk lifestyle, SBLI can offer you accelerated acceptance with no medical exam required.

This table will show you the average rates for a non-smoker who purchases $100,000 in term life insurance from SBLI.

SBLI Average Monthly Rates for $100,000 Term Life Insurance by Policy Length for Non-Smokers
Age of Non-Smoker
Average Monthly Rates for $100,000/10-yearAverage Monthly Rates for $100.000/20-yearAverage Monthly Rates for $100,000/30-year
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As you age, your rates will increase once your term is up. A longer policy term will allow you to get a lower rate for as long as possible.

If you are over 50 years old, smoke, or have certain medical conditions like cancer or diabetes, SBLI might not be the cheapest company for you.

Unlike a lot of other life insurance companies, you can get SBLI life insurance quotes online through the company website. Of course, there are still licensed insurance agents available to help you select the life insurance plan that is best for you.

What are the SBLI ratings?

A.M. Best rates companies on their financial stability. SBLI received an A- rating, meaning the company has an excellent ability to meet financial obligations. The financial strength of this company is great.

The Better Business Bureau gives SBLI an A+ rating, and SBLI is also accredited. Most consumer reviews on the BBB website are positive, and the few negative reviews revolve around customer service.

What is the history of SBLI?

SBLI was formed in 1907 in Massachusetts and has been offering life insurance and providing peace of mind for over a century. It was founded by future Supreme Court Justice Louis Brandeis after the stock market crash to provide secure, affordable insurance for people who needed it.

The company writes policies in 48 states and the District of Columbia. You can’t get SBLI insurance in Montana and New York. SBLI also supports various charities, such as the Alzheimer’s Association and the National Multiple Sclerosis Society.

The company has a helpful website that allows you to get a quote and apply for life insurance all online. With your SBLI login, you can pay your life insurance premiums, file a claim, and even download forms you may need.

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What’s the bottom line?

The SBLI life insurance company offers various types of life insurance options to fit your needs. The company also offers accelerated underwriting and no medical exam life insurance if you meet certain requirements. This accelerated underwriting process is one of the things that makes this company stand out above the rest, as well as the option to go through the entire insurance buying process online. This is absolutely unique in the life insurance industry.

You can find affordable life insurance coverage with SBLI, especially if you are under 50 years old. But, you should still compare rates from other companies to find the best deal for you.

Enter your ZIP code now to compare term and whole life insurance quotes from multiple companies for free.

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