The Savings Bank Life Insurance Company of Massachusetts SBLI is committed to providing value, quality, and stability you can count on. SBLI has the largest amount of life insurance in force in the state of Massachusetts.
In 1907 Louis D. Brandeis, a prominent Boston attorney, recognized a need for low-cost life insurance. His idea was to have savings banks in Massachusetts offer life insurance, and he established the savings bank life insurance system to accomplish this objective. Today, we still sell life insurance through many banks. However, we have also been selling our products directly to the consumer for over ten years now. Most importantly, we have never wavered from our dedication in providing safe, low-cost life insurance for our policyholders.
- 1907 -- SBLI was established
- 1930 -- $100 million of life insurance in force
- 1953 -- Assets reached $100 million
- 1964 -- $1 billion of life insurance in force
- 1998 -- Over $20 billion in force
- 2000 -- Assets passed $1.3 billion
- 2003 -- Over $50 billion in force
- 2004 -- Annuity consideration grew to $55M
- 2005 -- Record sales results achieved; $9.7 billion in New Ordinary Life Issued.
- 2006 -- Company record set for first-year premium.
- 2007 -- Exceeded $2 billion in total assets for the first time.
- 2008 -- Expanded coverage into 24 states and the District of Columbia.
- 2009 -- Expansion continued with 11 new states.
- 2010 -- SBLI introduces gender-specific rates.
- 2011 -- The company's footprint expanded to 48 states plus the District of Columbia
- 2012 -- Life insurance in force surpassed $125 billion
Included Term Life Features
- Accelerated Death Benefit: Included at no extra cost. The rider is available at no premium charge on the issue date of the base policy. There is a fee only at the time of exercise. The rider accelerates up to 50 percent of the base death benefit, including any paid-up additional insurance purchased with dividends, up to $250,000. Premiums and gross cash values will not changes as a result of the rider’s acceleration. The death benefit is reduced by the amount accelerated plus accumulated interest.
- Conversion Option: Included at no extra cost. This policy may be converted to a whole life or conversion universal life (Conversion UL) on any premium due date prior to the earlier of age 70 or end of the Level Term period.
Optional Term Life Features
- Accidental Death Benefit Rider: Available with extra premium.The rider’s benefit will be paid in the event of an accidental death. For insured persons up to 17 years old at issue age, the maximum amount of the rider will be $100,000 or two times the base policy’s face amount. For insured persons between ages 18-65 at issue age, the maximum rider amount will be $250,000 or two times the base policy’s face amount.
- Children's Leve Term Rider: Available with extra premium. Any unmarried child, stepchild, or legally adopted child of the Insured qualifies for this rider. The child must also be financially dependent upon the Insured, and be at least 15 days old and not yet 23 years old. Provides up to $25,000 of term life insurance coverage at one low cost of $6.00 per $1,000 of coverage annually for all eligible children.
- Waiver of Premium Rider: Available with extra premium.In the event of total disability as defined in the policy contract, this rider allows for the continuation of coverage without having to pay premiums. The rider will waive premiums for the base policy and any eligible riders if the base policy insured becomes totally disabled for at least six months during his or her lifetime. Premiums will be waived beginning the month after total disability occurred and will continue to be waived until the earlier of the end of the month after the insured is no longer disabled or until the anniversary nearest to the insured’s 65th birthday.
If premiums have been waived for five full years prior to the anniversary nearest the insured’s 65th birthday, all future premiums will be automatically waived. If the base policy’s premium or other riders’ premiums change, the Waiver of Premium premiums will be applied to the new premium amounts.
A two-year contestable and suicide provision applies.
Policy Form Series # B-56, BN-7L, BN-8, BC-40.1, 14-WOPR.
Guaranteed Level Premium Term 10: Term life insurance with level premiums during the initial 10-year period. Premiums increase annually in years 11 and later.
Guaranteed Level Premium Term 15: Term life insurance with level premiums during the initial 15-year period. Premiums increase annually in years 16 and later.
Guaranteed Level Premium Term 20: Term life insurance with level premiums during the initial 20-year period. Premiums increase annually in years 21 and later.
Guaranteed Level Premium Term 25: Term life insurance with level premiums during the initial 25-year period. Premiums increase annually in years 26 and later.
Guaranteed Level Premium Term 30: Term life insurance with level premiums during the initial 30-year period. Premiums increase annually in years 31 and later.