SBLI life insurance review: Low rates

SBLI is a highly rated life insurance mutual company with term life, whole life, and final expense products.

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By

Logan SachonSenior Managing Editor, Life Insurance & ResearchLogan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.

Edited by

Adam MorganAdam MorganEditorial DirectorAdam Morgan is a former editorial director at Policygenius who led the editorial team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.

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SBLI

SBLI logo

Policygenius rating

Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
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4.0

AM Best rating

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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The bottom line

SBLI has affordable rates with no-medical-exam options for people age 60 and under for term and whole life.

Note: SBLI products are not available through the Policygenius marketplace.

Pros

  • No medical exam required for people age 60 and under, for term life and whole life coverage up to $750,000

  • Affordable rates for people under age 50

Cons

  • Not available in New York State

  • Higher rates for people in their 50s

Basic coverages offered

  • Term life insurance: Level Premium Term is SBLI’s traditional term life insurance product. For people age 60 and under, there is no medical exam requirement for coverage up to $750,000. Policies are available for terms of 10, 15, 20, 25, and 30 years. SBLI also has a term product called SmartTerm 360 that essentially uses the ladder strategy to stack term policies.

  • Whole life insurance: SBLI has two whole life insurance products: SBLI Whole Life and SBLI Flex Whole Life, the latter of which offers a variety of payment plans to choose from. As with its term life product, there is no medical exam requirement for its whole life products for coverage up to $750,000 for people age 60 and under.

  • Final expense insurance: Cherish Life is SBLI’s final expense policy available to people age 50 to 80 for coverage from $2,000 to $30,000. It is a simplified issue policy, meaning you just have to answer some medical questions online in order to apply.

Additional coverages offered

  • Accelerated death benefit for terminal illness rider: For no additional cost, the accelerated death benefit rider provides part of the death benefit if you are diagnosed with a terminal illness.

  • Children’s level term rider: For an additional cost, the child rider provides life insurance coverage to the insured’s children.

  • Disability waiver of premium rider: For an additional cost, the waiver of premium rider waives premiums during a period of disability.

  • Accidental death benefit rider: For an additional cost, this rider pays out an additional benefit if you die in an accident.  

Ratings methodology

Price

5.0/5

Our price rating scale compares insurance companies' life insurance costs for a sample $1 million 20-year term policy for a 35-year-old female non-smoker with a Standard Plus health classification. SBLI's rates put it in the most affordable category according to our rating system.

Customer experience

4.8/5

Our customer experience scale uses data from the National Association of Insurance Commissioners (NAIC) complaint index. SBLI has a score of at 0.6, which means it receives far fewer complaints than expected for a company of its size. (The expected number would be 1.0.)

Transparency

3.5/5

Our transparency rating scale measures how easily shoppers and policyholders can find information about an insurer on its website. SBLI gets points for having clear contact information, a support hub, and a chat bot, but loses points for not having its policy details —including coverage amounts, term lengths, and average rates — clearly posted outside of its quoting tool.

Financial strength

3.2/5

Our financial strength rating is a weighted combination of three industry-leading metrics to measure a company’s financial health: A.M. Best, Standard & Poor’s, and Moody’s. SBLI has an A rating from A.M. Best, an A- rating from Standard & Poor’s, and has not yet been rated by Moody’s.

A closer look at SBLI 

Who is SBLI best for? 

SBLI is best for people age 60 and under who are looking to purchase $750,000 or less of term or whole coverage and want to skip the medical exam.

What makes SBLI unique?

Many companies offer no-exam life insurance, but SBLI is unique in that it does not ask for a medical exam for anyone age 60 or under who purchases $750,000 in coverage or less.

Who should consider a different life insurance company?

While SBLI has affordable prices for most people, its rates can be higher than average for people in their 50s and older. If you’re applying for life insurance in your 50s, you’ll find your best rates elsewhere.

SBLI life insurance rates

SBLI does not publish its average life insurance rates, so you'll have to use the individual quoting tool on its website.

SBLI’s history, reputation, and social responsibility

SBLI was founded in Massachusetts in 1907 by Louis Brandeis, who went on to become a Supreme Court Justice. Its headquarters are in Woburn, Massachusetts. [1]  

In 2017, SBLI completed its conversion from a stock insurance company, which was owned by 30 shareholder banks, to a mutual insurance company owned by its policyholders. Its name also changed from the Savings Bank Life Insurance Company of Massachusetts to the Savings Bank Mutual Life Insurance Company of Massachusetts. [2]

SBLI does not have information about any ESG efforts on its website, but it does promote the SBLI Charitable Foundation, a 501(c)(3) organization which supports organizations including the American Heart Association, the American Diabetes Association, the National Brain Tumor Society, and more. [3]

SBLI in the news

  • In 2022, SBLI announced that it had issued 21,828 new life insurance policies in 2021. (SBLI)

  • In August 2021, SBLI acquired LegacyShield, a platform that helps people store, organize, and share important documents with their loved ones. (InsuranceNewsNet)

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SBLI vs. other life insurance companies

Compare SBLI to similar life insurance companies using the table below.

Company

Policygenius rating

AM Best rating

Cost

SBLI

4.0/5

A

$

Brighthouse Financial

5.0/5

A

$

Legal & General America

4.9/5

A+

$

Legal & General America

4.9/5

A+

$

Ethos

4.8/5

NA

$

Pacific Life

4.8/5

A+

$

Pacific Life

4.8/5

A+

$

AARP

4.6/5

A++

NA

John Hancock

4.6/5

A+

$$

Transamerica

4.6/5

A

$

Bestow

4.5/5

A+

$$

TruStage

4.5/5

A

NA

Ladder

4.4/5

A

NA

Fidelity Life

4.3/5

A-

NA

Foresters Financial

4.3/5

A

$$

Haven Life

4.3/5

A++

$$$

AAA Life

4.2/5

A

$$$

Globe Life

4.1/5

A

NA

Prudential

4.1/5

A+

$$

Prudential

4.1/5

A+

$$

Gerber Life

4.0/5

A

$$$

Colonial Penn

3.6/5

A

NA

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References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. SBLI

    . "

    Louis Brandeis: Our Heritage, our Values and Why They Matter to You

    ." Accessed January 12, 2023.

  2. SBLI

    . "

    SBLI Completes Conversion to Mutual Insurance Company

    ." Accessed January 12, 2023.

  3. SBLI

    . "

    SBLI Foundation

    ." Accessed January 12, 2023.

Author

Logan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.

Editor

Adam Morgan is a former editorial director at Policygenius who led the editorial team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.

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