SBLI life insurance review: Low rates for younger applicants
SBLI is a highly rated life insurance mutual company with term life, whole life, and final expense products.
Logan SachonLogan SachonSenior Managing Editor, Life Insurance & ResearchLogan Sachon is the senior managing editor of life insurance and research at Policygenius, where she edits life insurance content and leads life insurance surveys and data studies. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
Adam MorganAdam MorganEditorial DirectorAdam Morgan is an editorial director at Policygenius who leads the life insurance 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.
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.
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
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 ($$$$$).
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.
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
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.
Our price rating scale compares insurance companies' life insurance rates 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.
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.)
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.
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-medical-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. 
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. 
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. 
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)
SBLI vs. other life insurance companies
Compare SBLI to similar life insurance companies using the table below.
SBLI stands for the Savings Bank Mutual Life Insurance Company of Massachusetts.
What is SBLI?
SBLI is a life insurance mutual company owned by its policyholders and based in Woburn, MA.
Is SBLI a good company?
Yes, SBLI has high ratings for its financial stability and customer service.
How do I contact SBLI?
To contact SBLI, including the claims support team, call 888-630-5000 or visit the SBLI website.
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.
Logan Sachon is the senior managing editor of life insurance and research at Policygenius, where she edits life insurance content and leads life insurance surveys and data studies. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
Adam Morgan is an editorial director at Policygenius who leads the life insurance 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.