SBLI’s recommended term life product, SBLI Level Premium Term, comes with accelerated underwriting and no medical exam required for shoppers age 60 and under applying for $750,000 of coverage or less.
There’s also whole life, final expense, and one-year non-renewable term policies available, as well as a term life product with flexible coverage that can decrease over time.
Term life insurance
Term life insurance lasts a set number of years (usually between ten to 30) before expiring. Because it’s affordable and flexible, it’s the best choice for most life insurance shoppers.
SBLI Level Premium Term
SBLI’s Level Premium Term policy requires no medical exam for applicants who are age 60 or under, so long as they are applying for $750,000 of coverage or less. And since SBLI’s underwriting process is speedier-than-average, potential policyholders can expect a decision in one week or less and skip the need for a lab test or physician’s visit.
Applicants age 61 and over are still eligible for this product but they will have to undergo standard underwriting, which means they will likely have to take a medical exam.
Keep in mind this is not a guaranteed issue policy, so applicants still need to answer questions about their medical and prescription histories. It’s still possible to be denied. We recommend SBLI’s Level Premium Term product to people with lighter health conditions, such as marijuana use, high blood pressure, recent weight loss. People who have had a heart attack in the last two years will also benefit.
This policy also includes an accelerated death benefit rider — which allows you to access part of your death benefit in the event you become terminally ill — at no extra cost. You’ll also have the option to further customize your policy with a few other riders.
|Policy Feature||Level Premium Term|
|Eligible ages||18 to 74|
|Term lengths||10-, 15-, 20-, 25-, or 30-year terms|
|Coverage maximum||$5 million|
After your term’s end you can renew coverage until age 85, although your monthly premium will increase each year. You can also convert your term policy into a permanent life policy.
Accelerated death benefit rider. Provides a portion of the death benefit to the insured if they’re diagnosed with a terminal illness with 12 months left to live. There’s no extra charge for this rider but there is a fee at the time of exercise.
Accidental death benefit rider. Pays up to two times the death benefit, up to a maximum of $250,000, if the insured dies before age 70 and within 180 days of an accidental injury. Eligible ages are 18 to 65.
Children’s term benefit rider. Allows eligible children (who are at least 15 days to 23 years old) to be added to a policy at issue. Convertible to a permanent policy for up to five times the rider’s face amount when the child turns 25 or when the insured turns 65.
Waiver of premium benefit. Waives premiums if the insured becomes totally disabled for at least six months. Eligible ages are 18 to 55 years old. The rider terminates at age 65.
Temporary coverage from SBLI is unavailable at this time.
SBLI Premium Level Term customers can convert to a permanent life policy at any point before the end of the term period or before they turn 70 years of age.
SBLI Premium Level Term customers can reconsider their monthly rates on a case by case basis. People who smoke must wait at least one year before they can reconsider their rates. Reconsideration is priced using the original issue age of the insured. SBLI covers lab charges.
A product meant for policyholders who anticipate their coverage needs changing over time.