Life insurance is one of the most important purchases that you can make for the protection of your family. There are thousands of different insurance companies out there that all claim they have the “most affordable coverage,” how are you supposed to decide which one works best for you and your loved ones?
It’s vital that you find a reputable company to purchase your life insurance through, we are here to help you choose that company.
In this blog post I’ll review SBLI (Savings Bank Life Insurance of Massachusetts). If you are considering SBLI for term life, this article will cover their history, financial strength ratings, and how they rank in terms of pricing. You will see why we feel they are on our list of all around best life insurance companies.
We also have other reviews for companies such as Colonial Penn Insurance, Globe Life Insurance and Allstate Life Insurance Review, if you are interested in exploring your options before making your final life insurance purchase decision.
SBLI was founded in 1907 by Louis Brandeis, who was a lawyer, and an associate justice on the U.S Supreme Court. Brandeis founded SBLI in a difficult economic climate amid one of the worst stock market crashes in 1907, and when insurance was generally deemed as expensive. His mission was to create a life insurance company that would provide affordable life insurance to working American families.
Brandeis certainly achieved his mission of providing affordable life insurance to Americans. The company currently has over $125 Billion on active life insurance policies, and over $2 Billion in assets.
Financial rating agencies also agree that the company is very strong financially. A.M Best rates SBLI with an A+ Rating. An A+ is considered a Superior financial rating and is the highest category you can get.
The Better Business Bureau (BBB) gives SBLI an A+ rating as well. This shows that SBLI is a sound company that you won’t have to worry about going bankrupt. They been around for a hundred years and have experience offer quality insurance policies.
SBLI Life Insurance Policy Options
SBLI offers both term and whole life policies. They offer both Yearly Renewable Term (also called annual renewable term) and level term. Level term is the more popular choice as it allows you to lock in your rate for periods of 10,15,20,25 or 30 years.
If you’re looking for the most affordable insurance policy, the term life insurance is going to be the best option. Because these plans have an expiration date on them, they are much cheaper than the other options.
You can convert an SBLI term policy to a Universal Life, or Whole Life policy up until your term policy expires, or to age 70, whichever comes first. This is a nice advantage that isn’t offered by every insurance company. There are thousands of applicants that purchase a term life insurance plan, the older that they get, the more they want the permanent coverage of a whole life plan, but don’t want to have to reapply.
Included at no charge with every term policy through SBLI is an accelerated death benefit rider. This rider allows you to access part of your death benefit should a doctor deem you terminally ill. With most insurance companies, you’ll have to pay for the additional rider. The accelerated death benefit rider, you’ll be able to get some of the insurance payout before you die. If you’re terminally ill, you can occur some massive expenses, which can be difficult to pay for. Why should you have to go in debt and wait for your insurance policy payout?
You can also add a child rider to cover your children on your policy. With the child rider you can buy up to $10,000 of coverage for each child. At age 25 your children can convert that to their own policy of up to $50,000 without a medical exam – even if they aren’t healthy they can still get coverage.
A waiver of premium rider that would waive your monthly payments in the event that you got disabled is also available. Both the child rider and waiver of premium rider have an additional cost. They are excellent solutions to tragic problems that people encounter every day.
SBLI Life Insurance Rates
If you use our quote tool at the top right of this page and compare rates for term life, you will probably see SBLI among the top companies in terms of rates. The company often has the best rate available, and other times they are only within a few dollars of the top company.
Should you Choose SBLI?
SBLI may very well be a good choice for you. However, every person has unique circumstances, which is why speaking with us about your situation makes sense. Here are a couple of examples when SBLI may not be the best company for you.
If you have a family history of cancer (specifically with parents or siblings), you may not qualify for SBLI’s best health rating (and in turn pricing). However there are companies like Banner and ING that will offer you their best rates with family history of cancer. There are some companies that will not approve you for coverage if you have cancer, but nobody should have to go without an insurance policy. Or if you use chewing tobacco or smoke cigars regularly, you will be charges smoker rates on life insurance with SBLI, however Prudential will offer you non-smoker rates, saving you a significant amount of money.
If you’re looking to save money on your life insurance policy, there are several things that you should do to save money. The first one is to quit smoking. As we mentioned, Prudential will give you better rates, but you’re still going to pay more as a smoker than what non-smokers pay. On average, anyone that smokes cigarettes, or gets smoker rates is going to pay twice as much in monthly premiums as a person that doesn’t. If you want to save hundreds or thousands of dollars on your insurance plan, you’ll need to quit the bad habit once and for all.
Additionally, you’ll need to compare insurance quotes from dozens of different companies to ensure that you’re getting the best rates possible. Because there are so many companies, you could spend weeks calling agents to get quotes, or you can let us do the work for you. As independent agents, we represent dozens of companies across the United States, unlike a normal insurance agent that only represents one company. Our agents will save you both time and money.
We have experience working with companies across the nation and we know which one is going to view your application more favorably and can get you the lowest possible premiums.
Nobody should ever have to go without life insurance, and you should be able to get quality and affordable life insurance. It’s the best way to ensure that your family has the funds that they need if anything were to happen to you. If you don’t have life insurance, your family could be left with massive amounts of debt and no way to pay off those bills. Don’t let your family go through financial stress if you were to pass away.
I use these examples to highlight that comparing rates and reading a review should be the first part of your research, and the second part should be speaking with us, so that we can recommend the best life insurance company specifically for you.
Compare quotes above, or call us at 1-888-552-6159 to speak with us about your life insurance needs.
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