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LAST UPDATED: September 18th, 2023

Savings Bank Life Insurance offers customizable term and whole life insurance policies at competitive rates. 

SBLI of Massachusetts was founded in 1907 by Supreme Court Justice Louis Brandeis. The Massachusetts company is a "no-nonsense life insurance company" and is a customer favorite for its quality service and top-notch life insurance products.

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The Good

  • Financial Strength
  • Term Life Insurance
  • Whole Life Insurance
  • Available Riders
  • Final Expense Insurance
  • Free LegacyShield Subscription
  • Life Insurance Calculator

Financial Strength

SBLI has a long history of paying out claims. The company boasts that ever since opening in 1907, SBLI has never failed to pay a legitimate claim (not even during the Great Depression). 

SBLI has consistently earned an A+ rating for financial strength from A.M. Best.

Although financial strength may not be the hot topic at tonight's dinner table, it is imperative when choosing a life insurance company. Why? When it comes to life insurance, you want to make sure that the company you choose will pay up when the time comes. 

A.M. Best is the largest credit rating agency globally and currently assesses the creditworthiness of over 16,000 insurance companies worldwide. With an A rating from A.M. Best, we are confident you can trust SBLI to meet any financial obligations. 

Term Life Insurance

Whether you want term life insurance, whole life insurance, or a combination of the two, SBLI has got you covered. 

SBLI's Term Life Insurance is reasonably straightforward. You choose how much protection you want and how long you want it. SBLI offers lower premiums, so it's an excellent option for those on a budget, and you can choose term lengths from 10, 15, 20, 25, and 30-years. 

Term Life Insurance savings can help with death expenses, mortgage expenses, college tuition, and more. SBLI offers three kinds of Term Life insurance: Guaranteed Level Premium Term Life Insurance, One Year Non-Renewable Term Life insurance, and Yearly Renewable Term Life insurance. 

You may want to consider term life insurance for the following reasons:

  • Low cost
  • Premiums don't change for the period you select
  • Policies $750,000 and under for anyone ages 18 to 60 (no medical exam)
  • Federal income tax-free death benefit
  • Option to convert it to permanent life insurance, whole life insurance, or universal life insurance without a medical exam

Whole Life Insurance

SBLI's Whole Life insurance is perfect for people who want 100% guaranteed life protection. Anyone ages 15-days to 80-years qualifies for Whole Life insurance. All Whole Life policies last until age 121 and offer tax-free cash value accumulation. Coverage ranges from $25,000 to $30 million, and premiums remain stable. 

Listed below are some reasons why you might want to consider SBLI Whole Life Insurance:

  • Coverage is guaranteed never to expire*
  • Premiums are guaranteed never to increase*
  • Cash value will increase over time
  • Guaranteed tax-free death benefit
  • You can borrow from the policy's cash value while you're alive
  • Variety of premium payment schedules

*Coverage is guaranteed never to expire if premiums and loan interest are paid on time

Available Riders

There is no one-size-fits-all when it comes to insurance policies. That's why SBLI offers a variety of life insurance riders. 

You can choose from the following life insurance riders:

  • Accelerated Death Benefit Rider 
  • Children's Level Term Rider 
  • Waiver of Premium Rider
  • Guaranteed Purchase Option Rider
  • Single-Pay Paid-Up Additions Rider
  • Term Rider
  • Cash-Out Term Rider
  • Child Level Term Life Insurance Rider
  • Value-Added Benefit Rider

Keep in mind that not all riders are available for all products and there will be certain conditions that need to be met. Additionally, an Accelerated Death Benefit Rider is included automatically at no cost to you; however, additional riders require additional costs. 

Final Expense Insurance

In addition to its term and whole life insurance, SBLI has its Cherish Life final expense insurance (which may also be referred to as burial insurance). This coverage is helpful as it helps your loved ones pay for things like outstanding medical bills, credit card debt, or funeral costs. Coverage amounts are anywhere from $2,000 to $35,000 — a decent amount for this type of policy.

Free LegacyShield Subscription

All SBLI clients have access to a LegacyShield subscription at no cost. This platform allows you to store all your essential documents, consolidate your financial accounts on one convenient dashboard, and create documents for your estate plan (i.e., your will, power of attorney, HIPAA authorization, and advance directives). 

When it comes to end-of-life planning, it can be overwhelming to conglomerate all your accounts and important documents. We appreciate SBLI offering LegacyShield to all its clients for free.

Life Insurance Calculator

It's not uncommon not to know how much life insurance coverage you'll need. To help put you in the right ballpark, we recommend checking out SBLI's Life Insurance Calculator. This is a valuable tool and can help you determine how much coverage you'll need and for how long. 

All you need to do is enter your age, annual income, savings and investments, spouse/partner status, number of children, income replacement, mortgage debt (if you have any), other debt obligations, and whether you have an existing life insurance policy. 

Once you input all this information, SBLI will suggest a coverage amount and term length. 


The Bad

  • Higher Rates for Smokers
  • Quick Quotes

Higher Rates for Smokers

This is not unusual for the industry, but smokers can expect their rates to be much higher than those who don't smoke. 

Quick Quotes

SBLI does allow you to enter in some personal information and get an estimate for your policy. However, this is just an estimate and to get more detailed information on your policy, rates, etc., you'll need to speak with an agent. 

Working with an agent is not uncommon, but more and more companies allow consumers to purchase coverage entirely online. 


The Bottom Line

SBLI is an excellent choice if you're looking for customizable life insurance policies at an affordable cost. You can get up to $750,000 in coverage without getting a medical exam. If you want to customize your policy even more, SBLI offers several insurance riders that will provide protection if and when you need them to. 

We appreciate SBLI giving its clients a free subscription to LegacyShield. This is a great tool that will help consumers consolidate their accounts and important documents so that after they pass, their families can easily access their information on one convenient platform. 

SBLI doesn't give consumers all the details unless they work with an agent. If you are looking for a company that operates solely online, this may not be the best choice for you. 

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