Is SBLI Life Insurance Legit – SBLI Life Insurance Review

Is SBLI Life Insurance Legit – SBLI Life Insurance Review

Is SBLI Life Insurance Legit? What does SBLI stand for? SBLI stands out because it offers a wide variety of life insurance plans in almost every state. SBLI has a wide variety of riders that you can add to your policy to make it fit your needs and financial goals. The company does, however, have local representatives and a mobile app.

SBLI, which stands for Savings Bank Life Insurance Company, was started in 1907 by Supreme Court Justice Louis Brandeis. SBLI’s life insurance plans are still competitive in the market for life insurance. The company offers term life, whole life, and final expense insurance, as well as a wide range of riders that help policyholders customize their coverage. Customers between the ages of 18 and 60 can get up to $750,000 of no-exam life insurance coverage with accelerated underwriting.

A few things make SBLI life insurance different. It is a mutual company, which means that the people who buy insurance from it own it. Because of this, the company’s website says that it doesn’t have to care about what its shareholders want and that its policyholders come first. SBLI also has an innovative tool called LegacyShield that helps policyholders take care of end-of-life things like last wishes, important documents, family photos and videos. Users can also combine all of their financial accounts into one dashboard.

Who can apply for term life insurance through SBLI?

  • People between the ages of 18 and 74 can sign up for SBLI term life insurance.
  • If the applicant is between the ages of 18 and 60 and the death benefit is less than $750,000, the underwriting process will be sped up automatically.
  • If you live in Montana or New York, you won’t be able to apply for coverage because SBLI is not licensed to sell products in those states.

What are the least and most I can be covered for?

Coverage for SBLI term life insurance starts at $100,000 and goes up to $50 million. When deciding how much life insurance to get, it’s important to get enough to replace your income and pay off your debts if you died right now.

To figure out how much coverage you need, you’ll need to think about your current income, any debts you have, possible costs at the end of your life, and who depends on you financially. If you have a spouse, you’ll need to figure out how long they’ll need your income to keep living the way they do now.

A good rule of thumb for figuring out a death benefit is to multiply your annual income before taxes by a certain number of years. This will give you an idea of how much coverage to get quotes for.

Remember that the goal is to have enough death benefit protection so that if you die, your family won’t have to worry about money.

What are the different lengths of term contracts for SBLI?

SBLI has different lengths of term contracts. Applicants under the age of 60 can choose a 10, 15, 20, 25, or 30-year term. If you are over 60, you can’t get a 20-year term, and if you are over 65, you can only get a 10-year term.

Try to choose a term contract length that lasts as long as your longest financial commitment. You can renew your plan at the end of the term, but since you’ll be older, the premiums will be higher, so it’s best to choose a good term length from the start.

You should think about:

  • Lengths of any loans or debts, such as a mortgage balance or other loans.
  • How old your kids are and how much they might go to school or daycare
  • The money you owe to your significant other, like replacing lost income
  • For example, if you just started a 30-year mortgage, it would be smart to choose a 30-year term length so that your mortgage would be paid off if you died.
  • If you have kids, think about how long they will still need you and if you want to help them go to college.

SBLI Life Insurance Policies Available – Is SBLI Life Insurance Legit?

Term Life Insurance

Term life insurance is meant to protect your family while you still have financial responsibilities, like paying off a mortgage or raising children. Most term life insurance policies last between 10 and 30 years. If you die before the end of the term, your beneficiaries won’t get any money. But for most people, this kind of life insurance is enough, and it’s much cheaper than permanent life insurance.

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SBLI Term life insurance

You can choose a 10, 15, 20, 25, or 30-year term with SBLI Term Life. Issue ages range from 18 to 74, depending on your term and whether or not you use tobacco. You can get coverage for as much as $50 million, with a minimum face amount of $100,000. Also, people between the ages of 18 and 60 can get life insurance without having to take a medical exam if they want coverage of $750,000 or less.

The premiums stay the same for the length of time you choose, and you can keep renewing your policy until you’re 85, but the rates go up every year after the initial term. You can also change your term policy into a whole life or universal policy if you want to in the future.

Non-renewable life insurance for one year

SBLI has a one-year term policy that can be used as a bridge to another policy or if you need extra coverage for a short time. This policy can’t be renewed, but it can be changed without a medical exam into a whole life or universal life policy.

SBLI SmartTerm 360

This group of policies works like a ladder, so you can buy different levels of coverage for different lengths of time. For example, you might need $1 million in coverage while your kids are still growing up, but you could lower it to $750,000 once they’ve moved out and to $500,000 once they’ve finished college. SBLI advertises SmartTerm 360 as a way to set up your coverage so you can save up to 50% compared to traditional term life insurance. You’re buying a bunch of different policies with different terms all in one package.

Whole Life Insurance

As long as the premiums are paid, a whole life insurance policy gives your beneficiaries a guaranteed death benefit, no matter when you die. Your premiums stay the same for the rest of your life. Over time, a whole life insurance policy also builds up cash value that you can use to borrow money. And at some companies, like SBLI, people with whole-life policies can get dividends. Whole life insurance, on the other hand, tends to be much more expensive than term life insurance.

SBLI Whole-Life Flex Insurance

This policy pays dividends and can be bought by people as young as 15 days old and as old as 80 years old for between $25,000 (only in the standard risk class) and $50 million in coverage. Applicants between the ages of 18 and 60 who want to buy $750,000 or less in coverage can apply for accelerated underwriting, which doesn’t require an in-person exam. You can start borrowing against the policy after one year, and after 10 years, you can do so for free.

There are six ways to pay for SBLI. If you choose a shorter pay period, you will pay more each month but won’t have to pay premiums when you retire.

  • Premiums are paid until the person turns 121.
  • Limited Pay 10: Payments made over a period of 10 years
  • Limited Pay 15: Payments made over the course of 15 years
  • Limited Pay 20: Payments made over a period of 20 years
  • Limited Pay Paid Up at 65: Premiums paid up to age 65
  • Single Premium: This is for transferring wealth and requires a one-time payment of up to $1 million.

Final Expense Insurance

Permanent final expense insurance is a type of life insurance for older people who want to be approved more easily and get less coverage. SBLI’s final expense policy has no limits on how it can be used, so it can be used to pay for funeral costs and other costs. The premiums stay the same as long as the policy is in effect.

SBLI Cherish Life End-of-Life Cost

SBLI’s policy for final expenses doesn’t require a medical exam, but you do have to answer questions about your health. It is not a guaranteed acceptance policy. Depending on your health, you may only be able to get a reduced benefit for the first two to three years. Cherish Life is open to people 50 to 80 years old who want between $2,000 and $35,000 in coverage. It also comes with a free membership for life to Life’s Mission Control, an online tool that lets you create and store files for legacy planning.

The final expense policy from SBLI is easy to get a rough cost estimate for online. But keep in mind that until you officially apply, you’ll get a range of premium amounts.

Available Add-ons to Policies

SBLI has a number of add-ons for their term life insurance, such as:

  • Accelerated death benefit rider: This rider is included at no extra cost, and if you are diagnosed with a terminal illness that will kill you within 12 months, you can get a portion of the death benefit early.
  • Up to 50% of the death benefit, up to a maximum of $250,000, can be paid out.
  • Accidental death benefit rider: Pays up to two times the base policy’s death benefit, up to a maximum of $250,000, if the insured dies before age 70 and within 180 days of an accidental bodily injury, per a physician’s statement. At the time of application, the rider can be used by anyone between the ages of 0 and 65.
  • Children’s term benefit rider: Provides up to $25,000 of term insurance coverage for one low price for all natural or legally adopted, unmarried, financially dependent children who are at least 15 days old and less than 23 years old at the time of the application.
  • Coverage for each child ends when certain things happen, like when the child turns 25, when the main insured turns 65, or when premiums aren’t paid when they’re due.
  • When the child turns 25 or when the main insured turns 65, the child rider can be changed into a permanent SBLI life insurance policy for up to five times the face amount of the rider.
  • Waiver of premium benefit: If the insured person becomes totally disabled for at least six months during his or her lifetime, all premiums are waived.
  • For whole life insurance, the insured must be between 15 and 55 years old to buy the rider. For term insurance, the insured must be between 18 and 55 years old. The rider ends at age 65.
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SBLI Customer Service – Is SBLI Life Insurance Legit

The SBLI phone center is only accessible during regular work hours. On workdays, starting at 8 a.m. and 5 p.m. ET, you can get help by dialing 1-800-694-7254. You can email records@sbli.com with papers or mysbli@sbli.com with queries. A virtual assistant is also available for chat.

Because it provides online quotes and applications for specific types of policies, SBLI distinguishes itself from some of its rivals. Your beneficiaries can even begin a claim online, and you can manage your coverage through the online site.

How can you submit an application for SBLI term life insurance?

When it comes to submitting an application for term life insurance coverage from SBLI, there are two alternatives available.

As you are aware, the full process can be completed electronically along with a 25–30 minute phone interview to finish the life insurance application if your life insurance request qualifies for the rapid underwriting option.

The second alternative is with a good old school paper life insurance application. You will still have to do the telephone interview, but with SBLI and their fast underwriting program, only the medical history section of the interview will be conducted.

You will be required to submit the standard life insurance application, which includes a paramedical exam that will be supplied by SBLI free of charge, if your application request for coverage falls outside the parameters of the accelerated underwriting program.

What details are used when determining eligibility?

In order to determine your eligibility, SBLI will evaluate a variety of personal characteristics, such as:

  • Age
  • Health conditions and status
  • Lifestyle risk (career and hobbies) (occupation and hobbies)
  • Using nicotine

Data-driven information will be used by SBLI underwriting to validate answers to questions provided on the life insurance application. The insurance company will be able to assess the applicant’s overall risk using this information and decide whether to approve coverage.

  • A significant portion of the information used to confirm an individual’s risk is obtained from outside sources, including the ones listed below:
  • Bureau of Medical Information (MIB)
  • Motor Vehicle Reports (MVR) (MVR)
  • Results of Prescription (Rx)
  • Analysis of publicly available Fair Credit Report Act data (FCRA)

In addition, depending on the applicant’s overall medical history, SBLI frequently requests medical records.

Will a medical exam be required?

For the Level Premium Term policy offered by SBLI, no medical examination is necessary if you are under 60 years old and applying for coverage of little more than $750,000.

Even those with common medical disorders including asthma, high blood pressure, high cholesterol, and even well-controlled diabetes (Type 2) can qualify for no medical exam applications.

When is a medical examination necessary?

A medical exam is necessary in some circumstances.

The guaranteed level premium term life insurance offered by SBLI is still available to applicants above the age of 61, but they will have to go through the standard underwriting process.

A medical checkup would also be required in the event that the coverage amount exceeded $750,000.

If your life insurance requires a medical exam, it will be given by SBLI free of any fees to you. An authorized examiner will get in touch with you to arrange a time that fits into your schedule for your medical examination.

Exams for life insurance are frequently finished in the applicant’s home.

What happens once you are approved for coverage?

Your life insurance agent will notify you with your consent if you are accepted for coverage. If your policy has been authorized as applied, the application and any final forms can be emailed to you online.

You can discuss the new rate or modify your coverage to fit your budget if your application is declined but at a different risk categorization. If your coverage was not authorized as applied and you do not desire to accept the amended terms, you are not forced to accept the insurance and can request to close your application.

Upon accepting your new SBLI term life insurance policy, you will be given the opportunity to register for an online customer account via which you will be able to check your policy details, download policy forms, and possibly even make a one-time payment.

For whom is SBLI accelerated underwriting not appropriate?

No medical exam underwriting can be challenging. A lot of companies that offer the option tend to have severe limitations on who can apply especially when it comes to health.

On the other hand, SBLI and their fast underwriting are particularly good about taking into account applicants who might not have the best history of health but have taken the measures to correct it and keep the health condition under control with regular doctor visits and medication when necessary.

Underwriting will take the time necessary to analyze applications from applicants who may have a history of specific health concerns by requesting medical documents in order to make a determination for approval, even though they might not be the fastest to approve coverage.

The fast underwriting procedure offered by SBLI will not be able to accept everyone and there are a few immediate knockout questions that can automatically exclude someone from qualifying.

  • Using marijuana four or more times per week
  • overuse or misuse of drugs within the last five years
  • Criminal behavior
  • DUI with two or more offenses, or under 25 in the previous year
  • Unemployed (other than homemakers or retired) with limited household income or dependent on SSI/disability benefits
  • Bankruptcy filing during the last 2 years or past several filings
  • Liens/judgements, outstanding activity that surpasses $50,000
  • Significant bad debt or repossession activity or a lot of collection activity
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Is SBLI term life insurance affordable – Is SBLI Life Insurance Legit?

There are numerous major aspects that determine the cost of an SBLI term life insurance. SBLI’s prices are less expensive than the industry median for the majority of age groups. In contrast to the industry average of $28.02, the SBLI average for people in their 20s is $25.34 per month. In contrast to the industry average of $32.06 for adults in their 30s, the SBLI average for this age group is $29.19.

However, SBLI rates for candidates over 50 tend to be greater than the industry standard. In comparison to the industry average of $152, an applicant in their 50s pays an average of $168.58 with SBLI. However, the industry average of $504.29 is once more more expensive than the SBLI average of $310.28 once you reach your 60s.

SBLI is quite reasonably priced for those in their 20s, 40s, or 60s, and the premiums frequently fall below the industry standard. Those between 50 and 60 might expect to spend more than the industry average. Age always effects the cost of your term life insurance premiums, but it has a particularly unique impact on SBLI. Additional elements that could impact the price of term life insurance from SBLI include:

  • Men typically pay greater premiums.
  • Nicotine use: Smokers and nicotine users can incur higher premiums.
  • High-risk occupations may result in higher insurance costs.
  • Hobbies: Risky pursuits like scuba diving might push up premiums.
  • Health status and history: People with diabetes, a personal or family history of cancer, or who smoke can still get life insurance, but you might be able to find more reasonable options elsewhere.

How to Get a Quote for Term Life Insurance from SBLI

Yes, you can request a quotation directly from SBLI; however, their website will only produce quotes for their policies. In order to choose the best service for you, you won’t be able to compare other ones.

Visit our online quotation tool to view immediate term life insurance rates from the best providers who accept applications without requiring medical exams, compare quotes, and apply for SBLI term insurance products.

SBLI Term Life Insurance: Pros and Cons

The guaranteed level benefit term life insurance offered by SBLI has a lot to recommend it. Since there aren’t many drawbacks that are so major to the coverage, it can be challenging to think of any.

SBLI Insurance review Pros

Without a medical exam, up to $750,000 is possible. A coverage amount of up to $750,000 is available for eligible candidates under 60 who qualify for fast underwriting.

To be eligible, you don’t need to be in perfect health. To be eligible for their no medical coverage alternatives, the majority of no exam options demand that you be in perfect health. You don’t need to have a stellar medical background to use SBLI. Candidates with medical issues like high blood pressure, increased cholesterol, and even diabetes are known to receive no exam underwriting from SBLI. You have a fair probability of being eligible for coverage as long as your medical condition is being treated.

Simple procedure for applying. There won’t be much left to do if you don’t mind participating in a quick 25–30 minute telephone interview to finish the life insurance application. The procedure is easy to understand.

Cons of SBLI Insurance review

They don’t always grant coverage in a timely manner. The turnaround time for approval is at most one week, and that is for healthy applicants. It can take a few more weeks for those that need more thorough underwriting, including medical records.

There are other firms that offer higher coverage amounts. While SBLI does have a $750,000 maximum coverage limit, some other no medical exam insurance providers offer coverage of up to $1,000,000 or more.

Not the cheapest choice for term insurance. Although SBLI provides competitive rates, they are not the lowest. Before choosing the first company you come across, make careful to examine pricing from the competition.

Is SBLI Life Insurance Right for Me?

You may even be able to qualify for fast underwriting, which would let you to avoid taking a medical exam, if you’re searching for a convertible term insurance at a competitive price. SBLI has some excellent options for you. By customizing your term insurance in accordance with your needs at various points in your life, the company’s SmartTerm 360 policy may provide an additional opportunity to save.

SBLI may also be an excellent alternative if you’re searching for a final expense or dividend-earning whole life policy backed by a financially sound organization that gets few customer complaints. For those who would prefer not to speak with an agent, the firm offers online rates and applications for term and final expenditure insurance. However, you’ll need to go elsewhere if you want a universal life coverage of any kind or substantial living benefits.

Unsure if SBLI is the correct choice for you? Take a look at these alternatives

If you decide that an SBLI life insurance policy is not the best option for you, it may be a good idea to compare life insurance quotes from a few of the following firms. These companies were all named among the top life insurance providers in our 2022 Bankrate Awards for Life Insurance.

  • State Farm: Thanks to its outstanding customer satisfaction rating and top AM Best score, State Farm was named the best term life insurance provider by Bankrate. You might want to look into State Farm if you’re seeking for an insurance provider with better ratings.
  • MassMutual: Using local agents, earning a “Superior” AM Best score, and having a large coverage capacity helped MassMutual win the Bankrate Award for best whole life insurance. MassMutual offers tools for those planning for elder care and retirement, so it may be advantageous for anyone searching for life insurance over the age of 50.
  • Nationwide: SBLI doesn’t provide universal life insurance in the entire country. Nationwide got the prize for best universal life insurer at the 2022 Bankrate Awards, so you might want to take that into consideration if you’re interested in universal life.

How We Evaluate Life Insurance Providers: Our Process

We created a thorough rating approach based on customer goals and life insurance firm fundamentals to score more than 90 insurers across five basic categories: financial soundness, customer satisfaction, product and feature variety, the overall buying experience, and cost.

Over 5,000 data points were gathered to accomplish this, and each business was graded according to 55 indicators. We categorized indicators into categories to evaluate how insurers did in each, and we weighted category scores to see how businesses performed as a whole.