Savings Bank Life Insurance Company, more commonly known as SBLI, first opened its doors as a life insurance company in 1907. With this rich history, its customers have more confidence it will be around 100 years from now to pay claims, but is it true?
Business Insider compared SBLI to the best life insurance companies and found it to be an above average provider, balancing high death benefits with flexible policies. It also boasts positive customer reviews.
SBLI Life Insurance Overview
SBLI offers term, whole, and final expense life insurance.
SBLI's term life insurance has more conservative benefits than a term-only life insurance company, only offering up to $1 million in death benefits without a medical exam (up to $5 million with a medical exam). However, SBLI's term life policies can be converted to permanent policies, which most term-only companies do not offer. SBLI's term life premiums are also competitive with some of the cheapest life insurance companies.
SBLI has a rating of A (Excellent) from AM Best, which rates insurers based on financial stability. It has positive customer reviews on third-party sites and is very responsive to reviews on Trustpilot. In addition, the company received fewer complaints than many competitors, suggesting customers are satisfied with life insurance from SBLI.
SBLI Life Insurance Pros and Cons
SBLI Life Insurance Pros
- Up to $1 million term life coverage with no medical exams
- Online quotes available
- Low cost for term life insurance
- Term life conversion available
- Estate planning and other digital tools included
SBLI Life Insurance Cons
- Lower death benefits for no medical exam policies than some term-only companies
SBLI Life Insurance Plans Available
SBLI offers term, whole life, and final expense policies. Its term and whole life policies offer an optional accelerated underwriting process. This may help you get life insurance immediately.
All policies come with LegacyShield, an online tool that stores important documents and financial information in a digital vault. Membership also includes some digital tools for estate planning, like a will-making service.
With that in mind, here's a breakdown of the different types of life insurance plans from SBLI.
Traditional Term Life Insurance from SBLI
SBLI's term life insurance policies allow you to get a set amount of life insurance for a period of 10,15, 20, 25, or 30 years. Term policies are available from $100,000 to $5 million for applicants between 18 and 75 years old. While exams generally require a medical exam, you may qualify for accelerated underwriting if you're applying for less than $1 million and you're between 18 and 50 years old.
Policyholders can apply to extend policies until age 85 or convert to permanent life policies.
SBLI also offers simple term life, which does not require a medical exam. Applicants between 18 to 50 can apply for up to $1 million in coverage, and applicants between 51 and 55 can get up to $500,000. Terms can last 10, 15, or 20 years.
SBLI's Whole Life Insurance Policy
SBLI offers a whole life insurance policy with coverage until you die. These policies can accrue cash value, and policyholders may also receive dividends (a portion of the company's profits) based on its performance. Policyholders may also enjoy early withdrawal options to take advantage of the dividends while still alive.
SBLI does not provide much information about its whole life policy online. Instead, you'll have to call 888-630-5000 to learn about whole life insurance or get a quote. Phone agents can also estimate how much coverage you may qualify for and answer common questions. This policy is eligible for accelerated underwriting for qualifying buyers.
SBLI Final Expense Life Insurance
SBLI's final expense life insurance, known as Cherish Life, provides a small amount of coverage to take care of final expenses, final medical bills, and other end-of-life financial obligations. SBLI's burial insurance is available to people ages 50 to 79 with coverage limits of $2,000-$35,000. It doesn't require a medical exam, and you can apply online for this policy to receive an instant decision.
These amounts are significant, even if they may seem small. When policies pay out quickly, they can help families pay for the costs immediately after death. Funeral costs, legal fees, and other costs build up quickly, and families are prone to taking out loans, often with high interest rates and other predatory features. When companies like SBLI make funds available quickly, they cut these financial burdens off before the situation becomes overwhelming.
Additional Coverage Options from SBLI
In addition to the policies above, SBLI offers several insurance riders. These are optional additional protection you can add to your policy for a small cost. However, the benefit is arguably high if the riders are exercised. Here are the riders available from SBLI:
- Accelerated Death Benefit: Provides up to $250,000 before death if a doctor determines you have a terminal illness and under one year to live. The accelerated death benefit is available on all plans.
- Children's Level Term Rider: Provides coverage for eligible children between the ages of 15 days and 23 years. Covered children can convert it to permanent life insurance in adulthood. It is available on term and whole life policies.
- Accidental Death Benefit Rider: Provides an additional payout within 180 days if you die in an accident. Policyholders can add it to whole life or term policies.
- Waiver of Premiums: Allows you to skip paying premiums on whole life or term policies if you cannot work.
- Guaranteed Purchase Option Rider: Guarantees you'll be able to add more coverage to whole life policies at certain life events without answering health questions or going through another medical exam. So, you may start with lower coverage, but as your family's financial needs change due to marriage, children, a new job, etc., you can update your benefits.
- Single-Pay Paid-Up Additions Rider: Lets you make a single additional cash deposit to a whole life policy when you initiate the policy. The extra deposit increases the death benefit and cash value.
- Guaranteed Level Term Rider: Your premium is guaranteed to stay the same over the life of your policy as long as the policy is in force.
How Much Does SBLI Life Insurance Cost?
SBLI customers can get some term and final expense quotes online. However, you'll have to call to get more information about the price of whole life policies. Phone agents are also available for questions about any SBLI policy.
To get a better idea of how much SBLI costs, we obtained quotes for a 20-year term policy with a $500,000 death benefit for a non-smoking applicant in excellent health and compared it to the average cost of the same policy, according to Policygenius.
| Age | Sex | SBLI Quotes | Average Cost |
| 21 | Female | $15.98 | $23 |
| 21 | Male | $25.33 | $30 |
| 30 | Female | $15.98 | $23 |
| 30 | Male | $19.31 | $29 |
| 40 | Female | $26.72 | $35 |
| 40 | Male | $31.24 | $43 |
| 50 | Female | $54.80 | $78 |
| 50 | Male | $69.87 | $102 |
| 60 | Female | $157.74 | $194 |
| 60 | Male | $199.55 | $269 |
As you can see, prices are generally low. However, smokers are harshly penalized, which is not uncommon in life insurance. We recommend quitting smoking if you're interested in buying life insurance.
How to File a Claim With SBLI Life Insurance
You can report a death and begin filing a claim with SBLI online. You can also call the company at 1-800-694-7254.
To file a claim for SBLI's final expense life insurance, you'll need to submit a claim form with proof of death to:
Cherish Life, PO Box 4049, Woburn, MA 01888-9942
or you can email documents to claims@cherishlife.com.
SBLI says that it will process your final expense claim in two days or it will pay you $250.
SBLI Life Insurance Customer Service Reviews and Ratings
SBLI generally has positive reviews, receiving an average of 4.2 stars out of five on Trustpilot. Reviews spoke highly of the agents when purchasing, and some reviews mentioned a smooth and easy claims process. Even more encouraging was that SBLI's customer service team responded to all reviews within a week, making it a reliable way to contact the company.
It's worth noting that insurance companies often receive poor reviews on third-party review sites, often because reviews are generally left by people who have something to say, which is usually negative. On the other hand, insurance companies with really positive reviews often encourage their customers to leave reviews at the end of the purchasing process.
The National Association of Insurance Commissioners' complaint index rates a company based on how many complaints it receives against its share of the market. The average NAIC complaint index score is 1.00, meaning if a company scores below 1.00, it has fewer complaints than expected for a company of its size. If the company scores above 1.00, it has more complaints than the industry average. SBLI scored 0.00, indicating that it has no complaints at all.
Additionally, SBLI has an A- (Excellent) rating from AM Best.
SBLI Life Insurance Alternatives
SBLI vs. John Hancock Life Insurance
John Hancock and SBLI have long track records and good reputations. Unlike SBLI, which only sells life insurance, John Hancock offers various financial services and products. Many of John Hancock's life insurance policies are whole life policies, allowing people to increase the value of their policy, save for retirement, and take advantage of key tax benefits. However, neither company offers the most aggressive investment life insurance policies.
While modest, John Hancock's policies are also more equipped for early withdrawals and long-term financial planning. John Hancock also rewards customers who track health and wellness as part of what the company calls "interactive life insurance."
SBLI has more options for short-term and final expense coverage than John Hancock. It also offers a decreasing term policy in SmartTerm 360. For customers who are more price-sensitive or those looking for a deal, SBLI has a greater appeal.
Read our John Hancock life insurance review.
SBLI vs. Fabric by Gerber
Fabric by Gerber Life and SBLI are very similar products, both offering term life insurance. While SBLI's no medical exam life insurance maxes out at $1 million, Fabric customers can access up to $1.5 million without a medical exam. Both companies also offer $5 million for customers willing to take an exam.
SBLI's main advantage over Fabric is its ability to convert term life insurance to a permanent policy. While conversions aren't necessary for everyone, it's a nice option to have available with your policy. SBLI customers can also add several riders to their term life insurance, such as child-level term riders, waiver of premium, and accidental death benefits. Both Fabric and SBLI include accelerated death benefits in their policy automatically.
Not only are SBLI policies more customizable, but they're also cheaper. A $500,000, 20-year term policy for a healthy 30-year-old male would cost $22.89 monthly with Fabric and $19.31 with SBLI.
While Fabric has a higher maximum death benefit for no-exam term life insurance, SBLI is the better choice.
Read our Fabric by Gerber life insurance review.
SBLI Life Insurance FAQ
No, SBLI does not offer universal life insurance. SBLI offers term, whole, and final expense life insurance
Yes, SBLI life insurance pays dividends to whole life policyholders. However, dividends are not guaranteed, and its payouts are not publicly accessible. However, in 2024, SBLI's dividend interest rate was 4.30%
Yes, you can get a quote for SBLI's term life insurance online. To get quotes for a whole life policy, you'll have to speak directly with an SBLI agent.
Why You Should Trust Us: How We Reviewed SBLI Life Insurance
Our insurance rating methodology helps us compare companies objectively to help consumers make informed decisions. We look at factors including:
- Cost of a policy: Underwriting will determine your premiums based on your perceived risk level. However, we do our due diligence to find affordable rates and the best value. To do so, we compare a company's cost with the average industry rate ($40 to $56 per month) and with its competitors. We also assess the impact of demographic factors (age, health classification, etc.) on premiums.
- Company offerings: We look at the variety of products a company offers, including the availability of short-term and long-term policies and supplemental riders. Shoppers with more complex financial needs may value access to universal life policies or the option to convert to a permanent plan. Those who only need basic coverage may like the simplicity of companies offering only term life insurance.
- Policy customization: We look at a company's term length options and range of coverage amounts. Shoppers with unique circumstances may need more coverage or longer term lengths (several companies offer up to 40 years of term life coverage). The availability of riders also enhances a policy by providing extra protection.
- Financial strength: Financial stability indicates how consistently a company can deliver on its financial commitments during unstable economic conditions like a recession. We used AM Best, an industry-renowned credit rating agency, to determine an insurance firm's financial health. Companies receive grades from A++ (Superior) to F (not financially stable). If a company earns under a B, its financial strength is questionable. The company may not be around to pay your death benefit claim.
- Customer service: Using JD Power's life insurance customer satisfaction survey, we called out companies known for top-tier customer support. JD Power surveyed over 5,000 participants who ranked providers based on service from the purchasing to the claims process. JD Power distributed points out of 1,000 to each firm. Providers scoring over 774 points demonstrated superior customer service.
- Exclusions: Insurance providers may exclude applicants to minimize risk. Some companies will increase rates or disqualify life insurance buyers with preexisting conditions, smokers, or older applicants. Our review highlights where applicants may encounter disqualification or higher premiums based on the provider's exclusions.
Read more about how Business Insider rates life insurance.
