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SBLI life insurance review 2022

Lizzie Nealon is an insurance contributor for Bankrate and enjoys making home, auto and life insurance digestible for readers so they can prepare for the future. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Oct 26, 2022 Bankrate logo

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At a glance

Not rated Bankrate Score Home 0.0 Auto 0.0 About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. SBLI stands out for offering a wide range of life insurance policies in nearly every state. SBLI offers an impressive range of riders that can help personalize a policy to your life insurance needs and financial goals. The company does have local agents or a mobile app, though. Pros and Cons Quick Look Pros Wide range of coverage options offered, including no-exam term life policies Innovative digital platform allows policyholders to manage money, store important documents and plan for the future all in one online location Operates as a mutual company, which means policyholders own the company Cons No universal life insurance options No local agents No mobile app Numerous riders available No mobile app Accelerated underwriting Savings Bank Life Insurance Company, better known as SBLI, was by Supreme Court Justice Louis Brandeis. SBLI's life insurance offerings remain competitive in the life insurance marketplace. The company offers term life, whole life and final expense insurance, plus a wide range of riders to help policyholders personalize their coverage. The company also offers accelerated for shoppers between ages 18 and 60 for up to $750,000 of no-exam life insurance coverage. SBLI life insurance is unique in a few ways. It is a mutual company, which means it is owned by its policyholders. For this reason, the company's website indicates it isn't beholden to shareholder interest and puts its policyholders first. SBLI also offers LegacyShield, an innovative tool that allows policyholders to manage end-of-life concerns such as final wishes, important documents, family photos and videos. The platform also allows users to consolidate all financial accounts into one dashboard.   This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser.

Compare life insurance providers quickly and easily

See which provider is right for you. The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses. Whole life insurance combines life insurance with an investment component. Coverage for life Tax-deferred savings benefit if premiums are paid 3 variations of permanent insurance: whole life, universal life and variable life include investment component Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time. Fixed premium over term No savings benefits Outliving policy or policy cancellation results in no money back Find matches Powered by HomeInsurance.com (NPN: 8781838) This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Bankrate Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable. See more providers in Choose from insurers in Show More

 

SBLI life insurance coverage types

SBLI offers a , including term life, whole life, final expense insurance and a no-exam policy. The company also offers the following riders to help you personalize your coverage: Accelerated death benefit rider Children's level term rider Accidental death benefit 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 If you're unsure which policy is right for you, consider the following aspects of the policy types offered by SBLI. : SBLI allows you to choose a term between 10 and 30 years, during which your policy is active. Shoppers who want coverage for a specific amount of time, such as when your children are young or while your mortgage is in effect, may benefit from term life coverage. For the budget-conscious, term life insurance is typically much cheaper than permanent life insurance. SBLI offers four riders that can be applied to term policies and a no-exam term policy option. : In regards to permanent policies, SBLI only offers whole life insurance. Whole life insurance is a form of permanent life insurance that remains active for the policyholder's whole life (as long as they pay premiums) and comes with a cash value account that accumulates interest or returns over time. SBLI offers eight riders that are available with whole life insurance policies, including endorsements for . : The company's final expense insurance policy is a type of guaranteed whole life policy that does not require a medical exam. It provides a small amount of coverage designed to cover end-of-life expenses. If you're unsure which of these policies might be best for you, it may be wise to consult a . If you're in the process of figuring out , you may want to talk to a licensed independent insurance agent or use an online to offer guidance for your unique situation.

SBLI life services

SBLI offers a unique digital platform called , which allows policyholders to consolidate financial accounts onto one dashboard, store documents, share final wishes and compile family photos all in one place. If you're looking for an organization system for these items, Life's Mission Control may be worth your consideration.

Other SBLI perks worth considering

The following perks stand out as some of SBLI’s most competitive benefits. LegacyShield Life’s Mission Control: This tool allows policyholders to manage their documents, finances and final wishes all in one place. Accelerated underwriting: SBLI offers fast underwriting to everyone age 60 and under with no medical exam. Customers only have to complete a phone interview and answer basic health questions. No-exam policies: The company offers term life policies without medical exams. Multiple policy riders: SBLI offers 10 policy riders available to help policyholders personalize their coverage.

SBLI life insurance customer and claims satisfaction

SBLI received financial strength ratings of A (Excellent) from and A- (Stable) from Standard & Poors (). The company is unrated in the J.D. Power , but received , according to the National Association of Insurance Commissioners (), which suggests an overall positive customer experience.

SBLI corporate sustainability

Our SBLI life insurance review also took a look at the company's corporate social responsibility initiatives. SBLI operates the , which donates money to organizations such as The Jimmy Fund, American Diabetes Association, National Brain Tumor Society, American Heart Association, National Breast Cancer Foundation and National Multiple Sclerosis Society.

Not sure if SBLI is right for you Consider these alternatives

If an SBLI life insurance policy isn’t the right choice for you, it may be wise to from one or more of the following providers, which were each recognized as some of the in our 2022 Bankrate Awards for Life Insurance. : State Farm won the for company, based on its exceptional customer satisfaction score and top AM Best score. If you’re looking for a more highly-rated insurance company, you may want to check out State Farm. : MassMutual won the Bankrate Award for best whole life insurance, thanks to its use of local agents, “Superior” AM Best score and high coverage capacity. MassMutual may be beneficial for those looking for , as it offers resources for those planning for elder care and retirement. : SBLI does not offer universal life insurance. If you’re interested in universal life, Nationwide may be a good option to consider, as it won the award for best universal life insurer in the 2022 Bankrate Awards.

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