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SBLI Life Insurance Review

Director of Insurance
March 20, 2020

Update: In the wake of the COVID-19 pandemic, SBLI is one of several insurance companies that is directly addressing customers’ questions about the virus and/or providing specialized service options to ensure the safety of customers and agents alike. For up-to-date information, visit their website.

SBLI offers coverage without an in-home visit and has some of the most affordable life insurance rates for tobacco users.

 In the following review of SBLI we will cover the pros, cons and alternatives to The Savings Bank Life Insurance Company of Massachusetts, AKA The Savings Bank Mutual Life Insurance Company of Massachusetts, AKA SBLI.

SBLI is a fantastic company. They consistently rank as one of the most affordable life insurance companies for smokers and non-tobacco users alike. And since price is one of the primary factors customers care about, SBLI is often the go-to companies for life insurance.

With that said, there is no one size fits all company out there. The key to finding the best company is to have choices and knowing which choice is best for you-based on your unique health and lifestyle.

About SBLI

Also known as the Savings Bank Mutual Life Insurance Company of Massachusetts, SBLI was founded in 1907 by a Supreme Court Justice.

SBLI's headquarters is located in Woburn, Massachusetts. Its products are available in every state except NY.

SBLI is a mutual life insurance company. A mutual company is one that is owned by its policyholders, not stockholders. Its primary allegiance is to its clients and owners, rather than to investors.

SBLI Life Insurance Company Advantages

The first advantage that we want to being to your attention is SBLI's accelerated underwriting for guaranteed level premium term life insurance.

Guaranteed Level Premium Term

SBLI is offering up to $500,000 of level term life insurance via their fast and convenient application process. SBLI offers coverage without an invasive in-home visit regardless of the risk classification you may qualify for.

SBLI’s term product is accelerated underwriting life insurance and offers quick approval times and rates that are extremely competitive.

Product features:

  • Simple application process with a telephone interview for ALL underwriting classes.
  • Term lengths available: 10, 15, 20, 25 and 30
  • Available for ages between 18-60
  • Face amounts available: $100,000 - $500,000
  • SBLI's new underwriting process is available in all states except New York and Montana.
  • Typically issued faster than other fully underwritten term life insurance.
  • SBLI offers both an electronic or paper application.

Note: Traditional Underwriting process is required for coverage over $500,000 and for ages 61+.

SBLI Life Insurance Company Ratings

In order to know the financial strength of a life insurance company one need go no farther than the company’s A.M. Best rating. SBLI life insurance company's A.M Best rating as of June 13, 2019 is A- (Excellent), a top financial rating. Its long term outlook is a- and stable.

In addition, SBLI is a BBB accredited business. BBB gives SBLI an A+ rating as of Decemner 27, 2019.

SBLI is in solid financial company with an A rating from AM Best and top notch customer service company with an A+ rating from the BBB. Therefore, a consumer can have the peace of mind knowing that their family’s financial future is secure if SBLI Life is your insurer of choice.

SBLI Life Insurance Rates

When reviewing a life insurance company, one of the primary concerns a client will have is if they are getting cheap life insurance or if there is a better price available.

SBLI life insurance rates consistently rank in the top 10, and often in the top 5 for a wide variety of term life insurance policies.

And often, if you are willing to pay your premium annually, SBLI Life will be the #1 option on price for term life insurance. Which is why the company consistently ranks as one of our premier life insurance companies.

For example, lets look at SBLI life insurance quotes for a 45 year old male in perfect health. As of 2017, a $500,000 20 year term life insurance policy will cost just $605 annually. That is the best price available of any life insurance company.

And SBLI Life Insurance is just as competitive with rates for females. For example, a 45 year old female in perfect health looking for $500,000 20 year term will pay only $480 annually with SBLI Life. Once again, that is the best price of any term life insurance carrier.

Life Insurance Policies offered by SBLI

SBLI offers both term life vs whole life insurance. The two types of term life insurance it offers are:

Guaranteed Level Premium Term

We discussed this new innovative product above.

SBLI's Yearly Renewable Term Life Insurance

Annual renewable term renews every year with the premium based on the insured's current age. The insurance renews annually and the premium goes up every year until age 75 at which point the premium remains the same and the face value begins to decrease annually until age 90.

Term Life Riders

SBLI offers three primary term life insurance riders:

Each term product comes with a conversion option to convert the policy to a permanent policy by the end of the term or by age 70.

Also available at no charge is an accelerated death benefit which allows the policyholder to receive a portion of the death benefit if they are diagnosed as terminally ill.

An additional child term rider can be added to your policy for a small fee.

SBLI whole life insurance

SBLI's whole life insurance policies offer the following guarantees:

  • Guaranteed Premiums
  • Guaranteed Death Benefit
  • Guaranteed Cash Value Growth

In addition, the company offers participating whole life insurance which pays annual dividends to participating policyholders. Dividends are a valuable benefit of whole life and can be used for the following:

For more one why you might want to consider whole life insurance, check out our article detailing the key benefits of cash value life insurance.

Compare Term Life vs Whole Life Insurance Quotes

Some SBLI whole life insurance options include:

Continuous Payment Whole Life provides coverage until age 121 as long as the policyholder pays the policy's fixed premium.

Limited Payment Whole Life allows the owner to pay for a certain period of 10, 15, or 20 years or until the age of 65. The shorter the period, the higher the premium but the shorter the time until the policy is paid up, reaching the maximum face value at age 121.

Single Premium Payment Whole Life allows the owner to make a single payment in return for a paid up life insurance policy. typically, this is the cheapest way to buy a whole life insurance policy if you have the lump sum payment available to make the purchase.

Consider a whole life insurance policy when you need coverage to last the rest of your life. Two main areas where permanent protection is essential is when you are using buy sell agreements for business succession or life insurance trusts for estate planning.

SBLI Underwriting Niches

If you have high blood pressure or high cholesterol, SBLI is a great choice.

However, SBLI is not the go to life insurance for diabetics.

Top Level Customer Support

SBLI Insurance is known in the industry as being one of the more customer centric life insurance carriers out there. We believe it is due to the fact that SBLI Life is still relatively small in comparison to the larger insurers such as Prudential, American General, Transamerica and Voya ING Reliastar.

Now great customer service means very little if the company gives you a higher premium than a competitor. But if customer service is your thing, SBLI Life Insurance is a great company to choose.

Involved in the Community

SBLI Insurance is very active in their community and helps support several not for profit organizations.

  • The Rodman Ride for Kids
  • The New England Center for Children
  • The Massachusetts Affordable Housing Alliance (MAHA)
  • The American Heart Association (AHA)
  • Woburn Boys & Girls Club
  • The New England Center for Homeless Veterans
  • Massachusetts General Hospital Home Base Program

Although this does not make SBLI a better life insurance company, it is nice to know they are focused on more than the bottom line. That is a positive in our eyes and maybe in yours as well.

SBLI Insurance is Just One of Many

When reviewing SBLI Insurance Company, the main con we have is that SBLI Life is just one of many companies available.

If SBLI Life Insurance is the only company you apply with than you have limited your options to just one company. The issue that arises is when you come back different than applied for.

If you have gone directly through SBLI Life, or applied with an agency that only has a few options to work with, you will be stuck with the offer that you are given.


We recommend comparing a few companies to find which policy and which prices works best for you. You can compare dozens of life insurance policies on our Get A Quote page.

Written by
Nina has spent over a decade creating and managing content to help people find the resources online that they need and want. Her diverse experience spans working with billionaires to beauty queens, but the common thread has remained to get people the help they need online. When Nina isn’t thinking about connecting the digital dots, she is spending time with her husband, daughter and rescued boxer in Phoenix, Arizona.