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SBLI Review
SBLI Review
October 26, 2023 / Kale Havervold
SBLI Review
October 26, 2023 / Kale Havervold
Terms up to 30 years, coverage up to age 85
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Overview

SBLI was founded in 1907 and has been delivering life insurance policies to millions of people across the US ever since. The company offers several types of term life insurance, and many policies don’t require a medical exam. It has strong financial strength and solid ratings from both customers as well as organizations like the Better Business Bureau.

Pros

  • No medical exam required for some policies
  • Good reputation and reviews
  • Plenty of riders available to customize your coverage

Cons

  • Not available in all states
  • Age limit of 55 for simple term life insurance

Suitable For?

SBLI term life insurance is suitable for a variety of individuals due to the numerous plans and options it provides. For example, if you want to be protected right away without waiting for a medical exam, there are instant coverage policies available.

On the other hand, if you’re comfortable with a slightly longer process to secure a policy that costs less, that’s an option too.

Those with unique needs or who want to fine-tune their coverage will also love the numerous riders that the company offers, such as an accidental death benefit rider or a guaranteed purchase option rider.

Features/Highlights

SBLI offers some solid features to its customers. One of the best is a free subscription to LegacyShield. This is a digital tool that helps you protect your legacy and enables you and your family to prepare for the future.

It lets you store documents/videos/final wishes, notify family members automatically where important information is saved, view financial accounts, create estate planning documents, and more.

SBLI also provides several online tools and resources like a calculator to help estimate how much coverage you need and an affordability calculator to help you find a policy that fits your budget. The guides on features like insurance riders and the different life insurance types are helpful, as well.

Some additional highlights of SBLI include:

  • Multiple customer support options
  • Some policies available without a medical exam
  • Several term lengths and coverage amounts
  • The ability to apply online in some cases

Policy Types and Terms Available

SBLI offers two main term life insurance policies: SBLI Simple Term life insurance and SBLI Term life Insurance. Simple Term life insurance provides a shorter path to coverage, and you can apply online with no medical exam required.

This plan offers coverage up to $1 million for those between 18 and 50 years old, and up to $500,000 for those between 51 and 55. You can choose between a 10-, 15-, and 20-year term length with these policies.

The traditional Term life insurance offering has a more detailed application process and may require a medical exam, but may cost less. Coverage amounts range from $100,000 up to $10 million, and you can choose from terms of 10, 15, 20, 25, and 30 years.

SBLI provides numerous riders to customize your coverage, which include:

  • Accelerated death benefit rider
  • Children’s level term rider
  • Accidental death benefit rider
  • Waiver of premium rider
  • Guaranteed purchase option rider and more

Application Process

Almost anyone can apply for a term life insurance policy with SBLI. If you’re between 18 and 55 years old, you can apply for SBLI Simple Term life insurance. Those between 18 and 74 can apply for the traditional SBLI Term life insurance.

You can get a quote online for free, and can also apply online in some cases. To get a quote online, you need to:

  • Click the “Get a Quote” button on the homepage
  • Fill out the form with the appropriate information (name, contact information, birth date, etc.) and answers to the questions
  • Choose your coverage amount and term length
  • Click “Calculate your quote”
  • You’ll be provided with a range estimate, and an agent will reach out to speak further about your policy.

If you want to apply online, you need to:

  • Click the “Apply Now” button on the homepage
  • Fill out the form with the required information such as name, contact info, birthdate, and zip code.
  • Choose the coverage amount and term length that you want
  • Answer “Yes” or “No” to a variety of questions such as whether or not you’re a U.S. citizen and if you’re a tobacco user
  • Answer a few questions about whether you engage in risky activities like skydiving or flying planes
  • Answer some questions about your general health, size, and whether or not you suffer from certain medical conditions
  • Read through the policies, authorizations and disclosures before finalizing your application.

The application is generally easy and shouldn’t take more than a few minutes to fill out and complete. Keep in mind that you can’t apply online for the traditional term life insurance. The process for getting this kind of coverage is to request a quote and then respond to the agent once they call to provide information and figure out policy details.

How Safe Is It?

SBLI has been around for over 100 years and has maintained a good reputation among its customers. It has a 4.2 out of 5 rating on Trustpilot, with over 1,500 customer reviews. The company also has an A+ rating from the Better Business Bureau, as well as an A rating from AM Best and an A- from Standard and Poor’s.

SBLI takes your security seriously as it uses procedural, electronic, and physical safeguards to keep your information private. It restricts access to important data and has a cyber security team that continuously monitors and evaluates new potential threats.

The privacy policy goes through what data the company collects, how it’s collected, and how it’s used. Also, the company guarantees that your premium won’t change throughout your term. If you want to cancel, just fill out a policy surrender request form and send it to SBLI.

Help & Support

There are a variety of ways to get support from SBLI. If you’re interested in a policy and have some questions, you can call the company at 888-630-5000 on Monday to Friday between 8 AM and 8 PM ET.

Current SBLI customers can call 1-800-694-7254 for customer service. Operating hours are 8 AM to 5 PM ET, Monday to Friday. You can reach out to the company via email at customerservice@sbli.com, or fax it at 781-994-4240. There’s also a live chat with a virtual assistant on the company website.

You can make claims either in your online account or over the phone.

SBLI At a Glance

SBLI has a 100+ year history of providing life insurance policies to millions of Americans. It has a strong reputation and solid reviews, and provides helpful online resources and tools. The various riders, term lengths, and coverage amounts it offers ensure that you can customize a policy that fits your needs.

Physical Address

1 Linscott Road Woburn, MA 01801

Get started now, visit SBLI
By Kale Havervold
Kale Haverold is a freelance writer with over 5 years of experience crafting articles about credit cards, loans, debt, and a raft of other personal finance topics. His work has been featured on Yahoo, Hardbacon, and Loans Canada. Kale’s easy-to-digest, research-driven articles stem from his passion to share knowledge that helps
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