SBLI life insurance

SBLI life insurance received a rating of 4 stars out of 5 for overall performance. Our editorial team determines InsuredCircle ratings. Consumer experience, complaint statistics from the National Association of Insurance Commissioners, and financial strength ratings are all factored into the scoring algorithm.

SBLI life insurance pros and cons

SBLI life insurance policies

Except for New York and Montana, SBLI insurance is available in all states.

Term life insurance. You can purchase a term life insurance coverage for 10, 15, 20, 25, or 30 years, depending on your age. It can be converted to permanent life insurance before you reach the age of 70 or four years before the policy expires, whichever comes first.

Whole life insurance. SBLI's Flex Whole Life policy accumulates cash value at a preset rate determined by the insurer. When you've amassed enough funds, you can begin borrowing against your policy. Because SBLI is a mutual business, policyholders may be eligible for dividends based on the firm's financial success.

Accelerated underwriting option. Applicants 60 and under can acquire $750,000 of coverage or less without taking a life insurance medical exam with SBLI's term and whole life insurance policies. While it is not immediate life insurance, the company claims that nearly half of all applicants receive a decision within a week.

Final expense insurance. SBLI Cherish Life is a burial insurance policy available to those aged 50 to 80. It is designed to cover end-of-life expenses. You can purchase coverage ranging from $2,000 to $35,000, which is a relatively large amount for this sort of policy. However, if you die during the first three years, your beneficiaries may only receive the full payout if you died in an accident.

All policyholders have access to LegacyShield, a digital lockbox that may be used to generate wills and estate planning documents as well as help with bank account consolidation. SBLI will give your family access to the service if you die.

Available riders and add-ons

SBLI provides a variety of standard life insurance riders. The possibilities vary depending on the policy and may include:

• Accelerated death benefit rider. The expedited death benefit rider, which is automatically included to all plans, allows you to obtain up to $250,000 of your policy's payment if you are diagnosed with a terminal disease.
• Accidental death benefit rider. If your death is the result of an accident, pay an additional sum to your life insurance beneficiaries.
• Children’s level term rider. Covers a child or several children under your policy and can be converted to permanent life insurance in the future.
• Guaranteed purchase option rider. Allows you to increase your coverage without having to reapply for life insurance.
• Single-pay paid-up additions rider. Allows you to purchase additional whole life insurance coverage with dividends.
• Term rider. Adds term life insurance to your whole life insurance policy for 10, 15, 20, 25, or 30 years.
• Waiver of premium rider. If you become totally handicapped and are unable to work for an extended length of time, your premiums will be paused.

SBLI customer complaints and satisfaction

According to InsuredCircle review of data from the National Association of Insurance Commissioners, SBLI's customers filed less complaints to state regulators over three years than the expected number for a company of its size.

More about SBLI

By logging in to your customer site, you can make premium payments, amend your beneficiaries, and request cash value life insurance loans as a policyholder. If you die while your policy is still in effect, your beneficiaries can file a life insurance claim online.

Life insurance buying guide

Before you begin comparing providers, decide whether you want term or whole life insurance. Determine which life insurance riders, if any, you want included in the policy. Determine the amount of life insurance you require and how long you want the coverage to last. Check to see if the insurers you're considering provide the coverage you require.

When comparing rates, make certain that the quotations are for the same amount of coverage during the same time period. It's also critical to ensure that the policy's medical standards correspond to your demands. For example, if you want to avoid the life insurance medical exam but don't mind answering health-related questions, make sure the application process for each policy you're considering is compatible.

Price may not be the most important factor in your purchase decision. Examine the number of consumer complaints received by each company, as a high number can be a red flag concerning the quality of service.