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SBLI Life Insurance Review - Million Dollar Policy

Written by Jason Patterson

When we talk to our customers about life insurance, and we explain some of the carriers, most of them haven’t heard of SBLI.

They are not the most popular company. They don’t have a logo or jingle everyone recognizes.

Just because they don’t have a celebrity spokesperson or a hilarious commercial everyone loves doesn’t mean you should count them out of your life insurance search.

History of SBLI

SBLI was established in 1907. It was born during the Panic of 1907, which was one of the worst stock market crashes to date.

They were started by Louis D. Brandeis, a Boston lawyer who went on to be a Supreme Court Justice.

SBLI quickly reached $100 million of life insurance plans in 1930. They didn’t stop there, in 1964 they passed the $1 billion mark.

Through the years, SBLI has held to the same promise,

“Everyone who works here at SBLI makes an ironclad promise to our customers—that we’ll provide straightforward life insurance at a fair price while always treating you with kindness, compassion and respect.”

Recently, SBLI has made the switch to a mutual company. They are now owned by the policyholders, and they are no longer a publicly traded business.

On their website, they list six ways they are different from other life insurance companies:

  1. “You’re the boss.”
  2. “We don’t offer the kitchen sink.”
  3. “We don’t do cookie-cutter solutions.”
  4. “We’re no corporate giant.”
  5. “You don’t need to be rich.”
  6. “We actually listen.”

As you know, companies can say just about anything they want to about their service and quality, but from our experience, SBLI backs these up.

Insurance Products from SBLI

Unlike other insurance carriers, SBLI doesn’t sell every kind of life insurance plan you can imagine.

They only offer three kinds of insurance. They want to offer fewer policies but make those plans the best they can be.

There are three options from SBLI:

  • SBLI Term Life
  • SmartTerm 360
  • SBLI Whole Life

To give you a full understanding of the SBLI life insurance, we’re going to explore each of these options. First, let’s look at the SBLI Term insurance plan.

SBLI Term Life

Term life insurance tends to be the most versatile. Most applicants find term to be the best bang for their insurance money.

One neat feature of buying term insurance through SBLI, if you’re younger than 60 and buying less than $500,000, you won’t have to take the medical exam.

They have lengths of coverage from 10 years to 30 years, and they also offer a one year plan.

As long as you stay under the $500,000, you’ll only have to complete the quick application and the endure a short telephone interview.

Even for applicants who are buying more extensive plans, the application and underwriting process tends to be faster than their competition.

SmartTerm 360

This is one of the unique policies sold by SBLI. The SmartTerm 360 is a group of term insurance policies which decreases over time.

For example, when you first buy the plan, you may start with a policy with $1 million in coverage. After 10 years, the policy will increase in amount, for example, it will go down to $500,000. Then 10 years after this, it will go down again.

The allure of these of these plans is the changes in premiums. The plan gets cheaper the longer you have it.

SBLI Whole Life Insurance

If you don’t want a term plan which will expire, whole life could be a better choice. SBLI whole life insurance gives you coverage until you hit the maximum age of coverage.

As with most whole life plans, you have an opportunity to earn money on dividends. SBLI has three different payment options:

  • Continuous Payment - level premiums for the life of the plan
  • Limited Payment - you pay premiums for a specific length of time
  • Single Premium - you make one single payment and policy is paid in full

With their whole life plans, you will get an Accelerated Death Benefit at no cost. This rider allows the policyholder to get access to their payout while they are still living.

Additional Riders

Like most companies, you can choose some additional coverage options to tack onto your plans. The more you add, the higher your premiums. The riders SBLI offers are:

  • Waiver of premium - if you become disabled, you can get the premiums waived
  • Accidental death benefit - if you were to die from an “accidental cause,” your family will get additional money from the plan
  • Children’s level term - you can get longer coverage for your kids. Your kid can get life insurance for up until 23, with the chance to convert it to a permanent plan

Million Dollar Life Insurance From SBLI

At, we have spent years building relationships with all of the best insurance companies across the nation.

When it comes to getting massive amounts of coverage (more than a million), the company you choose is going to make a huge difference.

Let’s look at the quotes for a $1,000,000 insurance plan from SBLI. If you’re a 40-year-old male who doesn’t smoke, you can pay around $68 a month.

Let’s say you’re a 50-year-old woman who doesn’t smoke. Your premiums would be somewhere near $127 for term insurance.

Pros of SBLI

The benefit of SBLI is obvious, the price. For most age groups, SBLI is going to be the cheapest for coverage. The key feature of SBLI is the premium rates.

The reason we connect so many customers with SBLI is that it tends to be the most affordable option. Not only do they tend to be cheap but they are quick.

Their accelerated underwriting takes the time waiting out of life insurance. The two options when you apply are: instant approval, or requiring more information.

If you’re in good health and under their age limit, then you can get an application decision in minutes.

If you have had problems getting affordable quotes from other companies, we suggest going to SBLI for your insurance.

If you’re an applicant with high blood pressure or high cholesterol, SBLI has more liberal underwriting.

The Cons of SBLI

There are a lot of great things about SBLI, but there are a few problems with it as well. One of those is the state restrictions. If you live in New York, then you’re out of luck when it comes to SBLI.

While they are good for people with high cholesterol or blood pressure, anyone with diabetes should stay clear of SBLI. Other carriers, like Prudential, will have more experience getting people with diabetes affordable coverage.

SBLI doesn’t sell life insurance in either New York or Montana. Sadly, we talk to a lot of customers in those states who have to find a plan somewhere else.

Final Verdict on SBLI

There is a reason we’ve connected so many clients with SBLI. Just about all of our customers have had a great experience working with SBLI and their customer service.

They have affordable rates, and they have refined their process to make it quick.

If SBLI doesn’t work for you, or they aren’t the cheapest, don’t panic. One of the pleasures of working with our agents is you don’t have to start the whole process over.

Instead, you answer those questions once and then that’s it.

We do the comparing and quote gathering. You can browse them at your leisure and then decide which one you want.

We have partnerships with dozens of companies. This means you’ll get all of those quotes in minutes.

About Jason Patterson

Jason Patterson has been in the insurance industry for over fifteen years. Starting in 2005, he became one of the first agents to sell medicare supplements online. From that small start, he grew an agency that helped thousands of people with their insurance needs in all fifty states.

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