Pros Explained

• Policyholders may be eligible for dividends: SBLI is a mutual company owned by its policyholders. Those who own participating whole life policies may be eligible for 澳洲幸运5开奖号码历史查询:annual dividends.   
• Provides quotes and applications for term policies online: You can get a quote for 澳洲幸运5开奖号码历史查询:term life insurance and apply for coverage through the SBLI website. 
• Few customer complaints: SBLI has far fewer complaints than expected for a company of its size, which shows it provides above-average customer service.
• Cheap term life insurance rates: SBLI’s term life insurance rates are among the most affordable we reviewed.
• No-medical-exam life insurance available: Healthy applicants can qualify for no-exam term life insurance. 澳洲幸运5开奖号码历史查询:Final expense insurance with no medical exam is available for seniors.

Cons Explained

• Not the best selection of riders: Other life insurance companies may have more life insurance riders than SBLI.
• No universal life insurance available: SBLI offers term, whole, and final expense insurance, but not 澳洲幸运5开奖号码历史查询:universal life insurance.
• Relatively low coverage limit for no-medical-exam policies: SBLI offers up to $1 million in no-exam coverage, lower than many competitors. 

Financial Stability

SBLI has an A (Excellent) financial strength rating with AM Best, just a few notches below the rating agency’s highest Superior (A++) rating. A company with an Excellent rating should be able to quickly and easily pay its debts and other financial obligations, such as life insurance claims.

AM Best is a global credit rating agency specializing in evaluating the financial stability of insurance companies. The higher the rating, the better the insurer can meet its future economic and contractual obligations, including paying claims. The financial strength rating of a life insurer is critical because life insurance contracts can last for decades, and claims often require large lump sum payments. You want to ensure the company can pay promptly when your 澳洲幸运5开奖号码历史查询:beneficiary makes a claim.

Customer Complaints and Satisfaction

Each year, the National Association of Insurance Com🍬missꦅioners (NAIC) collects customer complaints for every insurance company, which determines each carrier's 澳洲幸运5开奖号码历史查询:complaint index. The NAIC’s benchmark complaint index is 1.00. A number higher than 1.00 shows the insurer received more complaints than expected for a company of its size. A number below 1.00 shows fewer complaints for a similar-sized company.  

SBLI’s average complaint index over the last three years is 0.327. This is much better than expected for a company of its size and indicates customers are generally satisfied with its products and customer and claims services. When shopping for insurance, it's a good idea to look for companies with consistently low complaint indexes over the last few years.

Types of Life Insurance Offered by SBLI

SBLI offer🐷s term, whole, and final expense insurance.

SBLI Term Life Insurance

Term life insurance is the cheapest type of life insurance, providing covဣerage for temporary obligations like mortgage or student loan debt, your child’s tuition or education expenses, and replacing your income🦄 if you die.

SBLI’s term life policy is availabᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚle for applicants ages 18 to 74. It offers a wide range of coverage options, from $100,000 to more than $10 million for terms of 10, 15, 20, 25, or 30 years. You can convert𓂃 some or all of the coverage to a whole life policy before it expires.

SBLI Flex Whole Life Insurance

Whole life insurance is a type of permanent life insurance that provides a fixed death benefit in exchange for premiums, plus a guaranteed interest rate for 澳洲幸运5开奖号码历史查询:cash value gro🧸wth that you can access while you’re still alive.

The SBLI Flex Whole Life policy is available for children as young as 15 days old and adults up to age 80. Applicants in the standard 澳洲幸运5开奖号码历史查询:risk class can apply for as little as $25,000 in whole life insurance, while the minimum🐻 face amount is $100,000 for other risk classes. 

You can choose which payment schedule best suits your budget. A continuous pay policy requires monthly or annual payments until you reach age 121 or die, whichever comes first. You can also make higher premiums to pay the policy in full faster. SBLI offers 10-, 15-, or 20-year payment schedules. You can also opt for a plan in which you pay until you reach age 65 or make a 澳洲幸运5开奖号码历史查询:single lump sum payment. 

SBLI Living Legacy Final Expense

澳洲幸运5开奖号码历史查询:Final expense insurance is for people who need a small amount of life insurance to cover medical bills, funeral expenses, and other end-of-life expenses. This policy offers permanent coverage for people aged 50 to 85 and requires payments until age 100. Face amounts 💎start at $2,500. You can buy as much 🍰as $35,000 in coverage, depending on your age, health, and smoking status. 

You’ll have to answer health questions and complete a telephone interview as part of the application, but you won’t have to take a medical exam. Healthy applicants are eligible to receive the full death benefit immediately, but some may only qualify for a graded death benefit. This means if you die a non-accidental death d✃uring the first two years of the policy, your beneficiary will only receive your paid premiums plus interest. The total death benefit becomes payable in the third policy year. 

Does SBL🅠I Require a Life Insurance Medical Exam?

Although SBLI’s term and whole life policies may require a medical exam, its Simple Term policy doesn’t. You can apply for no-medical-e♔xam life insurance through its website and answer a few questions to learn if you qualify. 

The Simple Term life insurance policy i🎶s available for applicants between 18 and 55. People 50 and under can qualify for up to $1 million in term life insurance, while those aged 51 to 55 can apply for up to $500,000. Terms last for 10, 15, 🍸or 20 years.

SBLI uses an 澳洲幸运5开奖号码历史查询:accelerated underwriting process to determine if applicants qualify for no-exam term life insurance. After you submit your application, you’ll complete a telephone interview. SBLI performs automated underwriting du📖ring the interview to check database💃s for prescriptions, diagnoses, lab reports, and your driving record. 

By the end of the interviewꦐ, you will receive an approval, denial, or referral to traditional underwriting for lab work and a medical exam. SBLI ꦿissues and delivers policies electronically upon approval. 

This process differs from the simplified issue underwriting process SBLI uses for its final expense life insurance policy. There is no medical exam with simplified issue policies. Simplified issue policies often have more lenient guideliꦉnes but typically cost more than fully underwritten policies of similar value.

Available Riders From SBLI

SBLI offers the following 澳洲幸运5开奖号码历史查询:life insurance riders to customize your policy to your specific needs:

• 澳洲幸运5开奖号码历史查询:Accelerated death benefit rider: SBLI automatically includes this rider at no premium charge. It pays up to 50% of the policy’s death benefit, up to $250,000, if you contract a terminal illness.
• Children’s level term rider: This rider provides life insurance coverage for children up to age 23 and is convertible to a permanent life insurance policy.
• 澳洲幸运5开奖号码历史查询:Waiver of premium rider: If you become totally and permanently disabled, you don’t have to pay premiums on your policy.
• 澳洲幸运5开奖号码历史查询:Accidental death benefit rider: This rider pays an additional death benefit if you die because of an accident.
• Guaranteed level premium term rider: This rider allows you to add supplemental term life coverage to an SBLI whole life insurance policy.
• Single-pay paid-up additions rider: This lets you make a single cash deposit when the policy is issued to increase its death benefit and cash value.
• 澳洲幸运5开奖号码历史查询:Guaranteed purchase option rider: This allows you to buy more coverage with no medical exams or health questions.

How Much Does SBLI Life Insurance Cost?

SBLI has highly affordable term life insurance rates for various age groups compared to other companies' costs. Its term life insurance premiums are among the cheapest of the 45 companies for which we gathered quotes. Your premiums will vary depending on your health and smoking status. Underwriting guidelines vary by company, so it's essential to compare quotes and requirements from multiple insurers to get the best deal on the coverage you need to protect your family.

How Much Does SBLI ⛦Life Insurance Cost for Older Ad🍌ults?

Term life quotes for 65-year-old seniors are average compared to the other companies we analyzed. The sample quotes below are for monthly premiums for a 15-year, $250,000 term life insurance policy.  Protective and 澳洲幸运5开奖号码历史查询:Penn Mutual ❀may be cheaper alternatives for seniors wanting a short-term life insurance policy to cover temporary debts.

How Does SBLI Compare to Otౠh🐈er Life Insurance Companies?

How to Buy Life Insurance From SBLI

SBLI offers online quotes ꩲfor term life insurance, and you can apply for term coverage online. If you want a quote for whole life insurance or to speak to a life insurance agent about term life insurance, you can call SBLI at 800-650-4391 between 8 a.m. and 8 p.m. Eastern Time, Monday through Friday.

Customer Service

You can also fax SBLI at 781-994-4240. To make payments over the phone, call 800-694-7254. You can also pay by or by making a , as long as you have your policy number, full name on your life insurance policy, and ZIP code.

The Bottom Line

SBLI might b🐽e a good fit if you’re looking for inexpensive term life insurance rates, especially for healthy individuals between 30 and 55 years old. Seniors can expect to pay average rates and can purchase final expense insurance without a medical exam. You can get term ꧃life quotes and apply online, but you’ll have to work with an agent for whole life and final expense quotes and coverage.

SBLI has a strong track record of stable finances and a long history of few customer complaints. It also pays dividends on its participating whole lifeꦺ policies. However, it offers fewer riders than other companies and no universal life insurance policies. 

Frequently Asked Questions (FAQs)

Is SBLI Insurance Reputable?

Yes. SBLI has an A rating from AM Best, which places it in the Excellent ca😼tegory. Having a long history of financial strength shows its ability to pay for future life insurance claims. It also receives fewer complaints than many sam൲e-sized competitors, which shows its customers are mostly satisfied.

Who Is the Most Trustworthy Life Insurance 🤡ꦯCompany?

The most trustworthy life insurance companies have a long history of excellent or better financial stability and few customer complaints. These companies would have an A or better AM Best rating and an NAIC consumer complaint index below 1.00—a lower index means fewer complaints. The 澳洲幸运5开奖号码历史查询:best life insurance companies depend on the type of coverage you n🐷eed,🥀 your age, and your health. 

Does SBLI’s Life Insurance Build Cash Value?

Yes, SBLI’s whole life insurance policies build cash value at a guaranteed interest rate. You can use the cash value while you’re alive by taking a 澳洲幸运5开奖号码历史查询:withdrawal or loan. SBLI’s cash value accounts automatically pay late pay๊ments once there are enough funds, preventing the policy from being canceled.  

How Much Life Insurance Do I Need?

澳洲幸运5开奖号码历史查询:How much life insurance you need depends on your goals. You may need a considerable amount to cover obligations like debts, replacing your income should you die, or paying for future education expenses. Term life insurance is an excellent choice for significant, temporary expens💜es, while whole life insurance is suited for permanent needs like funeral and end-o🐓f-life expenses and building cash value.  

How We Review Life Insurance Companies

To compile our list of the best life insurance companies, Investopedia first conducted preliminary resꦬearch on dozens of life insurance companies and determined that 45 met our minimum standard for financial strength, cus🃏tomer satisfaction, and online transparency. For each of those, we then gathered a total of 70 evaluation criteria, resulting in 3,150 data points altogether. Data was collected between May 20 and July 3, 2024, and sourced from company webpages, media representatives, financial and customer service rating agencies (AM Best, NAIC, and J.D. Power), and customer service calls.

We combined subject matter expertise, consumer survey and company surv꧃ey data, and industry research to create a quantitative model that scores each company based on six major categories:

• Application and Online Service Features: 15%
• Policy Types: 22%
• Policy Features and Riders: 35%
• Financial Stability: 6%
• Customer Satisfaction: 10%
• Cost: 12%

For more information, read our 澳洲幸运5开奖号码历史查询:full methodology explanation.