SBLI USA at a Glance: Rates, Products and Reviews

SBLI USA is a member-owned life insurance company offering both term and whole life insurance. Committed to the community, it reinvests profits into initiatives that benefit its members. With a focus on customer-centric service, SBLI USA provides reliable coverage and comprehensive protection you can trust.

Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) is not owned by a fancy corporation or a publicly traded company. Instead, it is owned by its members, allowing policyholders to take part in key company matters. SBLI falls under the umbrella of parent company Prosperity Life Group, which also includes Shenandoah Life Insurance Company.

SBLI USA was founded in 1907 by Supreme Court Justice Louis Brandeis to provide convenient access to life insurance without pushy sales tactics or gimmicks. Today, SBLI USA continues in that vein, simplifying the insurance process by providing a straightforward process with comprehensive coverage.

In addition to providing life insurance, SBLI USA is active in the community. The SBLI Charitable Foundation has been in place for over a century, supporting 501(c)(3) organizations with a proven record of success that positively impacts citizens’ lives. This includes respected organizations such as the American Heart Association, the American Red Cross, the Alzheimer’s Association and proven organizations supporting cancer research, children’s health and mental health. Members can even vote on which organizations SBLI USA supports. This makes SBLI USA life insurance stand out among even the best life insurance policies 2024 offers for its unwavering goodwill.

SBLI USA offers flexible term life insurance with guaranteed rates for 10 to 30 years, along with the option to convert to whole life insurance. For those seeking lifelong protection, their whole life insurance includes fixed premiums and cash value growth, ensuring coverage for life as long as premiums are maintained.

In addition, SBLI USA provides a range of fixed and indexed annuities, offering policyholders flexibility and financial security through various interest rate options and benefits.

SBLI USA provides term life insurance with guaranteed rates throughout the entire term. Coverage options range from 10 to 30 years, with a maximum death benefit available. Accelerated underwriting is offered for individuals aged 18 to 50 seeking coverage of up to $500,000, while those aged 51 to 55 can qualify for up to $1 million.

At the end of the term, you have the option to convert all or part of your policy to whole or universal life insurance without needing a medical exam or additional underwriting. This conversion can be done anytime during the policy’s term or until you turn 70.

For those seeking lifelong coverage, SBLI USA’s whole life insurance may be more suitable. This policy remains active as long as premiums are paid or until the policyholder passes away. It features fixed premiums that accumulate cash value with tax-deferred growth. You can choose between payment terms of 10 or 15 years, or select a continuous payment option.

SBLI USA’s fixed annuities come with multiple interest rate guarantee periods and an optional return of premium feature. Both products allow for annual penalty-free withdrawals of up to 10% of the contract’s value.

SBLI USA also offers the Safe Solution® Single Premium Fixed Index Deferred Annuity with a $5,000 minimum premium. Customers can select from surrender periods of five, seven or nine years.

This indexed annuity allows policyholders to allocate their premium among three interest-crediting accounts. One account provides a fixed interest rate credited daily, while the other two are tied to the performance of the S&P 500 index.

SBLI USA policies allow policyholders to tailor their coverage with various types of riders. For whole life insurance, options include a guaranteed purchase option rider and a single-pay paid-up additions rider. Both term and whole life policies also offer riders such as a waiver of premium, a children’s level term rider and an accelerated death benefit rider.

Additionally, SBLI USA provides a unique benefit called LegacyShield, designed to assist with estate planning. This feature enables you to store important documents and create comprehensive estate plans that outline your future wishes. You can connect your financial accounts for a holistic view of your portfolio and utilize the Estate Guru platform to generate your estate planning documents. Once completed, you can securely store everything from documents to photos and videos.

When selecting a life insurance provider, the company’s financial strength and stability are key factors to consider. SBLI USA’s ability to meet its financial obligations and provide long-term security for policyholders is important. In this section, we’ll assess the company’s financial health and stability to help you determine if SBLI USA is a reliable choice for your insurance needs.

SBLI USA boasts strong financial strength with high ratings from leading credit agency AM Best. It earns an A- (Excellent) rating, one of the top ratings available. This means SBLI USA is likely to pay its claims promptly and responsibly.

SBLI USA does not have ratings by S&P Global or Fitch, but its parent company, Prosperity Group Holdings, earns a BBB rating.

According to the National Association of Insurance Commissioners (NAIC), SBLI USA holds a small percentage of the insurance market. It holds just a 0.017% share of U.S. company premiums, based on over $430 million in annual premiums.

Understanding customer experiences is crucial when evaluating an insurance provider. SBLI USA’s reputation is shaped by the feedback of its policyholders. In this section, we’ll explore customer reviews and satisfaction ratings to give you a clearer picture of what to expect when choosing SBLI USA for your life insurance needs.

SBLI USA is accredited by the Better Business Bureau (BBB) and earns an A+ rating. However, it holds a low score of 1.00 out of 5.00 based on 19 poor customer reviews, most of which complain about difficulty reaching an SBLI USA representative. It has had 32 complaints closed within the last three years, 13 of which were filed in the last year. Still, SBLU holds a great 4.2 rating on Trustpilot based on 1,701 reviews.

SBLI USA is not rated in J.D. Power’s 2023 U.S. Individual Life Insurance Study for customer satisfaction.

The NAIC also evaluates a company’s complaint index. SBLI USA holds a poor 1.42 NAIC rating, which is high compared to the average of 1.00. It represents a 0.025% share of market complaints, with 12 reported for 2023.

When considering life insurance, it’s important to weigh the strengths and potential drawbacks of various providers. SBLI USA offers a range of products designed to meet the needs of individuals seeking term or whole life insurance. To help you make an informed decision, here’s a breakdown of the key pros and cons of SBLI USA’s offerings.

Editor Norah Layne contributed to this article.