Affordable rates. No exam options. Fast digital approval. That’s what sets SBLI apart in the crowded life insurance market.
This guide reviews SBLI’s life insurance policies, including its underwriting strengths and weaknesses, as well as its accelerated underwriting process.
Company Overview
SBLI stands for The Savings Bank Mutual Life Insurance Company of Massachusetts. Founded in 1907 and based in Woburn, MA, SBLI has insured over one million families. It operates as a mutual company, meaning it has no shareholders; instead, it has policyholders.
SBLI is licensed in 49 states and Washington, DC (not available in New York).
Financial Strength
SBLI has solid financial ratings from the major rating agencies:
- AM Best: A (Excellent)
- S&P Global: A- (Strong)
As a mutual company, SBLI reinvests earnings into policyholder value rather than shareholder dividends. That’s often reflected in lower premiums and better service.
SBLI Product Review
SBLI offers term life insurance and whole life insurance policies.
Term Life Insurance
SBLI offers level term policies with the following features:
- Term Lengths: 10, 15, 20, 25, and 30 years
- Coverage Amounts: $100,000 to $50 million
- Issue Ages:
- Non-nicotine users: Up to age 74 (10-year term)
- Nicotine users: Up to age 70 (10-year term)
- Renewable: Up to age 85
- Convertible: Up to age 70 or end of level term, whichever comes first
Pricing: SBLI frequently ranks among the top five lowest-priced carriers for level term life insurance. When we quote SBLI, we compare them to other top term companies such as:
There are plenty of options available.
Whole Life Insurance
SBLI’s Flex Whole Life policy is available in multiple formats:
- Premium Options:
- Continuous Pay
- Limited Pay (10, 15, 20 years or to age 65)
- Single Premium
- Key features:
- Guaranteed premiums, death benefit, and cash value
- Strong historical dividend performance (not guaranteed)
- Available for term conversions
- Minimum Face Amounts:
- $25,000 – Standard rate class
- $100,000 – All rate classes available
SBLI has a strong history of paying dividends on its whole life.
We recommend comparing whole life policies offered by Mass Mutual, Guardian, NY Life, and Northwestern Mutual.
SBLI Riders Available
Several riders are available to enhance your coverage:
- Included at No Cost:
- Accelerated Death Benefit (up to $250,000 if terminal illness diagnosed)
- Optional Riders:
- Accidental Death Benefit (up to 2x base policy, max $250,000)
- Children’s Level Term (up to $25,000 per child)
- Waiver of Premium (disability for 6+ months)
- Single-Pay Paid-Up Additions (whole life only)
- Guaranteed Purchase Option (whole life only)
- Guaranteed Level Term Rider (whole life only)
Riders allow you to customize your policy to your individual needs.
Underwriting Overview
Both accelerated and traditional underwriting are available with SBLI. Furthermore, SBLI offers the possibility of instant approval if you qualify.
Accelerated Underwriting (AU)
SBLI’s AcceleRate Program offers instant decisions for many applicants:
- Ages 18–50: Up to $1,000,000
- Ages 51–60: Up to $500,000
- Available for both term and whole life
- All risk classes eligible up to Table 2
- Uses MIB, Rx history, MVR, public records, and LabPiQture
- Phone interview required (20–30 mins)
- Underwriting Outcomes:
- Approved instantly
- Reviewed for lab-free approval
- Sent to traditional underwriting with a paramed exam.
You’ll know at the time of application if you’ve been approved instantly.
High Risk Underwriting at SBLI
While SBLI is known for low-cost term life insurance, they also do a pretty good job underwriting mild health impairments, including:
- Mild asthma
- Controlled blood pressure or cholesterol
- Anxiety or depression (1 med)
- Sleep apnea (CPAP compliant)
- Occasional marijuana use (up to 11x/month for AU)
Healthy Credits Program
Applicants rated Table 1–5 may qualify for up to 2-table improvements by meeting at least 3 of the 4 following underwriting criteria:
- Build
- Blood pressure
- Cholesterol
- Family history
- Additional credit for recent wellness visits and screenings.
And while SBLI is competitive for some health issues, better companies are available if you’ve had any of the following:
- Cancer within 2 years (except some skin cancers)
- Recent stroke or heart disease
- COPD with nicotine use
- Kidney failure or insulin-dependent diabetes with complications
Other significant health issues will not be a good fit for SBLI. Better companies to consider include Prudential, Lincoln Financial, Mutual of Omaha, and John Hancock.
FAQ
Yes. SBLI is financially strong, competitively priced, and recognized for its fast underwriting and digital services.
Not always. Applicants up to the age of 60 and those with qualifying amounts can often be approved without an exam through the accelerated program.
Yes. You can convert to a whole life policy before age 70 or prior to the end of your term.
Customer Service
SBLI makes it easy to manage your policy:
- Phone: 800-694-7254
- Online: my.sbli.com
- Office: 1 Linscott Road, Woburn, MA 01801
Customer service is consistently responsive and helpful.
Final Thoughts
SBLI is one of the most reliable, no-frills life insurance companies available today. With fast digital applications, competitive pricing, and underwriting that favors healthy and mildly impaired applicants, SBLI is a strong choice for term or whole life insurance.
That said, some applicants with more serious medical conditions may find better offers from more specialized carriers.
Need help comparing SBLI with other companies? We’ll run the numbers and show you side-by-side quotes. Just request your free quote today.
