SBLI Insurance Review & Complaints: Life Insurance (2024)
Savings Bank Life Insurance rating is A+ with the Better Business Bureau and 3.8 with Google Reviews. Savings Bank Life Insurance term life insurance rates can be found by contacting a local insurance agent.
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Laura D. Adams
Insurance & Finance Analyst
Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...
Insurance & Finance Analyst
UPDATED: Dec 4, 2023
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Dec 4, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Savings Bank Life Insurance Company of Massachusetts (SBLI) has been in business for more than 110 years. They are a mutual company offering a basic lineup of life insurance policies across the country.
What is SBLI?
The Savings Bank Life Insurance Company of Massachusetts, which sometimes includes the term “Mutual” as part of the name but generally operates under the acronym SBLI, was founded in 1907. The company was founded by future Supreme Court Justice Louis Brandeis to provide a life insurance option for lower and middle-income families.
SBLI offers both term life insurance and whole life insurance policies, with a stated goal of making the process of buying any type of life insurance easier and better. The company has a charitable foundation that provides financial support to a range of organizations including the American Heart Association, the American Red Cross, The United Way, and The Jimmy Fund.
The company’s headquarters is located in Woburn, MA, and they sell their products through independent agents across their service area.
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What types of insurance products does SBLI offer?
SBLI has a few term life options, including a simplified issue one, as well as a whole life product.
Term Life policies are available with no medical exam for applicants between the ages of 18 and 60 and with a death benefit amount of $500,000 or less. The website does not state what the upper limit is for term life with a medical exam, nor does it state what the top end issue age is for these policies.
The term length options are not listed, but the website does say that all term life policies can be kept in force on an annual renewal plan after the initial term expires. They can also be converted to a permanent life insurance policy.
The SmartTerm 360 plan is a decreasing benefit plan that lowers the death benefit as well as the premium over time to keep up with a decreasing need for coverage. The 30-year term is broken up into three ten-year segments. In each segment, the coverage amount decreases, as does the premium.
SBLI also has one whole life option, although again the website provides no details on the policy including issue age or death benefit limits.
There are several riders available that can be added to a policy for added coverage:
- Accelerated Death Benefit
- Children’s Level Term
- Accidental Death
- Waiver of Premium
- Guaranteed Purchase Option (whole life only)
- Single-pay Paid Up Additions (whole life only)
- Term rider (whole life only)
SBLI also offers LegacyShield, an online service that keeps all policy documents, a copy of the insured’s will, financial information, and even final wishes and a message to family in a secure cloud-based location. Most add-on services or riders come at an additional cost.
Are the company’s rates competitive?
There is a quick quote system on the SBLI website, but it requires entering personal information including email address and phone number to obtain rates for life insurance premiums. The system would not accept our sample information in order to return any quote information.
Submission of phone numbers during quotes provides the company, based on the fine print terms and conditions on the page, to contact you for the purpose of solicitation. This might not be a problem for some people, but for those who are seeking to obtain and compare quotes online without having to deal with repeated phone calls and sales attempts, it can be frustrating.
For the most competitive rates, SBLI quotes can also be obtained by contacting an agent directly.
SBLI Claims Process
Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)
Savings Bank Life Insurance Company of Massachusetts (SBLI) offers multiple avenues for policyholders to file claims. While the company’s website does not prominently feature a direct claims page, you can access the claims filing information through the mySBLI.com website, which is designed for policyholders.
This site provides an online form for reporting claims and also includes the customer service phone number. Additionally, there is a section for downloading claim forms. However, the location of this information on the website may not be immediately obvious, which could be challenging for beneficiaries seeking to file a death claim.
Average Claim Processing Time
The average claim processing time for SBLI Insurance is not explicitly mentioned in the provided content. Claim processing times can vary depending on the specific circumstances of each claim and the documentation provided.
It is advisable for policyholders to contact the company directly for more information on claim processing times.
Customer Feedback on Claim Resolutions and Payouts
SBLI Insurance has received generally positive feedback regarding claim resolutions and payouts. The company holds an A+ rating with the Better Business Bureau (BBB) and has been accredited with the BBB since 2007. With only one complaint on file in the past three years, SBLI demonstrates a commitment to resolving customer issues effectively.
Additionally, the company has a 3.8-star rating on Google Reviews, with most reviews being positive. However, it’s important to note that individual experiences may vary, and policyholders should reach out to SBLI directly for specific claim-related inquiries.
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SBLI Digital and Technological Features
Mobile App Features and Functionality
SBLI Insurance offers a mobile app that provides policyholders with convenient access to their insurance information. However, the content provided does not delve into specific details regarding the features and functionality of the mobile app.
For comprehensive information on the app’s capabilities, users are encouraged to download and explore the app on their mobile devices.
Online Account Management Capabilities
The content does not provide explicit details about the online account management capabilities offered by SBLI Insurance. Online account management typically includes features such as viewing policy information, making premium payments, updating personal information, and accessing important documents.
Policyholders interested in these capabilities should visit the company’s official website or contact customer service for more information.
Digital Tools and Resources
While the content mentions LegacyShield, an online service offered by SBLI, it does not elaborate on the specific digital tools and resources available to policyholders. LegacyShield is designed to keep policy documents, wills, financial information, and final wishes in a secure cloud-based location.
Policyholders seeking information on additional digital tools and resources should explore the company’s website or reach out to SBLI directly for comprehensive details.
Are the ratings and consumer reviews positive?
SBLI has an A+ rating with the Better Business Bureau (BBB) with only one complaint on file in the past three years. They have been accredited with the BBB since 2007.
SBLI has a 3.8-star rating overall on Google, with a total of ten reviews. There are a few negative reviews, but the majority are positive. Most are simply star ratings, however, without any comments. One of the negative reviews is from a potential customer who was turned down for coverage and not an existing customer.
There is not much else in the way of customer reviews of this company, which is generally a good thing for insurance carriers.
What’s the bottom line?
SBLI has a good reputation and may be a good choice for those seeking basic life insurance coverage. While we were unable to obtain rate quotes for this review or determine how affordable rates might be, SBLI has come in with very reasonable rates in the past, and they are likely a good budget choice.
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Frequently Asked Questions
What is SBLI Insurance?
SBLI, which stands for Savings Bank Life Insurance, is a life insurance company that has been providing coverage to individuals and families for over 100 years. They offer various life insurance products, including term life insurance, whole life insurance, and guaranteed acceptance life insurance.
How is SBLI Insurance rated?
SBLI Insurance has received positive ratings from reputable insurance rating agencies. For example, A.M. Best, one of the leading rating agencies in the insurance industry, has given SBLI an “A+” (Superior) rating, which indicates their financial strength and ability to meet policyholder obligations. It’s always a good idea to review multiple rating sources and compare them before making a decision.
What types of life insurance does SBLI offer?
SBLI offers several types of life insurance policies to meet the diverse needs of individuals and families. They provide term life insurance, which provides coverage for a specific period, typically 10, 15, 20, or 30 years. SBLI also offers whole life insurance, which provides lifelong coverage with a cash value component that can grow over time. Additionally, they have guaranteed acceptance life insurance, which is designed for individuals who may have difficulty obtaining coverage due to health issues.
How can I get a quote for life insurance from SBLI?
You can obtain a life insurance quote from SBLI by visiting their official website or contacting their customer service. On their website, you’ll typically find a quote tool where you can provide basic information such as your age, gender, and desired coverage amount to get an estimated premium. It’s recommended to provide accurate and complete information to receive the most accurate quote.
What are some common complaints about SBLI Insurance?
While SBLI Insurance generally has a positive reputation, there may be occasional complaints as with any insurance company. Some common complaints about SBLI may include issues with customer service, delays in claims processing, or dissatisfaction with policy terms. It’s important to note that individual experiences can vary, and it’s advisable to research and read reviews from multiple sources to gain a comprehensive understanding.
How can I file a complaint against SBLI Insurance?
If you have a complaint against SBLI Insurance, the first step is to contact their customer service or claims department to express your concerns and seek resolution. Most insurance companies have dedicated departments to handle and address customer complaints. If your complaint is not resolved to your satisfaction, you can consider filing a complaint with your state’s insurance department, which regulates insurance companies and can provide guidance on the appropriate steps to take.
Can I trust SBLI Insurance for my life insurance needs?
SBLI Insurance is a well-established company with a strong financial rating. They have been providing life insurance coverage for many years and have a positive reputation in the industry. However, it’s essential to thoroughly research and consider your individual needs, compare multiple insurance companies, and review policy terms before making a decision. Reading customer reviews and seeking recommendations from trusted sources can also provide insights into others’ experiences with SBLI Insurance.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Laura D. Adams
Insurance & Finance Analyst
Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...
Insurance & Finance Analyst
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.