SBLI is a life insurance provider that’s been in business since 1907. Fun fact: The company was founded by Louis Brandeis, who went on to become a Supreme Court Chief Justice. He originally started the company to provide families with an affordable alternative for life insurance. And over 100 years later, his mission carries on, providing dependable and affordable life insurance to all who require it.
The company has strong financial ratings, with an A++ rating from A.M. Best. This is good news as it indicates the company is in a position to pay out claims.
SBLI limits their life insurance policy options to term and whole life policies only, with coverage up to $500,000, depending on your lifestyle and health status. While it doesn’t offer a universal option, some term policies are convertible to universal once they expire.
The application process for SBLI varies, depending on your age and health. The average turnaround time from application to active policy is generally shorter than the competition. If you’re under 60, you may qualify for “accelerated underwriting,” which allows you to skip the medical exam in the underwriting process. Generally, you have to be a non-smoker in good health with a low-risk lifestyle to qualify for this option.
Faster-than-average application process
Beneficiaries can file claims online
All plans offer easy online quotes
Solid customer support — very few complaints from existing customers
Competitive underwriting — if another company denies you, you may still be accepted by SBLI
Mutual company: as a policyholder, you are eligible to receive annual dividends on the company’s profits
Higher-than-average premium rates for applicants in their 50s
Higher-than-average rates for those with a high-risk lifestyle or certain medical conditions
Not available in New York or Montana
Must call for the whole policy. Applying online makes you only eligible for term policies
SBLI is a reliable option in the life insurance market. They’re unique in offering accelerated underwriting to applicants under the age of 60, no matter their risk class. The turnaround time is quicker than most competitors too. However, if you have a medical condition such as diabetes or a family history of cancer, you are likely to end up paying higher premiums. But for those who are in good health, SBLI’s pricing is competitive and fair.