If you want to purchase a service, you should remember the Latin phrase “caveat emptor,” which means the customer is solely responsible for evaluating the suitability and quality of the items before purchase.
As a customer, you may buy life insurance from different companies. The Savings Bank Life Insurance Company of Massachusetts offers a life insurance option to families with low or middle incomes.
Last year, I became a member of sbli life insurance. However, I researched the financial strength, customer review, license, payment method, and terms and policy to determine the insurance company’s legitimacy.
Are you in confusion whether the sbli life insurance company is legal or not? Do not worry at all. In this article, I will briefly discuss “is sbli life insurance legit.“
Checking the license of the company
The Savings Bank Life Insurance Company of Massachusetts (SBLI) is now licensed in 49 states and the District of Columbia. You can check the company’s license if you want to find out whether an insurance company is legit. If the company has a government license to conduct its business, you can consider that company legit.
Online reviews
You can also determine “is sbli life insurance legit” and the quality of its services by reading online reviews written by other customers. Additionally, check online forums and review platforms for customer feedback on the company.
Consumers’ reviews site suggests that SBLI has overall positive reviews. Although some customers gave negative reviews, most of the reviews keep you believing you can trust this insurance company. Customers are satisfied with the services.
Check the address
Using an online map, one can check the SBLI business’s address to see if it is in the location it claims to be. When you use Google Maps to cross-check the address, you will not be disappointed in the case of SBLI. It suggests they are not a fraud.
If there is no means to get in touch with this firm offline, it may be a sign that it is not a real company. The SBLI corporate headquarters is at 1 Linscott Road, Woburn, MA 01801. Therefore you can consider sbli company real.
Get reviews from your friends
Your coworkers, friends, and family are some of your finest study guides. Ask your friends and relatives whether they have any experience with the sbli, and find out whether or not their experience was positive or unusual.
My colleagues gave a positive review of sbli. Based on that, I moved further to consider the sbli life insurance.
Check the payment methods
SBLI life insurance does not seek money in an unusual method. They allow different types of payment. If they request money in unusual ways for the insurance sector, then we consider this company fraud. But they provide clear guidelines about payment methods on their website.
- Automatic Payments (Recommended)
Consider making annual payments if you want to save even more money on your policy!
Fill out the Automatic Payment Plan Form and send it to Customer Service via email at [email protected], fax to 781-994-4240, or mail it to SBLI, P.O. Box 4048, Woburn, MA 01801-4048 if you want to set up automatic payments. You can choose to make monthly, quarterly, semiannual, or annual payments.
- One-time EFT or credit card payment:
Press option 1 when calling the customer service number at 1-800-694-7254. You will be guided and confirmed for your payment from the automated call system.
- One-time online payment via EFT or credit card:
- Select “Make a payment” from the navigation bar on my.sbli.com,
- Enter your policy number, zip code, and name as instructed.
- Check that your zip code matches the one on your most recent SBLI bills before entering it.
- Simply select “Make a payment” from the “Payments” dropdown in the navigation bar
- Select your policy.
You can log in without entering your policy information if you already have an account registered at my.sbli.com.
Review Privacy Policy
Legitimate insurance will always include a privacy policy page on their website. If you visit sbli.com, you will find their privacy policy assures customers’ confidentiality.
To meet your needs, SBLI only uses the information you give through its website for operational purposes. SBLI and its representatives will protect your personal information.
Security and Confidentiality
At SBLI, privacy is of the utmost importance. All information they obtain from their agents or policy owners, including information from the website, will be treated with the utmost confidentiality.
Following federal and state laws and regulations, sbli establishes physical, technological, and procedural precautions to protect the privacy of your information.
Cyber Security
SBLI has promised to make the appropriate investments in persons, systems, and resources to ensure that your personal information is kept private and secure. SBLI cyber security team continuously monitors and assesses new risks and threats to take precautions against those fresh threats.
They have implemented various security measures throughout the business to safeguard your information further. These measures are often reviewed and evaluated to ensure that they secure the data successfully.
Financial security
The SBLI has received high ratings over the years. SBLI has a history of financial success traced back more than a century. They have received standard ratings from A.M. Best and Standard & Poors.
It indicates that you can rely on them to get the required coverage. It also shows financial stability of sbli, even though they do not have a Moody rating.
- A.M. Best: A
- Standard & Poor’s: A-
A.M. Best primarily targets the insurance sector. They assign SBLI a solid A grade, one of the highest possible grades from the credit rating agency. This indicates that SBLI is better equipped to fulfil customer needs. Risk is greater for carriers with a B grade or lower.
Standard & Poor’s, a credit analysis firm, gives SBLI an A-. It indicates that their ability to pay their bills on time is very strong.
SBLI Life Insurance Policies:
SBLI provides three types of life insurance policies. Those are:
1. Guaranteed Level Premium
This policy, which is available in terms of 10, 15, 20, 25, and 30, guarantees premium payments for the length of the contract.
Ages 18 to 80 can get this insurance, with face values ranging from $100,000 to $500,000. The only method to obtain this kind of coverage through SBLI is through a rider that enables you to convert it to a universal life insurance policy.
2. Annual Renewable Term (ART)
Every year, this kind of term life insurance coverage is automatically renewed. When the insurance is renewed, your age determines the premiums you must pay. This coverage is available up to age 85.
In rare circumstances, a medical examination is required before renewal. The advantage of this coverage is that you may convert it to a permanent policy through SBLI without having to undergo a medical exam.
3. One-Year Non-Renewable Term
Only one-year periods are offered for this coverage. It is paid for a single premium for the entire year. After it expires, it cannot be renewed. Therefore, you must start the application procedure anew to obtain additional coverage for the next year.
One benefit of this insurance is that you may switch to permanent coverage without undergoing a medical exam.
Compare the price
A legitimate life insurance company never offers too cheap service to the customers. They try to balance the price of the service. In some cases, they offer higher prices than existing companies because of the quality of the service. The reason is to give the customers a message that they are a real company.
If you look at the price rates of the SBLI, you will get an idea about the company. SBLI rates are lower than average for most age categories, particularly healthy adults under 50. However, applicants in their 50s pay greater premiums than the industry average.
The following chart is the rates for a healthy, non smoking male applying for a $500,000, and 20-year term policy in various age groups:
| Age | SBLI Average | Industry Average |
| 20s | $25.12 | $27.00 |
| 30s | $27.98 | $30.37 |
| 40s | $58.46 | $60.76 |
| 50s | $174.94 | $151.54 |
| 60s | N/A | $493.98 |
Pricing for people in their 60s is not accessible because SBLI does not offer 20-year term plans to applicants over 60. SBLI restricts applicants over 60 to 15 years, in contrast to some insurers who offer 60-year term plans with a maximum term length of 20 years. The maximum duration for those over the age of 65 is ten years.
Frequently asked questions
You may want to clear up your confusion before buying a service. In this section, I have included some relevant questions and answers about “is sbli life insurance legit.”
Are the customer reviews and ratings reliable?
The customer reviews and ratings are trustworthy because only one complaint has been filed over the past three years. SBLI currently holds an A+ rating with the Better Business Bureau (BBB).
On Google, SBLI has ten reviews and a total rating of 3.8 stars. There are a few bad reviews, but most of them are good. However, the majority are merely starred ratings with no comments.
Are SBLI policies legitimate?
A.M Best is a reputable independent credit rating company that assesses the financial health of insurance providers. A.M Best gave SBLI an A (Excellent) rating for financial strength, which is decent. The scale rates of businesses vary from A++ (Superior) to D. (Poor).
What does the acronym SBLI insurance mean?
The acronym SBLI means Savings Bank Life Insurance Company.
Is SBLI a mutual company?
SBLI is a mutual life insurance company. It was founded in 1907.
How much coverage is enough?
It is crucial to consider both your present and future financial commitments when determining how much coverage you need. Consider how much cash you would need to replace your yearly income and cover the mortgage, auto payments, and credit card debt.
If you pass away unexpectedly, the correct term life insurance coverage can cover these and other requirements. If you do not die away suddenly, you should also think about your financial requirements.
For instance, you might need a source of extra retirement income or extra money to cover your children’s tuition. Because of its guaranteed cash value, which you can borrow against for any purpose, whole life insurance can assist in doing that.
Who Should Avoid SBLI?
People with Pre-Existing Conditions: If you need affordable life insurance coverage but have a pre-existing medical condition, SBLI is not the right company for you. Pacific Life, Protective, AIG, and Prudential are some of the top insurers for persons with health issues.
Smokers: If you are a casual smoker who loves a cigar once in a while or a daily smoker, SBLI is not the ideal choice. Even if you are in good health, their underwriting rules are quite strict regarding smokers, which results in expensive pricing.
People who smoke fewer than 12 recreationally per year are eligible for preferential prices. However, they do not show much tolerance for other categories of habitual or recreational tobacco users.
Which forms of payment are accepted?
Using your bank or savings account number, you can pay for premiums with a credit card or an electronic funds transfer (EFT).
Which factors determine a life insurance company’s legitimacy?
There are some basic factors in determining life insurance companies’ legitimacy. Those are license, customer review, authentic address, and privacy policy.
Final Thoughts
Everyone should be aware while purchasing a service from the insurance company. SBLI has given service for more than 100 years. It clarifies all confusion about “is sbli life insurance legit”.
SBLI may be a good option for people looking for basic life insurance because of its good reputation. SBLI is authentic, and they are a very famous insurance company in America. Without any confusion, you can be a member of this life insurance.
Mehedi Hasan is an insurance expert with over 6 years of experience in the industry. He has a deep understanding of various types of insurance policies and is skilled at helping clients find the coverage that best fits their needs. In his current role, Mehedi works as a consultant, advising businesses and individuals on the best insurance options for their specific situations.
He is also a frequent speaker at industry events, sharing his knowledge and expertise with colleagues and professionals in the field. Mehedi holds a degree in insurance and risk management and is committed to staying up-to-date on the latest industry trends and developments. In his free time, he enjoys reading, traveling, and spending time with his family.