Replacing Employer Based Life Insurance With Savings Bank Life Insurance (SBLI)

See Our Reviews

By James Tobin, CFP

Policy Options:

Term, Universal Life

Term Lengths:





"A" - A.M. Best


Unavailable in NY



Customer Service:

(781) 938-3500

Issue Age:


Min. Coverage:


No Exam Option:



Bequest Mutual is not in any way affiliated with SBLI. This article is our review of the term life insurance products offered through SBLI as well as alternatives. If you are need to contact SBLI directly, call  1-877-275-5462

Savings Bank Life Insurance

Below, please see the primary points of comparison between life insurance carriers. Note that SBLI is widely known it's accelerated underwriting platform underwriting. 

Reviewed by

Jim Tobin,CFP®

As seen in

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At Workers Bequest, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. The views expressed are solely those of Workers Bequest.

SBLI Company History

Founded in 1907 by future Associate Justice of the Supreme Court Louis Brandeis, Savings Bank Life Insurance or SBLI has grown ever since.

The carrier has become a significant player in the term life insurance market with over 125 Billion in-force life insurance. Having evolved into a diversified financial services financial company, SBLI manages more than two billion dollars.

SBLI Financial Ratings

It has been more than 110 years since Brandeis founded the company and its finances are still strong,

SBLI Financial has consistently demonstrated the strength to meet its ongoing obligations and conduct new business. 



     A.M. Best


     Fitch Ratings


     Standard & Poors




SBLI Life Insurance Products

SBLI offers both Term and Whole life insurance. Let's take a look.


SBLI offers both level terms and an annual renewal term, and the popular level term provides terms of 10,15,20 & 30 years. These policies are convertible to permanent whole life insurance at any time up to age 70 with no exam or other proof of insurability. 

Whole Life Insurance

SBLI has one of the better "vanilla" whole life policies on the market. SBLI offers whole life policies in three forms continuous pay, limited-term, and single premium.

It isn't easy to do a thorough review of SBLI's whole life because the product is tailored to the specific client's needs when done correctly. For this reason, it is challenging to make apples-to-apples comparisons by carriers.

While whole life is more expensive initially than term, it makes sense in some situations. The primary benefits to whole life insurance center are:

  • Policy never lapsing
  • Tax-deferred earnings 
  • Tax-free death benefit 
  • Growth regardless of volatility
  • Borrow from cash value for any reason 
  • No income limit on funding (as opposed to IRA)

SBLI Life Insurance Riders

The term policies come with three notable rider options, accelerated benefits, child rider, and disability waiver.

The accelerated benefit rider allows for the early distribution of assets if the insured is terminally ill. This rider is cost-free.

The child rider allows the insured to add a $10000 benefit to children and then convert those policy's to $50000 at age twenty-five. There is an additional cost associated with this rider. 

The waiver of premium rider. This rider allows for the waiving of premiums should the insured become disabled and not pay the premiums. There is an additional cost associated with this rider.

SBLI Life Insurance Rates

SBLI Life Insurance tends to be priced competitively with other major carriers. While the SBLI rate is often a few dollars more than the price leader, some feel the accelerated underwriting platform is worth the extra cost.

For instance, if SBLI rates a reasonably healthy 47-year-old woman "standard " and other carriers do the same, the applicant will have to decide if the speed is worth the added expense.







     Level 30




     OP Term 30




     Classic 30




     Term Accel




     Term 30


SBLI Underwriting Highlights

Unlike many of the carriers that the Workers Bequest has reviewed in the past, SBLI does not jump out for being particularly generous in underwriting any specific medical conditions.

The niche that SBLI has had recently is speed. SBLI is able to accelerate underwriting of policies for up to $500000. While the industry is catching up quickly, this has been a strong point for SBLI. It is worth noting that these policies are best for folks in excellent health, as SBLI will request an attending physician's statement if they are concerned.  

SBLI Exam Options

Known for its accelerated underwriting platform, SBLI only requires an exam if the applicant is over age 65 or the applicant's underlying health will not allow for an accelerated approach.

SBLI Customer Service

SBLI's NAIC complaint index score in 2018 was 1.56, or slightly above the industry average. In 2018 they received a total of 11 complaints out of a customer base of over 500,000. 

SBLI is currently rated A+ by the Better Business Bureau. 

SBLI Contact Information


1 Linscott Road

Woburn, MA 01801

Phone:(781) 938-3500



SBLI is a solid carrier that is worth looking at in many cases. That said, the truth is that there will be a better-priced option in most cases. Because SBLI is not particularly lenient for any specific conditions, the applicant must decide if accelerated underwriting is worth a few dollars a month.

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