For many people, having life insurance coverage can mean the difference between loved ones facing long-term financial hardship, or instead of being able to continue meeting their financial needs – even if the unexpected occurs.
Although many applicants can easily qualify for the life insurance protection that they require, there are others who – because of an adverse health issue or by working in a “risky” occupation – may not be as readily able to secure the policy that they need. But by going with a no exam life insurance policy, it could raise their chances of qualifying – sometimes substantially.
As its name implies, no exam life insurance does not require an applicant to undergo a medical examination as a part of the underwriting process. This means that there is no need to submit a blood and urine sample, and in some cases, the application for coverage may only consist of a few basic questions.
It is important to know, though, that because not all no exam life insurance policies are the same, it is recommended that you ensure that you are going with the proper type and amount of coverage.
Also, you should also take some time and research the insurance company that you are considering purchasing the policy through so that you can determine whether it is strong and stable financially and that it also has a good reputation for paying out its claims promptly. One company that meets these criteria is SBLI, or The Savings Bank Mutual Life Insurance Company of Massachusetts.
The History of SBLI Insurance
SBLI has more than 110 years of experience in helping its clients to protect what matters to them. Back in 1907, this company was founded by Supreme Court Justice Louis Brandeis, who had the goal of ensuring that every policy the company sells is dependable, straightforward, and affordable.
Initially, SBLI only offered its life insurance products through banks. Now, however, the products of SBLI are provided via numerous channels, including banks, as well as independent financial and insurance advisors.
As a mutual insurance company, SBLI is essentially owned by its policyholders – and because of that, policyholders may be eligible to receive dividends. And, while many of today’s insurance companies also offer a wide array of different products and services, SBLI has continued to maintain its focus of protecting families with great life insurance. Because of that, SBLI doesn’t push other, unneeded offerings, on its policyholders. SBLI is headquartered in Woburn, Massachusetts, and its products are offered in all of the U.S. states other than in New York.
Today, SBLI has protected more than one million families with its dependable, affordable, and straightforward life insurance products. The company offers a nice variety of both term and permanent life insurance policy options – so customers can choose which type of coverage may work the best for them and their specific needs.
Throughout the years, SBLI has earned endorsements from numerous entities and organizations, such as The Massachusetts Bankers Association, and AAA of Southern New England.
This company also has a history of being involved in the communities in which it serves, and because of that, SBLI has partnered with a number of educational and charitable entities, such as:
- The New England Center for Children
- Woburn Memorial High School
- The Rodman Ride for Kids
- The New England Center and Home for Veterans
- The American Heart Association
Insurer Ratings and Better Business Bureau Grade
Due in large part to the company’s strong and stable financial footing, as well as its payout of policyholder claims, SBLI has earned high ratings from the insurance company rating agencies. These ratings include the following:
- A (Excellent) from A.M. Best Company
- (Strong) from Standard & Poor’s
In addition, SBLI has been an accredited member of the Better Business Bureau (BBB) for more than a decade. The BBB has provided SBLI with a grade of A+, which is on an overall grade scale of A+ to F.
Throughout the past three years, SBLI has closed out just two customer complaints (of which there have been no complaints closed out within the past 12 months). Both of these customer complaints focused on the company’s billing and/or collection issues.
No Exam Life Insurance Products Offered by SBLI
SBLI offers a no exam life insurance product that does not require the applicant for coverage to meet with a paramedical professional and provide a blood and a urine sample for testing purposes. This, in turn, can allow the coverage to be approved and issued relatively quickly – in turn, providing coverage and peace of mind within just days, as versus weeks or months with a traditionally underwritten life insurance policy.
This no exam level term life insurance policy – which is available to those who are between the ages of 18 and 60 at the time of application – offers death benefit protection of up to $500,000 (with a low face amount of $100,000). The applicant can choose from a number of different time frames for their coverage, including 10 years, 15 years, 20 years, 25 years, and even 30 years.
Other Products and Services Available
In addition to its no exam policy, SBLI also offers other term and permanent life insurance policy options. With term life insurance, there is death benefit protection only, without any cash value or savings build up. This is why term life insurance is considered to be the most basic form of life insurance coverage in the marketplace. Also, it can also provide an affordable way of attaining needed coverage for an affordable price tag.
As its name suggests, term life insurance is offered for a specific number of years, or term. In the case of SBLI, this company offers a guaranteed level term life insurance policy that may be purchased for 10, 15, 20, 25, or 30 years. During this time, the amount of the death benefit coverage, as well as the amount of the premium, are guaranteed never to change.
This company also offers a one-year non-renewable term life insurance policy options. This plan is purchased with one single, affordable, premium. This policy, although it is not renewable, can be converted to an SBLI permanent life insurance policy – which provides lifetime life insurance coverage, as well as builds up cash in the plan’s cash value component. There is no need for the insured to undergo a medical exam during this conversion process.
SBLI also offers permanent life insurance policy options. Here, you will have both death benefit protection, as well as cash value. The cash that is in the cash value component of the policy is allowed to grow on a tax-deferred basis. This means that there is no tax due on the growth of those funds unless or until they are withdrawn.
The company offers a whole life insurance policy option that provides a death benefit amount that is locked in – never to decrease – even as the insured gets older, and regardless of whether he or she contracts an adverse health issue down the road.
Every SBLI whole life insurance policy is also eligible to receive annual dividends (although the receipt of dividends is never guaranteed). These dividends may be left to accumulate with interest, or alternatively to reduce future policy premiums, or to fund paid-up policy additions. Conversely, the policyholder may instead opt to take their dividends in cash.
There is also a children’s whole life insurance policy available through SBLI. While no one ever wants to think about the passing of a child, the reality is those unfortunate incidents can and do occur – and if this is the case, this type of coverage can help families to be prepared financially.
The children’s whole life insurance policy is available to children who are between 15 days and 14 years old, and a face amount of coverage of between $10,000 and $1 million may be purchased. Because it is a whole life plan, this policy offers low premiums that will never increase. There is also a cash value component, which can help the child to accrue tax-deferred savings that he or she can borrow or withdraw in the future.
In addition, because SBLI is a mutual life insurance company, this policy is eligible for dividends – which can be added to the cash component of the policy, or in turn used for purchasing additional amounts of life insurance protection.
SBLI also offers retirement annuities to its customers. Today, given that people are (on average) living longer than ever before in history, a key concern for many is outliving income in retirement. An annuity can help to alleviate this fear.
Annuities can help people to save in a tax-advantaged manner, and when ready to receive retirement income, these products can pay out a guaranteed income for the remainder of the individual’s life – regardless of how long that may be.
SBLI offers two types of annuities. These include immediate and deferred. An immediate annuity will, in return for a lump sum deposit, start providing an income stream right away (or within a very short period of time). A deferred annuity will accumulate savings and interest that can be taken as income (or withdrawn) at a time in the future. In either case, an annuity can provide a safe and reliable vehicle for receiving retirement income in the future.
Recently, SBLI partnered with LegacyShiled so that the company could allow its customers to store important documents, as well as memories, life lessons, and last wishes in a cloud-based vault. This service also allows individuals, couples, and families to upload photos and videos to be viewed by future generations later on. LegacyShield offers unlimited storage of such items – and all of the items that are uploaded to LegacyShield can count on state-of-the-art, military grade protection.
If a client of SBLI purchases LegacyShield, they will also receive a complimentary subscription to FinancialView, an online tool that consolidates their bank account information, as well as their information regarding investments and credit card balances – all in one convenient place.
How to Get the Best Premium Rates on No Exam Life Insurance Through SBLI
If you have been seeking the best premium rates on no exam life insurance through SBLI – or from any insurance carrier, for that matter – then it is typically recommended that you work in conjunction with an independent life insurance brokerage or agency.
In doing so, you will be much better able to compare the policies and the premium quotes from numerous insurers, and from there you can determine which of these will work the best for you, and for your budget.
If you are ready to proceed, we can help. We are an independent life insurance brokerage, and we work with many of the top no exam life insurance providers in the marketplace today. We can assist you with attaining all of the key details that you require for making a decision. We can do this for you quickly, easily and conveniently – so if you are ready to begin, all you need to do is just take a moment to fill out the quote form on this page.
Should you find that you still have any additional questions or concerns about no exam life insurance (or any life insurance need), please feel free to reach out to us and talk with one of our experts. We can be reached via phone, toll-free, by calling us at 800-277-3098.
We understand that purchasing life insurance coverage is a big decision – and that you may be nervous about moving forward. This can particularly be the case if you have ever been turned down for life insurance coverage in the past. But the good news is that you can be more assured that you are moving in the right direction when you have an ally on your side. So, contact us today – we’re here to help.