For many people, having life insurance 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.
It is essential to know, though, that because not all no exam life insurance policies are the same, it many that you ensure that you are going with the best kind and size.
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 if it’s a reputable carrier with strong financial outlook.
To assist you, we have taken the time to investigate dozens of carriers out there. One of those is SBLI.
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 tons of 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 an excellent variety of term and permanent 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, and because of that, SBLI has partnered with some 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
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:
- A (Excellent) from A.M. Best Company
- (Strong) from Standard & Poor’s
Also, 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+
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 blood and a urine sample. 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 applicants between 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
Aside from its no exam policy, SBLI also offers other term and permanent life insurance policy options. Term offers cheap life insurance without cash value.
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. The death benefit, 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 value of the plan, or in turn used for purchasing additional amounts of life insurance protection.
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). 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.
Should You Buy Life Insurance through SBLI?
If you haven’t heard of SBLI, and a lot of our customers haven’t, you should have them on your list of insurance carriers to check out.
If SBLI isn’t the best for you, there are still plenty of other options. In fact, there are thousands of insurance companies on the market.
Do you have all the information you need? Are you confident enough to locate an affordable policy to protect your loved ones?
If you’re not, we can do the work for you. We can compile the quotes, help you compare the coverage, and walk you through the application process. Here is the best part, you won’t pay a dime!