lena muhtadi borrelli headshot
  • Written by Lena Muhtadi Borrelli
  • Edited By
    Michael Santiago, CRPC™
    headshot of Michael Santiago

    Michael Santiago, CRPC™

    Senior Financial Editor

    Michael Santiago, a senior financial editor, joined RetireGuide in 2023. With over 10 years of professional writing and editing experience, he brings a wealth of expertise in creating content for diverse industries, including travel and healthcare. Having traveled to more than 40 countries across five continents and lived in Europe and Asia for several years, Michael's global perspective enriches his work. He combines his strong writing skills, editorial judgment and passion for crafting accurate and engrossing content to enhance the user experience on RetireGuide.

    Read More
  • Published: November 2, 2024
  • Updated: November 4, 2024
  • 8 min read time
  • This page features 6 Cited Research Articles
Fact Checked
Fact Checked

Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. For full transparency, we clearly identify our sources in a list at the bottom of each page.

Cite Us
How to Cite RetireGuide.com's Article

APA Muhtadi, L. (2024, November 4). SBLI USA at a Glance: Rates, Products and Reviews. RetireGuide.com. Retrieved December 6, 2024, from https://www.retireguide.com/annuities/companies/sbli-usa/

MLA Muhtadi, Lena. "SBLI USA at a Glance: Rates, Products and Reviews." RetireGuide.com, 4 Nov 2024, https://www.retireguide.com/annuities/companies/sbli-usa/.

Chicago Muhtadi, Lena. "SBLI USA at a Glance: Rates, Products and Reviews." RetireGuide.com. Last modified November 4, 2024. https://www.retireguide.com/annuities/companies/sbli-usa/.

Why Trust RetireGuide.com
Why You Can Trust Us

Content created by RetireGuide and sponsored by our partners.

Key Principles

RetireGuide’s mission is to provide seniors with resources that will help them reach important financial decisions that affect their retirement. Our goal is to arm our readers with knowledge that will lead to a healthy and financially sound retirement.

We’re dedicated to providing thoroughly researched annuity information that guides you toward making the best possible financial decisions for you and your family.

We partner with Senior Market Sales (SMS), a leader in the insurance industry with over 30 years of experience and a network of 66,000 independently licensed agents across the United States.

Our partnership with SMS (and Insuractive, the company’s consumer-facing branch) allows us to deliver expertly researched and reviewed content at no cost or obligation to all of our visitors. It also gives our visitors the opportunity to take the next step in their financial journey by requesting help from our partner through the phone numbers or forms provided on our website.

If a visitor chooses to inquire about an annuity or other financial product through SMS as a result of our research and accurate information, RetireGuide may receive compensation for connecting the visitor with SMS. The revenue we earn for helping visitors get the help they’re seeking makes RetireGuide stronger for our audiences.

The content and tools created by RetireGuide adhere to strict editorial guidelines to ensure quality and transparency.

Editorial Independence

While the experts from SMS are available to help you navigate various annuity options, RetireGuide retains complete editorial control over the information it publishes.

We operate independently from SMS, which allows the award-winning RetireGuide team to provide you with unbiased information.

Visitors can trust our inflexibility regarding our editorial autonomy. We do not allow our partnership to influence RetireGuide’s editorial content whatsoever.
Key Takeaways
  • SBLI was founded in 1907 by Supreme Court Justice Louis Brandeis and is a member-owned company committed to community charity and support.
  • SBLI USA life insurance includes both term and whole life insurance with an added selection of riders for greater flexibility and access to LegacyShield for detailed estate planning.
  • According to SBLI USA customer reviews, it can be difficult to reach a representative. However, it still receives high ratings from the Better Business Bureau, TrustPilot and A.M. Best for SBLI financial strength.

Introduction to SBLI USA

SBLI USA is a member-owned life insurance company offering both term and whole life insurance. Committed to the community, it reinvests profits into initiatives that benefit its members. With a focus on customer-centric service, SBLI USA provides reliable coverage and comprehensive protection you can trust.

Company Overview

Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) is not owned by a fancy corporation or a publicly traded company. Instead, it is owned by its members, allowing policyholders to take part in key company matters. SBLI falls under the umbrella of parent company Prosperity Life Group, which also includes Shenandoah Life Insurance Company.

SBLI USA was founded in 1907 by Supreme Court Justice Louis Brandeis to provide convenient access to life insurance without pushy sales tactics or gimmicks. Today, SBLI USA continues in that vein, simplifying the insurance process by providing a straightforward process with comprehensive coverage.

Reputation and Market Presence

In addition to providing life insurance, SBLI USA is active in the community. The SBLI Charitable Foundation has been in place for over a century, supporting 501(c)(3) organizations with a proven record of success that positively impacts citizens’ lives. This includes respected organizations such as the American Heart Association, the American Red Cross, the Alzheimer’s Association and proven organizations supporting cancer research, children’s health and mental health. Members can even vote on which organizations SBLI USA supports. This makes SBLI USA life insurance stand out among even the best life insurance policies 2024 offers for its unwavering goodwill.

Insurance Products Offered by SBLI USA

SBLI USA offers flexible term life insurance with guaranteed rates for 10 to 30 years, along with the option to convert to whole life insurance. For those seeking lifelong protection, their whole life insurance includes fixed premiums and cash value growth, ensuring coverage for life as long as premiums are maintained.

In addition, SBLI USA provides a range of fixed and indexed annuities, offering policyholders flexibility and financial security through various interest rate options and benefits.

Term Life Insurance

SBLI USA provides term life insurance with guaranteed rates throughout the entire term. Coverage options range from 10 to 30 years, with a maximum death benefit available. Accelerated underwriting is offered for individuals aged 18 to 50 seeking coverage of up to $500,000, while those aged 51 to 55 can qualify for up to $1 million.

At the end of the term, you have the option to convert all or part of your policy to whole or universal life insurance without needing a medical exam or additional underwriting. This conversion can be done anytime during the policy’s term or until you turn 70.

Whole Life Insurance

For those seeking lifelong coverage, SBLI USA’s whole life insurance may be more suitable. This policy remains active as long as premiums are paid or until the policyholder passes away. It features fixed premiums that accumulate cash value with tax-deferred growth. You can choose between payment terms of 10 or 15 years, or select a continuous payment option.

Fixed Annuities

SBLI USA’s fixed annuities come with multiple interest rate guarantee periods and an optional return of premium feature. Both products allow for annual penalty-free withdrawals of up to 10% of the contract’s value.

Select Choice® Single Premium Deferred Annuity
This annuity includes a market value adjustment that can affect the contract value at the time of withdrawal. Policyholders can choose a guarantee period of three, five or seven years. The minimum premium required is $5,000.
Select Choice® Plus Single Premium Deferred Annuity
With a lower minimum premium of $2,000, this annuity offers four different guarantee periods—three, four, five or seven years. Additional riders are available, including a market value adjustment, return of premium and penalty-free withdrawal options.

Indexed Annuity

SBLI USA also offers the Safe Solution® Single Premium Fixed Index Deferred Annuity with a $5,000 minimum premium. Customers can select from surrender periods of five, seven or nine years.

This indexed annuity allows policyholders to allocate their premium among three interest-crediting accounts. One account provides a fixed interest rate credited daily, while the other two are tied to the performance of the S&P 500 index.

Icon of a money saving flower Learn More About Your Annuity Options
Talk to one of Annuity.org's expert agents to see if an annuity is right for your retirement savings plans.
*Ad: Clicking will take you to our partner Annuity.org.

Features and Benefits

SBLI USA policies allow policyholders to tailor their coverage with various types of riders. For whole life insurance, options include a guaranteed purchase option rider and a single-pay paid-up additions rider. Both term and whole life policies also offer riders such as a waiver of premium, a children’s level term rider and an accelerated death benefit rider.

Additionally, SBLI USA provides a unique benefit called LegacyShield, designed to assist with estate planning. This feature enables you to store important documents and create comprehensive estate plans that outline your future wishes. You can connect your financial accounts for a holistic view of your portfolio and utilize the Estate Guru platform to generate your estate planning documents. Once completed, you can securely store everything from documents to photos and videos.

Financial Strength and Stability

When selecting a life insurance provider, the company’s financial strength and stability are key factors to consider. SBLI USA’s ability to meet its financial obligations and provide long-term security for policyholders is important. In this section, we’ll assess the company’s financial health and stability to help you determine if SBLI USA is a reliable choice for your insurance needs.

Credit Ratings

SBLI USA boasts strong financial strength with high ratings from leading credit agency AM Best. It earns an A- (Excellent) rating, one of the top ratings available. This means SBLI USA is likely to pay its claims promptly and responsibly.

SBLI USA does not have ratings by S&P Global or Fitch, but its parent company, Prosperity Group Holdings, earns a BBB rating.

Company Stability

According to the National Association of Insurance Commissioners (NAIC), SBLI USA holds a small percentage of the insurance market. It holds just a 0.017% share of U.S. company premiums, based on over $430 million in annual premiums.

Customer Reviews and Satisfaction

Understanding customer experiences is crucial when evaluating an insurance provider. SBLI USA’s reputation is shaped by the feedback of its policyholders. In this section, we’ll explore customer reviews and satisfaction ratings to give you a clearer picture of what to expect when choosing SBLI USA for your life insurance needs.

Customer Experience

SBLI USA is accredited by the Better Business Bureau (BBB) and earns an A+ rating. However, it holds a low score of 1.00 out of 5.00 based on 19 poor customer reviews, most of which complain about difficulty reaching an SBLI USA representative. It has had 32 complaints closed within the last three years, 13 of which were filed in the last year. Still, SBLU holds a great 4.2 rating on Trustpilot based on 1,701 reviews.

SBLI USA is not rated in J.D. Power’s 2023 U.S. Individual Life Insurance Study for customer satisfaction.

Complaint Index and Resolution

The NAIC also evaluates a company’s complaint index. SBLI USA holds a poor 1.42 NAIC rating, which is high compared to the average of 1.00. It represents a 0.025% share of market complaints, with 12 reported for 2023.

Lock In Today’s Best Fixed Annuity Rates
Start with a free annuity consultation to learn how annuities can help fund your retirement.
*Ad: Clicking will take you to our partner Annuity.org.

Pros and Cons of SBLI USA Products

When considering life insurance, it’s important to weigh the strengths and potential drawbacks of various providers. SBLI USA offers a range of products designed to meet the needs of individuals seeking term or whole life insurance. To help you make an informed decision, here’s a breakdown of the key pros and cons of SBLI USA’s offerings.

Advantages
  • Generous selection of riders
  • Low minimums
  • Strong financial stability
Disadvantages
  • Poor customer support

Frequently Asked Questions About SBLI USA

What Does SBLI Stand For?
SBLI stands for Savings Bank Mutual Life Insurance Company of Massachusetts.
Is SBLI USA Insurance Reputable?
SBLI USA holds a high rating from the Better Business Bureau and TrustPilot for customer satisfaction, while AM Best awards a high rating for financial stability.
How Do I Contact SBLI USA?
New customers can contact SBLI USA at 800-650-4391, Monday through Friday, between 8:00 a.m. and 8:00 p.m. ET. Current policyholders can reach support at 800-694-7254, available Monday through Friday, from 8:00 a.m. to 6:00 p.m. ET. For email inquiries, reach out to customerservice@sbli.com, or visit their headquarters in person at 1 Linscott Road, Woburn, MA 01801.

Editor Norah Layne contributed to this article.

Last Modified: November 4, 2024

6 Cited Research Articles

  1. SBLI. (2024, June). The SBLI Idea. Retrieved from https://www.sbli.com/about-us/the-sbli-idea/
  2. SBLI. (2023, December). SBLI Life Insurance. Retrieved from https://www.sbli.com/
  3. J.D. Power. (2023, October 12). Satisfaction with Life Insurance and Annuity Products Climbs as Customers Embrace Digital, J.D. Power Finds. Retrieved from https://www.jdpower.com/business/press-releases/2023-us-individual-life-insurance-annuity-studies
  4. SBLI. (2023, October). SBLI Term Life Insurance. Retrieved from https://www.sbli.com/life-insurance/term-life-insurance/
  5. SBLI. (2023, May). The SBLI Charitable Foundation. Retrieved from https://www.sbli.com/about-us/sbli-foundation/
  6. Better Business Bureau. (n.d.). SBLI USA Life Insurance Co. Retrieved from https://www.bbb.org/us/ny/new-york/profile/insurance-companies/sbli-usa-life-insurance-co-0121-39898