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SBLI is a good fit for healthy adults who want plain level term coverage at a low price: its own example is $21.71 a month for a 35-year-old woman buying $500,000 for 20 years, and applicants 18 to 50 may skip the medical exam for up to $2 million. It is a legitimate, policyholder-owned life insurer (The Savings Bank Mutual Life Insurance Company of Massachusetts, Woburn, NAIC #70435) licensed in 49 states and DC, but not New York. The tradeoffs are a short product list (term and whole life only) and a financial strength rating of A (Excellent) from AM Best, one step below the A+ carriers. Complaints are few: 18 at the BBB in three years.
- Insurer
- The Savings Bank Mutual Life Insurance Company of Massachusetts, Woburn, MA; NAIC #70435; mutual, owned by policyholders1
- Availability
- Licensed in 49 states and DC; not available in New York1
- Term lengths
- 10, 15, 20, 25 or 30 years, depending on your age2
- Coverage
- $100,000 to $5 million online; higher amounts through an agent; issue ages 18 to 742
- No-exam limit
- Up to $2 million at ages 18 to 50 and $1 million at 51 to 60 through accelerated underwriting2
- Sample price
- $21.71 a month for a 35-year-old woman, best class, $500,000, 20-year term (monthly autopay only)2
- Financial strength
- A (Excellent) from AM Best, per SBLI, citing an October 2022 AM Best report3
- Track record
- Founded in Boston in 1907; more than $180 billion of life insurance in force and over 1 million customers, per SBLI's 2024 annual statement3
Pros
- Low published term prices for healthy applicants
- No-exam approval up to $2 million at ages 18 to 50
- Terms up to 30 years and coverage up to $5 million
- Mutual company founded in 1907, with an A+ BBB rating and few complaints
- Convert to permanent coverage without new underwriting until age 70
Cons
- Not sold in New York
- Only term and whole life; no universal, indexed or variable policies to buy new
- AM Best A (Excellent) is a notch below the A+ insurers
- Final price can differ from the quote after underwriting
- No terms longer than 30 years
Best for: Healthy adults under 60 who want a low-cost 10 to 30 year term policy without a medical exam.
Skip it if: You live in New York, want a 35 or 40 year term, or need universal or indexed life.
SBLI vs. competitors
| Company | Term lengths | Coverage | No-exam option | AM Best |
|---|---|---|---|---|
| SBLI | 10 to 30 years | $100,000 to $5 million | Up to $2 million (ages 18 to 50) | A (Excellent) |
| Fabric by Gerber Life | 10 to 30 years | $100,000 to $5 million | Instant coverage for qualified applicants | A+ (Superior) |
| Banner Life (Legal & General America) | Now Banner Life; 10 to 40 years | From $100,000 | Not stated on its term page | A (Excellent) |
| Amica Life | 10 to 30 years | Not published | If you meet underwriting criteria | A+ (Superior) |
SBLI pricing at a glance
SBLI term life at a glance, as listed October 20262
| Feature | SBLI term life |
|---|---|
| Sample premium | $21.71 a month: woman, 35, best class, $500,000, 20 years |
| Term lengths | 10, 15, 20, 25, 30 years (shorter options at older ages) |
| Coverage | $100,000 to $5 million online |
| Issue ages | 18 to 74 |
| No-exam (accelerated) limit | $2 million at 18 to 50; $1 million at 51 to 60 |
| After the term | Renew yearly to age 85 at rising rates |
| Conversion | To whole or universal life before the term ends or age 70, whichever is first |
Your price depends on age, sex, health, tobacco use, term and amount. Monthly premiums require SBLI's automatic payment plan. Policy form series B-56.
SBLI, step by step
Get a quote
Enter your age, sex, state, health basics, term and coverage amount on sbli.com to see a price.
Apply online or with an agent
Complete the application and health questions. Amounts above $5 million go through an agent.
Underwriting
If you're 18 to 60 and within the accelerated limits, you may get a decision in days without an exam; otherwise traditional underwriting with an exam applies.
Pay and keep the policy
Premiums stay level for the term. Use the my.sbli.com portal to pay, update beneficiaries and access LegacyShield estate documents.
Claims
Beneficiaries start a claim online through SBLI's claims portal or request a mailed form.
SBLI legitimacy and licensing
Yes. SBLI is the brand of The Savings Bank Mutual Life Insurance Company of Massachusetts, based in Woburn, MA (NAIC #70435). It was founded in Boston in 1907 with backing from Louis Brandeis, later a Supreme Court justice. SBLI says it’s a mutual company owned by its policyholders, has more than $180 billion of life insurance in force and over 1 million customers.
It’s licensed in 49 states and DC; New York residents can’t buy it. SBLI says AM Best rates it A (Excellent), the second-highest category, and links a 2022 AM Best report. Check AM Best’s site for the latest rating before you buy. The BBB rates SBLI A+ with only 18 complaints in three years.
How much SBLI life insurance costs
SBLI’s only published price example is $21.71 a month for a 35-year-old woman in the best health class buying $500,000 of 20-year term. Monthly pricing requires automatic payments. Your rate depends on age, sex, health, tobacco use, term length and amount, and you’ll see a real price after underwriting, which can come in higher than the first quote.
Premiums are level for the whole term. After it ends you can renew each year until 85, but the price rises every year, so most people convert or let it lapse.
SBLI term and whole life policies
Term life: 10, 15, 20, 25 or 30 years, $100,000 to $5 million online (more through an agent), for ages 18 to 74. Older applicants get fewer term options. You can convert all or part of a term policy to whole or universal life before the term ends or age 70, whichever comes first, typically without new underwriting.
Whole life: lifetime coverage with fixed premiums and cash value you can borrow against. It’s eligible for dividends, which SBLI’s board declares each year and doesn’t guarantee. Loans reduce the death benefit if unpaid.
Every policy includes access to LegacyShield, an SBLI subsidiary for storing documents and making a will.
SBLI no-exam life insurance
SBLI’s term page says applicants 18 to 50 may qualify for up to $2 million with accelerated, no-exam underwriting, and those 51 to 60 for up to $1 million. Older SBLI pages still mention $1 million, so confirm the limit in your quote. If you don’t qualify, or ask for more, your application moves to traditional underwriting, which may include a paramedical exam. SBLI says qualified applicants can get a decision in days.
What customers say about SBLI
Recurring themes across the review sites and complaint records listed above, not individual quotes.
Common praise
- Professional, patient agents and service reps
- Fast, simple application
- Low term premiums for healthy applicants
- Clear follow-up on questions
- Compassionate help for beneficiaries during claims
Common complaints
- Final premium higher than the online quote after underwriting
- Disagreement with the health class assigned
- Slow responses or hard-to-reach support at times
- Policy record errors that needed fixing
SBLI complaints and what customers report
Complaints are light for an insurer this size: 18 at the BBB in three years. On Trustpilot, SBLI scores 4.3 out of 5 from 1,994 reviews and answers every negative one. Praise centers on helpful agents and an easy application. The most common complaint is a final premium higher than the online quote after the health review, followed by slow callbacks.
To avoid surprises, answer health questions accurately (misstatements can cause a claim to be contested in the first two years) and ask what health class your quote assumes.
The rules that protect you
Life insurers are regulated by your state insurance department. Every state requires a free-look period, usually 10 to 30 days, when you can cancel a new policy for a full refund; check your policy for the exact length. If a claim is denied or delayed, you can file a complaint with your state insurance department, and each state runs a guaranty association that protects policyholders if an insurer fails, up to set limits.
Alternatives to SBLI
- Fabric by Gerber Life A fully online term policy from an A+ rated insurer, with prices from $7.85 a month for young applicants. Read review
- Banner Life (Legal & General America) Better if you want a 35 or 40 year term, which SBLI doesn't offer. Legal & General America became Banner Life in February 2026 after its sale to Meiji Yasuda; AM Best moved its rating from A+ to A (Excellent). Read review
- AccuQuote Compare SBLI's price against dozens of carriers through a free broker, especially if you have health issues. Read review
- Group life insurance at work Often free or cheap for 1 to 2 times salary, though it usually ends when you leave the job.
SBLI reviews
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Frequently asked questions
Is SBLI a good life insurance company?
For simple term coverage, yes. It's a mutual insurer founded in 1907 with low complaint counts and an A (Excellent) AM Best rating, per SBLI. It offers fewer policy types than big carriers.
What does SBLI stand for?
Savings Bank Life Insurance. The company's legal name is The Savings Bank Mutual Life Insurance Company of Massachusetts.
Is SBLI available in New York?
No. SBLI says it's licensed in 49 states and DC, excluding New York.
Does SBLI require a medical exam?
Not always. Applicants 18 to 50 may qualify for up to $2 million without an exam, and those 51 to 60 for up to $1 million. Larger amounts or applicants who don't qualify go through traditional underwriting.
How much is a $500,000 SBLI policy?
SBLI's example is $21.71 a month for a healthy 35-year-old woman on a 20-year term. Men, older buyers and smokers pay more.
What is SBLI's AM Best rating?
SBLI says it's rated A (Excellent), AM Best's second-highest category, and links a 2022 report. Check AM Best directly for the current rating.
Who owns SBLI?
SBLI says it's a mutual company, owned by its policyholders rather than shareholders, and it isn't publicly traded.
Can I convert my SBLI term policy?
Yes. You can convert all or part of it to whole or universal life before the term ends or age 70, whichever comes first, typically without new underwriting.
How do I file an SBLI death claim?
Beneficiaries can start a claim through SBLI's online claims portal or request a mailed claim form from SBLI customer service. Have the policy number and a certified death certificate ready.
Does SBLI sell whole life insurance?
Yes. SBLI whole life has fixed premiums, cash value and eligibility for dividends, which aren't guaranteed.
Sources (7)
Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards
- SBLI: Contact and legal footer (licensing, NAIC number) (accessed October 13, 2026)
- SBLI: Term life insurance (accessed October 13, 2026)
- SBLI: Home page (AM Best rating, insurance in force, customers) (accessed October 13, 2026)
- SBLI: Whole life insurance (accessed October 13, 2026)
- BBB: SBLI business profile (accessed October 13, 2026)
- Trustpilot: SBLI reviews (accessed October 13, 2026)
- NAIC: Consumer Insurance Search (accessed October 13, 2026)
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