Term Life Insurance

 Sunday, March 14, 2010
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Company/Policy Information

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SLBI

The Savings Bank Life Insurance Company of Massachusetts

One Linscott Road
Woburn, MA 01801

Providing life insurance since 1907, the Savings Bank Life Insurance Company of Massachusetts is committed to providing value, quality, and stability you can count on. SBLI is an organization built on trust and performance. For more than 100 years, their conservative philosophy has served customers well. In fact, even through the Great Depression, SBLI maintained an A.M. Best “A” rating.

SBLI is rated:

A+ Superior by A.M. Best Company, 2nd highest of 16 ratings for financial strength (as of 05/10/2009)
These ratings are opinions of the rating agencies and are not warranties of the company’s ability to perform its financial obligations.

Policy Description Level Term (T10, T15, T20, T,25 and T30)

Guaranteed Level Premium coverage lets you lock in a low rate for the policy term you choose: 10, 15, 20, 25, or 30 years. That means your premium is guaranteed not to increase during the term you choose. So your last premium in the level term period is the same as your first. Guaranteed Level Premium policies up to $10,000,000 can be issued to people aged 20-74. At the end of the level premium term period, coverage may be continued to age 85 at increasing yearly term rates without proof of insurability. Policy Forms B-36, B-46 series.

Conversion Feature

This policy may be converted to a level premium whole life policy on any premiums due date which is the earlier of age 70 or end of the Level Term period.

Available Options

Spousal Discount
Available $30 per policy when coverage is $300,000 and above on each policy

Children's Insurance Option (Additional Cost)
  • Provides coverage for all children age 15 days to 17 years, 6 months approved at time of application.
  • Provides coverage for all future children of the insured from 15 days after birth or upon adoption.
  • Available on all products, except for SL, when the issue age of the applicant is 17 years, 6 months, 1 day or greater.
  • Insurance provided on insured children to age 22.
  • Available in $1,000 multiples only, $5,000 Minimum to $10,000 maximum.
  • Base policy must be at least $100,000.
  • Annual premium (with or without waiver of premium) per $1,000: $4.00.
  • Base policy may be any premium paying policy. (Rider stops when premium payments on base policy stop for any reason.)
  • If insured dies, rider becomes fully paid-up term to age 22 for each insured child.
  • Rider terminates on anniversary nearest insured’s age 65 or if base policy premium payments terminate for any reason.
  • Each child may convert for the face amount on any premium due date.
  • Convertible on anniversary nearest child’s age 22 or insured’s age 65, if earlier, to permanent whole life insurance for twice the rider face amount.
  • No ride fee.
  • Children's Rider (not available in AR, CA, FL, GA, IA, IL, IN, KS, MD, MO, NV, OH, OK, SC, TX, or VT)


Accelerated Death Benefit
Not available

Waiver of Premium Option (Additional Cost)
  • Protects insured against loss of coverage due to inability to pay premiums because of total and permanent disability.
  • Standard and Non-smoker (or multi-class) waiver rates apply according to policy class.
  • Available on Level Term policies at issue ages 19 years, 6 months, 1 day to 55 years, 6 months to those in acceptable occupations.
  • If basic policy has waiver, all insurance riders must have waiver included. If base insured is approved for waiver benefits, the premiums for the policy and any attached rider will also be waived.
  • Disability of insured is the governing factor. The disability of a child insured under a Children’s Rider is not covered by the Waiver of Premium.
  • Waiver coverage ceases at insured’s age 65, unless the insured is then disabled. If premiums are being waived at age 65 under the provision of the waiver rider and premiums have been waived for 5 years or more, then premiums will continue to be waived as due without further evidence of disability.
  • Waiver of Premium Rider (not available in NC or TN)


Accidental Death Benefit Option (Additional Cost)
Not Available


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