Male
$31 /month
Female
$27 /month
This insurer sells term and whole life policies with a free perk focused on estate planning, but it doesn’t operate in New York.
Rating Breakdown
Financial strength rating
Strong
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term, permanent & no-exam
A good fit for budget-conscious life insurance shoppers.
If you’re looking for a universal policy, choose one of our best universal life insurance companies in 2026.
About SBLI life insurance
SBLI sells life insurance policies online, direct to consumers and through its network of brokers, but it doesn’t offer universal life insurance or operate in New York.
SBLI life insurance earned 4.6 out of 5 stars for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
» MORE: Best life insurance companies
Where SBLI stands out
SBLI is on solid financial footing and draws fewer complaints than average. All policyholders also get access to a digital lockbox that enables estate planning through the sharing of documents with loved ones. SBLI is a mutual life insurance company, so some whole life policyholders may be eligible for dividends.
Did you know…
A life insurance dividend is a payment insurers make to permanent policyholders when there is leftover profit from the business year. Dividends can be paid out as a check or used to buy more coverage, lower premium payments, accrue interest or cash value, and even pay down a policy loan.
Where SBLI falls short
If you’re shopping for universal life insurance, you’ll need to look elsewhere. And although you can get an online quote from SBLI, you can’t purchase policies on the website. You’ll be directed to contact an agent instead.
SBLI life insurance policies
Term life insurance: Depending on your age, you can buy a traditional term life insurance policy lasting 10, 15, 20, 25 or 30 years. It’s convertible to permanent life insurance before you reach age 70 or the policy expires, whichever comes first. Qualified applicants may be eligible for up to $1 million in coverage without a medical exam.
Whole life insurance: SBLI’s whole life policy builds cash value at a fixed rate set by the insurer. When you’ve accumulated enough, you can start borrowing against your life insurance policy. Since SBLI is a mutual company, policyholders may earn dividends based on the company’s financial performance. Eligible applicants may qualify to buy up to $1 million in coverage without a medical exam.
SBLI life insurance policies aren’t available in New York.
SBLI life insurance riders
SBLI offers a range of common life insurance riders. The options vary by policy, and might include:
Accelerated death benefit rider. Allows you to access up to 50% of your policy’s payout if you’re diagnosed with a terminal illness.
Accidental death benefit rider. Pays out an additional sum if you die in an accident.
Child term rider. Designed to cover a child or multiple children under your policy, the children's level term rider can eventually be converted to permanent life insurance up to five times the rider’s face amount.
Guaranteed purchase option rider. Lets you top up your coverage without going through the life insurance underwriting process again.
Single-pay paid-up additions rider. Gives you the option to buy extra whole life insurance coverage with one payment when the policy is issued.
Term rider. Adds term life insurance lasting 10, 15, 20, 25 or 30 years to your whole life policy.
Waiver of premium rider. Pauses your premiums if you become totally disabled and can’t work for a period of time.
» MORE: Compare life insurance quotes
SBLI sample life insurance rates
Below are monthly rates for a 20-year, $500,000 term life insurance policy from SBLI. These are sample rates for a nonsmoking man and woman in excellent health. The final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.
Age | Monthly rate - man | Monthly rate - woman |
|---|---|---|
20 | $25.33 | $15.98 |
30 | $19.31 | $15.98 |
40 | $31.24 | $26.72 |
50 | $68.99 | $54.13 |
60 | $205.36 | $162.29 |
Source: Insurer's site. Rates reflect the super preferred class and were valid as of 11/5/25. | ||
SBLI customer complaints and satisfaction
A strong sign of consumer satisfaction is how many people complain about their insurance company to state agencies. Over three years, SBLI has drawn fewer than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
How the SBLI customer experience stacks up
As a policyholder, you can make premium payments, update your beneficiaries and request cash value loans via the customer portal or online forms. If you die while your policy is active, your loved ones can file a life insurance claim online.
All policyholders get access to LegacyShield, a digital vault for storing documents and estate plans. You can decide who gets access to each item and whether they'll be shared before or after you die.
How SBLI compares to other insurers
SBLI | Farmers | Midland National | |
|---|---|---|---|
Star rating | |||
Financial strength | Strong. | Strong. | Exceptional. |
NAIC complaints | Fewer than expected. | Close to expected. | Fewer than expected. |
J.D. Power ranking | N/A. | N/A. | #21 out of 22. |
Policy types offered | Term, permanent & no-exam. | Term, permanent & no-exam. | Term, permanent. |
Online experience | Can get a quote and file a claim online. | Can get a quote and file a claim online. | Can get a quote, change beneficiaries and file a claim online. |
Transparency on website | Above average. | Above average. | Average. |
Read full reviews |
More about SBLI
Founded in 1907 by Supreme Court Justice Louis Brandeis, SBLI (Savings Bank Mutual Life Insurance Company) is a mutual life insurance company. It acquired LegacyShield in 2021 to offer estate planning services to policyholders.
How to contact SBLI
SBLI can be reached by:
Phone: If you have a policy with SBLI, call 800-694-7254 on weekdays from 8 a.m. to 6 p.m. ET. Otherwise, call 800-650-4391 on weekdays from 8 a.m. to 8 p.m. ET.
Email: Send a message to customerservice@sbli.com.
Live chat: Agents monitor the chat on weekdays from 8 a.m. to 6 p.m. ET. A chatbot is available outside of those hours.
How we rate the best life insurance companies
✅ 445 life insurers reviewed
📝 210 policies assessed
🔢 1,515 data points analyzed
📊 Star rating categories
When NerdWallet evaluates life insurance companies, our editorial team considers the insurer's strengths and weaknesses, as well as the things that matter most to customers buying a long-term financial product. We then weigh these factors carefully:
💰 Financial strength (35%). We use AM Best ratings to confirm an insurer’s financial stability and ability to pay claims far into the future. The top life insurance companies have an exceptional financial strength rating of A+ or A++ (Superior).
🗣️ Consumer complaints (35%). Our top-rated life insurance companies have fewer than the expected number of complaints to state regulators over a three-year period, according to the National Association of Insurance Commissioners — so you can expect a smoother customer experience.
☎️ Consumer experience (20%). Insurers who allow consumers to contact them by email, phone and live chat earn the highest scores. The same goes for insurers who support online quotes, beneficiary changes and claims.
👀 Transparency (10%). Our methodology gives higher scores to transparent insurers who clearly display information about their policy options, coverage amounts and term lengths (if applicable) on their site.
⭐ What our star ratings mean
Companies with 5 stars are exceptional, with strong financials, diverse policy lineups and great reputations for customer service.
Companies with 4.5 stars are excellent, with solid financials and policy offerings, and good customer service track records.
Companies with 4.0 stars are good, and potentially great for people looking for niche coverage options.
Companies with 3.5 stars or fewer could do better in certain categories, like financial strength and customer complaints.
NerdWallet does not receive compensation for our star ratings or our reviews. Read more about our life insurance ratings methodology and editorial guidelines.
