Why SBLI Burial Insurance Is The Best In 2024
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
If you are looking for a thorough SBLI Burial Insurance Review, you have come to the right place.
When you think about the future, it is important to consider what will happen when you die. This includes making enough money to pay for your funeral and other expenses.
In fact, funeral and burial costs can be high and place a financial burden on your loved ones if they are unprepared.
SBLI Burial Insurance is a life insurance policy that helps pay for your funeral and burial costs.
This article will tell you about SBLI Burial Insurance. It will tell you what it covers, how to apply, and if it is the right choice.
We will also discuss the benefits of planning and making your funeral and burial arrangements.
What Is The History of SBLI
The Savings Bank Life Insurance Company of Massachusetts (SBLI) was founded in 1907 to provide affordable life insurance to the residents of Massachusetts.
Over the past 117 years, SBLI has grown and expanded, and today it offers a range of insurance products to individuals and families across the United States.
SBLI is a company that you can trust. They have been around for a long time and are good with money. They have insurance that is affordable and easy to get.
It has consistently received high ratings from independent rating agencies, including an A+ (Superior) rating from A.M. Best.
In addition to its traditional life insurance products, SBLI offers a range of specialty products, including term life insurance, mortgage protection insurance, and burial insurance.
SBLI wants to help its customers by giving them the coverage they need. This will help their loved ones and make their financial future more secure.
- No medical exams required.
- Ages 50-85
- Level Plan: $2,500-$35,000
- Graded Plan: $2,500-$20,000
- Simple and Efficient, in Minutes
- Voice or DocuSign
- Approved Instantly
- Same Day Policy Delivery
5.0
How Is SBLI Burial Insurance Product Living Legacy
SBLI Burial Insurance Product Living Legacy is a life insurance policy specifically designed to cover the costs of your funeral and burial expenses.
It is offered by the Savings Bank Life Insurance Company of Massachusetts (SBLI), a financially stable and highly-rated insurer.
The policy is designed to be simple and affordable, with premiums among the industry’s lowest. It is available to individuals between ages 50-85 and does not require a medical examination to qualify.
SBLI Burial Insurance Product Living Legacy will pay for your funeral and burial expenses. This includes funeral services, a casket or burial container, a burial plot or mausoleum space, and a headstone or monument.
It also provides a cash benefit that can be used to cover any outstanding debts or bills you may have. Even leaving a legacy to your family.
One of the main benefits of SBLI Burial Insurance Product Living Legacy is that it allows you to make your own funeral and burial arrangements. This is made possible through Sequoia Funeral Plan.
This means that you can choose the kind of funeral and burial you want. You can also make sure that your wishes are carried out.
To review the Sequoia Funeral Concierge Plan, here is the Brochure.
Living Legacy Policy Details:
| Details of Coverage | Preferred/Standard | Modified |
|---|---|---|
| Type | Whole Life | Whole Life (ROP Years 1-2) |
| Duration | Lifetime | Lifetime |
| States Available | All Except NY | All Except NY |
| Age Range | For ages 50-85 | For ages 50-85 |
| Coverage Amounts | $2,500-$35,000 | $2,500-$20,000 |
| Level Premiums | Yes | Yes |
| Free Riders | Terminal Rider | Terminal Rider |
| Added Riders | Accidental Death Rider Double Indemnity | Accidental Death Rider Double Indemnity |
| Cash Value | Yes | Yes |
| Apply Where | InsuranceForBurial.com | InsuranceForBurial.com |
| Exam Required | No | No |
| Waiting Period | No | 1-2 years ROP |
| Approval Time | 10-15 Minutes | 10-15 Minutes |
| Call To Apply | 855-380-3300 ext 5 | 855-380-3300 ext 5 |
If you are interested in purchasing SBLI Burial Insurance Product Living Legacy, you can easily apply online by contacting Lisa and Danny, or to get started fill out this rate qualification form.
The application process is quick and straightforward, and you will receive a decision on your coverage within a few days. This product is not available in NY.
What Does SBLI Burial Insurance Cost
Below are sample rates for ages 50 to 85 for males and females. Keep in mind that coverage ranges from $2,500-$35,000. We are only showing rates from $5,000-$15,000.
SBLI Burial Insurance Rates For Males
| Age of Applicant | $5,000 | $10,000 | $15,000 |
|---|---|---|---|
| 50 | $19.19 | $34.21 | $49.22 |
| 55 | $20.75 | $37.31 | $53.88 |
| 60 | $24.83 | $45.47 | $66.12 |
| 65 | $30.87 | $57.57 | $84.26 |
| 70 | $41.66 | $79.14 | $116.61 |
| 75 | $58.72 | $113.27 | $167.82 |
| 80 | $75.78 | $147.38 | $218.98 |
| 85 | $115.16 | $226.14 | $337.12 |
SBLI Burial Insurance Rates For Females
| Age of Applicant | $5,000 | $10,000 | $15,000 |
|---|---|---|---|
| 50 | $16.55 | $28.92 | $41.29 |
| 55 | $16.96 | $29.75 | $42.53 |
| 60 | $19.74 | $35.30 | $50.86 |
| 65 | $24.21 | $44.24 | $64.27 |
| 70 | $31.55 | $58.93 | $86.31 |
| 75 | $41.97 | $79.76 | $117.55 |
| 80 | $54.19 | $104.20 | $154.21 |
| 85 | $88.43 | $172.68 | $256.93 |
Rates are very competive especially over age 70.
To access brochure 👉 SBLI Living Legacy Final Expense Brochure
What Are The PROS And CONS Of SBLI Burial Insurance
Pros of SBLI Burial Insurance:
- Affordable premiums: SBLI Burial Insurance has very affordable premiums, among the lowest in the industry. This makes it a cost-effective option for individuals who want to ensure that their funeral and burial expenses are taken care of.
- No medical exam required: SBLI Burial Insurance does not require a medical examination to qualify, which means it is available to individuals of all ages and health conditions.
- Flexible payment options: SBLI offers flexible payment options, including the ability to pay premiums monthly, quarterly, or annually. This makes it easy to fit your insurance payments into your budget.
- Allows you to make your funeral and burial arrangements: One of the main benefits of SBLI Burial Insurance is that it will enable you to make your funeral and burial arrangements. This can provide peace of mind for you and your loved ones, as you can choose the type of funeral and burial you desire and ensure that your wishes are fulfilled.
Cons of SBLI Burial Insurance:
- Limited coverage: SBLI Burial Insurance is a life insurance policy specifically designed to cover the costs of your funeral and burial expenses. It does not provide the same level of coverage as a traditional life insurance policy, which means that it may not be sufficient to provide financial protection for your loved ones in the event of your unexpected death.
- It may not be available in all states: SBLI Burial Insurance is currently only available in certain states in the US, so it may not be an option for everyone.
Overall, SBLI Burial Insurance is a simple and affordable option for individuals who want to ensure that their funeral and burial expenses are taken care of.
It is beneficial for individuals who do not have life insurance or do not have enough coverage to cover these expenses.
However, it is essential to carefully consider the pros and cons of this policy and determine if it is the right choice for your needs.
SBLI Complaint Index
The SBLI Complaint Index measures the number of complaints filed against the Savings Bank Life Insurance Company of Massachusetts (SBLI) with state insurance regulatory agencies.
Overall, SBLI has a complaint index of 0.20; the industry average is 1.0. SBLI receives 1/5 of the complaints that its competitors receive. That means SBLI provides more quality service than its peers.
Some burial insurance carriers you need to avoid as they have a very high complaint index. For example, Colonial Penn under $10 dollar plan, AARP, and Physicians Mutual.
The index is calculated by dividing the number of complaints received by the company’s market share and is used to compare the performance of different insurance companies.
It is important to note that the SBLI Complaint Index is only one factor to consider when evaluating an insurance company.
A high number of complaints does not necessarily mean that a company is providing poor service or is unreliable.
There are many reasons a company may receive a high number of complaints, including the size of the company, the types of products it offers, and the overall satisfaction of its customers.
Suppose you are considering purchasing a policy from SBLI.
Researching and carefully reviewing the company’s financial stability, customer satisfaction ratings, and complaint history is always a good idea.
You can also speak with us. We are burial insurance experts to get more information and help make an informed decision.
Other carriers to consider with low consumer complaints are Foresters, Mutual of Omaha, and AETNA.
SBLI Third Party Ratings
SBLI Third Party Ratings refer to the ratings assigned to the Savings Bank Life Insurance Company of Massachusetts (SBLI) by independent rating agencies.
These agencies evaluate insurance companies’ financial stability and performance and assign ratings based on their findings.
Several third-party rating agencies evaluate insurance companies, including A.M. Best, Moody’s, and Standard & Poor’s.
These agencies use a variety of factors to determine their ratings, including the company’s financial strength, capitalization, and operating performance.
It is important to note that third-party ratings are only one factor when evaluating an insurance company.
You should look at the company’s financial statements and customer satisfaction ratings before you buy a policy from them.
This will help you understand if the company is doing well and if their customers are happy.
As of 2021, SBLI has received strong ratings from third-party agencies.
- It has an A+ (Superior) rating from A.M. Best,
- Baa1 rating from Moody’s,
- A- rating from Standard & Poor’s.
These ratings indicate that SBLI is a financially stable and reliable insurer.
What Other SBLI Life Insurance Policies Are Available
In addition to its burial insurance policy, the Savings Bank Life Insurance Company of Massachusetts (SBLI) offers a range of other life insurance products, including:
- Term life insurance: SBLI offers term life insurance policies with coverage periods ranging from 10 to 30 years. These policies provide financial protection for a specific period. They are a good choice for individuals who need coverage for a specific purpose, such as paying off a mortgage or providing for a child’s education.
- Mortgage protection insurance: SBLI’s mortgage protection insurance policy pays off your mortgage in the event of your unexpected death, ensuring that your loved ones are not left with the financial burden of paying off your home.
- Whole life insurance: SBLI offers whole life insurance policies, which provide coverage for your entire life and build cash value over time. These policies are a good choice for individuals who want long-term financial protection for their loved ones and the ability to save for the future.
- Accidental death insurance: SBLI’s accidental death insurance policy provides financial protection in the event of your unexpected death due to an accidental injury.
SBLI also offers a range of other insurance products, including disability, long-term care, and pet insurance.
You can learn about SBLI life insurance policies by visiting their website or speaking with us at InsuanceForBurial.com.
SBLI Policy Riders
Riders are extra things you can add to your insurance policy. They give you more protection or extra benefits.
Riders are typically available for an additional premium and can be customized to meet the policyholder’s specific needs.
SBLI offers a range of riders for its life insurance policies, including:
- Accidental death benefit rider: This rider provides additional coverage in the event of your accidental death beyond the coverage provided by your base policy.
- Waiver of premium rider: This rider waives the premiums for your policy if you become disabled and cannot work.
- Long-term care rider: This rider provides coverage for long-term care expenses, such as in-home care, assisted living, or nursing home care.
- Children’s insurance rider: This rider provides coverage for your children, allowing you to add them to your policy at a discounted rate.
- Spouse rider: This rider allows you to add your spouse to your policy, providing coverage for both of you.
- Terminal illness rider: This rider provides an accelerated death benefit if you are diagnosed with a terminal illness, allowing you to use the proceeds from your policy to pay for medical expenses or other expenses.
It is important to note that riders are optional and may not be available for all policies or in all states. Suppose you are interested in adding a rider to your SBLI policy.
If you’re not sure, ask Lisa and Danny. They can help you figure out if you need a rider or not.
Ways To Contact Customer Service
If your SBLI burial insurance policy was purchased through InsuranceForBurial.com, call Lisa and Danny at 855-380-3300 ext 5
If you need to get in touch with SBLI customer service, there are several options available to you:
- Phone: You can contact SBLI customer service by phone at 1-800-694-7254. The customer service line is open Monday through Friday from 8:00 am to 6:00 pm EST.
- Email: You can send an email to SBLI customer service at mysbli@sbli.com.
- Online chat: SBLI offers online chat support through its website. You can access the chat feature by visiting the SBLI website and clicking on the “Chat with us” button.
- Mail: You can send a letter to SBLI customer service at the following address:
Savings Bank Life Insurance Company of Massachusetts 44 Batterymarch Street Quincy, MA 02169
It is important to note that SBLI customer service may have limited availability due to the COVID-19 pandemic.
If you can’t reach customer service by phone or online chat, try sending an email or a letter.
If you have a question about your policy, contact SBLI customer service for help.
The people you talk to will give you information and help you fix any problems.
As a Senior Consumer, Is SBLI Burial Insurance Right For Me?
This type of insurance may be a good choice for seniors. It will help pay for funeral and burial expenses. It is simple and affordable.
Before deciding if this policy is right for you, think about what you need and your financial situation.
You may want to ask Lisa and Danny for help. They know a lot about burial insurance. This way, you can make a decision that you feel good about.
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Conclusion
SBLI Burial Insurance is a good option for seniors. This means that their funeral and burial expenses will be paid for.
This is a life insurance policy that covers the costs of your funeral. SBLI Burial Insurance is a good option for seniors. This means that their funeral and burial expenses will be paid for.
It also provides a cash benefit that can be used to cover any outstanding debts or bills you may have.
SBLI Burial Insurance for seniors does not require a medical examination to qualify.
This insurance is available to people of all ages and health conditions. One good thing about SBLI Burial Insurance for seniors is that you do not need a check-up to sign up.
It is important to note, however, that SBLI Burial Insurance is a limited coverage policy that is specifically designed to cover the costs of your funeral and burial expenses.
If you die, your loved ones will still be taken care of.
If you want more life insurance, you can get a traditional policy. You can also get SBLI Burial Insurance.
FAQ
- What is SBLI Burial Insurance?
SBLI Burial Insurance is a final expense insurance policy designed to help cover funeral costs and any other expenses left behind, thereby protecting families from financial burdens after the death of a loved one. - How does SBLI Burial Insurance work?
It is a small whole life policy with a death benefit typically ranging from $2,500 to $35,000, aimed at relieving loved ones of the financial burden of funeral costs. - What does the SBLI Burial Insurance cover?
The policy is intended to secure funds to cover all costs associated with final expenses, including funeral costs and other related expenses. - Who is eligible for SBLI Burial Insurance?
The policy is designed specifically for seniors looking to secure funds for final expenses, but individual eligibility can vary based on factors like age, health, and location. - Do I need to undergo a health exam for SBLI Burial Insurance?
Most companies, including SBLI, do not require health exams or audits but may require a health-related questionnaire. - How much does SBLI Burial Insurance cost?
The cost can vary depending on age, gender, health history, and the amount of coverage desired. For example, a $10,000 burial policy might cost around $57 per month for a healthy 65-year-old male. - What amount of coverage can I get with SBLI Burial Insurance?
Coverage amounts generally range from $2,500 to $35,000, with some carriers offering up to $50,000 in coverage. - How can I get the most affordable rate from SBLI?
Insurance rates depend on various factors including age, sex, health, location, and the desired burial benefit. It’s best to compare quotes to find the most affordable rate.
