SBLI No Medical Exam Review
Quick Summary: SBLI has become one of our top no exam companies and is very popular with clients. Up to $500,000, they are not charging any extra for non-med policies, making it an easy decision. Approval time is fast. Must be in relatively good health to qualify. All health classes available.
Skip the Exam
See our in-depth guide about life insurance without the medical exam. Compare more than 20 of the top companies and policies. Find out which is right for you today.
About the Company
"The No Nonsense Insurance Company" has been around since 1907 as Savings Bank Life Insurance, normally referred to as SBLI.
SBLI receives a "A" rating from AM Best and an "A-" from Standard and Poor's. These ratings reflect the financial security of the company and positive outlook going forward.
At $128 billion in active life insurance policies in force, SBLI knows what they are doing and is a name you can trust. They are routinely praised for having excellent customer service.
About the Policy
Product Name
Guaranteed Level Premium Term
Coverage
$100,000 to $500,000
ISSUE AGE
18 to 60
TERM LENGTH
10,15, 20, 25, 30 years
Product Name
Guaranteed Level Premium Term
COVERAGE
$100,000 to $500,000
ISSUE AGE
18 to 60
TeRM LENGTH
10, 15, 20, 25, 30 years
Underwriting Process
SBLI will look at several sources of information available electronically including:
- Motor Vehicle Report
- Fair Credit Reporting Agency
- Prescription Database
- Medical Information Bureau
The MIB (Medical Information Bureau) is a database shared among insurance companies. Here they can see information about your health from past applications as well as previous approvals and denials.
Bottom line: If you were denied previously for life insurance or have a health condition listed, it will be discovered even though you aren't taking a paramedical exam.
Medical Questionaire
On the application, expect the normal questions pertaining to your medical history and lifestyle:
- Age
- Gender
- Height and weight
- Smoking and tobacco history
- Drug and alcohol use/history
- Occupation
- Income level
- Dangerous hobbies
Decision Time
- Age
- Gender
- Height and weight
- Smoking and tobacco history
- Drug and alcohol use/history
- Occupation
- Income level
- Dangerous hobbies
Decision Time
SBLI is efficient and has most decisions within 5-10 days. If medical records are requested, it could be several weeks. Some of this depends on your doctor's office who is sending the records.
Pros
Low premiums. Under $500,000 it's the same as their regular term insurance.
All health classes available. One of the only no exam companies that offers this.
$500,000 maximum death benefit is among the highest in the industry for no exam coverage.
Cons
Maximum issue age of 60 years old is on the low side.
Extras and Options
SBLI includes the Accelerated Death Benefits Rider in this policy at no extra charge. This provides the option to access a portion of the benefits while still living if the insured is diagnosed with a terminal illness.
For a little extra money, SBLI gives you the option to add a couple riders to customize your policy:
- Children's Level Term Rider
- Waiver of Premium
SBLI allows for conversion to one of their permanent policies up to age 70 or at the end of the level term period, whichever comes first. You do not need to proof your health at time of conversion. As long as your policy is active and paid up, you may exercise this right.
Cost
SBLI's no exam coverage under $500,000 death benefit has some of the lowest pricing in the industry.
Sample Non-med Term Rates - SBLI
42 year old male at Standard Plus health class - pricing listed is per month
Death Benefit | 10 Year | 20 Year | 30 Year |
|---|---|---|---|
$150,000 | $19 | $30 | $46 |
$350,000 | $33 | $49 | $82 |
$500,000 | $40 | $65 | $111 |
39 year old female at Standard Plus health class - pricing listed is per month
Death Benefit | 10 Year | 20 Year | 30 Year |
|---|---|---|---|
$150,000 | $15 | $22 | $30 |
$350,000 | $24 | $35 | $50 |
$500,000 | $27 | $43 | $66 |
Use our quoting tool to see the rate you'll pay for an SBLI policy without the exam
How to Find the Right No Exam Policy
SBLI is one of our top no exam life insurance companies for 2018.
But is it the best option for you?
It might be. There are no more than 20 companies offering insurance coverage with no exam. The increased competition is a GREAT thing for the life insurance shopping consumer.
The problem is, the right company for your best friend may not be the right one for you. Please consider price, conversion options, available riders, underwriting, company financial strength, and approval process.
The best way to do this is to work with an independent agency that is:
No Pressure. No Cost.
You're in luck:) We do all the above and more. If you'd like to have a no pressure talk about options, please contact us or fill out the quote request form on this site.
Life insurance rates are fixed by law so there is no additional cost to use our service and expertise. We would be grateful to help you put protection in place for those you love.
