Opinions on SBLI of MA?

[ExtonCFP]

I am currently shopping for two $300K 10-year term policies for my wife and myself (we are both age 32, nonsmokers, in good health). I have been using the term4sale.com site to search companies. With respect to companies rated A+ or better, SBLI of MA seems to be consistently the cheapest.

I would be interested in opinions on this company, both in terms of the application/underwriting process, as well as financial stability. My previous experience in purchasing individual policies has been with Northwestern Mutual and MassMutual, both of which I consider "top-shelf" due to their A++ ratings. However, there is a significant cost difference between these two (as well as NYLIFE, which I consider in the same tier) and SBLI.

Is there a big difference between A++ and A+? What I am "getting" by paying more for NW/Mass/NYLife vs. SBLI?

Any input would be much appreciated!

 

[souldeux]

I personally pay very little attention to those ratings. AIG, for example, was rated very well before their little debacle.

When you pay more for NW/Mass/NYL, etc, you're buying a brand name. That's about it.

SBLI is a good company, and it's one of many good companies - however, it's impossible to say if they're the right fit for you based on the information in your post. We don't know your financial situation, your health history ("good health," in my experience, means many different things to many different people), your family history, how you arrived at 10 years of $300k term, etc. SBLI may be the cheapest company coming up on that quote engine, but they may not be the best fit for you.

In short, I would strongly encourage you to sit down with an independent agent and learn more about the decision-making process that goes into selecting a product and company. It could very well be that $300k of 10 year term with SBLI is perfect for you - it could also be that something else entirely is what you need. I'm lucky enough to know a large number of agents through the Independent Life Insurance Agent Association - if you'd like to email me your location, I can refer you to someone.

 

[BNTRS]

term4sale?! Where's Bob?


The guy's got CFP in his name...


SBLI is a good company with great term rates.

None of the major mutuals are well known for cheap term rates. Mass and Guardian tend to have decent 20 year term rates in certain circumstances (Guardian has a great price on their disability waiver rider), but still they usually don't win on price.

The advantage to buying from on the these "top shelf" carriers, conversions. They all have pretty good to excellent permanent insurance products, sometimes you can find a great term price from a carrier but their permanent options aren't so great. SBLI thought, does have a decent offering though. All-in-all very decent company.

 

[ExtonCFP]

term4sale?! Where's Bob?


The guy's got CFP in his name...


SBLI is a good company with great term rates.

None of the major mutuals are well known for cheap term rates. Mass and Guardian tend to have decent 20 year term rates in certain circumstances (Guardian has a great price on their disability waiver rider), but still they usually don't win on price.

The advantage to buying from on the these "top shelf" carriers, conversions. They all have pretty good to excellent permanent insurance products, sometimes you can find a great term price from a carrier but their permanent options aren't so great. SBLI thought, does have a decent offering though. All-in-all very decent company.

I'm not sure if the remark about term4sale was good or bad - I've just seen it referenced on here and found that it is very useful for searching across a wide range of carriers.

Thanks to both of you for your input; the only reason I might likely consider a conversion is IF one of us were at some point to become uninsurable. However, in all likelihood, we would not convert, and will not likely need coverage beyond 10 years. We already have some whole life coverage, my wife has a 30-year term policy, and I have substantial coverage through my employer (which I could convert to permanent insurance if I left). This is purely to supplement for a limited period of time.

 

[arnguy]

ExtonCFP. Is that Exton PA by any chance?

 

[dgoldenz]

I can't think of just about any situation where a 32 year old would only need a $300k 10-year term policy....the difference between a 10-year term and 30-year term at your age is pennies. I just looked it up and 10 years is $126/year at Preferred Plus and 30 years is $278/year. Unless the extra $13/month is really killing you, just buy the 30-year so you don't regret it later.

 

[Franz Kafka]

Consider another carrier if you ever plan on converting your term policies. I keep their WL in my back pocket in case I find myself in a competitive situation. Their WL illustration will take your breath away. Their WL commission schedule will knock out any breath that's left in you. They have always been number 1 in historical WL IRR among all US carriers.

Edit: It seems that you are not an agent. In that case I highly recommend them and to convert their term lfie to whole life as soon and as much as possible.

 

[Rollem]

where could one find a good contract for these guys(SBLI)?

 

[SFGiants650]

Hi everyone

So I am shopping for life insurance at the moment. I spoke with someone from Select Quote who might get me coverage through SBLI.

Just want some feedback if SBLI is a good company to get coverage with, or shop else where.

I was highly considering getting insured through North Western Mutual, and many people I spoke with are not too fond of them since their rates are not competitive. But they are a reputable company with a lot of positive reviews.

 

[hockeyday]

Hi everyone

So I am shopping for life insurance at the moment. I spoke with someone from Select Quote who might get me coverage through SBLI.

Just want some feedback if SBLI is a good company to get coverage with, or shop else where.

I was highly considering getting insured through North Western Mutual, and many people I spoke with are not too fond of them since their rates are not competitive. But they are a reputable company with a lot of positive reviews.

lol so you want to go to select quotes to buy but want agents to tell you if you should, why not use an agent to help you, does not cost you any more