Whole Life Product Details

• What is it?
• Why do I need it?
• How does it work?
• What are my whole life insurance options?
• Whole Life Insurance Product Comparison Chart
• Riders
• What is my next step?

What is it?

Whole life insurance is financial protection that covers you for your entire life. Quite simply, when you own a low-cost SBLI whole life insurance policy, your payments never change, and as long as you pay your premiums when due, SBLI pays your loved ones benefits when you die.

A whole life insurance policy also builds cash value that, in most cases, grows without being subject to taxation. Better yet, not only can your death benefit - the amount your loved ones receive when you die - increase, but once there is cash value, you can borrow up to that value to use as you see fit.

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Why do I need it?

SBLI whole life insurance is an excellent low-cost, way to give your family financial protection for your entire life and to help your family meet financial obligations after you die.

When you own a whole life insurance policy:

• Your family is financially protected for your entire life
• Your premiums/payments never change
• You may borrow the guaranteed cash value of your policy
• You never have to renew or convert your policy
• Your policy may earn dividends and these dividends may be used to purchase more paid up life insurance, to reduce premium, or left to accumulate at interest.
• Your family will have help in meeting current and future financial obligations after you die:
• Expenses at the time of your death, such as medical bills, burial costs and estate taxes;
• Ongoing, future and unforeseen expenses: living expenses, tuition, child care, debt.

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How does it work?

SBLI offers different types of low-cost whole life insurance policies, each with a variety of premium payment schedule options: a one-time payment, payments for a limited period of time, or payments that you make for life. Your premium rate is based upon your age and SBLI guarantees that it will never increase.

Your low-cost, SBLI whole life insurance policy has various features:

• It accumulates a guaranteed cash value.
• You may borrow the cash value. (If you do not repay the loan with interest, the face value of the policy will be reduced by this amount at your death.)
• At any time, you may cancel or surrender your policy and receive the cash value. (A gain will be taxable.)
• You may exchange your policy for an annuity.
• The policy may pay you annual dividends which can be used to:
  • increase the policy’s cash value by purchasing paid up life insurance additions, thereby increasing your coverage
  • or reimburse you in cash.

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What are my whole life insurance options?

SBLI offers three, low-cost whole life insurance products.

Straight Life

Straight Life is just that: whole life insurance that covers you for your entire life and you pay a set premium for your entire life.

Limited Payment Life

Limited Payment Life also covers you for your entire life. But instead of paying premiums for your entire life, with Limited Payment Life you only pay premiums for a period that you choose.

• Premium payment period may last 10, 15, or 20 years.
• Or you may pay premiums until the age of 65.

Single Premium Life

Single Premium Life is whole life insurance, but with a twist -- you make only one payment. This may be the lowest total cost for the whole life that you may choose. (Under certain conditions, you may face tax penalties and income tax consequences should you surrender, receive cash dividends, or borrow on your cash value. Be sure to review the policy carefully with your representative).

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Whole Life Insurance Product Comparison Chart

• Paramedic exam: For all plans, we schedule a simple paramedic exam – at no cost to you – in the convenience of your home or workplace.
• Guarantee: All whole life policies have a 30 day, money-back guarantee.

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Riders

The following riders may be added to SBLI’s whole life policies:

• Child Rider: $10,000 of coverage at $40 per year covers all children until they reach the age of 22. This rider may be purchased for children 15 days old to age 17. At the anniversary nearest the child’s 22nd birthday, the rider may be converted to a whole life policy up to double the face amount of the rider. This rider may be purchased from age 18 to age 64. The Child Rider is also available in amounts of $5,000, $6,000, $7,000, $8,000, $9,000 (and $10,000 maximum) at $4.00 per thousand. It covers children born after the policy is issued, once they are 15 days old and also covers any children between 15 days old to age 17 who are adopted after policy issue.
• Waiver of premium rider: Covers the premiums you pay in the case you become totally and permanently disabled. This rider may be purchased from age 15 to age 55 for those in acceptable occupations.

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What is my next step?

Now that you've determined that low-cost whole life insurance from SBLI is right for you, here’s how to get the information you need to get started!

• Request information and a representative will call you to answer any questions about our whole life insurance products.
• Use our life insurance calculator to help estimate your whole life insurance needs
• Consult our glossary of insurance terms
• Read more about the background of Savings Bank Life Insurance which has been providing life insurance since 1907.

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