Affordable, dependable products for every need and budget

Term Life Insurance

What is term life insurance, and why do you need it?

Term life insurance offers protection for a specific period of time, or “term.” You pay your premium during the period of time that you’re covered, and SBLI will pay benefits to your loved ones if you pass away.

Low-cost term life insurance has lower initial premiums than other types of insurance, so you can get coverage at a price you can afford to help pay for things such as:

  • Expenses at the time of your death
  • Ongoing family expenses such as the mortgage, day care, tuition, debt, even paying into retirement accounts
  • Future family expenses such as college tuition, elder care, moving or finding a new job

How does it work?

First, you need to determine what the financial burden would be on your family if you were to die today. This will determine how much money your loved ones would need to cover current and future expenses if you died unexpectedly.

Our convenient, free coverage estimator can help you determine this amount.

You will pay a term life insurance rate that is fixed for a guaranteed amount of time. This is known as your “guaranteed level premium rate.” The length of time depends upon the policy duration and coverage amount that you choose.

What are my term life insurance options?

SBLI offers two types of low-cost term life insurance:

  • Guaranteed level premium term life insurance
  • Yearly renewable term life insurance

Guaranteed Level Premium Term Life Insurance

This type of term life insurance has premiums that are guaranteed to remain the same for the entire term you select. Your premium is based on your age and health at the time you purchase the policy and will cover you until you reach 85 years of age. Keep in mind that after the guaranteed level premium period ends, the premium will go up annually until age 85.

SBLI offers the following options:

  • Choose your term duration: 10, 15, 20, 25 or 30 years
  • Choose your coverage amount: from $100,000 to $30 million ($500,000 maximum coverage for ages 70-74)

At age 70 or at the end of the guaranteed level premium period, whichever comes first, you can convert your level term life insurance policy to an SBLI whole life insurance policy or a conversion universal life policy (Conversion UL), without having a paramedic exam or providing additional proof of insurability. Your coverage amount can be up to the face amount of your existing guaranteed level premium term life insurance policy. Ask your financial representative or an SBLI life insurance professional for details.

Yearly Renewable Term Life Insurance

This type of term life insurance renews every year. Each year, the premium you pay will be calculated based on your current age. It is very inexpensive in the early years and increases as you get older. The plan will automatically renew every year until you reach the age of 90. You will not be required to have a paramedic exam or provide proof of insurability each year. The term life insurance premium may increase annually.

If you need coverage from age 75 to 90, you are able to continue the plan with a fixed term life insurance premium, but your coverage amount will decrease annually.

At any time up until you reach the age of 70, you can convert your yearly renewable term life insurance policy to an SBLI whole life insurance policy or a conversion universal life policy (Conversion UL) without having a paramedic exam or providing additional proof of insurability. Your coverage amount will be up to the face amount of your existing yearly renewable term life insurance policy. Ask your financial representative or an SBLI life insurance professional for details. Yearly Renewable Term policy conversion privileges may vary by policy series. Please call for details regarding a specific policy.

Term Life Insurance Product Comparison Chart

  Guaranteed Level Premium Term Yearly Renewable Term (YRT)
How long does the coverage last? To age 85.

To age 75. Yearly Renewable Term policies extend coverage on a decreasing term basis from age 75 through 90.

What coverage amounts are available? $100,000 to $30,000,000.
$500,000 max for ages 70 to 74.

$25,000 to $10,000,000.
Note: Coverage amounts from $25,000 to $99,999 are available only for Standard Non-Nicotine and Standard Nicotine classes. Find out more about rate classes.

What ages qualify?

18 to 74 years for non-nicotine users.
18 to 70 years for nicotine users. (SBLI ages = nearest birthday)

18 to 65 years. (SBLI ages = nearest birthday)
Are there riders available? Yes, SBLI Guaranteed Level Premium Term life insurance is available with Accelerated Death Benefit Rider (provided at no premium charge on every SBLI policy), Children's Level Term Rider and Waiver of Premium Rider.

Yes, SBLI Yearly Renewable Term life insurance is available with Accelerated Death Benefit Rider (provided at no premium charge on every SBLI policy), Children's Level Term Rider and Waiver of Premium Rider.

Is this product convertible? This policy may be converted to a level premium whole life policy or a conversion universal life policy (Conversion UL), on any premium due date, either before age 70 or at the end of the Level Term period (whichever comes earlier).

To any level premium whole life plan or a conversion universal life policy (Conversion UL) offered by SBLI, to age 70. YRT policy conversion privileges may vary by policy series. Please call for details regarding a specific policy.

What are my options for paying my premium?

Annual, semiannual, quarterly and monthly. Monthly payments must be by Automatic Payment Plan ($10 min.).

Annual, semiannual, quarterly and monthly. Monthly payments must be by Automatic Payment Plan ($10 min.).

How long is my free-look period? You will have a 30-day window to refuse and return a newly issued term life policy. The number of days begins upon the policy owner’s receipt of the policy. All premiums paid are returned under the rescission right.
           
You will have a 30-day window to refuse and return a newly issued term life policy. The number of days begins upon the policy owner’s receipt of the policy. All premiums paid are returned under the rescission right.
           
In what states is this product available? See our product availability chart for availability of all products by state.

See our product availability chart for availability of all products by state.

Do I need a medical exam?

Yes, for your convenience we will schedule a simple paramedic exam – at no cost to you – in your home or at your workplace.
Watch this short video for more information and to learn how you can prepare.

Yes, for your convenience we will schedule a simple paramedic exam – at no cost to you – in your home or at your workplace.
Watch this short video for more information and to learn how you can prepare.

Does this product have a guarantee? All term life insurance policies have a 30-day, money-back guarantee. All term life insurance policies have a 30-day, money-back guarantee.

 

                                    - For more information on One Year Non-Renewable Term Insurance, click here.

Riders

The following riders may be added to SBLI’s term life policies (rider availability may vary by state or age of insured):

  • Accelarated Death Benefit Rider allows the policyholder to receive a portion of the death benefit while the insured is still alive, should the insured be diagnosed with a terminal illness. This rider is available with every SBLI policy at no premium charge. There is a fee only if/when the rider is exercised.
  • Children's Level Term Rider provides up to $10,000 of coverage for each of your children who are at least 15 days old and under age 23 at the time of your policy’s issue, as long as they are unmarried and financially dependent on you. The rider also offers them future insurability via a conversion option. Each child can receive up to five times the $10,000 face amount in coverage with no evidence of insurability when he or she turns 25 or you reach age 65. If you have more children after your policy is issued, they can be added to the rider as well. The child rider is not available in all states.
  • Waiver Of Premium Rider removes the financial burden of having to pay policy premiums you pay in case you become totally and permanently disabled. This rider may be purchased from age 15 to age 55 for those in acceptable occupations.

Please consult with an SBLI representative for additional information on SBLI riders.

What is my next step?

If you’ve determined that low-cost term life insurance from SBLI is right for you, call us at 1.888.GET.SBLI or schedule an appointment and a representative will call you to answer any questions.