Learn the Basics About SBLI’s Life Insurance
Get answers to common questions with SBLI’s Life Insurance Basics.
We understand. Life insurance can be intimidating at first. That’s why getting it from SBLI is important. We make the process easy and explain things simply. See for yourself below with our life insurance basics.
What kind of insurance do I need?
Whole or Term Life?
The kind of life insurance you need depends on your unique situation. Term Life insurance may be right if you only need coverage for a specified amount of time–as long as your kids are still at home or while you have a mortgage, for instance. Whole life, with generally higher premiums, fulfills a longer-term insurance need and offers a cash value from which you can borrow for any reason you choose. Many consider purchasing some of both to get the best of both worlds. If you want to find the best life insurance for you, get started here.
Term Life Insurance
Term life protects your beneficiaries for the length of the policy. With SBLI’s guaranteed level premium term life, your premium is guaranteed never to change over that period. You pay your premiums and we agree to pay your family the value of the policy in the case of your death while the policy is in force.
- Term length choices of 10, 15, 20, 25 or 30 years
- Very affordable
- Payments never change during the entire period you select
- Choice of two policy add-ons (“riders”)
- Accelerated Death Benefit rider is included at no premium charge
Whole Life Insurance
Whole life insurance offers coverage for your entire life. While premiums are generally higher, you can borrow from the policy’s cash value while you’re alive for any reason you choose, including for your kids’ tuition and extra retirement income. SBLI’s whole life products are eligible for dividends as well.
- Coverage for life
- Premiums never increase
- Policy has a guaranteed cash value
- Grows tax-advantaged over time
- Can borrow against value of policy
- Eligible for dividends
- Choice of up to 7 policy add-ons (“riders”)
- Accelerated Death Benefit rider is included at no premium charge
Have questions about term or whole life? Speak to one of our insurance professionals now.
Call Us: 1-888-630-5000
How Much Is Enough?
When considering how much coverage you need, it is important to keep in mind both your current and future financial obligations.
Consider how much money it would take to replace your annual income, pay the mortgage, and cover car payments and credit debt. Getting the right term life insurance policy can meet these and other needs if you pass away unexpectedly.
You should also consider your financial needs if you do not pass away unexpectedly. For example, you may want a source of supplemental retirement income or additional funds to pay your kids’ tuitions. Whole life insurance can help do that, thanks to its guaranteed cash value from which you can borrow for any reason.
Try our free Coverage Estimator for a personalized term coverage amount.
What does it cost?
Life insurance varies depending on your age, health, gender, and the type of policy you choose. The one thing most policies have in common is that most people overestimate their cost.
For a fast, easy way to get an idea of how much your policy will cost, try our quick quote tool.
What’s the process?
Step 1: Contact us
We can get you a free, no-obligation term life quote and answer any question you may have. You can also get your own term life quote on our site and we will follow up with you. For a whole life quote, please call us or schedule a talk.
Step 2: Application
After you contact us, we will send you your application and help you complete it. While you’re completing the application, we will contact our paramedical exam partner.
Step 3: Medical Exam (when applicable)
Our exam partner will call you to schedule a brief, no-cost medical exam in your home or another location of your choosing. Your application will need to be completed before your medical exam.
Step 4: Underwriting
Once we receive your exam results and completed application, your application will be thoroughly reviewed. Then we will begin the underwriting process and make a final decision on your application and your rate class.
Step 5: Policy issued
If your application is approved, we’ll send your policy and a choice of convenient payment options. Your policy will be in effect upon your first premium payment.
If you have questions about the application process or any of our life insurance basics, give us a call.