Affordable, dependable products for every need and budget

Term Life vs. Whole Life Insurance from SBLI

What is whole life insurance and why do you need it?

Whole life insurance is financial protection that covers you for your entire life and helps your family meet financial obligations.

When you own a whole life insurance policy, your payments never change. And as long as you pay your premiums on time, SBLI will pay your loved ones when you pass away.

A whole life insurance policy from SBLI also builds cash value that, in most cases, grows tax-free. Not only can your death benefit increase, but once there is cash value, you can borrow against it as you see fit.

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 that can be used to purchase more paid-up life insurance, reduce your premium or accumulate with interest.
  • Your family will have help in meeting current and future financial obligations after you pass away.
  • You may cancel your policy and receive its cash value, or you can exchange your policy for an annuity (restrictions may apply).

How does it work?

SBLI offers different types of whole life insurance policies, each with a variety of premium payment options. Your premium rate is based on your age, and SBLI guarantees that it will never increase. You can make a one-time payment, payments for a limited period or payments over your lifetime. To learn more about SBLI whole life product options and benefits, download our Whole Life Overview Flyer.

What are my whole life insurance options?

SBLI offers three affordable whole life insurance products.

Continuous Payment Whole Life

Continuous payment whole life insurance covers the insured for their entire life. The policyholder pays a set premium for the life of the policy. The policy has a maturity age of 121 years old.

Limited Payment Whole Life

Limited payment life also covers you for your entire life. Instead of lifetime premiums, you pay for only a set period that you choose. Your options are to pay for 10 years, 15 years, 20 years or until you are age 65. The policy has a maturity age of 121 years old.

Single Premium Payment Whole Life

Single premium life is whole life insurance but with only one single payment. This may be your lowest total cost whole life option. (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.)

Whole Life Insurance Options – At A Glance

Length of Coverage

Coverage length lasts the lifetime of the insured for all SBLI whole life insurance options.

Coverage Availability

SBLI life insurance coverage amounts range from $25,000 minimum - $30,000,000 maximum*. Coverage amounts for all SBLI whole life insurance options are based on the insured’s age (SBLI ages = nearest birthday), state of residency and nicotine use status. SBLI whole life insurance is available for individuals ages 0 - 80.

*Not all coverage amounts and/or rate classes are available for all ages and/or states.

Age Qualifications

Ages 15 days to 80 years (age nearest birthday) may qualify for all SBLI whole life options. Maturity for all of these product options is 121 years.

Rider Availability

SBLI provides unsurpassed flexibility by offering up to eight unique riders that may be available with any Continuous Payment or Limited Payment Whole Life policy. Accelerated Death Benefit Rider (provided at no premium charge) is however the only rider compatible with SBLI’s Single Premium Payment Whole Life product. Riders may not be available in all states. See additional SBLI Riders information below.

Premium Payments

For Continuous Payment Whole Life and Limited Payment Whole Life, you can pay your premiums as annual, semiannual, quarterly, and monthly. Monthly payments must be by automatic payment plan ($10 minimum.). Single Premium Payment Whole Life is a one-time payment product option.

Free-look Period

All SBLI Whole Life options allow for a 30-day window to refuse and return a newly issued life insurance policy. The number of days begins upon the policy owner’s receipt of the policy. All premiums paid are returned under the rescission right.

By State Availability

All SBLI Whole Life insurance options are available in every state except NY and MT. See our product availability chart for more SBLI products by state availability information.

Medical Exam Requirements

For your convenience, we schedule a simple paramedic exam with all SBLI whole life policies – 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.

Guarantees All whole life policies have a 30-day, money-back guarantee.


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

  • Accelerated 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 $25,000 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 $25,000 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.
  • Guaranteed Purchase Option Rider provides the option to buy additional whole life coverage as insurance needs increase. Coverage can be added at various ages or as a result of specific life stage events with no medical exams or health questions. Option ages vary based on age at purchase. Generally, the options are available every three years or within 90 days of key life events, such as marriage, the birth of a child, or the purchase of a new home. Only one option may be exercised in a given year and no more than six options may be purchased during the life of the policy.
  • Single Premium Paid-Up Additions Rider enhances your policy’s coverage and cash value through a one-time deposit. This rider can be funded with cash or from a tax-free exchange with another permanent life insurance policy.
  • Flexible Premium Paid-Up Additions Rider allows the policyholder to make annual deposits to increase the death benefit and guaranteed cash value of the policy. The paid-up additions are eligible for dividends. No additional paid-up additions can be made after age 75. Note that the Waver Of Premium Rider cannot be added to this rider.
  • 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.
  • Accidental Death Benefit Rider reduces unexpected financial stress by providing additional death benefit if the insured dies as a result of an accident. The accidental death must occur before age 70 and within 180 days of an accidental bodily injury, per a physician's statement. Maximum rider amounts are set based on the amount of the base policy and the age of the insured.  
  • Guaranteed Level Premium Term Rider can be added to an SBLI whole life policy in order to provide additional death benefit coverage for the insured. Choices for this guaranteed level premium term life insurance span 10, 15, 20, 25 or 30 years. This rider is a great way to lower the overall cost of coverage, while still earning cash value through a whole life policy.

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

What is my next step?

If you’ve determined that an affordable whole life insurance policy from SBLI is right for you, call us at 1-888-630-5000 or schedule an appointment with an SBLI life insurance professional.