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 Cheapest Life Insurance USA

Savings Bank Life - Life Insurance

Savings Bank Life - The #1 Life Insurance Provider in Massachusetts

SBLI has the largest amount of life insurance inforce in the state of Massachusetts. SBLI insurance products are now also available to consumers in Connecticut, Maine, New Hampshire, New Jersey, Pennsylvania, and Rhode Island.

Savings Bank Life have been providing consumers with life insurance for over ninety years. Savings Bank Life are committed to providing value, quality, and stability you can count on.

Savings Bank Life have consistently achieved high ratings from the nation's leading rating services, which measure an insurance company's financial strength, claims-paying ability, issuer credit ratings, and its ability to meet obligations to its policyholders:

When you buy life insurance, it's important to be sure you're buying from a company with the financial stability and longevity to be able to honor its commitments to you--a company like SBLI.

Rapid Growth

  • 1907--SBLI was established
  • 1930--$100 million of life insurance inforce
  • 1953--assets reached $100 million
  • 1964--$1 billion of life insurance inforce
  • 1998--assets passed $1.2 billion
  • 1998--over $20.1 billion inforce
  • 1999--$27.0 billion inforce

Savings Bank Life Insurance was established in 1907. Louis D. Brandeis, then a prominent Boston attorney, recognized a need for low cost life insurance. His idea was to have savings banks in Massachusetts offer life insurance, and SBLI was established to accomplish this objective. Today, Savings Bank Life still sell life insurance through many banks. However, they have also been selling Savings Bank Life products directly to the consumer for over ten years now. Most importantly, Savings Bank Life have never wavered from their dedication in providing safe, low cost life insurance for their policyholders.


Savings Bank Life - Everything you need to know about life insurance

Let's face it. Death is a fact of life. We have all mourned the loss of a loved one, or if we haven't yet, we certainly will someday. It's part of our life cycle -- birth, growth, maturity, death.

It's nice to think that we'll all get to enjoy a long, healthy life, but the truth is that while nobody ever plans to die early, it happens every day. Illness, disease, and injury don't discriminate. And while there's not much you can do to protect your loved ones from the emotional trauma if you die early, there is something you can do to minimize the financial uncertainty that might result. You can buy life insurance.

Buying life insurance is a way to ensure the people who depend on your income for their financial support-a spouse, a child, an elderly parent, or other loved ones-can carry on with their lives without the financial hardship that may result from your death.

Savings Bank Life hope that you will increase your understanding of life insurance by exploring the answers to these common questions:

  • How do I know if I need life insurance?
  • How much life insurance do I need?
  • What are the different kinds of life insurance?
  • What is term insurance?
  • What is whole life insurance?
  • What does a product illustration show?

How do I know if I need life insurance?
When people depend on you, you need life insurance. Without it, if you die, your loved ones will not only lose you, they'll lose important financial support, which could be devastating. Nobody wants to worry about how they're going to pay the mortgage or keep the children fed and clothed while they're grieving.

There are other reasons to buy life insurance too. Life insurance proceeds can be used to provide an orderly closure of a business, to cover debts, to pay estate taxes, or to serve as an inheritance for your children.

Whatever your reasons, remember that you're not buying life insurance for yourself. You're buying it for the people and obligations you leave behind.

The SBLI Life Insurance Planner is designed to help you figure out whether you may need life insurance.

How much life insurance do I need?
The answer to this question is as individual as you and your lifestyle. It depends on many factors such as whether or not you are married, the number of children you have, your outstanding debt (mortgages, college tuition bills, installment loans), your current level of savings, your future income needs, how much of an estate you want to leave to your heirs, and how much you can afford to pay for premiums.

Financial experts often recommend that you need an amount equal to anywhere between five to ten times your annual salary. The actual range varies slightly depending on who you ask, but the bottom line is that according to this guideline, most people are under-insured. Another point to keep in mind is that your needs may increase in the future.

Some of the things you should consider are:

  • How much your dependents would receive if you died tomorrow, and how much they would actually need. Your insurance policy should come as close to making up the difference as you can afford.
  • Any immediate needs at the time of death, such as medical expenses, burial costs, and estate taxes.
  • Funds for a readjustment period, to finance a move or provide time for family members to find a job.
  • Ongoing or future financial needs, such as monthly bills and expenses, daycare costs, college tuition, or a spouse's retirement.

Use the Life Insurance Planner on the Savings Bank Life website to help determine how much life insurance you need.

What are the different kinds of life insurance?
There are many names for the various types of life insurance but when you step back and take a look at them all, there are really only two basic types to choose from: Term or Whole.

  • Term insurance provides a death benefit for a specified length of time.
  • Whole life insurance provides a death benefit when you die, and it also accumulates a tax-deferred cash surrender value.

The kind of coverage you decide on depends on your unique circumstances. For many, a combination of term and whole life insurance could be a good solution.

What is Term Insurance?
Term Insurance offers basic, "no frills" life insurance protection for a specific period of time. It pays a benefit only if you die during the term. It's usually the best choice when you need life insurance for a limited number of years or if you are concerned about being able to afford the premium payments. Term insurance offers the most coverage at the lowest cost.

There are several different kinds of Term Insurance:

  • Level Premium Term policies have premium payments that are designed to remain the same for a period of time -- 10, 15, 20, 25, or even 30 years. SBLI offers premium term life insurance with excellent rates that are fully guaranteed for up to 30 years. As another option, Savings Bank Lfie are also offering even lower rates on term life insurance with guarantees that extend for a portion of the term.
  • Yearly Renewable Term, or YRT, provides protection for a year at a time and is automatically renewable each year without continued proof of good health. The premiums you pay usually increase each year as you age, for as long as you keep the policy. YRT may offer the lowest initial cost.
  • Decreasing Term policies provide decreasing amounts of protection each year for a level premium.

How does it work?
You decide how much insurance you need with the Life Insurance Planner and for how many years, and then buy a term policy for that amount and length of time. For example, if your mortgage balance is $100,000 and you've got 25 years left to pay on your 30-year mortgage, then you might want a $100,000 policy for a 25-year term.

Each year, you pay a premium to cover your risk of death during that year. If you die, the insurance company will pay the death benefit (also called the "face amount" on your policy, or $100,000 in this example) to your beneficiary. Insurance death benefit proceeds are free from income tax.

One thing to keep in mind if you're thinking of buying term insurance is what happens if your needs change or if you would like to extend the term of the policy. A good choice is to purchase a term policy with a convertible feature, which gives you the option to convert to whole life insurance. All SBLI Term plans contain a conversion privilege.

When choosing the right policy for you, you will want to consider the differences between term and whole life insurance.

What is Whole Life Insurance?
Whole Life Insurance
provides protection for your entire life. As long as you pay the necessary premiums, the death benefit will always be there. These policies are designed to provide coverage over a long period, and are a good choice if you do not expect your insurance needs to diminish over time.

Straight Life is the most common type of whole life insurance. You pay premiums for this kind of policy each year as long as you live.

How does it work?
Most whole life policies, in addition to a death benefit, also have a feature known as "cash surrender value." A policy's total cash surrender value is made up of two components: cash value and dividends. The cash value will earn interest at a rate based on the life insurance company's investment performance, but there will always be a guaranteed minimum interest rate. Generally, you don't pay income tax on the cash value earnings until you surrender, or cancel, the policy, and then only on the amount that's greater than the total of the premiums you've paid. If you hold the policy until you die, no income tax will be due on the policy proceeds.

When choosing a whole life policy, there are several things you should look for:

  • A cash surrender value that's guaranteed in the first year of the policy.
  • The policy with the highest cash surrender value in the first year. Look for "participating" policies, which feature the additional benefit of dividends which can add to the total cash surrender value and increase the total death benefit.
  • A policy that lets you surrender, or cancel, the policy and receive the dividend and cash value as a lump sum amount. Compare carefully the guaranteed cash values shown in proposal illustrations. Also, make sure your policy doesn't have any surrender charges.
  • A policy that lets you use the accumulated cash value, if it's sufficient, to pay the premiums and keep your coverage current if you need to stop paying premiums for any reason.
  • A policy that lets you borrow from the life insurance company, using the cash value in your life insurance as collateral. If you do not repay the loan, your beneficiary will receive a reduced death benefit.

When choosing the right policy for you, you will want to consider the differences between term and whole life insurance.

What does a product illustration show?
When you buy any form of whole life insurance, you should receive a product illustration. Illustrations are not contracts and are not binding on the insurance company. They are merely examples of what might happen under the stated conditions. Any guarantees and legal obligations will be spelled out in the policy itself. In reviewing an illustration, ask these questions:

  • Which figures are guaranteed and which are not?
  • What's the guaranteed cash value in the early years?
  • Are there dividends in the early years?
  • Is the interest rate assumption for dividends realistic?
  • How much will I get if I cancel the policy? Will there be penalties or surrender charges if I cancel the policy?
  • How much will be available to me if I want to borrow from the policy?




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