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Savings Bank Life Insurance
About the Company
Savings Bank and Life Insurance, the "no nonsense life insurance company" that first went into business in 1907.They are a Massachusetts based company that serves the people of Delaware, the District of Columbia, Maine, Maryland, New Hampshire, New Jersey, Virginia, and West Virginia.
Savings Bank Life Insurance has enjoyed a great deal of growth over the years. By 1930 they had $100 million of life insurance in force, and by 1953 they had$100 million in assets. In 1964 they had $1 billion of life insurance in force, by 1998 they had $20 billion in force, and by 2003 they had over $50 billion in force. Today, Savings Bank Life has the largest amount of net growth in Massachusetts of any single life insurer.
Term Life Insurance Products
Some general information about term life policies at Savings Bank Life Insurance:
- Policies have lifetimes of 10, 15, 20, 25, and 30 years.
- Policy amounts range from $100,000 to $10 million.
- Most policies are convertible into a permanent plan.
- Both of the following plans require a medical exam.
Level Premium Term Life Insurance
- This policy comes with a fixed premium that will not change for a specified period of time.
- It covers the policyholder up to age 85.
- This product is available in Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, North Carolina, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia, and West Virginia.
Yearly Renewable Term Life Insurance
- The premiums for this product are lower in the early years of the policy, and then increase as the policy ages.
- The policy will automatically renew every year until the age 75, without proof of insurability.
- The premiums may increase annually, but the first scheduled increase does not occur until the policyholder is 31.
- From the age 75 to 90 you can continue your plan with a fixed term life insurance rate, but the coverage will decrease annually.
- To renew your plan every year, all you have to do is mail in your premium.
- This product is available in Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, North Carolina, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia, and West Virginia.
Savings Bank Financial Ratings
A.M. Best: A+ (Superior)
Weiss: A- (Excellent)
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Term Life Insure provides free information concerning insurance products and services, but is not an agency or an insurer. We are not associated with the company or companies profiled on this page and we make no representation, express or implied, that you will receive a quote from the company profiled herein. Products may not be available in all states. Please speak to your insurance agent or carrier directly for more information.
