New product offers simple and flexible cash payment solutions
WOBURN, Mass.--(BUSINESS WIRE)-- SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has introduced a new Final Expense Whole Life Insurance policy that consists of a cash payment your beneficiary can use for more than just funeral service costs.
Unlike pre-need burial or funeral insurance, this policy can be used to pay unsettled medical bills, credit card balances, or for any purpose your beneficiary chooses. It is available to applicants 50-80 years of age, and can be purchased at a lower price than similar existing products.
“For 113 years, SBLI has focused on filling the insurance gap that exists for many families and doing so in an affordable way. This product is attainable from a financial perspective and it is very convenient. Consumers are accustomed to shopping online, and studies show they prefer to purchase their life insurance via the Internet as well,” said James Morgan, President and CEO of SBLI. “With our new Final Expense Whole Life Insurance product, SBLI is continuing its legacy of responsiveness to our customers’ needs and preferences with a product and a process that is user-friendly.”
As long as the premium payments are made, the coverage never expires. Depending on the applicant’s health, you may qualify for a reduced benefit in the initial two to three years of the policy, though the full coverage amount may be paid if your death during those years is the result of an accident. Available coverage amounts range from $2,000 to $35,000.
Final Expense Whole Life Insurance is being launched initially via our digital sales channel, with broader distribution to be considered at a later date. For more information on SBLI Final Expense Whole Life Insurance, or to receive an instant decision by applying online, please visit sbli.com.
About SBLI For over 110 years, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has specialized in providing hassle-free, affordable life insurance. Whether it be term life, whole life or a plan that combines the two, we offer dependable protection, at a fair price. Learn more at sbli.com or call 1-888-GET-SBLI.