How do I create an SBLI account for my life insurance policy?
You can register a new account and access SBLI’s online portal by following this link. To register, you need your:
Full name
Policy number
Social Security number’s last four digits
Zip code
After you accept SBLI’s terms and conditions, you’ll be able to go through the rest of the sign-up process.
Learn more >> Read our full review of SBLI life insurance
What payment methods can I use to pay my SBLI life insurance premiums?
SBLI allows you to pay your life insurance premiums online using an electronic funds transfer (EFT). You can use a credit card for one-time payments; you can make regular payments using EFT.
Learn more >> Read more about the ways to pay for life insurance
How often do I make payments?
You can pay your premiums monthly, quarterly, semi-annually, or annually. SBLI recommends signing up for automatic payments, since you risk having your coverage lapse if you forget to make a manual payment.
Why haven’t I seen a payment draft yet?
You may not see a payment draft immediately if you pay your premium with EFT because banks don’t always process drafts right away.
What changes can I make on SBLI’s online portal?
You can use SBLI’s online portal to:
View your policy details
Make a payment
Enroll or update EFT
Change your payment method
Change your address, phone, and email
Change beneficiaries
Get change forms
There’s some incorrect information on my initial application that I need to update. How can I fix this?
You can usually make small changes on your policy after signing it, like your employer’s address, your address, and your occupation. Information like this doesn’t typically affect the way insurance companies view you.
Other changes may require that your policy be reissued. This may happen if you let your insurance company know about changes to your health, doctor’s visits, and medications you’re taking that you left out when applying for coverage.
Changes like this have to be sent back through the underwriting process for review and added to the policy before you can sign it and start your coverage.
I want to make changes to my beneficiaries. How do I do that?
You can change your policy’s beneficiaries using SBLI’s online portal. You’ll need to let SBLI know:
Your new beneficiary’s name, date of birth, and their relationship to you
Whether they will be a primary or contingent beneficiary
You’ll also need to decide how much of your policy’s death benefit they’ll receive. In total, the amount all of your beneficiaries will receive has to add up to 100%. So, if you have four beneficiaries and you want them to receive equal parts of your policy’s death benefit after you die, each needs to have a 25% allocation.
I want to look into a whole or permanent life policy in the future. Can I convert my term policy to a permanent policy?
Yes, you can usually convert your term life insurance into a permanent life policy, but it often depends on how long you’ve had your coverage and how old you are — you may not be able to convert a policy after a certain age. If you’re thinking about converting your policy, it’s a good idea to review SBLI’s conversion rules in your policy’s fine print.
Can I cancel my SBLI life insurance policy?
Yes, you can cancel your life insurance policy. If you no longer want your term life insurance, just call SBLI and speak to them about canceling. You can also stop paying your premiums and wait for your policy to lapse.
If you decide to cancel your permanent life insurance coverage, you’ll receive a cash payment for its surrender value. This is your policy’s cash value minus any money you owe on the policy and any fees.
How does my beneficiary file a claim with SBLI?
Your beneficiary can file a claim online, over the phone, or by mail, but doing it online is easiest. To start a claim on SBLI’s website, your beneficiary will need to provide their name and contact information, and a death certificate. SBLI also recommends they have their banking information on hand, since claims are payable via direct deposit.
What happens if my SBLI term life insurance policy lapses?
If your life insurance coverage lapses, which can happen if you don’t pay your premiums, you’ll lose your coverage. Your beneficiaries won’t receive your policy’s death benefit if you die while your coverage is lapsed, no matter how long you’ve had the policy or how much you paid in premiums.
What is SBLI’s grace period?
SBLI's grace period is 31 days, but it depends on the state where you live. A grace period is the length of time that your policy stays active after a missed payment. Insurance companies can’t cancel your policy right after you miss a payment, instead they have to wait a certain number of days before canceling.
You’re fully covered during the grace period, so your beneficiaries would still receive a death benefit if you died during this time. Any missed payment would come out of your policy’s death benefit.
How do I reinstate my lapsed SBLI policy?
You’ll need to contact SBLI to reinstate your policy after it lapses by filling out a form and requesting reinstatement. You may even have to go through underwriting again if your reinstatement raises any red flags related to health changes.
It’s a good idea to try to reinstate your coverage if you can rather than buying an entirely new policy, since your rates will be higher than they were when you bought coverage the first time.
How do I contact SBLI?
There are a few ways that you can contact SBLI:
Fax: 781-994-4240
Email: records@sbli.com
Phone: 800-694-7254
Mail: 1 Linscott Road, Woburn, MA 01801
