Savings Bank Life Insurance
Most people find themselves involved in the hunt for cheap life insurance at some point in their lives. Those living in Connecticut, Massachusetts, and New York and involved in this hunt may find they have more options than residents of other states. These individuals should consider purchasing their insurance from local banking companies. Although most states restrict banks from taking part in the insurance business, due to consumer requests, banks in these states sell insurance in their lobbies through bank representatives. This type of insurance is known as Savings Bank Life Insurance or SBLI.
What kind of policies are offered?
SBLI operates in a manner similar to most insurance companies. The polices offered include whole life, term life, limited payment life, and annuities. These policies are all sold directly at the bank lobby. Bank representatives do not receive a commission for their sales, and therefore, policies tend to cost less than at most commercial life insurance companies. Many people prefer purchasing their life insurance from these banks due to lowered expense. However, insurance shoppers should keep in mind that, generally speaking, states restrict how much insurance can be sold through SBLI.
What are the benefits of holding a This Type of policy?
The main benefit to this policy is the price. Because bank representatives do not receive commissions for their insurance sales, banks are able to offer these policies at a cheaper price than most other insurance companies. Also, despite the more limited nature of this coverage and the fact that banks are not commercial insurance dealers, these banks still offer most of the same polices as regular companies, including annuities, as well as term life, whole life, and limited payment life insurance. Another benefit is the convenience. Many people enjoy being able to do their banking and insurance business at the same venue. Also, SBLI policy holders often enjoy the more private and personal environment offered by banks selling SBLI. Many sellers of SBLI claim they strive to cultivate deep, long-lasting relationships with their clients.
Where can I find banks selling this coverage?
Only banks in Connecticut, Massachusetts, and New York sell SBLI. Residents in these states should check their area for banks offering life insurance. Also, they may want to search the internet. Most, if not all, of these banks have an online presence.
Should I purchase this type of policy?
As with any potential insurance purchase, the ultimate decision lies with the personal needs and financial situation of the purchaser. Everyone needs to look into the policies themselves and make a decision afterward. Check out consumer feedback websites for a more balanced view of this insurance. Keep in mind, however, that any company will receive bad reviews. No one can please everyone and some people look for reasons to express dissatisfaction. This policy may end up the ideal choice for those looking for cheaper insurance and wanting to deal with a company they already trust and do business with. Of course, only residents of Connecticut, Massachusetts, and New York can purchase this insurance as other states restrict banks from selling life insurance. Residents of other states will have to look elsewhere for cheaper insurance. If you are considering purchasing a policy the best thing to do is to start shopping around. Check out what different banks offer. Look into their policies and see which one might work for you. Compare these policies to other companies. Once you’ve done this research, then make your decision. To start this search now, enter your zip code at the top of the page for a free quote today.