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 the beneficiary can use for more than just funeral 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 the beneficiary chooses. It is available to applicants 50-80 years of age, and, according to SBLI, 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, they 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 a 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 SBLI’s digital sales channel, with broader distribution to be considered at a later date.
For more information visit sbli.com.