SAVINGS BANK LIFE INSURANCE
AM Best Grade: A+ (Superior) 5 stars
Address: 1 Linscott Road, Woburn, MA 01801
SBLI traces it’s roots back to the Panic of 1907, which was one of the worst stock market crashes in the United States’ history. The Panic was sparked by the failure of F. Augustus Heine’s United Copper Company as well as his bank Knickerbocker’s Trust. Other banks failed during this time as well and the insurance industry was exposed as being corrupt and unreasonably expensive. SBLI’s founder, Louis D. Brandeis was a lawyer that eventually became a Supreme Court Justice and he believed that it wasn’t impossible for a company to offer dependable life insurance at an affordable price to all families that need it. Brandeis was also influential in the passing of Chapter 561 of the Acts of 1907, which allowed Savings Banks that were incorporated under the laws of Massachusetts to create departments that distributed Life Insurance and Annuities. Once the legislation was passed Brandeis convinced Whitman’s Savings Bank to establish SBLI’s first department which launched Savings Bank Life Insurance and in 1908, SBLI sold their first policy to Charles H. Jones.
Savings Bank Life Insurance Company of Massachusetts experienced a lot of success and by 1930 they already had $100 million dollars of Life Insurance in force. In 1992, legislation passed that SBLI could expand out of the state of Massachusetts. By 2008, they had expanded into 24 states and the District of Columbia and as of 2011 they are now licensed to sell insurance in 48 states as well as the District of Columbia. As of 2012 SBLI had $125 billion dollars of life insurance in force and in 2014 SBLI had reported to have $2.79 billion dollars in assets.
By Ramon Summerour, August, 2015