The Savings Bank Life Insurance Company of Massachusetts

Providing life insurance since 1907

The Savings Bank Life Insurance Company of Massachusetts is committed to providing value, quality, and stability you can count on. SBLI has the largest amount of life insurance in force in the state of Massachusetts. We've continually expanded our product offerings. SBLI insurance products are now available to consumers in Arizona, Arkansas, California, Colorado, Delaware, District of Columbia, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, and Wisconsin.

A History of Growth

In 1907 Louis D. Brandeis, a prominent Boston attorney, recognized a need for low cost life insurance. His idea was to have savings banks in Massachusetts offer life insurance, and he established the savings bank life insurance system to accomplish this objective. Today, we still sell life insurance through many banks. However, we have also been selling our products directly to the consumer for over ten years now. Most importantly, we have never wavered from our dedication in providing safe, low cost life insurance for our policyholders.

* 1907 -- SBLI was established
* 1930 -- $100 million of life insurance in force
* 1953 -- Assets reached $100 million
* 1964 -- $1 billion of life insurance in force
* 1998 -- Over $20 billion in force
* 2000 -- Assets passed $1.3 billion
* 2003 -- Over $50 billion in force
* 2004 -- Annuity consideration grew to $55M
* 2005 -- Record sales results achieved; $9.7 billion in New Ordinary Life Issued.
* 2006 -- Company record set for first year premium.
* 2007 -- Exceeded $2 billion in total assets for the first time.
* 2008 -- Expanded coverage into 24 states and the District of Columbia.

Then and Now

The year 1907 was one in which the country witnessed the third worst stock market crash in its history, "The Panic of 1907," a crash precipitated by the failure of F. Augustus Heinze's United Copper Company and his bank Knickerbocker Trust. Otherbank closings soon followed and the country was threatened with serious economic decline. Financial scandals also occurred in the insurance sector caused by the questionable investment practices of insurance companies, in particular, life insurers. In spite of difficult economic times, the country had expectations for a bright future. It was the year that Oklahoma became our forty-sixth state, Mother's Day was celebrated for the first time, the Lusitania set a speed record on her maiden voyage from Ireland to New York and the Ziegfield Follies had a successful opening on Broadway.

In Massachusetts, a highly respected Boston lawyer, Louis D. Brandeis became a strong advocate for affordable life insurance and was instrumental in the passage of Chapter 561 of the Acts of 1907, an Act Permitting Savings Banks Incorporated Under the Laws of Massachusetts to Establish Departments for the Issue of Life Insurance and Annuities. Following the signing of the enabling legislation by Governor Curtis Guild, Jr., Brandeis convinced the Whitman Savings Bank to establish the first SBLI Department and thus began the life of Savings Bank Life Insurance. The first policy was issued to Charles H. Jones in 1908.

The formation of Savings Bank Life Insurance made otherwise seemingly unavailable life insurance available to the average working person which was the expressed intent of the 1907 SBLI legislation. Justice Brandeis considered his efforts on behalf of the ordinary working man to be his greatest achievement. He continued his advocacy for SBLI while a member of the United States Supreme Court to which he was appointed by President Wilson in 1916 as the first Jewish Justice.

Since the formative days of Brandeis's innovative plan, there have been many landmarks in the corporate life of SBLI. Twenty-three years after the energies of Louis Brandeis had brought about its formation; SBLI had over $100 million of life insurance in force. By 1953, the Company had assets of $100 million, while staying true to the Brandeis ideal of low-cost, affordable insurance.

When Justice Brandeis first conceived the idea of life insurance that could be sold by savings banks, it was suggested by insurance experts that his dream has about a one in a million chance of coming true. In 1964, while the Beatles were reaching their popularity, SBLI held a "Billion Dollar Dinner" on November 12th at the then Boston Sheraton Hotel where over 800 people heard the announcement that SBLI had reached a record $1 billion of life insurance in force.

In 1992, legislation took effect that reorganized SBLI into a closely held Massachusetts life insurance company, while still preserving its mission of safe, low-cost life insurance. This legislation gave SBLI the same powers as other Massachusetts insurers and thus opened up geographic and distribution sales channels.

In 1998, while the State of Texas was re-electing George W. Bush as its Governor and unemployment in the U.S. had reached its lowest level in twenty-five years; SBLI had accomplished another record by passing the $23 billion mark of insurance in force.

During the Millennium year of 2000, as the country witnessed the end of the most disputed presidential election in U.S. history and watched a young golfer named Tiger Woods win the U.S., British Open and PGA titles, SBLI quietly passed another of its own milestones: $1.3 billion in assets. Three years later, in 2003, the company had over $50 billion of insurance in force.

SBLI has had a deep and direct connection with the community. Public involvement continues to be a very important aspect in the life of SBLI. The Company's philanthropic contributions combined with its financial stability, compassion and creativity have made SBLI a respected and valued corporate citizen.

Justice Brandeis once said, "Most of the things worth doing in the world have been declared impossible before they were done." During those bleak days of The Panic of 1907 a fifty-one-year-old Boston lawyer had an idea that he refused to accept as impossible. SBLI's unremitting growth is testament to his resolve to provide safe, affordable life insurance and economic independence to ordinary working men and women.