Savings bank life insurance

SBLI of Massachusetts Completes Conversion to Mutual Insurance Company, Business Wire

WOBURN, Mass.--( BUSINESS WIRE )--The Savings Bank Life Insurance Company of Massachusetts (SBLI) today announced the successful completion of its conversion from a stock insurance company owned by 30 shareholder banks to a mutual insurance company owned by its policyholders. Following the conversion, the company’s name will change to The Savings Bank Mutual Life Insurance Company of Massachusetts. The conversion was approved by approximately 92 percent of SBLI policyholders and holders of annuity contracts who voted at a special policyholder meeting on June 28 or by other means in advance of the meeting. Prior to the policyholder vote, the proposed plan of conversion had been approved by...

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SBLI of Massachusetts Completes Conversion to Mutual In...,

WOBURN, Mass.--(BUSINESS WIRE)--Jul 26, 2017--The Savings Bank Life Insurance Company of Massachusetts (SBLI) today announced the successful completion of its conversion from a stock insurance company owned by 30 shareholder banks to a mutual insurance company owned by its policyholders. Following the conversion, the company’s name will change to The Savings Bank Mutual Life Insurance Company of Massachusetts. The conversion was approved by approximately 92 percent of SBLI policyholders and holders of annuity contracts who voted at a special policyholder meeting on June 28 or by other means in advance of the meeting. Prior to the policyholder vote, the proposed plan of conversion had...

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GOLDSTEIN vs. SAVINGS BANK LIFE INSURANCE COMPANY OF MASSACHUSETTS, 435 Mass. 760

Insurance, Savings bank life insurance, Savings bank life insurance company, Surplus, Commissioner of Insurance. The Savings Bank Life Insurance Company of Massachusetts, in calculating the safety fund permitted by G. L. c. 175, s. 141, may apportion about forty per cent of the value of its original surplus to the stockholders' ownership interests. [766-769] The Savings Bank Life Insurance Company of Massachusetts, in calculating the safety fund permitted by G.L. c. 175, s. 141, may deduct annually from its surplus an amount equal to the present value of those special policyholder dividends called for by G. L. c. 178A, s. 5, that remain to be paid out of the company's original surplus. [769...

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LARNER v. SAVINGS BANK LIFE INS. CO, Mass. Cmmw., Judgment, Law, CaseMine

This is an action seeking payment of proceeds under a life insurance policy issued by the defendant Savings Bank Life Insurance Company of Massachusetts ("SBLI") to Charles Larner, who died on May 1, 2002. The plaintiff Elise Larner (now Elise Hills) is his widow and the named beneficiary under the policy. The case is now before the Court on cross motions for summary judgment. At issue is the interpretation of a "good health" clause in the policy application. For the following reasons, this Court concludes that, as to Count II (alleging breach of contract) the plaintiff's Motion must be ALLOWED, and the defendant's Motion DENIED. As to all remaining Counts, the defendant's Motion is ALLOWED...

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SBLI of Massachusetts Completes Conversion to Mutual Insurance Company - MarketWatch

WOBURN, Mass., Jul 26, 2017 (BUSINESS WIRE) -- The Savings Bank Life Insurance Company of Massachusetts (SBLI) today announced the successful completion of its conversion from a stock insurance company owned by 30 shareholder banks to a mutual insurance company owned by its policyholders. Following the conversion, the company’s name will change to The Savings Bank Mutual Life Insurance Company of Massachusetts. The conversion was approved by approximately 92 percent of SBLI policyholders and holders of annuity contracts who voted at a special policyholder meeting on June 28 or by other means in advance of the meeting. Prior to the policyholder vote, the proposed plan of conversion had been...

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Lowell Five Personal SBLI

The Savings Bank Mutual Life Insurance Company of Massachusetts Lowell Five Bank is pleased to include SBLI’s products among our offerings. Since 1907, SBLI has provided families the financial protection they need, at an affordable cost. Policies for term and whole life coverage may be purchased through Lowell Five’s Investment and Insurance Management department. Guaranteed Level Premium Lock in a low rate for the policy term you choose. Whole Life Financial protection with payments that never change. Builds cash value without being subject to taxation. SBLI Annuities SBLI annuities are one of our most popular investment options. SBLI annuities offer a competitive bonus as well....

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A.M. Best Downgrades Credit Ratings of The Savings Bank Life Insurance Company of Massachusetts, Business Wire

OLDWICK, N.J.--( BUSINESS WIRE )--A.M. Best has downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long Term Issuer Credit Rating to “a+” from “aa-” of The Savings Bank Life Insurance Company of Massachusetts (SBLI-MA) (Woburn, MA). The outlook of these Credit Ratings (ratings) has been revised to stable from negative. The ratings of SBLI-MA reflect its strong brand and position as a low-cost term life insurance provider in its target market, offset by product concentration and declining surplus and capital trends. The ratings downgrades reflect SBLI-MA’s overall modest profitability, reliance on reserve financing and modestly lower quality of capital...

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Term vs. Whole Life Insurance, Bangor Savings Bank

Term vs. Whole Life Insurance Life insurance is one of those things you never want to think about when you are young, vibrant, and full of life. There are certain times in life, though, when it becomes necessary to consider what having (or not having) life insurance will mean to the people you love if you were taken away from them suddenly. Now that you have made the decision to buy life insurance, you have a few important decisions to make, including the type of life insurance to purchase. Much like the name implies, term life insurance provides coverage for a specified period. Some policies are for a term of five or ten years. Others go on for as long as 30 years. The average policy is...

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New Jersey Consumers Get Access to Savings Bank Life Insurance; Reed Smith Shaw McClay LLP Assists, News, Reed Smith LLP

(Princeton, NJ, August 7, 2000) For more than 100 years, New Jersey consumers have watched across the Hudson River as savings banks in New York, Massachusetts and Connecticut offered savings bank life insurance products to their depositors. Some New Jersey residents could get in on the action if they worked in New York. But New Jersey savings banks did not have the power to offer savings bank life insurance, which was a grandfathered power in those other states. This changed with enactment by Congress in 1999 of the Gramm-Leach-Bliley Act, (Pub. L. No. 106-102), which allowed savings banks and other banks and thrifts, including those in New Jersey and all other states, to offer savings bank...

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Insurance, Territorial Savings Bank

Insurance Life insurance is a vehicle for protecting your beneficiaries. It is a contract between an individual and an insurance company. The contract is called a policy and is purchased to insure the life of a person. The policy owner pays a single premium or periodic premiums to the insurance company for this policy. Upon the death of the insured, the insurance company pays a death benefit to the named beneficiaries. Proceeds from a life insurance policy are generally free from federal income taxes. Life insurance is purchased for many reasons, including estate preservation, replacing lost income and eliminating debts. There are generally two types of life insurance – term and...

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