Life Insurance

Sovereign has partnered with SBLI, who has been providing life insurance since 1907, to offer bank-wide high quality, low cost life insurance. Planning for the future and protecting against uncertainty is why life insurance exists. Learning about insurance and what plan is right for you is the first step toward protecting your family’s future. Let SBLI help you get started with their quick and easy planning tools.

Get comprehensive protection against all causes resulting in loss of life, whether by accident, sickness or disease. No physical examination is required — just your answer to four simplified health questions.

Term Life Insurance pays a death benefit to your beneficiary if you die within a stated period or the ‘term’ of the policy. Typical periods of coverage are 10, 15, 20, & 30 year terms. Insurance Services at Sovereign Bank offers guaranteed level term products. These policies are generally convertible and renewable.

A Universal Life policy is like term insurance with a side fund. After mortality and contract expenses are deducted from your monthly contribution, the remainder of your premium goes into an accumulation (savings) account. The accumulation account earns a variable interest rate, which is usually guaranteed not to fall below a certain stated interest rate. Like Whole Life, this accumulation (cash value) account grows tax-deferred.

Whole Life is basically a life insurance policy where the premium is level and guaranteed for the life of the policy, which can either be to age 95 or to age 100. The premium payments go toward a guaranteed cash value. The tax-deferred cash that accumulates is available to you (may be borrowed against or withdrawn) for emergencies and opportunities during your lifetime.