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New Jersey Regulators Approve Sale of Savings Bank Life Insurance

August 8, 2000

New Jersey regulators have approved the sale of Massachusetts-style savings bank life insurance—a plain term and whole-life coverage not sold by agents. For decades it was available by law only to residents of Massachusetts, Connecticut and New York through mutual savings banks, banks that were owned by their depositors. Not having to pay agent commissions cut consumer costs.

A 30-year-old non-smoking man can buy a $100,000 term policy from Savings Bank Life of Massachusetts for $106 a year. The policy guarantees premiums will remain unchanged for 20 years. The least expensive 20-year level premium policies quoted by the online insurance broker Quotesmith.com begin at $120 a year.

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