Abstract
The purpose of this article is to present some figures that illustrate (1) the price relationship between savings bank life insurance (SBLI) and some of the major life insurance companies that operate through agents, and (2) the extent to which SBLI has penetrated the market for individual life insurance. The results suggest that the prices of SBLI are low relative to the prices charged by major life insurance companies for comparable coverage. The price figures for the SBLI policies studied were lower than the corresponding figures for all (in one array) or almost all (in another array) of the fifteen major agency companies' policies studied. The results also suggest that both Massachusetts SBLI and New York SBLI are very successful in marketing individual life insurance, and that Connecticut SBLI's relative lack of progress may stem from the particularly restrictive policy limit under which it has been forced to operate. Books, articles, and other descriptions of savings bank life insurance (SBLI) often involve broad generalizations and in some cases questionable comparisons in discussions of prices and market shares. The purpose of this article is to present some figures that illustrate (1) the price relationship between SBLI and some of the major life insurance companies that operate through agents, and (2) the extent to which SBLI has penetrated the market for individual life insurance.
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