SBLI Policy Types: Those in the Class and Those Not in the Class

Below is a descriptive list of SBLI's different policy "plan" types and links to representative policy cover pages that you can use to determine whether your policy is in the Class, assuming that your policy is otherwise eligible because it was in effect on January 1, 1992 and was entitled to Special Dividends or it was in effect on one or more of the following dates - December 31, 2000, December 31, 2001 or December 31, 2002 - and was entitled to dividends.

SBLI's different policy "plan" types are identified separately below, and include those in the Class and those not included in the Class. Please note that you need to actually read your own policy cover page to determine whether it meets one of the defined policies below since some policy forms have changed over the years. (The Settlement Administrator can also confirm whether your policy is part of the Class.) We have also provided sample policy cover pages. The policy cover pages are a general representation of the major policy forms used by SBLI relevant to this lawsuit. For each category, all of the policies listed therein had the same appearance as the sample provided even though the specific policy shown is only representative (and, thus, will have the name of only one policy type in the category). In most cases, you can tell whether your policy type is included in the Class by referring to the description of the plan type on the face page of the policy.

SBLI Policy Types In the Class
(Eligible for Supplemental Settlement Dividends)

  1. Straight Life Insurance, also referred to as Whole Life Insurance

    Life B-30.1 Policy


  2. General life insurance policy types that state on the front page that the "plan" is one of the following:

    • 10 Payment Life Insurance
    • 15 Payment Life Insurance
    • 20 Payment Life Insurance
    • 10 Year Modified Life
    • SeniorLife Insurance
    • Life paid up at age 65
    • Endowment at age 65 (and other "Endowment" plans)
    • Single Premium Life Insurance
    • Term Insurance to age 65
    • Econolife
    • Extra-Ordinary Life

    We have not included samples of all these different types of policies, but have included a link to a sample that shows where you will typically find the plan type stated on the front page of the policy.

    20 Payment Life Policy


  3. Renewable Term Insurance (3 or 5 Year)

     Five Year Term 106-J Policy


  4. Yearly Renewable Term Insurance

     YRT B-13 Policy


  5. Annuity Contracts issued prior to 1992

     Deferred Annuity - Annual Premium 12A Policy
    Deferred Annuity - Annual Premium 205-A Policy


  6. Certain Extended Term Insurance

     This applies to any "Life" or "Endowment" policy that was allowed to lapse, or was changed by request to "Extended Term Insurance" where the contract provisions indicate that such extended term insurance pay dividends or is Participating.

    Sample policy page containing description of extended term insurance that pays dividends:

    Dividend Paying Extended Term Policy


  7. Supplemental Contracts with Life Contingencies

     In certain rare circumstances SBLI may have issued a supplemental contract that states how funds from a death settlement or a matured policy will be paid out, when the owner or beneficiary elects not to receive the payments immediately. The terms of these supplemental contracts vary but are usually set forth in a contract with a title of "Settlement Certificate". Only supplemental contracts with life contingencies are in the Class. Those contracts state that the payments will be made for as long as the named recipient of the payments lives. These are supplemental contracts with life contingencies that are in the Class and are eligible for a Settlement payment. Supplemental contracts without life contingencies are not in the Class.

Most of the policy types listed above will have "Annual Dividends" or "Eligible for Annual Dividends" printed on the policy cover.

Within the contract, there may be a policy provision relating to the payment of dividends. Again, there may be variations but the samples pages linked above provide the basic policy language. The same is true of annuity contracts issued prior to 1992.

SBLI Policy Types Not in the Class
(Not Eligible for Supplemental Settlement Dividends)

  1. Annual Renewable Term Insurance (also known as Level Premium Term Insurance)

    These policies provide that the premium amount due remains the same for a specific number of years (usually 10, 15, 20 or 30 years).

    Level Premium Term Policy


  2. Decreasing Term Insurance

    Although this type of policy indicates that it is "eligible for annual dividends," dividends were not earned or paid on this type of policy.

    Decreasing Term Policy


  3. Single Premium Term to age 22

    Although this type of policy indicates that it is "eligible for annual dividends," dividends were not earned or paid on this type of policy.

    Single Premium Term to age 22 Policy


  4. Certain Extended Term Insurance

    Extended term insurance applies to any "Life" or "Endowment" policy that was allowed to lapse, or changed by request to "Extended Term Insurance". Where the contract provisions indicate that such extended term insurance will not pay dividends and/or is Non-Participating, the extended term insurance is not in the Class.

    Non Participating Extended Term Policy


  5. Annuities issued since 1992, including "Life Saver Annuities" and others.

    The cover page of these contracts will not include the phrase "Annual Dividends" or "Eligible for Annual Dividends." These annuities may provide that they pay "Excess Interest Earnings". Excess interest earnings are not dividends. A contract may state that Excess Interest earnings will be credited to a contract, but that does not mean that the annuity pays dividends.

    Non Dividend Paying Post 1991 Annuity


  6. Annuity contracts that state they are Non-Participating.

    Annuities containing statements that they are "Non-Participation" or "Non-Participating" annuities are not in the Class. (See "Joint and Survivor Annuity Benefits" page in the sample available in the link below.)

    Spia - Primary Then Secondary b-400/404 Annuity


  7. Supplemental Contracts without Life Contingencies

    In certain rare circumstances SBLI may have issued a supplemental contract that states how and to whom funds from a death settlement or a matured policy will be paid out, when the owner or beneficiary elects not to receive the payments immediately. The terms of these supplemental contracts vary, but they are usually set forth in a contract with a title of "Settlement Certificate". Only supplemental contracts with life contingencies are in the Class. Supplemental contracts without life contingencies are not in the Class. Those contract that state that the payments will be made for a specified period, and that do not contain a provision that states the payments will be made for as long as the named recipient of the payments lives, are supplemental contracts without life contingencies that are not in the Class and are not eligible for a Settlement payment.


Please note that although a particular life insurance policy described above may state that it is eligible for annual dividends, the policy-types identified above have never actually earned or paid any dividends during the Class period and therefore were not "entitled" to dividends and are not in the Class.