Savings Bank Life Insurance
Savings Bank Life Insurance
One Linscott Road
Woburn, MA 01801
Savings Bank Life Insurance was established and founded in Boston by prominent lawyer turned Justice Louis D. Brandeis in 1907. The country was at the height of the of the third worst stock market crashes in history, “The Panic of 1907”, when the 51 year old founder conceptualized the idea of offering and selling life insurance through savings banks. Insurance experts laughed the idea off and suggested a one in million chance of succeeding. The founder, refusing to accept criticisms, went through with creation of the Savings Bank Life Insurance Company.
Initially operating in Massachusetts, the company now operates in 24 states namely Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin including the District of Columbia with long term national expansion plans in the coming years. Today, Savings Bank Life Insurance has over $50 billion dollars worth of insurance policies in force with more than $2 Billion dollars in total assets.
The Company specializes in marketing whole and term life insurance, disability insurance and annuities. They continue to sells life insurance through many banks all over the 24 states they operate in. The Savings Bank Life Insurance also markets their services directly to the consumer for over ten years now offered through brokers, career and independent agents, as well as online/computerized direct responses. The Company’s comprehensive and affordable insurance policies guarantee a secure and stable financial future to all their policy holders.
In April 2010, A.M. Best Co. affirmed the financial strength rating of the company proving an A+ (Superior) rating with stable outlook. Weiss gave a B+ (Good Financial Strength) as a result of the company’s good quality investment portfolio, liquidity, overall stability and operational trends.
Since, 1992, The Savings Bank Life Insurance has been under the leadership of Robert K. Sheridan who currently serves as the Company’s President and Chief Executive Officer. Mr. Sheridan was the President of the Massachusetts Bankers Association prior to joining the company. He is also a member of the Massachusetts Bar Association since 1977. Sheridan earned his Bachelor’s degree at Boston College and his Juris Doctorate degree from the Suffolk University Law School.
Other key personalities include, Peter Scavongelli, the Senior Vice-President and General Counsel of the Company, Marybeth Leary, the Vice-President and Corporate Secretary, Maria Cianfichi Vice-President and Senior Compliance/Risk Management Officer and Paul Lynch serving as the Assistant Vice-President and Communications Manager since March of 2010.
The Savings Bank Life Insurance Company of Massachusetts has always prided itself in its commitment to providing secure and affordable life insurance policies to all its policyholders. The continued growth of the company is a testament to its mission of providing financial independence to all hardworking ordinary men and women.
“Most of the things worth doing in the world have been declared impossible before they were done” – Justice Louis D. Brandeis