Compared to other banking institutions in the US, Chase Bank has no competition. It is the largest bank with the highest amount of assets. The Manhattan Company that was founded in 1799 and Chase National Bank that was founded in 1877 together formed Chase Bank. In 1955, the two banks merged. A major international financial organization known as JPMorgan Chase was formed as a result of the merger between Chase Bank and JPMorgan.
New York City is the current location for Chase Bank headquarters, although the bank has other multiple regional headquarters across the country. While the bank sits at the top, it is known for offering credit card and banking services in the most efficient way.
2006 was the last year that Chase life insurance was in the market and at that time it was known as Chase Insurance & Annuity in Elgin Illinois. It is also when the company was sold at $1.2 billion to Protective Life.
You now have brief information about Chase Bank, but how much do you know about it and life insurance? Does it sell life insurance? If so, which type of life insurance does it sell?
Currently, Chase life insurance does not exist, but through personal bankers in different branches across the United States, the bank will sell you both life insurance and annuities. A personal banker in this scenario is the individual in charge of life insurance. Basically, he/she acts as a broker and uses different carriers that independent agencies provide.
Once you start the life insurance process, you begin to understand how overwhelming it can be. You are bombarded with a full range of insurance providers which makes it difficult for you to choose the best option based on your needs. A lot of financial institutions including banks provide life insurance policies.
While buying an insurance product from your bank seems like the easy way out, is it the best option? The answer might not be as encouraging as you would want, but there are a lot of other viable options for you out there. However, let’s delve into buying life insurance with Chase Bank.
Does Chase Bank Offer Life Insurance?
Chase Bank, like many banks, doesn’t offer life insurance of its own. It is easily misleading, seeing your bank marketing a life insurance policy because a lot of people tend to translate that information as a direct offer from the bank. Instead, Chase Bank’s branches and agents from across the country sell life insurance from insurers that have partnered with the bank.
Currently, you would not be able to buy a life insurance policy from Chase Bank but if you had done so before the bank stopped selling their own insurance, it is possible to file claims as the policy is still in force. Otherwise, if you want to buy a policy as of today, you will simply be buying from an independent insurer, just that the process is done through the bank.
There is no defined list of the kind of life insurance policies that representatives from Chase Bank sell. Different agents work with different third-party insurance marketing companies which means that you won’t be offered the same types of products. If you have to buy life insurance through Chase Bank and need to know what your options are, you will need to contact them and make the inquiry.
Pros and Cons Of Buying Chase Bank Life Insurance
Are there any benefits of buying life insurance through your bank? Also, what are the downsides? The truth is, you are more disadvantaged than advantaged when buying a life insurance policy through Chase Bank, although there is a perk or two to it. The following are some of the pros and cons of buying Chase Bank life insurance.
There are not so many pros about buying a life insurance policy through your bank.
Chase Banks has created partnerships with a couple of independent life insurance providers. This means that there is a possibility of finding a good insurance policy from their selection, based on who underwrites your policy. While there is a chance of finding a suitable life insurance product when buying Chase Bank Life insurance, there are also a few cons that come with it.
Unnecessary Insurance Process Steps
The process of acquiring a life insurance policy through Chase Bank might not be as streamlined as it is to work directly with the insurer. This is because of the additional steps added to the process that link you to the insurer through your bank. It means that you can’t reach out to the insurance company without passing through your bank.
Your application, payment of bills, or even filing claims will all be done through the bank. This can be time-consuming and an extreme sport especially when you need to get in touch with the customer service agents or when trying to file a claim.
This is one of the biggest issues a lot of individuals have to deal with when it comes to buying Chase Bank life insurance. And customer service is not just about how an agent speaks to you, it is more of the overall policy service. It also boils down to finer details like activating a policy rider, how easy the application process is made for you or changing beneficiaries, and how hassle-free your insurer makes these processes for you.
Limited Life Insurance Products and Riders
You might also encounter the challenge of limited life insurance products and riders when buying through your bank. Chase Bank life insurance is only limited to a small number of insurance policies, most of which might not be favorable for you. Being that you want to select the best investment option that will comfortably protect your family financially, the last thing you want is to have limited options.
You want to find a life insurance company that has plenty of options to choose from. Working directly with your insurer gives you access to a wide range of policies, that you wouldn’t be able to access when purchasing through your bank.
Working with an independent agent means that you are dealing with an experienced life insurance expert. A bank, on the other hand, deals with other different products that are not related to life insurance. Even worse, their main specialty is banking which means that their main priority is not life insurance. Usually, they will partner with a life insurance provider as a way of generating more income.
Also, this might mean that they don’t have the best experience when it comes to dealing with different products of life insurance. While the experience between bankers is on different levels, you might still not get the best advice concerning your insurance policy.
Are There Substitutes of Chase Bank Life Insurance?
Purchasing life insurance from Chase Bank can be difficult. Reason? Chase Bank and most other banks don’t have their own life insurance policies. If you decide to buy a policy through the bank, you are only using them to find an insurance company. This can be limiting since they only make limited partnerships, and on the other hand, it can be a very time-consuming process.
Instead of going through that lengthy process to buy your policy, you could directly buy through your insurer. And don’t just go for one, make sure to get quotes from different insurance companies to see which one has the best policy for you within a favorable budget.
The best option is to find a good independent agent who will help you find a great life insurance policy. Most independent agents have numerous connections and can easily maneuver the industry and find a reliable product depending on your needs. They will also help you find insurers who would be very difficult on your own. So while working with an independent agent might attract an additional fee, it is a very convenient way of buying life insurance.
How To Shop for New Life Insurance
When shopping for your life insurance policy, what are some of the factors you take into account to ensure that you purchase the right product for you? It is not a minor issue, so life insurance should be taken seriously because you are making a long-term investment. Below are some of the important factors to consider when shopping for a new life insurance policy.
Find an Insurer With Excellent Ratings
Having a highly-rated life insurance company increases the trust you have for them. The fact that your insurer has a high rating also means that they are stable, so you don’t have to worry about the company paying out the policy. This applies to different economic situations, whether things are good or bad, an insurer with excellent ratings has a higher chance of paying out when compared to one with lower ratings.
One of the best independent organizations you can use to learn about the trustworthiness or stability of your potential insurer is AM Best. Before submitting your application, ensure to check if the insurance company has decent ratings with them.
Have Different Options
There is no other way around life insurance, you need to have multiple product options before making a decision. One life insurance policy option might be limiting in that, you might end up missing out on a better alternative with lower rates for a similar amount of coverage. Also, depending on your specific needs, having different options enables you to make comparisons and choose the option that best suits you. Whether you are choosing from one life insurance provider or different ones, you need to be able to have multiple product options you can choose from.
However, don’t choose an insurer because they have every type of insurance product. It is best to work with an insurer that deals with life insurance only but does not have limiting options for you to choose from.
Cost of Coverage
Different life insurance policies come with different premium rates that allow you to make better decisions depending on your current financial position. You want to choose a policy that is affordable to you and is not going to stretch your finances thin. Choosing an affordable option does not mean that you don’t have the best options available, you could pay low premiums for coverage large enough for your needs. You want to choose an insurer that offers you value for your money.
Your current situation is not going to remain the same over your lifetime. You might get a promotion in the future or move to a better job or even start your own business. This results in a change in your finances which will affect your life insurance investment in one way or another.
As such, you will want to look for an insurer who will offer you flexible life insurance products. The needs of your life insurance needs will change depending on your lifestyle or medical condition. You want to be able to renew and convert your policy in the future when you cannot qualify for a newly underwritten policy because of a “change of insurability”.
You don’t want to overlook the customer satisfaction aspect. A lot of life insurance companies have been in the game for decades, and this goes to show that they understand how to best serve their customers. However, the longevity of an insurer in the market does not directly translate to great customer satisfaction. Factors such as the period it takes to process claims, the number of claims filed and policy cancellations, etc, will help you understand the company’s customer service and satisfaction better.
Work With an Independent Life Insurance Agent
Working with an independent life insurance agent is going to make the process of acquiring a policy totally painless. Most of them have different insurance company options to make it easy for you to find exactly what you need depending on the current situation. Also, having different insurers enable you to browse through different products before choosing the best one for you. This way you have different quotes of policies to choose from, as opposed to having a single option. They simply do all the heavy lifting for you by guiding and helping you apply for the policy you choose.