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Nelson M | Is there a difference if you buy an insurance product from a bank as opposed to one from an insurance company? |
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BShakey
 |
Insurance products are insurance products. The fact that a bank is offering them to you doesn't change the fact that they are insurance. And insurance is offered through an insurance company.
The type of insurance may vary. If it is being offered by a bank, it could be credit life or credit disability insurance or mortgage insurance. These types of policies cover the loan you have with them in the event of your death or disability.
Banks do also offer insurance products through people who work with the bank and are financial advisors. Almost all banks have these types of people these days. But the products they offer are no different (no better or worse) than what you would get from anyone else (even outside the bank).
The key is the type of insurance -- if we knew that for sure, I could give you a more specific answer.
Hope this helps.
Good question!! |
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Rich Z
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If you are talking Savings Bank Life Insurance (SBLI) the difference is that it will be much cheaper. That makes sense
If you are intending to buy regular insurance but using the bank as you insurance agent that sounds like a bad idea. If you had a problem where would you go for help on the policy - to the bank and talk to a teller? |
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dllou1
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Buying thru the bank is probably more expensive than buying from an underwriter or a pure insurance agent. Be sure to shop and compare. |
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derek
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All insurance is issued by an insurance company.
The insurance company has lots of folks representing them and trying to sell their insurance (including banks, brokers, agents, etc.).
If you buy a Genworth policy with an insurance agent on the corner, it will be the same policy as if the bank employee (who is also licensed insurance rep) sold you the Genworth policy. No difference.
About the only insurance product that a bank sells that nobody else sells is that "credit life" policy. All the other policies that banks sell nowadays is issued by third party insurance companies and the bank employees are just representing those insurance companies. |
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Kelly T
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It also depends on what you are buying insurance for. If it is for a loan, the beneficiary could be the bank. As opposed to buying your own insurance and making the beneficiary your spouse or whomever you want. |
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Susan C
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Yes, Yes, Yes.... The bank is really the middle man. The insurance company directly would be less expensive to purchase a life type policy. If you are talking about Annuities, the bank generally cannot pass on as high of an interest rate as the insurance company itself. All the bank does is broker with an insurance company, it's not the bank's product. The only reason to buy insurance from a bank is if you don't know where else to turn. Many reputable agents and companies can help. Don't need a bank or broker! Why pay everyone's commissions when you could have that money in your account? |
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A
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Yes. If you have other accounts with the bank (such as checking, life insurance, etc), you may get a discount for being a current customer and adding another account to your total package.
If you use another insurance company, they may give you a rate based on statistics. Since they don't know you well, you may not get discounts b/c you're not an established customer. |
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mbrcatz
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No. The bank has "agents" that are employed by them, and licensed to sell it. No difference. |
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