So you’re curious about getting life insurance with Bank of America(BofA) and you want to learn more. As a bank, Bank of America provides an excellent service and I actually have a checking and savings account with them. Getting life insurance is a great idea, however I can’t say the same about getting life insurance with Bank of America. The fact that it’s hard enough to find information about it online should be red flag enough.
In summary, what you need to know about Bank of America life insurance is that they don’t actually have their own life insurance products. They either refer you out to an affiliate life insurance company or sell your information to marketing companies which will leave you getting calls from those affiliates. And according to complaintsboard.com they’re less than pleasant. The solution for you is to steer clear of any one particular company for your life insurance. When shopping for life insurance it’s always recommended working with an independent agency that represents at least 30 different companies so that you can get the best policy at the best rate on the market.
The good news is you’ve reached your destination, so if you’re looking for life insurance look no further, but if you want to learn more about life insurance with Bank of America let’s dive into some more reasons to not do it.
So Why not BofA for my Life Insurance?
Basically I put myself in the consumers shoes and tried to do research on their products to see if they have something good for the life insurance buyer. I had my glasses on and set time aside to do some reading on what they have to offer. I instantly ran into a problem when I could not find anything. Mostly of what I found is the many complaints of telemarketers only posing as BofA representatives but not actually being with them. Most of these complaints are regarding unauthorized charges for insurance coverage the client didn’t enroll in. I couldn’t get a quote or find product types.
What I did come across is an article on bergermontague.com that says:
“Bank of America solicits its customers on behalf of Monumental Life Insurance, by telling them that they have been automatically enrolled for 30 days of coverage of accidental death insurance protection at no cost under a group insurance plan, and further, that the customer can decide to continue the coverage at affordable group rates after the free 30 day period is over by completing an activation form and agreeing to pay a monthly premium that will be automatically billed and processed each month through the customer’s Bank of America account.”
Basically what that tells you is at some point BofA used that company for their life insurance and the plans being sold weren’t actual life insurance policies but accidental policies.
Issues You Can Run Into
When working through affiliate programs to get insurance coverage you usually run into customer service issues. This can be huge problem when it comes to life insurance. The last thing you want is to have your beneficiaries struggle with making a claim in the event of your passing.
According to ComplaintsBoard there also other issues like hidden fees, and “fine print” problems with the policies that supposedly came from BofA.
Overpaying for coverage – by not being able to compare with multiple companies you can be overpaying for your life insurance premium by huge sums. That money can be better spent taking care of your family or affording a higher coverage amount.
Getting the wrong coverage – many people complained of being sold accidental death policies and disability policies that didn’t actually cover them due to certain stipulations. You can read more about those cases on ComplaintsBoard. But the last thing you need is to be stuck with an accidental policy that isn’t an actual life insurance policy but only covers you in the case of an accident.
What to Do Next
Overall I have nothing against Bank of America, as I mentioned I actually enjoy their banking services. But as a life insurance professional I can’t recommend you buy life insurance through them with a good conscience because it simply is not the best option for you as the consumer.
The good news is that you found the best independent agency there is. You can actually compare quotes with no personal information required on this little quoter to your right or by visiting our quotes page. Not only do you get to compare with all the A rated carriers, but you get our customer service to help you pick the policy for your specific situation. The even better news is that we provide this service at no extra cost to you. You can compare quotes and request an application online with the company that provides most favorable results. If you have any serious health conditions or a risky occupation then contact us directly at 888-492-1967 so that we can recommend the company best for your risk.
