Citibank is one of the leading banks in the world and is known by us individuals in America and our overseas cousins, the Europeans. Citibank was even deemed too big to fail back in the 2008 financial crash. Being that finances and insurance go hand in hand you would assume that Citibank would have a broad spectrum of insurance products. Well, this may or may not be the case, so let’s take a closer look.
In Summary here is what you should know about life insurance with Citibank:
- Citibank doesn’t offer a life insurance product
- They do offer group life insurance to all their employees and that will only cover 1x your annual salary unless you purchase more.
- They did own Primerica for quite some time but dropped them since then. Even still Primerica shouldn’t be your first choice.
- Best way to get life insurance is to shop with top companies and let them fight for your business.
So after reading the summary all hope is lost for securing a life insurance policy with Citibank as they don’t offer this wonderful product. However, there is no need for concern because we’re an independent life insurance marketplace that works with top rated companies like Metlife, Prudential, Protective and many others. If you’re ready to shop around fill out the box to your right or simply click on life insurance quotes tab for more coverage types. If not keep scrolling to learn more.
Citibank Group Coverage
Like all big companies, Citibank offers its employees life insurance coverage. The base benefit that all employees get is coverage 1x your annual salary which is frankly not enough considering the rule of thumb is minimum 10x your annual salary. Personally, we like to do a complete needs analysis and make sure our clients have adequate coverage to pay off their mortgage, provide college funds and replace income for the surviving members of the family. The good thing is of course, that Citibank is providing at least some life insurance amount at no cost to the employee.
If you need additional coverage you’re able to purchase more with them as well. Which is pretty good because it can be convenient and also easier to qualify for coverage for people with pre-existing conditions when applying for group life insurance. A lot of Americans acquire their life insurance policies this way and is typically the way many people get introduced to life insurance in the first place.
The issue with group life insurance is, that is not the best option for the healthy members. Because it’s a group life insurance policy you’re pooled together with the rest of the individuals and the premiums are averaged based on the overall health of the group. So if you’re in great health you’ll be contributing to the people that have medical conditions or are obese. This may not seem so bad but when you compare rates of an individual life policy a healthy person can secure versus your group rate, the difference is drastic.
In addition, the employer will not allow you to take the policy with you if you were to quit or get fired. Even if your group policy is transferable it may cost you more since the employer is no longer contributing to the premium. Worst part of, is losing your group coverage and not being able to secure an individual life insurance policy because you have pre-existing conditions.
Citibank’s Primerica Life Insurance
Many of us heard about Primerica Life Insurance because our friend or family member signed up with them and was determined to sell his inner circle a life insurance policy. Well maybe your introduction was different from mine but that is their marketing strategy in a nut shell if you didn’t know.
Primerica is an insurance company that focuses on a type of life insurance product known as term life insurance. Term life insurance is very popular because it’s very affordable and provides protection for a short period of time typically 10, 15, 20 or 30 year terms.
Primerica was owned by Citibank and often times leads some individuals to think that they have a life insurance policy with Citibank. Unfortunately, this is not the case since Primerica was its own company that got acquired by Citibank a while back and recently has been dropped as it didn’t align with Citibank’s company vision.
Shopping for Life Insurance
It seems like Citibank will continue to offer great banking and financial products but insurance is not something you can get through them. Well not to worry since you can do better by following our proven tips and using our tools to secure a policy.
When shopping for life insurance the most important thing to know is that each company will quote you differently by few factors such as your:
-Age
-Health
-Built
-Smoking Habit
-Family History
-Driving History
-Dangerous Occupations/Hobbies
By working with many companies it allows us to get you the absolute best rate based on your unique circumstances. Unlike other agencies that only work with one company or two, we are able to reapply with another company in the event you got turned down or got too high of an offer without having to jump through the hoops all over again.
You also should be aware that there are traditional plans which require a medical exam along with a three to six week turnaround time or no medical exam plans where we skip the exam with an approval time of 15 minutes to 72 hours. If you’re in great health no exam plans are ideal as they are quick and simple to secure but are more stringent with their underwriting guidelines. That’s why when a person has a medical condition or high-risk occupation we usually refer them to a plan with a medical exam since those plans take a more in-depth look into your application to ensure you get a fair offer.
Once you figure out which company has the best offering make sure that you’re getting the best plan. There are different types of life insurance coverage such as:
Term Life – life insurance that covers you for a specified term typically 10 to 30 years.
Permanent Life – life insurance that provides protection for the entire life can be set until age 90, 100 or in some cases 121.
Accidental Death – a type of life insurance that will pay out only in the event of an accidental death.
Final Expense – also a permanent plan but for seniors that are looking for insurance to cover funeral expenses and small medical bills.
Start Here
If you’re like many Americans you want the best coverage for your family while also trying not to burn a hole in your pocket. The good news is that it is possible to get the best plan with the most competitive rate when you work with an agency like ours because we give you the power to shop with over 60 top rated life insurance carrier’s right from your computer, tablet or smartphone. If you have any questions on how to get the most affordable coverage or just want a quote, give us a call at 888-492-1967 or hit the chat button below. Welcome to InsureChance!
