Fifth Third Bank has earned a reputation for being outstanding with their customer service and their amazing financial products. Many people have learned to love this bank over the years and the bank has earned the trust of many Americans. Typically when you enjoy banking at your local branch of Fifth Third Bank you would also want to get insurance products from them. You may have visited our site to find out if Fifth Third Bank offers life insurance products to their customers and how they compare. As you will soon find out Fifth Third does not have their own insurance products but is rather an agency that will work with certain carriers to get you a life insurance plan for you and your family. So today we will review a little bit about what kind of products they may offer to their consumers and whether you should work with them or another type of agency.
It is incredible how many individuals are surprised to find that Banks do not offer all of the companies, which is how we as an independent agency get you the best rate in the whole marketplace. Now you may also be wondering if there’s a price difference between going to your local bank or working with an agency like ours. The good news is is that the life insurance rates are actually fixed by the law.
Fifth Third Bank is notorious for offering great financial products but they fall really short when it comes to life insurance, and the reason for that is because instead of having their own product they offer other companies products. They only work with a few life insurance carriers so you not going to get the best rates on the market as you would with an independent agency that works for all top-rated companies.
About Fifth Third Bank
Fifth Third Bank has been around since 1858 and they have branches throughout the U.S. The bank offers tons of financial products such as loans for personal use, business use, educational loans, investments and wealth management. What they’re really known for, is their personal banking services. And I can tell you that when it comes to banking Fifth Third Bank is definitely one of the best banks to use.
Service
When it comes to insurance purchases, Fifth Third Bank actually has a different branch which is an insurance agency that works with a few different carriers. Although they try their best to offer their clients insurance products, they have a lot of work to do on their sales and service departments. A quick Google search will show you that their reviews are not the best out there when it comes to their insurance clients. This is actually very common when you purchase a life insurance or other insurance products through a bank because it is not their specialty but rather a common courtesy to offer more to their clients. Personally, as an insurance agency, we would not recommend that you purchase a life insurance policy through your bank. It is always better to shop for insurance with a brokerage that specializes in insurance and works with all the top rated life insurance companies. The great part is with the power of the internet you can now shop for life insurance online to find the best rate and be able to get support from getting the application started to getting your approved policy in the mail. Shopping for life insurance can be very easy process if broken down into steps so let’s see what we need to do to get the best deal for you.
Shopping for life insurance
So you had a thought that you need to get a life insurance policy or replace an existing one, whatever the case there is an art to getting the best life insurance policy with the best rate. Here are some main areas to focus on when shopping for life insurance.
1. Determine the need – Before even trying to find plans or look at some rates you need to know what’s important to protect and for how long. So make sure you do a needs analysis, which is a process of calculating how much life insurance your loved ones will need to live comfortably if you were no longer around. This analysis includes your total mortgage balance, replacement of your annual income, college education cost and any other loans that you might have. After you determine how much life insurance you need, next is to determine for how long you should protect yourself. For example, if you have small children and a 30-year mortgage with your main concern being to protect them during the vital years a Term Policy for 30 years will do. In the event that you want to leave money behind to your children or grandchildren, cover final expenses or secure a policy for estate taxes you want to look into a permanent plan. These plans are locked in for lifetime usually until age 100 or 121. We recommend a guaranteed universal life or no lapse universal life which is one of the same. It is basically a permanent life insurance plan that’s focused on pure protection with fixed rates and fixed benefits with no surprises.
2. Health Class Rating – most individuals when shopping for life insurance are looking for the company that has the lowest rate. it is important to keep in mind that each company will look at you differently by using factors such as you’re built, health conditions, background history and even family history of illnesses. This is something an experienced agent should be able to do for you by asking you some questions in order to recommend a company that will give you the best rates based on your overall health class.
3. Comparing rates – Once you know your need and your health class, it’s time to start shopping. When shopping for life insurance you should be able to compare rates with multiple companies, in our case we usually look at about 30 to 60 different companies for our clients. The good thing is that life insurance rates are fixed by law and there’s no fee for working with an agent or agency. If you’d like to find a plan feel free to use one of our quoters to compare rates with all the top “A” rated companies.
4. Pick the right company – When you shop around with different companies you should also be very peculiar with which company you would like to apply to. That is why you should check the company’s Financial strength, A.M. Best ratings, customer service reviews and of course the plan benefits which they offer. Typically if a company has an A+ rating from A.M. Best, been around for hundred plus years, has great service reviews and products, it will be the right choice.
Application process
Once you figure out exactly what you need and found the best company it’s time to apply for the coverage. The application process typically involves filling out paperwork, setting up your medical exam and allowing the company 3 to 5 weeks to review your information before mailing out your policy. Once you get your policy, it’s important to review all the information and store your policy in a secure place with all your other important documents. You should also let your family members know about which company you’ve got a policy with and provide contact information for your agent.
Now for people that have busy lifestyles, there’s also an option to secure a life insurance policy really fast and without the need of doing a medical exam. These policies are known as simplified issue life insurance plans. Most of these plans allow you to apply with an electronic application that could be signed via email and will approve you from 15 minutes to about 72 hours depending on the company. These plans work for people that are looking for $500,000 or less in life insurance coverage. The great news is that we offer both of these types of plans and you can compare rates by select one of the quoters above.
We’re here to help
Fifth Third Bank might be really great with anything to do with finances but when it comes to life insurance they fall short in our humble opinion. The great news is that you can work with an independent agency that specializes in life insurance such as InsureChance. Here at InsureChance we provide unbiased quotes with all the top rated life insurance companies on the market. We will shop till we drop to get you and your family the best deal, in addition to that we provide you with lifetime customer service. So feel free to call us at 1888 492 1967, hit the chat button or request a quote and we will gladly help you make life insurance shopping a breeze. Thank you for reading and welcome to InsureChance.
