Chubb Life Insurance Review
- Chubb offers consumers one of the most comprehensive selections of plans available today. Discover why Chubb life insurance policies may be worth a closer look.
Chubb is one of the world’s leading providers of property and casualty insurance. This sprawling multinational company offers one of the most comprehensive selections of policies available today, including niche coverage such as protection for art and other valuables. Although the company's website is extensive and may be difficult to navigate, here's why Chubb may be worth a closer look.
With operations in more than 50 countries and territories, Chubb is one of the world's largest providers of insurance services. In fact, nearly 40% of the company’s business is conducted outside the United States. Globally, Chubb markets an extensive selection of services and solutions to clients ranging from individuals to multinational corporations and receives more than 3 million claims each year.
What Life Insurance Products Does Chubb Offer?
In the United States, Chubb is a leading provider of commercial insurance products and services, including workplace solutions. However, it also sells products for individuals and small businesses in a wide array of categories, including:
- Home insurance: Chubb helps families protect their homes and property through comprehensive homeowners and renters policies, including plans designed for individuals living in co-ops or condos. The company also offers equipment breakdown coverage, which provides protection when a home system or an appliance needs to be repaired or replaced.
- Auto insurance: Consumers who have an automobile plan from Chubb can get assistance from a claims team 24/7. In the event of a covered accident, benefits include a rental car and the cost of original equipment manufacturer parts. Chubb also offers specialty coverage for classic cars.
- Marine policies: Chubb’s comprehensive marine insurance policies protect watercraft ranging in size from sailboats to mega-yachts. Coverage may include captained vessels.
- Cyber coverage: Chubb offers cyber insurance which protects policyholders against theft, hacking and other cybercrime. The company’s innovative cyber policies help individuals resolve identity theft, and may cover costs such as counseling for children who’ve experienced cyberbullying.
- Liability protection: These supplemental plans can extend the liability coverage included in other policies, such as home and auto insurance, in the event of an accident or lawsuit. Group plans are available.
- Travel insurance: Chubb’s Passport 360® travel insurance provides comprehensive benefits that include medical and political evacuation coverage, accidental death and dismemberment protection and coverage for medical expenses while on the road.
- Natural disaster coverage: Clients who live in areas prone to natural disasters may be eligible to purchase protection for damage caused by hurricanes, wildfires, hail, earthquakes and flooding.
- Valuable articles policies: Chubb provides coverage for items of value that may not be fully protected under a homeowners policy, including art, jewelry, wine and spirits, and other collections.
Chubb also offers coverage packages for consumers with complex needs. Policies may be tailored to suit small businesses, family offices, collectors and farming operations.
Chubb Life Insurance
Most of Chubb’s individual life insurance policies are sold under the umbrella of Chubb Life, the company’s international life insurance division. Although policies may be available in other regions, the division primarily operates in Asia, providing coverage to consumers in Korea, Taiwan, Thailand, Hong Kong, Indonesia and Vietnam.
In the United States, Chubb typically sells life insurance policies as part of its workplace solutions packages. These policies are aimed at employers who are looking to provide a comprehensive benefits package to employees. Participating workers can get coverage that protects their loved ones’ financial future if they die. These policies provide guaranteed death benefits that help pay for burial expenses and may cover the costs of mortgages, education and other day-to-day expenses for families in the wake of a loved one's passing.
Workplace solutions may also include life insurance-adjacent benefits, such as:
- Accident coverage
- Disability benefits
- Critical illness coverage
- Hospital indemnity protection
Term and whole life insurance policies in varying amounts may also be available for purchase individually in some states.
The Pros and Cons of Chubb
Doing business with a major multinational insurer such as Chubb can have numerous advantages. The company offers an extensive selection of policies, which suit the needs of a wide range of consumers, including those with specialized insurance requirements. Many of the company's plans are customizable, and multi-policy discounts may be available to clients who purchase coverage in more than one category. The company also has a strong track record for customer service.
However, Chubb’s policies may come at a cost, particularly if you’re looking for niche coverage for collectibles and other valuables. With the notable exception of its workplace solutions, many of Chubb's plans are aimed at affluent consumers.
Chubb Reviews: What People Are Saying
Consumer reviews of Chubb often remark positively on the company’s customer service standards, noting that the company is easy to work with. Some reviewers show appreciation for Chubb’s supportive company representatives and efficient claims approval process, particularly with regard to its homeowners policies. However, a few customer reviews report regular price increases and note that emails to the company sometimes go unanswered.
Is a Chubb Life Insurance Policy Right for You?
If you’re an employer looking to provide affordable workplace solutions for your workers, a Chubb life insurance solution may be right for you. Employees of companies who partner with Chubb may be able to get comprehensive coverage at a price that's a fraction of what an individual policy would cost. Otherwise, the company’s individual life insurance policies are typically better suited to high-income individuals and families looking for niche or customizable coverage.