Insurance

Insurance is a reliable protection against negative consequences of unforeseen situations. Modern banks offer their customers to use additional services for them and their families. The insurance program will provide you peace of mind and confidence. We decided to review insurance programs offered by Cardinal Bank, Capital One and Bank of America.

Bank of America

Regretfully, Bank of America does not offer it’s own insurance products. They stopped offering accidental death and dismemberment policies to their customers in 2013 because they wanted to concentrate on serving customers through their specialty – banking. Instead, the bank offers life insurance through third-party carriers using its network of personal bankers, such as Affinion, a direct marketing company that sells accidental death and dismemberment policy (AD&D), which differs from Traditional life insurance that pays out regardless of the cause of death, while AD&D policy only pays out if the death is caused by an accident like a car wreck or an airplane crash.

Cardinal Bank

Cardinal Bank offers a good selection of insurance products and services through an ownership interest in Bankers Insurance, an independent insurance agency, headquartered in Richmond, Virginia, with locations throughout Virginia and North Carolina. It provides comprehensive insurance for you and your business.

Business Insurance Services Provided by Cardinal Bank include:

  • General Liability – Premises and Operations, Personal Injury, Fire Damage, Employment Practices Liability;
  • Property Coverage – Buildings, Business Personal Property, Computer Equipment;
  • Professional Liability – Errors and Omissions, Medical Malpractice, Directors and Officers Liability;
  • Commercial Automobiles;
  • Worker’s Compensation;
  • Employee Benefits – Major Medical, Disability, Dental, Group Life, Key Employee Life Insurance, Voluntary Life Insurance;
  • And more

Capital One

Capital One offers Travel Insurance only, which includes:

  • Car rental insurance. Covered for damage and theft for up to 31 days when you purchase the entire rental on your Capital One card. At the same time, yo must decline the rental agency’s insurance. Coverage includes towing to the nearest body repair shop. The insurance covers most cars up to the full cash value. Not covered vehicles include trucks, motorcycles, RVs, luxury vehicles, and some others;
  • Lost luggage reimbursement. Luggage is covered up to $3,000 if it is lost, damaged, or stolen during traveling.;
  • Travel accident insurance. It covers up to $250,000 if a travel accident causes death or dismemberment. Includes airplanes, trains, buses, boats, etc.

Verdict

Cardinal Bank seems to be the best option among these companies because it offers the richest selection of insurance products for you and your family. Capital One offers a limited choice, and Bank o America does not have its own insurance products at all.