Chubb Life Insurance Review – Coverage for High Incomes

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Last Updated:Jun 25, 2024

Chubb Life Insurance Review – Coverage for High Incomes

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Fast Facts

Global Presence:

Available in multiple countries.

Financial Strength:

Highly rated for financial stability.

Customizable Policies:

Tailored coverage options.

Claims Support:

Efficient and supportive claims process.

Comprehensive Coverage:

Offers various life insurance policies.

Additional Benefits:

Includes riders and extra features.

Many of us value protecting our loved ones if the worst happens. While no one likes thinking about tragic circumstances, it’s important to be prepared and ensure your family has the funding needed in a life-altering situation. Life insurance is a great way to do this.

In this insurance review, I’ll walk you through Chubb Life Insurance offerings so you can decide if this insurance provider is right for you and your family.

In this article

What is Chubb Life Insurance?

Chubb.com offers both individual and commercial insurance policies. The insurer has been around for over 200 years and offers homeowners insurance, natural disaster, car insurance, travel insurance, cyber, liability coverage, life insurance, supplemental health, and various business insurance options.

Chubb Limited is Chubb's parent company, listed on the New York Stock Exchange and a part of the S&P 500 index. Chubb’s financial strength ratings are strong, with AA from Standard & Poor's and A++ from AM Best. Additionally, on JD Power 2023 ratings for customer satisfaction, Chubb stands at the ninth position, over the industry average.

Life insurance that's simple and affordable

Up to $2 million in coverage

Get covered in 5 minutes.
95% of customers approved.
No Hassles. No Gimmicks. Easy Application.
Non-Commissioned Agents.
Ages 20+
100% Online Application.
Fast Coverage.

Get an estimate

How does Chubb life insurance work?

Chubb offers three types of life insurance:

Medical supplemental insurance provides accident, sickness, disability, disease, and life protections.
Personal accident & health insurance provides some accident and health protections.
Employer-provided life insurance provides employees with accident, illness, and life protection.

Individuals and employers can request a quote to sign up for life insurance services by submitting a “Find an Agent” request. This will direct you to participating Chubb agents who can help you finalize your request and sign up for services.

How much does Chubb Life Insurance cost?

Chubb Insurance does not list prices and fees on its website since all quotes are customized based on your age, health, family history, and other background information. However, it should be noted that Chubb Insurance customers are primarily high-income families. As a result, you should expect the quotes to be on the higher side.

Chubb Life Insurance features

Unique life protector product

Chubb Corporation offers supplementary life insurance through Combined Insurance, a subsidiary of Chubb. This insurance company offers a product called Life Protector, designed to directly pay out an insurance policy in cash to yourself or a loved one when they need it most.

Disability options

Chubb’s life insurance options can help you through rough times if you become disabled or unable to work due to health reasons. In the event of a temporary and total disability due to an accident, Chubb will settle the payment of your additional sum benefit to offset your loss of income from disability.

Disease benefits

One unique offering Chubb Insurance provides is specified disease coverage. This option covers diseases like cancer and will pay policyholders directly in cash if you’re diagnosed with a covered disease.

Life insurance that's simple and affordable

Up to $2 million in coverage

Get covered in 5 minutes.
95% of customers approved.
No Hassles. No Gimmicks. Easy Application.
Non-Commissioned Agents.
Ages 20+
100% Online Application.
Fast Coverage.

Get an estimate

Who is Chubb Life Insurance best for?

High-income families. Chubb group was developed for wealthier individuals and might be too expensive for low and middle-income families. Chubb Insurance is worth exploring if you’re a high-income earner looking for extensive life insurance protections with customizable policies.
Employees of Chubb-partnered companies. If your employer offers Chubb Life Insurance as a benefit, you may gain access to the many benefits offered through this insurance company for a fraction of the cost. If your employer offers Chubb Insurance, it’s worth looking into the policy options available to you.

Who shouldn’t use Chubb Life Insurance?

Low- and mid-income families. Chubb Insurance caters to wealthier families and may be out of reach for low and middle-income earners. While it won’t hurt to get a quote from Chubb Insurance if you’re interested in one of its products, I highly recommend shopping around for more affordable alternatives.

Pros and cons

Pros

Great policy options. I love that Chubb Insurance offers a large selection of options you can enroll in when signing up for life insurance, such as accident and sickness insurance, disability protection, life protector, specified disease coverage, and leisure travel insurance coverage.
Trusted name. Chubb Insurance is one of the top names in the insurance world and has been trusted by families, companies, and individuals for centuries.

Cons

Expensive policies. On the downside, it’s disappointing that Chubb Insurance primarily targets high-income families. As a result, its policies are more expensive than other life insurance policies. I wish it offered a slightly more affordable option for low or middle-income earners.
No online quote options. While I understand that every quote from Chubb Insurance is customized and requires more information to apply, it’s a little disappointing that the company directs you to a nearby agency to complete your quote, rather than offering a way to complete your request online.

Chubb life insurance vs. competitors

Provider	Life Insurance Calculator Available Online	Employer Insurance Offered	Cash Payouts Offered
Chubb Life Insurance	No	Yes	Yes
Pacific Life Insurance	Yes	Yes	Yes
Northwestern Mutual	Yes	Yes	Yes

Life Insurance Calculator. It may be hard to determine how much life insurance you need. That’s why I’m glad online life insurance calculators are easily available to help you determine the right policy options for your family. Chubb Insurance does not offer an online calculator. Northwestern Mutual does have an online calculator that’s quick and intuitive.
Workplace/Employee Insurance. All three companies surveyed offer workplace life insurance options for employers and their policies.
Cash Payouts. All three companies surveyed offer cash payouts for life insurance policies (some restrictions may apply).
Life Insurance Products. While Chubb Insurance only offers two individual plans, Pacific Life offers more variety with four products (indexed universal, variable universal, universal, and term). Even Northwestern Mutual offers more selection with four products (whole, term, variable, and universal).

Read a full review on Pacific Life.

Life insurance that's simple and affordable

Up to $2 million in coverage

Get covered in 5 minutes.
95% of customers approved.
No Hassles. No Gimmicks. Easy Application.
Non-Commissioned Agents.
Ages 20+
100% Online Application.
Fast Coverage.

Get an estimate

FAQs

What types of life insurance are there?

There are three main types of life insurance: whole, term, and universal. Whole life insurance covers you for the rest of your life and has set payments. Term life insurance covers you for a set number of years (usually 10, 15, 20, or 30). Universal life insurance is similar to whole as it will cover you for the rest of your life, but the payments are more flexible.

What do I need to know before buying life insurance?

Before purchasing a life insurance policy, it’s important to review your finances and your family’s financial needs. From there, decide how much you can afford to spend on life insurance and shop around for policies (using online calculators) that fit your needs. You’ll also want to decide if a whole, term, or universal life insurance policy is best for your family.

How long do you need to have a life insurance policy before you can use it?

Typically it takes one to two years for your life insurance policy to kick in, but the exact terms will vary across policies. Some policies allow your benefits to begin immediately.

The bottom line

The insurance market is crowded, but Chubb is a trusted name in the insurance world that caters mostly to high-income families and businesses. While Chubb offers impressive benefits in its life insurance policies, I recommend shopping around to see if you can save money on similar life insurance products. Whether you are looking for home insurance, car insurance, life insurance, or renters insurance, comparing your options is always a good idea.

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Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.

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