Bank Owned Life Insurance from Bank Of America

Bank-Owned Life Insurance from Bank Of America

Bank-owned life insurance from Bank of America is a great way to protect your family and loved ones, as well as leave them with some money after you pass. But many people don’t know that bank of America even offers this type of coverage.

What is Bank-Owned Life Insurance?

Bank-owned life insurance, also called corporate-owned life insurance (COLI), is a policy that is owned by a bank or corporation. The bank or corporation is the policy’s beneficiary, and the insured person is usually an employee of the bank or corporation. The death benefit of a bank-owned life policy can be used to help the bank or corporation recoup losses from the death of a key employee, pay off business debts, or fund employee benefits programs. Bank-owned life insurance can be a valuable tool for businesses, but it is important to understand the risks involved. For example, if an employee dies and the death benefit is less than the amount of debt that was supposed to be covered by the policy, the business may be in financial trouble. When considering buying bank-owned life, it is important to consult with a financial advisor to make sure that it is the right decision for your business.

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Typical Benefits

Assuming you are referring to the benefits of the life insurance policy offered by Bank of America, here are some potential benefits:

• -The death benefit from a life insurance policy can help your loved ones cover unexpected costs and maintain their standard of living.
• -Your life insurance policy can also act as a savings tool. Some policies offer cash value that you can access through policy loans or withdrawals.
• -Depending on the type of life policy you have, your beneficiaries may be able to avoid paying taxes on the death benefit.
• -A life insurance policy can give you peace of mind knowing that your loved ones will be taken care of financially if something happens to you.

How to Get Bank-Owned Life Insurance at Bank of America

Bank of America offers Bank-Owned Life Insurance (BOLI) to its clients. BOLI is a type of life that is owned by the bank and paid out to the bank if the insured dies. The death benefit from a BOLI policy can be used to cover expenses such as loan payments, credit card debt, and other financial obligations. To get BOLI from Bank of America, you must first open a checking or savings account with the bank. Once you have an account, you can inquire about BOLI through the bank’s customer service department.

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Who Qualifies for Bank of America’s Bank-Owned Life Insurance?

Bank of America’s Bank Owned Life Insurance (BOLI) is available to business owners and professionals who want to use life as a tool to help them financially. To be eligible, applicants must:

• -Be 18 years of age or older
• -Have a personal or business relationship with Bank of America
• -Be a U.S. citizen or resident alien
• -Not be a student, full-time homemaker, or retired

 

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