AMEX Platinum - Life Insurance

Old Sep 22, 2023, 2:45 pm
  #1  
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AMEX Platinum - Life Insurance

Does anyone know the details of the amex platinum life insurance policy? If you rented a car using the amex card and then died in a car accident, would this be covered?

Any info or links to the policy would be great - thanks in advance!
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Old Sep 22, 2023, 2:55 pm
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mia
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1) In which country is your American Express card issued?

2) To my knowledge, USA issued cards do not provide any life insurance. Where do you see it?
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Old Sep 22, 2023, 2:57 pm
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It is a USA issued AMEX Platinum card. I have been told by a few people that this type of insurance exists, but perhaps it does not?
If the card terms are available online then I could probably get to the bottom of it.
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Old Sep 22, 2023, 3:05 pm
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It did exist. It was called Travel Accident Insurance. Discontinued in 2020.
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Old Sep 22, 2023, 3:57 pm
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I have the so-called death-and-dismemberment coverage on at least two of my Visa cards. It covers you for trips which you have charged to your card while traveling on a common carrier, including common carriers transporting you to your departure terminal for embarkation, and from your arrival terminal immediately after disembarkation. The Chase insurance also covers you while riding on a complimentary shuttle vehicle (typically between a hotel and an airport).

The insurance does not cover you for death or dismemberment while driving or riding in a rental car or private vehicle. I don't know whether the discontinued Amex coverage was broader.

Edited to add: The insurance provided by the Chase Sapphire Preferred does offer an additional coverage while one is on vacation on a trip charged to the card. That coverage pays a reduced benefit ($100,000) for death occurring on vacation even when not on a common carrier. So presumably if you died in an auto accident or by being hit by a piano safe* or air conditioner** while walking down the street, you would be covered.

* See Abbott & Costello's famous Bagel Street/Susquehanna Hat Company routine.

** See "Fargo," Season 3, Episode 1.

Last edited by guv1976; Sep 22, 2023 at 5:13 pm
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Old Sep 22, 2023, 5:09 pm
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Wow! Chase Sapphire provides 100K life insurance and free liability coverage with rental cars. I am continually amazed at how Amex uses their aspirational life style advertisements to give people the illusion they have more insurance coverage than actually provided.
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Old Sep 22, 2023, 5:14 pm
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Originally Posted by Centurion
Wow! Chase Sapphire provides 100K life insurance and free liability coverage with rental cars. I am continually amazed at how Amex uses their aspirational life style advertisements to give people the illusion they have more insurance coverage than actually provided.
Yes, and that coverage is provided by the cheaper Sapphire Preferred card ($95 annual fee).
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Old Sep 23, 2023, 12:23 am
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We have the AMEX Business Platinum. It does come with insurance and rental car insurance coverage. But you must decline the insurance offered by the car rental agency.
When we recently rented a car in Cabo and used our AMEX Biz Plat and declined their coverage, the guy at the counter pointed to our card and said, “better than ours” and remarked that a recent customer had to use their coverage thru AMEX Platinum and he stated it was super easy.

Here’s an article with the benefits of the coverage.

https://upgradedpoints.com/credit-ca...ance-benefits/
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Old Sep 23, 2023, 11:32 am
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Originally Posted by guv1976
Edited to add: The insurance provided by the Chase Sapphire Preferred does offer an additional coverage while one is on vacation on a trip charged to the card. That coverage pays a reduced benefit ($100,000) for death occurring on vacation even when not on a common carrier. So presumably if you died in an auto accident or by being hit by a piano safe* or air conditioner** while walking down the street, you would be covered.
You would be dead. In order for this to be claimed your beneficiary would have to know that this coverage exists, be able to prove that you paid for your travel charges in a way that confirms you should be covered, and fight their way through the eclaimsline claim process.
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Old Sep 23, 2023, 11:35 am
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Originally Posted by DASRTR
We have the AMEX Business Platinum. It does come with insurance and rental car insurance coverage.
American Express cards include many type of insurance, but mistakenpenguin asked specifically about "life" insurance, which Business Platinum does not include. For domestic USA rentals the American Express CDW coverage is inferior to that offered by Chase.
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Old Sep 23, 2023, 8:58 pm
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Originally Posted by Centurion
Wow! Chase Sapphire provides 100K life insurance and free liability coverage with rental cars. I am continually amazed at how Amex uses their aspirational life style advertisements to give people the illusion they have more insurance coverage than actually provided.
This would be great news if true, but I can see no evidence of it:

The Auto Rental Collision Damage Waiver acts as primary coverage and covers theft, damage, valid loss-of-use charges imposed and substantiated by the auto rental company, administrative fees, and reasonable and customary towing charges (due to a covered theft or damage) to the nearest qualified repair facility. The Auto Rental Collision Damage Waiver covers no other type of loss. For example, in the event of a collision involving Your Rental Vehicle, damage to any other drivers car, the injury of anyone, or damage to anything is not covered.

https://static.chasecdn.com/content/...aSignature.pdf
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Old Sep 23, 2023, 9:06 pm
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Originally Posted by SpaethCo
You would be dead. In order for this to be claimed your beneficiary would have to know that this coverage exists, be able to prove that you paid for your travel charges in a way that confirms you should be covered, and fight their way through the eclaimsline claim process.
Unless you actually designated a beneficiary, the benefit would be payable to your estate, so it would be your executor's responsibility to pursue the claim for that insurance. I would hope that estate attorneys who advise executors would have enough savvy to investigate credit-card insurance for someone who died while traveling.

Last edited by guv1976; Sep 23, 2023 at 9:18 pm
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Old Sep 23, 2023, 9:13 pm
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Originally Posted by Doppy
This would be great news if true, but I can see no evidence of it:

The Auto Rental Collision Damage Waiver acts as primary coverage and covers theft, damage, valid loss-of-use charges imposed and substantiated by the auto rental company, administrative fees, and reasonable and customary towing charges (due to a covered theft or damage) to the nearest qualified repair facility. The Auto Rental Collision Damage Waiver covers no other type of loss. For example, in the event of a collision involving Your Rental Vehicle, damage to any other drivers car, the injury of anyone, or damage to anything is not covered.

https://static.chasecdn.com/content/...aSignature.pdf
The Chase auto insurance provides no life insurance. But if you're renting a car while away from home on a trip charged to a qualifying Chase card, there is a $100,000 death benefit payable if you die from accidental causes -- whether in a rental-car accident or otherwise -- while you are away. See the discussion on page 23 of the benefits brochure which you linked.
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Old Sep 23, 2023, 11:55 pm
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Originally Posted by guv1976
Unless you actually designated a beneficiary, the benefit would be payable to your estate
Your estate is actually 5th down the line in the list of beneficiaries, from page 33 https://chasebenefits.com/sapphirereserve2

If You have not chosen a beneficiary or if there is no beneficiary alive when You die, then the Company will pay the benefit to Your survivors in the following order: 1) Your Spouse or Domestic Partner; 2) Your child(ren); 3) Your parents; 4) Your brothers and sisters; and 5) Your estate.

I would be really surprised if more than a low single digit number of people have successfully pushed a claim through on this policy since the CSR launched. The overwhelming majority of cards do not have travel accident coverage, so it's almost guaranteed to be missed unless you leave specific instructions for people to go looking for it.

Last edited by SpaethCo; Sep 24, 2023 at 12:02 am Reason: Formatting and added statement
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Old Sep 24, 2023, 12:33 am
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Originally Posted by SpaethCo
Your estate is actually 5th down the line in the list of beneficiaries, from page 33 https://chasebenefits.com/sapphirereserve2

If You have not chosen a beneficiary or if there is no beneficiary alive when You die, then the Company will pay the benefit to Your survivors in the following order: 1) Your Spouse or Domestic Partner; 2) Your child(ren); 3) Your parents; 4) Your brothers and sisters; and 5) Your estate.

Ah, OK. That's different than the provisions of the common-carrier death benefit on the U.S. Bank Altitude Reserve card, where the benefit is payable to the cardholder's estate unless a beneficiary form has been filed. But that's exactly why an estate ​​​​lawyer should investigate whether there is any applicable credit-card death benefit, and if so, to whom or what it is payable.

I won't speculate as to how many claims have been filed under Chase's 24-hour accidental-death coverage.
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