Jeffrey Wade
Huntington Bank offers a wide range of financial services, including insurance products for personal and business needs. The bank is an FDIC-insured institution, which means that deposit accounts are automatically insured by the FDIC up to established limits. In addition to FDIC-insured deposit accounts, Huntington also provides insurance products such as personal insurance for homes, autos, and life, as well as guidance for high-net-worth individuals. These insurance products are offered through Huntington Insurance, Inc., a licensed agency and subsidiary of Huntington Bancshares Incorporated. While these insurance products are underwritten by third-party carriers, they are not FDIC-insured, guaranteed by the bank, or insured by any federal government agency. Understanding the insurance options available and the protections they offer is essential for individuals and businesses alike.
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What You'll Learn
FDIC-insured bank accounts
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the US government that protects and reimburses your deposits up to a legal limit of $250,000 if your FDIC-insured bank fails. FDIC deposit insurance covers all types of deposits held at an insured bank, including checking accounts, savings accounts, money market deposit accounts, and certificates of deposit. It's important to note that FDIC insurance does not cover investment accounts or non-deposit investment products such as stocks, bonds, mutual funds, and life insurance policies.
Huntington National Bank is a member of the FDIC, which means that its deposit accounts are FDIC-insured. This includes traditional deposit accounts such as checking and savings accounts. However, it's important to note that Huntington also offers insurance products that are not FDIC-insured and are not guaranteed by the bank. These include personal insurance for your car, motorcycle, boat, RV, or snowmobile, as well as umbrella insurance to extend your protection beyond the limits of your personal insurance policies.
When you open a deposit account at an FDIC-insured bank, your money is automatically covered by FDIC insurance. This coverage is provided by the FDIC in the event that the bank fails, and it covers your deposits dollar-for-dollar, including principal and any accrued interest, up to the insurance limit. The FDIC also provides resources to help individuals without bank accounts get started with opening an account at an FDIC-insured bank.
You can use the FDIC's BankFind tool to determine if your banking institution is insured by the FDIC. Additionally, the FDIC Electronic Deposit Insurance Estimator (EDIE) is an online tool that can help you determine whether your accounts are fully insured at each insured bank where your deposits are held. By inputting the dollar amounts you have on deposit, you can get an estimate of your coverage.
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Personal insurance professionals
As personal insurance professionals, you know that protecting your clients' finances is paramount. At Huntington, we offer a range of insurance products to help your clients protect their assets and provide peace of mind.
Firstly, it's important to note that Huntington Bank is an FDIC-insured institution. This means that deposit accounts at Huntington are automatically insured by the FDIC up to established limits. FDIC insurance provides protection for your clients' money in the event that the bank fails. The standard deposit insurance amount is $250,000 per depositor, per FDIC-insured bank, per ownership category. Certain accounts, such as Certificates of Deposit (CDs), are also FDIC-insured up to applicable limits.
In addition to FDIC insurance, Huntington offers a variety of insurance products to meet your clients' diverse needs. These include personal insurance options such as home, auto, and life insurance. Our independent agency status allows us to offer a broad range of choices to tailor coverage for your clients. For example, motor vehicle insurance can protect your clients financially in the event of an accident. We also offer umbrella insurance, which extends protection beyond personal insurance policies, providing additional coverage in the event of a liability claim or lawsuit.
For high-net-worth individuals and business owners, Huntington Private Bank provides specialized insurance guidance. Our Insurance Risk Advisors work closely with clients and their legal and tax advisors to develop personalized insurance strategies. This ensures that insurance plans remain aligned with their evolving needs and expectations.
At Huntington, we understand the importance of managing risks and protecting your clients' financial well-being. Our insurance professionals are dedicated to helping your clients navigate the complexities of insurance and make informed decisions to safeguard their future. Whether it's protecting their homes, vehicles, or loved ones, we're committed to providing the right coverage for their unique situations.
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Life insurance
Huntington Bank offers a range of insurance products, including life insurance, to help protect individuals and their families from financial uncertainty. Life insurance is an agreement between the policy owner and the insurer, where the insurer promises to pay a sum to a chosen beneficiary upon the death of the insured in exchange for premium payments.
There are several types of life insurance policies offered by Huntington, each with unique features and benefits:
Term Life Insurance
Term life insurance provides coverage for a specified period, typically 10, 20, or 30 years. It offers a death benefit with no cash value component, meaning it is ideal for temporary needs such as covering mortgage, education, or business expenses. Once the term expires, beneficiaries will no longer receive a payout.
Whole Life Insurance
Whole life insurance offers lifetime coverage with a death benefit and a savings component. The premiums are fixed, and the policy accumulates cash value over time. Whole life insurance provides guaranteed cash value growth as long as premiums are paid.
Universal Life Insurance
Universal life insurance combines a death benefit with a flexible savings component, allowing policyholders to adjust premiums and coverage amounts. Policyholders can choose between fixed or index-based universal life insurance, with the latter offering the potential for higher returns by investing the cash value portion in various subaccounts.
Variable Universal Life Insurance
Variable universal life insurance includes a death benefit and a savings component that can be invested in market-based options. The cash value and death benefit fluctuate with market performance, providing the opportunity for higher returns but also carrying more risk.
In addition to these life insurance options, Huntington also offers disability insurance, which provides income protection if the insured becomes unable to work due to illness or injury. This type of insurance helps individuals maintain their standard of living and meet financial obligations during difficult times.
It is important to note that insurance products offered by Huntington Insurance, Inc. are not FDIC insured, are not bank-guaranteed, and are not insured by any federal government agency. However, Huntington is committed to helping individuals make informed decisions to protect their families, estates, and businesses through tailored solutions and comprehensive guidance.
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High-net-worth individuals
One of the services offered is insurance guidance. Huntington Insurance serves as an advocate in the insurance marketplace for high-net-worth individuals and high-profile business owners. With their permission, an Insurance Risk Advisor will work with a client's legal and tax advisors to conduct regular evaluations of their insurance plan to ensure expectations are met.
Another service is tax planning. High-net-worth individuals often have substantial wealth spread out among various investments that could benefit from tax-reducing tactics. For example, a health savings account (HSA) allows clients to set aside funds for medical expenses while reducing taxable income. Additionally, tax-loss harvesting, or tax-loss selling, is a strategy that involves selling securities at a loss to offset capital gains taxes owed from selling profitable assets, thus reducing short-term capital gains taxes.
The bank also provides wealth management services, with experts who guide ultra-high net worth clients, develop intellectual capital, and educate them on planning techniques. These services include wealth security, transfer planning, business succession planning, and advanced cash flow strategies.
Finally, Huntington Private Bank offers banking solutions, including loans and deposit accounts provided by The Huntington National Bank, a member of FDIC.
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Investment and insurance products
Huntington Bank offers a wide range of investment products and services to meet the diverse needs of its customers. Their approach is centred around listening to their customers, planning, and then advising. By understanding your goals, risk tolerance, and circumstances, Huntington's investment professionals can help you develop a personalised investment strategy. They offer access to a variety of products and services, including a well-diversified approach to your investment portfolio, to help you meet your financial objectives.
Huntington Financial Advisors® is a service that offers securities and insurance products. The Huntington Investment Company, a registered broker-dealer and investment advisor, provides these services. Certain investment advisory solutions, securities, and insurance products are also provided by Huntington Financial Advisors®.
Insurance products are offered by Huntington Insurance, Inc., a licensed agency and a wholly-owned subsidiary of Huntington Bancshares Incorporated. These insurance products are underwritten by third-party insurance carriers not affiliated with Huntington Insurance, Inc. Personal insurance professionals at Huntington can help you compare rates and explore your options for various types of insurance, including motor vehicle insurance, home insurance, and life insurance.
It is important to note that investment and insurance products are not FDIC-insured, are not bank-guaranteed, and may lose value. They are also not a deposit and are not insured by any federal government agency.
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Frequently asked questions
Yes, Huntington Bank is an FDIC-insured bank, so deposit accounts are automatically insured by the FDIC up to the limits established by the FDIC.
The Federal Deposit Insurance Corporation (FDIC) has been protecting depositors of insured banks against the loss of deposits if an insured bank fails. The FDIC is backed by the United States government.
The standard deposit insurance amount is $250,000 per depositor, per FDIC-insured bank, per ownership category.
Huntington offers a range of insurance products, including personal insurance for your car, motorcycle, boat, RV, or snowmobile, as well as home and life insurance. They also offer insurance guidance for high-net-worth individuals and high-profile business owners.
