American Express Credit Cards: Life Insurance Benefits Explained

American Express offers a wide range of benefits and rewards to its card members, including insurance. The type of insurance offered varies depending on the type of card and the region. For example, American Express cards in India offer personal accident, critical illness, and possessions insurance, while American Express cards in Australia provide domestic and international travel insurance, as well as retail insurance. In addition, American Express also offers term life insurance solutions in India and specialized term insurance solutions in partnership with Future Generali India and PNB MetLife India.

Travel insurance

Trip Delay Insurance

Trip delay insurance provides compensation for reasonable expenses incurred if your trip is delayed by a minimum number of hours due to covered reasons such as bad weather, terrorism, equipment failure, or loss/theft of travel documents. "Reasonable expenses" include meals, accommodation, toiletries, medications, and clothing, among other personal items. To be eligible for this coverage, you must have purchased your travel tickets using your American Express card, either fully or in combination with points or vouchers. The benefit amount varies by card, with some cards offering $500 reimbursement for delays of more than 6 hours, and others providing $300 reimbursement for delays exceeding 12 hours. Cardholders can file up to two claims within a 12-month period.

Trip Cancellation and Interruption Insurance

Trip cancellation and interruption insurance reimburse you for non-refundable and prepaid trip costs if your itinerary is disrupted due to specific reasons. These reasons typically include accidental injury or illness to you, your travel companion, or a family member; inclement weather preventing travel; changes in military orders; or your home becoming uninhabitable. To be eligible for reimbursement, you must have paid for the trip in full using your American Express card or partially with miles. The maximum coverage provided is $10,000 per covered trip and $20,000 per card per 12 consecutive months. It's important to note that the coverage is considered secondary, meaning you must first file a claim with the carrier before receiving benefits from this policy.

Baggage Insurance

Most American Express cards include baggage insurance, which protects you if your checked or carry-on luggage is lost, damaged, or stolen. This coverage applies when you have paid for the entirety of your airfare with your American Express card. The coverage extends to the cardmember, their spouse or domestic partner, and any dependent children under 23 years of age included in the same reservation. The coverage provided by your card is secondary, so you must first file a claim with your carrier before receiving additional coverage for your loss. Coverage limits vary by card, but some premium cards offer up to $2,000 for checked baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of the coverage provided by the carrier.

Car Rental Loss and Damage Insurance

When you use your American Express card to reserve and pay for a rental car in full and decline the Collision Damage Waiver (CDW) at the counter, you can be covered for theft or damage to the rental vehicle. This insurance is also applicable if you use your American Express Membership Rewards points to pay for the rental. However, if you use other types of loyalty rewards to offset the rental cost, this protection does not apply. The insurance coverage is limited to a maximum of 30 days per rental agreement, with coverage limits ranging from $50,000 to $75,000, depending on your card. Similar to other insurance benefits, car rental loss and damage coverage is considered secondary, meaning it pays benefits in excess of what your primary coverage provides.

Global Assist

Global Assist is a 24/7, 365-day service that provides assistance with a range of issues while travelling more than 100 miles away from home. This includes customs information, vaccine requirements, lost passport assistance, and even bail bond referrals. Access to the Global Assist hotline is complimentary, but any services obtained through it may be chargeable. Some premium American Express cards offer a Premium Global Assist service, which includes additional benefits at no extra cost.

Retail insurance

Card Refund and Purchase Cover

This protection provides peace of mind when making purchases with your American Express card. If you need to return an item but are unable to do so, or if the retailer refuses to accept the return, American Express may provide a refund for the item. This coverage is especially useful for online shopping, where returning items can be more challenging.

Smartphone Screen Cover

This insurance covers the cost of repairing or replacing a cracked or damaged screen on your smartphone. With the ubiquitous use of smartphones in our daily lives, this type of insurance can be invaluable, saving you from costly repair bills.

Other Potential Retail Insurance Benefits

American Express also offers a range of other potential benefits, depending on the specific card and the region in which it is used. These benefits can include extended warranty protection, purchase protection, and return protection. It is important to carefully review the terms and conditions of your specific American Express card to understand the retail insurance benefits included.

Additionally, American Express offers a range of life insurance options for its cardholders. These include term life insurance solutions from partners such as Future Generali India and PNB MetLife India, providing coverage until the age of 85 or 99, respectively. These plans offer high coverage amounts and flexible payment options, ensuring peace of mind for cardholders and their families.

Personal accident insurance

American Express offers personal accident insurance as a benefit on many of its credit cards, including:

• The Platinum Card
• The Business Platinum Card
• The American Express Gold Card
• The American Express Business Gold Card
• The American Express Green Card
• The Centurion Card
• The Business Centurion Card
• The Corporate Centurion Card
• The Platinum Card for Ameriprise Financial
• The American Express Platinum Card for Schwab
• The Platinum Card for Goldman Sachs
• The Platinum Card for Morgan Stanley
• The Corporate Platinum Card
• The Delta SkyMiles Reserve American Express Card
• The Delta SkyMiles Reserve Business American Express Card
• The Hilton Honors American Express Aspire Card
• The Marriott Bonvoy Brilliant American Express Card

The coverage provided by these cards varies, so it is important to review the terms and conditions of your specific card to understand the benefits included. Additionally, American Express also offers standalone personal accident insurance plans that can be purchased separately. These plans offer more comprehensive coverage and customizable options to meet your needs.

It is worth noting that personal accident insurance provided by credit cards typically has certain exclusions and limitations. For example, there may be maximum age limits, exclusions for pre-existing medical conditions, and coverage limits. Therefore, it is essential to carefully review the terms and conditions of your American Express credit card to fully understand the personal accident insurance benefits included.

Critical illness insurance

American Express cardmembers in Australia also have access to complimentary domestic and international travel insurance, as well as retail insurance for eligible purchases made with their card. While this may not be classified as critical illness insurance, it can provide financial protection in the event of unexpected situations during travel, including medical emergencies. It is important to note that terms, conditions, and exclusions apply to all insurance offerings, and cardmembers should carefully review the insurance terms and conditions to understand their coverage.

Life insurance

American Express offers a range of insurance products to its cardholders, including travel insurance, retail insurance, and life insurance. The availability and specifics of these insurance products may vary depending on the country and the type of American Express card held.

Travel Insurance

American Express cards often include travel insurance benefits for domestic and international travel. This insurance typically covers eligible cardholders and their spouses, as well as dependent children under a certain age. To be eligible for travel insurance coverage, cardholders usually need to use their American Express card or membership rewards points to pay for their travel expenses, such as accommodation or transportation. The specific requirements and coverage limits may differ based on the card type and terms.

Retail Insurance

American Express may also provide retail insurance benefits, such as Card Refund and Purchase Cover, and Smartphone Screen Cover. These benefits apply when eligible items are purchased using the American Express card or membership rewards points. The coverage is subject to terms and conditions, including residency requirements and exclusions for certain items.

American Express offers life insurance plans in partnership with specialised insurance providers. These plans are designed to cater to specific needs and may include features such as high coverage amounts, flexible payment options, and dedicated claims handling. Cardholders can choose from a range of life insurance solutions provided by partner companies.

It is important to note that the availability and specifics of insurance benefits may vary by country and card type. Cardholders should refer to their specific card's terms and conditions to understand the insurance coverage included with their American Express card.

Frequently asked questions