Trick question. They’re not.
However if you’ve spent any time in a bank recently, you may have encountered friendly staff who recommend the bank’s house, contents or life insurance. Here are some reasons to hesitate before signing on the dotted line.
While banks are great at lending money, providing credit cards and many other financial services, they are not insurance specialists. Their policies may not be suited to your requirements and they are generally not sold with personalised advice.
Insurance policy wording can be quite detailed and it may require some expertise to understand what benefits you’ll receive. You may think you’re covered but you won’t know until its time to claim. And then you’re on your own.
If your bank suggests you buy its insurance, by all means take a look at the policy they offer. Then get a second opinion. It costs you nothing to ask for our feedback. We’ll be happy to provide it at no cost to you.