Kevin, you get what you pay for, a cheap chuck will let the bit slip, a good one will not. I have never had mine let the bit slip at all. YMMV!
My chuck is 0 to 1/2" I don't see it listed at this time .You might give them a call to see if it is available.
I am 86 years old and learned a long time ago when it comes to tools you buy the best that you can afford. I made my living for 46 years using tools and I never regretted buying GOOD tools.