Aetna Life Insurance Company Review of 2024

Is Aetna a good option for life insurance?

Only 62% of consumers have life insurance. Why? One of the reasons may be how difficult it is to pick the right plan.

50% of adults sought information about a life insurance policy online in 2018. But the search for the perfect life insurance policy and company can be very frustrating.

What policy do I choose? Is the company I’m looking at the best? Is the cheapest option the best option? Does this plan cover my medical condition?

Luckily for you, we can answer all of those questions about Aetna health insurance and life insurance.

Aetna is one of the largest health insurers in the United States. The insurance company offers a very large selection of different types of insurance options that are available to both individuals as well as employers.

Aetna is very well known for its health insurance coverage but many people don’t know that they offer one of the best final expense life insurance options on the market. Premium payments at Aetna are affordable compared to competitors.

The following review will provide detailed information pertaining to Aetna’s senior life insurance coverage.

Read on for a 2020 review of an Aetna life insurance policy. 

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Aetna Health and Life Insurance Company: A General Overview

Founded in 1850 in Hartford, CT, as an annuity and life insurance company, Aetna is one of the country’s oldest insurance companies. It is also currently one of the top five largest health insurance companies in the U.S.

Named after one of Europe’s largest and most active volcanoes, Aetna has provided life insurance through much of the country’s history, including during times of turmoil like the U.S. Civil War and World Wars I and II.

Basically, Aetna has been trusted by consumers for decades and has an amazing company timeline filled with tons of history involving the massive company growth of the insurance giant.

Their most recent historical event made headlines towards the end of 2018 when it was announced that Aetna was acquired by CVS Health Corporation in a deal that was valued at nearly $70 billion dollars.

Aetna, known most widely as a health insurance provider currently provides services and health care benefits to over 47 million customers. Their network is worldwide and includes roughly 1.2 million health care professionals, over 700,000 primary doctors and specialists with over 5,700 hospitals.

In addition to its health insurance plans, Aetna also provides Medicare, Medicaid, student health, international insurance, dental insurance, vision insurance, behavioral health insurance, group life and disability plans, and a variety of other financial products. And, of course, the all-important life insurance.

Along with CVS Health, it is worth noting that Aetna’s life insurance is provided through one of its subsidiaries: American Continental Insurance Company which is rated “A” (Excellent) by A.M. Best Company (as of August 22, 2018).

American Continental Insurance Company

American Continental Insurance Company is the underwriter for Aetna’s Final Expense Life Insurance products.

Previously known as Continental Life Insurance, the company started out as Aetna’s support team for senior supplemental insurance. In 2005, American Continental Insurance Company was established and they officially became a member of the Aetna family in 2011.

Today, they are the sole company through which Aetna’s Final Expense Life Insurance products are offered.

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Aetna Ratings

The best thing about the internet is that there are companies out there who do the research for you and provide ratings on all of the insurance companies you can choose from. This keeps you from having to guess at who is the best for you.

Ratings are based on the company’s financial strength, service, reputation, reliability, and experience – among other factors.

Aetna ratings for life insurance are as follows:

• A.M. Best Company: “A”
• Moody’s: “A1”
• Standard & Poor’s: “A+”
• Better Business Bureau (BBB): A+

Additionally, 85% of current policyholders plan to renew their coverage with Aetna and 82% of customers would recommend Aetna to friends or family.

Aetna Final Expense Whole Life Insurance Policy

The Aetna Final Expense Life Insurance policy is a whole life policy guaranteed to age 121. The premium you pay and the death benefit your beneficiaries will receive is guaranteed to never change (as long as you have paid your premiums).This is also known as permanent coverage.

This product is geared towards seniors who are looking for an affordable whole life insurance policy that can provide enough coverage to take care of final expenses or burial costs. (For more information, read our “Burial Insurance Rates for Seniors Ages 50 to 89“).

Aetna’s final expense life insurance does not require a medical exam to sign-up. The entire application process is designed to be quick and simple with approval times being as quick as the same day.

Aetna Final Expense Whole Life Insurance

• Three different plan types
• No medical exam required
• Paper or online application
• Same day pre-approval
• A fixed premium for life
• Guaranteed cash value growth
• Coverage or benefits never decrease
• Non-cancel-able regardless of changes in health
• 30-day free look with rights to cancel for 100% refund

Aetna’s Final Expense policy offers three different plan options that you can qualify for and the maximum benefit amount varies based on age, coverage amount and ultimately your answers to the application questions.

The plan options are as follows:

• Level Benefit Plan
• Graded Benefit Plan
• Modified Benefit Plan

Level Benefit Plan

The Level Benefit Plan can be issued to you if you are between the ages of 45 and 89. This plan has a minimum benefit amount of $3,000 and a maximum benefit amount of $35,000.

This plan is the simplest and most straightforward of all three level benefit Aetna’s life insurance plans as it is guaranteed to payout the full death benefit starting from day one.

Graded Benefit Plan

The Graded Benefit Plan is for those who are between the ages of 45 and 80. Like the Level Benefit Plan, it offers a minimum benefit amount of $3,000 and a maximum benefit amount of $35,000.

If an applicant qualifies for the graded benefit plan, the death benefit will pay out as followed:

Non-Accidental Death Benefit: In the case of non-accidental death the death benefit is paid out as follows:

• Death in Policy Year 1 = 40% of the benefit amount
• Death in Policy Year 2 = 75% of the benefit amount
• Death in Policy Year 3 or later = Full death benefit

Accidental Death Benefit: In the case of accidental death the full benefit of the plan is paid out immediately.

Modified Benefit Plan

The Modified Benefit Plan is the third benefit plan for applicants who are between the ages of 45 and 75. Like the two previously discussed plans, it offers a minimum benefit amount of $3,000 and a maximum benefit amount of $35,000.

The Modified Plan, like the Graded Benefit Plan, offers both accidental death and non-accidental death benefit options that payout as followed:

Non-Accidental Death Benefit: In the case of non-accidental death the death benefit is paid out as follows:

• Death in Policy Years 1 and 2 = 110% of earned premium
• Death in Policy Year 3 or later = Full death benefit

Accidental Death Benefit: In the case of accidental death, the full benefit is paid out immediately.

Application Questions That Can Disqualify You

There are two sets of questions that will disqualify you from being able to receive Aetna Final Expense Life Insurance.

The first is about your current medical state and conditions:

• Are you currently hospitalized, in a nursing facility, confined to a bed, or receiving hospice care?
• Do you currently require the use of oxygen for any lung or respiratory disorder?
• Have you been diagnosed by a medical professional to have an aneurysm that has not been surgically repaired?

The second question is about any medical condition you may ever have had:

• Any condition requiring bone marrow, stem cell, or organ transplant
• Kidney disease requiring dialysis
• Alzheimer’s disease, dementia, mental incapacity
• ALS
• A life expectancy of 12 months or less
• HIV/AIDS/ARC

If you answer yes to any of these questions then, unfortunately, you will not be eligible for Aetna’s Final Expense Life Insurance.

IMPORTANT
If you have answered yes to one or more of the above questions we do have coverage options for you. You can still qualify for guaranteed issue life insurance. Just reach out to us and we will provide you with information and rates on some of our available companies.

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Pros of Aetna Final Expense Life Insurance

As a life insurance option, Aetna’s plans have several factors that are checks in the plus column.

For starters, Aetna does not require a medical or physical exam to qualify for their life insurance. While affirmative answers the questions above will disqualify you, there is no medical exam that will offer further chances for disqualification.

Aetna does not access MIB data. MIB stands for Medical Information Bureau and it stores your past medical information that has been submitted by insurance companies you’ve answered questions for.

Aetna has no height or weight restrictions for their insurance plan. This means that if you’re overweight this may be a good option for you because that won’t count against you during Aetna’s standard checks.

The biggest positive to Aetna’s final expense life insurance is that it is available to applicants up to age 89. There are very few companies that offer life insurance coverage past the age of 85 let alone age 89.

Cons of Aetna Final Expense Life Insurance

There are two small cons of Aetna Final Expense Life Insurance policies.

The first is that Aetna life insurance policies are not available to applicants under age 45. Again, this is a very small con as in most cases applicants under the age of 50 tend to need larger amounts of coverage that can be filled with either term insurance or universal life insurance.

The second con is the lack of policy riders. This means that there is no additional protection offered other than the basics laid out in the three different Aetna Final Expense Life Insurance plan options.

Common types of riders found on other final expense coverage include:

• Terminal Illness/Accelerated Benefit Rider which allows you to access portions of your policy death benefit while you are still alive. This is generally available when diagnosed with a terminal illness and can be used to help pay for expenses cause by the illness.
  
• Accidental Death Rider which will pay out an additional death benefit if you pass away due to an accident.
  
• Nursing Home Rider which waives your monthly premiums and/or gives you access to the money from your life insurance policy while you are still alive if you have become permanently confined to a nursing home for health reasons. This allows you to pay the expenses incurred by the nursing home.
  
• Chronic Illness Rider can advance a portion of the death benefit due to a qualifying chronic illness.
  
• Child / Grandchild Rider provides term insurance coverage to either a child or grandchild.
  

Additional Aetna Senior Supplemental Coverage Options

The Aetna Final Expense life insurance is just one of the many plans offered through a product line designed for seniors called Aetna Senior Supplemental Insurance. Here is a list of other available coverage option that is offered under this line.

Medicare Supplement Insurance Plans – Provides coverage to help reduce out-of-pocket costs that are not covered by an original Medicare plan. Aetna offers several different plans based on the state you live in.

Aetna Protection Series

• Cancer and Heart or Stroke – Provides a cash benefit up to a maximum of $75,000 if diagnosed with qualifying critical illness such as cancer, heart attack or stroke. Available to applicants ages 18-89.
• Dental, Vision, and Hearing – This is a guaranteed acceptance program available to ages 0-89 that provides a cash benefit for dental, vision and hearing.
• Home Care Plus – This plan provides a cash benefit to help provide financial aid due to an unexpected accident or illness while recovering at home. Available to applicants ages 50-89.
• Hospital Indemnity / Flex – Provides a benefit to help offset deductibles, co-pays and unexpected or additional cost associated with the hospital and that is not covered by current insurance plans.
• Recovery Care – Pays out a benefit to help aid in the cost of recovering while in a nursing facility or hospital.

Interested in more information or a quote to one of the above Aetna Supplemental coverage options? Reach out to us and let us know. We have some great brochures on each one of the different options and can provide you with quotes

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Aetna Life Insurance Review, In Closing

Aetna offers a great life insurance option with maximum coverage, especially for seniors. As you just read, they offer some pretty good supplement coverage that can work in addition to your health insurance or Medicare coverage too.

Aetna is just one of many great life insurance options that are available. Top Quote Life Insurance is contracted with several A-rated companies that allow us to shop our customer’s coverage for the best rate as well as best protection based on their life insurance needs.

To help you find an insurance company and policy that will be best for you, please be sure to contact us so we can be that agency to help you.

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