The purchase of life insurance coverage is an important part of one’s overall financial planning process. Without it, loved ones, business partners, and/or other survivors can suffer some consequences. Because of that, you need to ensure that you not only have the right amount of life insurance protection but also the right type.
Also, another key consideration is knowing that you have purchased your life insurance policy from a life insurance company that is strong and stable from a financial standpoint. This means that the insurer is in good financial standing and that it also has a positive reputation for paying its claims to policyholders. One such company that has a long history is Aetna.
Table of Contents
- History of Aetna Life Insurance Company
- Reviewing Aetna Life Insurance Company
- Aetna’s Ratings and Better Business Bureau Grade
- Life Insurance Products Offered Through Aetna
- Other Coverage Offered Through Aetna Insurance Company
- Where to Find the Best Life Insurance Premium Quotes
- The Bottom Line – Aetna Life Insurance Company Review
History of Aetna Life Insurance Company
Aetna has been in the business of offering wealth-building and insurance protection products to its customers since the mid-1800s. This company began as Aetna Insurance Company as an annuity fund, with the purpose of selling life insurance back in 1850. Its name was inspired by a large volcano – which is the most active in all of Europe.
Throughout the years, Aetna continued to grow and prosper – even during times of economic downturn. For example, at the time of the U.S. Civil War, there was a surge in the purchases of life insurance protection.
By the year 1865, the company’s annual income topped $1 million, and by 1864, Aetna had increased its business by 600% over its levels in 1861. Over time, the company moved into some new products – including mortgages, health insurance, disability coverage, and liability insurance coverage.
It was also one of the very first insurance carriers to offer group insurance for businesses.
During World War l, Aetna also helped to fund the U.S. war effort by buying and selling millions of dollars of Liberty Bonds. The company has also participated in many “firsts,” such as being the first insurance company to advertise on television – which eventually morphed into its “Aetna, I’m Glad I Met Ya! Advertising campaign. The company also was the first to sell an employer group long-term care insurance plan, as well as the first full-service health insurer to announce a health savings account (HSA) option.
Throughout the years, the company continued its level of expansion, not just in the U.S., but also worldwide. In 1993, Aetna opened its first offices in China. It also expanded into financial services, combining its business units into Aetna Retirement Services in 1996.
CVS Health, a company that is leading the transformation of health care, completed its acquisition of Aetna in 2018, establishing CVS Health as the nation’s premier health innovation company.
Today, approximately 46 million people rely on Aetna for decisions on their health care and their health care spending. The company also continues to provide life insurance, health care insurance, and a broad range of other insurance and related financial products. Aetna is considered to be the sixth largest insurance company in the U.S., and it is headquartered in Hartford, Connecticut.
Reviewing Aetna Life Insurance Company
Aetna has been recognized for many years as an admired company in the life and health insurance industry. It has also been recognized as one of America’s most community-minded companies. The company currently employs roughly 49,500 people across the globe. In 2022, Aetna’s revenue was approximately $91.4 billion overall.
The company is known for its values, and it strives to promote this through its employees and its community involvement. Aetna promotes Integrity, Excellence, Caring, and Inspiration by listening to its customers and acting with insight and compassion.
Aetna’s Ratings and Better Business Bureau Grade
Aetna is considered to be a strong and stable insurer from a financial standpoint. This is shown through the ratings that it has been given by the insurer ratings agencies. These include an A from A.M. Best and an AA- from Standard & Poor’s.
Although Aetna is not an accredited company through the Better Business Bureau (BBB), the company does have a grade of A (on an overall grade scale of A to F) from this entity. Also, over the past three years, Aetna has closed 1,036 total complaints through the Better Business Bureau.
Life Insurance Products Offered Through Aetna
Life insurance coverage through Aetna is available via employer-sponsored plans, and it is not available for individual sale. However, supplemental life insurance may be able to be purchased. This can help to boost the benefits that are available to loved ones and survivors in case of the unexpected.
These plans include both basic life insurance coverage and supplemental life insurance.
Plan options include:
Accelerated Death Benefit – If, while covered under a program of life insurance, a person becomes terminally ill, they may request this plan so that additional benefits are paid out to loved ones.
Accidental Death and Personal Loss – This type of coverage offers benefits if an insured is injured in an accident or if they die due to injuries that are sustained. The amount of the benefit is determined by some criteria, which include the coverage amount, as well as the type of injury that is suffered.
Plans may include some or all of the following provisions:
Conversion – When an insured stops working and/or is no longer in an eligible insured class, or they are retired, then there may be an option to convert over to an individual plan from a group life insurance plan.
Premium Waiver – If a plan has a premium waiver, then coverage may be able to continue without the insured having to make any more premium payments.
Portability – This feature allows an individual to take their coverage with them when they leave their employer.
Child Care Benefit – This benefit will help cover the cost associated with child care in a state-licensed child care center in the event of the parent’s death.
Educational Benefit – This benefit can help to provide a dependent child with payment for higher education when an insured parent’s income has been lost. For spouses, this benefit can help to provide the opportunity for employment training in order to obtain income.
Repatriation of Remains Benefit – If an insured dies while he or she is more than 200 miles away from home, then this benefit will help to pay for the return of the deceased’s body to a mortuary.
Passenger Restraint and Airbag Benefit – If an insured is properly using a restraint device or if an airbag has been activated – but neither helps to save the person’s life – then this benefit will supplement the accidental death benefit amount.
Coma Benefit – If the insured or a dependent remains in a coma for more than 30 days after an accident has occurred, then they may be paid a percentage of their AD&PL benefit each month. This can occur for a pre-determined number of months.
Other Coverage Offered Through Aetna Insurance Company
Aetna offers a number of products in addition to life insurance. Some of these include the following:
- Dental Insurance
- Vision Insurance
- Disability Insurance
- Supplemental Insurance
- Employee / Group Insurance Benefits
Where to Find the Best Life Insurance Premium Quotes
If you are looking to find the best life insurance premium quotes for a policy or trying to find a final expense insurance policy, then it is a good idea to work with either an agency or a company that has access to more than just one single life insurance carrier. This way, you will be better able to compare policies, benefits, and premiums – and from there, you will be able to determine which of the plans will be the best for you and your specific needs.
Working with an agency that offers many quotes is not only a great idea for your purchase of life insurance but for other forms of insurance as well such as auto insurance coverage and health!
When you are ready to move forward with comparing life insurance policies and quotes, we can help. We work with many of the top life insurers in the marketplace, and we can assist you with getting the best quotes. To proceed, fill out the form on the side of this page.
We know that the purchase of life insurance can sometimes seem confusing. There are a lot of different types of policies out there to choose from – and many insurance carriers in the industry. You want to be sure that you are getting the right type and amount of coverage for your needs so that the people you love and care about can move on.
Working with an expert can help you to ensure that this can happen. So, contact us today – we’re here to help.
The Bottom Line – Aetna Life Insurance Company Review
Navigating the intricate pathways of life insurance can be a nuanced journey, yet crucial to safeguarding future financial stability for loved ones and business entities.
Aetna Life Insurance Company, with its storied history, commitment to customer values, and diverse portfolio, has established itself as a robust and reliable choice in the life and health insurance industry.
Despite its prominent stature and innovative offerings, the scope of life insurance products directly from Aetna is predominantly available through employer-sponsored plans.
Engaging with a well-versed insurance expert or agency, especially one that provides comparative insights from multiple carriers, can illuminate optimal pathways in procuring a policy tailored to your unique needs and circumstances, ensuring a legacy of financial security.
How We Review Insurance Companies:
Good Financial Cents systematically reviews U.S. insurance companies, emphasizing policy offerings, customer experiences, and overall reliability. Our goal is to present a balanced and comprehensive perspective to potential policyholders. Editorial transparency remains a cornerstone of our approach.
We actively collect information from insurance companies and place significant weight on customer feedback. By integrating this feedback with our research, we can offer a well-rounded evaluation. Each company is then rated based on multiple criteria, resulting in a star rating from one to five.
For a deeper understanding of the criteria we use to rate insurance companies and our evaluation approach, please refer to our editorial guidelines and full disclaimer.
Aetna Life Insurance Company Review
Product Name: Aetna Life Insurance Company
Product Description: Aetna Life Insurance Company predominantly provides life insurance through employer-sponsored plans, covering various aspects such as basic and supplemental life insurance, accidental death, and personal loss coverage. With an array of offerings, Aetna aims to furnish comprehensive financial protection to the beneficiaries, ensuring stability amidst unforeseen circumstances.
Summary
Distinguished for its stability and range, Aetna’s life insurance provides a financial safety net, primarily through employer-related channels, deploying diverse plan options like the Accelerated Death Benefit and Accidental Death and Personal Loss, all tailored to shield loved ones and dependents from financial hardships. Some notable provisions, such as the Premium Waiver, portability features, and various beneficiary benefits, accentuate their plans, allowing for flexibility and additional security buffers. Their product suite underscores a balance between safeguarding interests during unanticipated events and offering customized solutions that cater to varying consumer needs, navigating through different life stages and respective financial obligations.
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Cost and Fees
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Customer Service
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User Experience
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Product Offerings
Overall
Pros
- Historical Stability: Aetna’s longstanding history since the mid-1800s attests to its financial stability and enduring market presence, reassuring policyholders of its solidity.
- Diverse Offerings: It provides a wide array of benefits and provisions, such as the Educational Benefit and Repatriation of Remains Benefit, which enhances the utility and comprehensiveness of its policies.
- Reputation: Acknowledged for its community involvement and ethical values, Aetna has built a reputation that resonates with social responsibility and customer-centric approaches.
- Global Reach: With a global footprint and diverse insurance and financial offerings, it provides a myriad of options catering to varied customer needs across different regions
Cons
- Limited Direct Purchase Options: The predominant availability of life insurance through employer-sponsored plans may limit direct purchasing options for individual consumers.
- Complexity: The wide array of provisions and benefits, while advantageous, may be perplexing to navigate for potential policyholders, necessitating a more transparent and simplified communication strategy.
- Customer Complaints: Although it maintains an A rating from the Better Business Bureau (BBB), Aetna has witnessed over a thousand complaints through the BBB over the past three years, spotlighting areas that may require enhanced customer service approaches.
- Non-Accreditation: Despite its market standing, Aetna is not accredited through the BBB, which might be a consideration point for some stakeholders evaluating the company’s credibility through such external validations.
