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If you’re looking for the lowdown on Aetna Final Expense life insurance, this review is for you. Before you buy from any company, you’ll want to know their financial strength, product features, rates and their life insurance company rating from A.M. Best.
Today, we’ll go over everything you need to know with our review of the American Continental Insurance Company, an Aetna life insurance company. Let’s get started!
Aetna Life Insurance Company
Review Summary
Aetna has two companies that write their Final Expense policies. They are called Continental Life Insurance Company and American Continental Insurance Company.
American Continental Insurance Company Background
Founded in 1853, Aetna is one of the most well known insurance companies around. They’re mostly known as a health insurance company, but they also offer life insurance plans to consumers. American Continental Insurance Company is an Aetna insurance company. Aetna underwrites their final expense life insurance products.
- 1983: Continental Life Insurance Company (CLI) was established as Aetna’s senior supplemental insurance support team.
- 2005: American Continental Insurance Company (ACI) is established.
- 2011: American Continental Insurance Company became an Aetna company member.
A.M. Best Rating
A.M. Best has Aetna rated as:
EXCELLENT
A
A.M. Best is the only global credit rating agency with a specific focus on the life insurance industry. They are the gold standard for grading and finding the best burial insurance companies. Continental Life Insurance Company (CLI) and American Continental Insurance Company (ACI) are rated A (Excellent) by A.M. Best.
Products
Product Name: Aetna Final Expense Life Insurance
The Aetna Final Expense Life Insurance is a whole life insurance policy. Your monthly premiums will not increase and your death benefit will not decrease. This means the the premiums and the death benefit will never change as long as you have paid your premiums.
Face Amounts:
$3,000 to $35,000
Issue Ages:
Ages 45 to 89 years old. Maximum death benefit is lower after age 65.
Age Last or Age Nearest:
Your premium is based on the age of your last birthday.
Product Availability:
Available in all states except AK, CA, CT, DC, HI, MA. MD, ME, NY, VT, WA
Aetna Final Expense Quotes
We calculated some sample non tobacco quotes below for you to get an idea of what a $10,000 final expense policy will cost. All monthly rates are rounded to the nearest dollar and based on qualifying for a Level Benefit plan (We’ll go over what Level Benefit means next).
$10,000 Final Expense Quotes for Men
| Company | Age 50 | Age 60 | Age 70 | Age 80 |
|---|---|---|---|---|
| Aetna | $36 | $46 | $71 | $132 |
| Assurity | $29 | $42 | $73 | $156 |
| Mutual of Omaha | $29 | $43 | $74 | $133 |
| Liberty Bankers Life | $31 | $46 | $73 | $147 |
| American-Amicable | $31 | $46 | $77 | $151 |
| United Home Life | $31 | $45 | $75 | $139 |
| Transamerica | $31 | $44 | $75 | $140 |
| Americo Ultra Protector I | $32 | $44 | $73 | $146 |
| Foresters | $32 | $45 | $73 | $216 |
| Americo Eagle Premier | $38 | $49 | $83 | $166 |
| Americo Ultra Protector II | $49 | $75 | $126 | $233 |
$10,000 Final Expense Quotes for Women
| Company | Age 50 | Age 60 | Age 70 | Age 80 |
|---|---|---|---|---|
| Aetna | $33 | $39 | $56 | $106 |
| Assurity | $25 | $35 | $56 | $114 |
| Mutual of Omaha | $25 | $33 | $53 | $98 |
| Americo | $25 | $34 | $53 | $113 |
| Liberty Bankers Life | $26 | $35 | $55 | $109 |
| American-Amicable | $26 | $37 | $59 | $110 |
| United Home Life | $26 | $35 | $73 | $142 |
| Transamerica | $25 | $34 | $72 | $104 |
| Foresters | $26 | $35 | $83 | $111 |
| Americo Eagle Premier | $32 | $38 | $61 | $129 |
| Americo Ultra Protector II | $37 | $54 | $82 | $168 |
Related: Check out the competition with our whole life insurance rates by age chart
3 Policy Options
Aetna Life Insurance Company has 3 different final expense insurance plan options available to you depending on your health.
Warning! Two of these plans are good, but there’s one you should stay away from! Here are Aetna’s 3 plan options:
- Level Benefit & Immediate Death Benefit – Summary of this plan includes: Aetna will pay 100% of the policy’s death benefit after it is issued and active. You can apply between the ages of 45 to 89. Death benefit amounts range from $3,000 to $35,000.
- Graded Death Benefit – This plan option will pay 40% of the death benefit in the policy’s first 12 months, 75% in months 13-24 and 100% beginning in the third year. You can apply if you’re between the ages of 45 and 80.
- Modified Death Benefit – This plan option will pay the beneficiary all of the policy’s paid premiums and 10% interest. The Modified plan is the one to stay clear of and we’ll show you why.
Let’s look into these in more detail & show you the good and the bad.
Which Aetna Option will you qualify for?
Your health status will determine if you qualify for Aetna’s Level, Graded or Modified plans. Let’s look at the qualifying and knockout questions below.
Aetna Application
Let’s go through the application qualification questions as you would above. You’ll begin with the Modified Benefit plan health questions, followed by the Graded and Level Benefit sections. We’ve broken down and graded these 3 sections for you with important details.
….but first!
Let’s see if any of the 3 Aetna plans are available to you.
answer "YES" to any of these questions, & you're not eligible
You must answer “No” to these questions below before you can be eligible for any of Aetna’s plans:
1. Do any of the following apply to you?
- A. currently hospitalized, in a nursing facility, confined to a bed, receiving hospice care
- B. require use of oxygen for any lung or respiratory disorder
- C. have been diagnosed by a medical professional to have an aneurysm that has not been surgically repaired
- A. any condition requiring bone marrow, stem cell, or organ transplant
- B. kidney disease requiring dialysis
- C. Alzheimer’s Disease, dementia, mental incapacity
- D. Lou Gehrig’s Disease (ALS)
- E. a life expectancy of 12 months or less
- F. Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC), tested positive for the Human Immunodeficiency Virus HIV
If you answered “NO” to all the questions above, then you’re moving on to the next section: Modified Benefit.
Aetna Modified Benefit
Aetna’s modified benefit plan isn’t a good option for you if you can’t qualify for the level benefit or graded benefit plan. Here’s why:
Summary: With the Modified Benefit, if the insured dies within the policy’s 1st two years, Aetna will pay your beneficiary the premium amount you’ve paid plus 10% interest. Once year 3 begins, your beneficiary will get 100% of the death benefit. This is setup like many Guaranteed Issue policies that you can buy in the market. These policies can cost less and you won’t have to qualify medically.
Key Details:
- Natural Death: Receive 110% of your paid premiums during policy years 1 and 2
- Natural Death: Receive 100% of the policy’s death benefit beginning year 3
- Accidental Death: Receive 100% of the policy’s death benefit beginning day 1
- Issue ages:
- Ages 45 to 65 death benefits range from: $3,000 to $35,000
- Ages 66 to 80 death benefits range from: $3,000 to $25,000
MODIFIED Benefit health questions:
Here are the knockout questions for the Aetna Modified Plan. If you say yes to any of these questions, Aetna will approve you for their modified plan.
- A. diagnosed by a medical professional before age 40
- B. in combination with any heart or circulatory disorder diagnosed by a medical professional (excluding high blood pressure)
- C. requiring 40 or more units of insulin daily
- A. heart attack, heart valve disorder, heart blockage, stroke or transient ischemic attack (TIA)
- B. any lung or respiratory disorder requiring the use of a nebulizer
- C. any lung or respiratory disorder and currently use tobacco
- D. internal cancer, melanoma, lymphoma, multiple myeloma, leukemia, systemic lupus (SLE)
- E. chronic pancreatitis, chronic hepatitis, cirrhosis
- A. treatment or counseling for alcohol or drug abuse
- B. test, surgery, treatment or further evaluation that has not been performed or are there any test results pending other than a test or further evaluation for HIV
Thinking about getting the Aetna Modified Plan? Think again! The Modified plan can be beat by the competition. If you only qualify for their Modified plan, then you need to shop elsewhere. A better plan and a lower rate is possible when you shop around.
Aetna Graded Benefit
Aetna’s graded death benefit plan option is for anyone who has some current or past health conditions that are considered high risk.
Expect to pay more for this plan. Also, because the insurer is taking an increased risk by insuring you, your beneficiaries will only collect 40% of benefit amount for the first year, 75% for the second year, and only in year three and beyond will they be able to receive 100% of the purchased benefit amount.
Key Details:
- Natural Death: Beneficiary receives 40% of the death benefit during the 1st year
- Natural Death: Beneficiary gets 75% of the death benefit during year 2
- Natural Death: 100% of death benefit beginning in the 3rd year
- Accidental Death: Receive 100% of the policy’s death benefit beginning day 1
- Issue ages:
- Ages 45 to 65 death benefits range from: $3,000 to $35,000
- Ages 66 to 80 death benefits range from: $3,000 to $25,000
- Issue ages:
GRADED Benefit health questions:
Here are the knockout questions for the Aetna Graded Benefit Plan. If you say yes to any of these questions, Aetna will approve you for their modified plan.
- A. aneurysm, heart attack, any circulatory disorder, stroke or transient ischemic attack (TIA)
- B. emphysema, chronic obstructive pulmonary disease (COPD)
- C. internal cancer, melanoma, leukemia
- D. neuromuscular disorder including, but not limited to, cerebral palsy, multiple sclerosis, muscular dystrophy
- E. any connective tissue disorder, ulcerative colitis, Crohn’s disease
- A. congestive heart failure, cardiomyopathy, Parkinson’s disease
- B. any permanent paralysis, amputation caused by disease
Aetna Level Benefits
A level death benefit is what everyone wants when buying coverage. Why? It’s because Level death benefit plans will pay 100% of your death benefit to your beneficiary once your policy is active. That’s called “Day 1 coverage.” In other words, there is no waiting period like there is for Modified or Graded plans.
You must answer “NO” to all of the health questions on Aetna’s application in order to be eligible for level benefits.
- Level Death Benefit: Day 1 coverage; Death benefit available when your policy is in force.
- Level Benefit Issue ages:
- Ages 45 to 65 can choose a death benefit of: $3,000 to $35,000
- Ages 66 to 80 can choose a death benefit of: $3,000 to $25,000
- Ages 81 to 85 can choose a death benefit of: $3,000 to $15,000
- Ages 86 to 89 can choose a death benefit of: $3,000 to $10,000
Health Risk Niches
Aetna burial insurance plans are particularly strong with the following health conditions:
- Diabetics: If diagnosed after age 40, does not require more than 40 units of insulin daily, or in combination with any heart or circulatory disorder, may qualify for level benefits
- COPD: With oxygen or smoker, not eligible; Any treatment in the last 24 months, graded death benefit, over 24 months without treatment, level death benefit
- Previous Cancer: Diagnosis or treatment within 12 months, not eligible; Within 24 months, graded death benefit
- Previous Heart Attack: Within 12 months, not eligible; Within 24 months, graded death benefit; Over 24 months, level death benefit; Congestive heart failure at any time, graded death benefit
Pro Tip: If you die from an accident, your beneficiary will be paid immediately. In other words, 100% of the death benefit is paid by both modified and graded death benefit plans for accidents on Day 1. Waiting periods only refer to natural deaths.
Aetna Features
Here are some of Aetna’s features that may separate them from the competition and make them a good choice for you:
- No height/weight chart
- Underwriting based on telephone interview, prescription check and application only
- Does not do an MIB check
- Jet Pre-Approval tele-app process utilized
- Level and graded plans available
- Wheelchair use may qualify for graded death benefit
- Reduced paid-up option available
Aetna Final Expense the Best Option?
The bottom line is Aetna is a great choice for some life insurance shoppers. They’re excellent for seniors over 80 because they’re one of the few companies that sell policies for that age. They’re also great if you’re overweight as they don’t use a build chart to qualify.
However, it’s always best to start out by comparing rates from multiple companies. You should also use an independent agent like Life Insurance Blog. Final Expense can be tricky when you don’t know the ins and outs of plans and company underwriting. We’ll make sure to get to know your situation and make recommendations based on your specific health and goals.
We’ll simply provide you all your options and let you choose which one is best for you. We’re independent, so we don’t prefer one company over another. In fact, we use over 60 carriers to get you the best policy available. Don’t overpay on your policy – give us a call now or get started with a free final expense quote. We look forward to helping you.
aetna american continental insurance company
Name(s): Aetna Life Insurance Company; Aetna Senior Supplemental; Aetna Health and Life Insurance Company; American Continental Insurance Company; Continental Life Insurance Company of Brentwood, Tennessee; Coventry Health and Life Insurance Company; First Health Life and Health Insurance Company
Address:
151 Farmington Avenue
Hartford, CT 06156
Phone: (800) 872-3862
Website: https://www.aetnaseniorproducts.com/
Ratings: A.M. Best (A), Standard & Poor’s (A+), Fitch (N/A), Comdex (N/A), Moody’s (Baa2)
