Aetna Final Expense Insurance Review

Aetna life insurance company
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    Life Insurance Blog is an independent broker that helps you save money – and time. We help shoppers like you buy affordable life insurance by comparing rates from the top final expense life insurance companies in the nation. Start now and compare rates with free and instant burial insurance quotes.

    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

    Cost
    Products
    Financial Strength
    Review Summary

    Aetna has two companies that write their Final Expense policies. They are called Continental Life Insurance Company and American Continental Insurance Company.

    85.67
    Very Good!

    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

    CompanyAge 50Age 60Age 70Age 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

    CompanyAge 50Age 60Age 70Age 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:

    1. 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.
    2. 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.
    3. 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 final expense knock out questions (1)

    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
    2. At any time have you been diagnosed or treated by a medical professional or had surgery for any of the following?
     
    • 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.

    0.7/5

    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.

    3. Do you have diabetes?
     
    • 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
    4. Within the past 12 months, have you been diagnosed or treated by a medical professional or had surgery for any of the following?
     
    • 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
    5. Within the past 12 months, have you been recommended by a medical professional to have any of the following?
     
    • 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
    Aetna final expense modified benefits

    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.

    4.3/5

    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

    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.

    6. Within the past 24 months, have you been diagnosed or treated by a medical professional or had surgery for any of the following?
     
    • 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
     
    7. At any time, have you been diagnosed or treated by a medical professional or had surgery for any of the following?
     
    • A. congestive heart failure, cardiomyopathy, Parkinson’s disease
    • B. any permanent paralysis, amputation caused by disease
     
    8. Are you dependent on a wheelchair or motorized mobility device?
    5/5

    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.

    If you’re not sure where to begin, give us a call. Our agents provide a free, no-pressure, educational approach to life insurance. We’ll compare dozens of the top companies in minutes to show you your most affordable options. Toll Free: (888) 411-1329

    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

    Ratings: A.M. Best (A), Standard & Poor’s (A+), Fitch (N/A), Comdex (N/A), Moody’s (Baa2)

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    Michael Quinn LIB

    About Michael Quinn

    Michael Quinn is the cofounder of Life Insurance Blog and a multi-state licensed life insurance agent. LIB has helped thousands of people understand life insurance and secure affordable coverage.

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