At InsureChance, we understand how difficult it can be trying to find the best life insurance company to receive coverage from. It can be even more difficult when you are trying to find some information on a company and the review you are reading is biased, how will you know that the information is even concrete when all they do is butter up the company. That is why we provide the most honest, unbiased, and informative reviews we can because we don’t want to be like our competitors. If you are looking for a legit review about Aetna Life Insurance Company then you have come to the right place. The following are some key points from the article that we feel can be beneficial for the quick glancers, however, if you want to know about their products keep reading!
- Aetna Insurance Company has traces that go all the way back to 1850.
- Just like many other big box insurance companies, Aetna takes great pride in their community involvement.
- According to A.M Best, Aetna was rated “A” also known as excellent. Fitch rated Aetna an “A”, Moody’s rated the company an “A1” and Standard & Poor’s rated Aetna an “A-“.
- Aetna offers more than just life insurance they offer health, dental, vision, international, and supplemental insurance.
- They currently don’t offer life insurance to any individual without an employer, if you are currently employed and are looking for life insurance through an employer then this may be for you.
- Like we said before, Aetna offers the basic life insurance through your employer with means that your coverage will only be active as long as you stay with your employer.
- Aetna pays an Accelerated Death Benefit which can help you pay any medical bills or bills related to your illness by giving you a portion of your death benefit.
- Depending on your life insurance coverage, you may have the Premium Waiver Rider included in your plan. With this rider, you do not have to pay your premium payments if you become disabled and that disability lasts for a pre-determined period of time.
- If you get injured in an accident or worse die, Aetna will provide you with your benefits.
- You have the ability to take your coverage with you when you leave your employer which is a big plus because most employer life insurance policies don’t allow you to take your coverage with you. However, if you do leave your employer just expect your premiums to increase a lot.
History
Aetna Insurance Company has traces that go all the way back to 1850. It wasn’t until 3 years later when the company decided to leave the Annuity department separate from Aetna life insurance company. In 1861 that is when the company started offer life insurance policies which paid dividends to their policyholders just like the mutuals. By 1865 the company’s annual income rose to $1 million and the business increased 600% over their 1861 levels. In 1891, Aetna issued their first accident policy and in 1899 the company became one of the first stock insurance companies to enter the health insurance business.
In 1987 Aetna sold their first industry’s employer group long-term care plan. In 1996 the company renamed themselves from Aetna Life and Casualty to Aetna Inc. The company acquired NYLCare Health Plans for $1.05 billion, adding 2.2 million members to Aetna U.S Healthcare’s membership base in 1998 and a year later they acquired Prudential HealthCare for $1 billion which made Aetna the country’s largest provider of health benefits with more than 21 million members. In 2003 Aetna became the first national, full-service health insurer to announce a health savings account (HSA) option.
Aetna Review and Rating 2017
Aetna has been around for 167 years and their core values consist of integrity, excellence, caring, and inspiration. They have served over 23.1 million medical members and their revenue from 2016 was approximate $63.2 billion. They currently have over 49,500 employees and their headquarters are in Hartford, Connecticut. Aetna offers more than just life insurance they offer health, dental, vision, international, and supplemental insurance. However, they only offer life insurance through your employer which can be a giant drawback. According to A.M Best, Aetna was rated “A” also known as excellent. Fitch rated Aetna an “A”, Moody’s rated the company an “A1” and Standard & Poor’s rated Aetna an “A-“. These may be fantastic ratings for a company to obtain but don’t let that be the only reason you buy coverage from them, we always recommend for our clients to shop around for quotes to ensure that you are receiving the best possible quote.
Why do I need to care about ratings?
There are a couple different rating agencies in which companies seek for a rating. The agency company goes through the company’s financials and speak to their management team about their plans. They don’t come up with a rating out of thin air, there is an actual committee that goes over the necessary documents before coming up with a fair rating after of course, the board comes up with a recommended rating.
We said all of this so that you can be aware of what they do behind scenes, but that wasn’t the question, the question is why do I need to care about ratings? Well, a company’s rating shows how financially stable a company is. If the company receives a bad or low rating, that means they are either vulnerable if a disaster occurs, or not financially stable at the moment. These ratings are put in place for the consumers to have an idea on how the company’s financials are. If you invest your money into a company that has a bad rating and disaster occurs, such as the market crashes, the company with a bad rating will be trying their very best to stay above water but may fail. This leaves all the premiums you have invested to be gone with the wind, while the high rated companies stand tall and proud because they prepared themselves for such an event. Don’t be that person that invests their hard earned money into a company with a bad rating that won’t be around for another 10 to 15 years.
Aetna Life Insurance Products
Aetna Insurance Company has various options when it comes to their services and products. They currently don’t offer life insurance to any individual without an employer, if you are currently employed and are looking for life insurance through an employer then this may be for you. This type of insurance is available through your workplace also know as group benefits.
Basic and Supplemental Life Insurance Coverage
Like we said before, Aetna offers the basic life insurance through your employer with means that your coverage will only be active as long as you stay with your employer. This is a great plan if you are looking for something that will give you coverage for a specified period of time.
You face amount or death benefits will only be determined based on your basic annual earnings of your job classification. For more coverage, you may be able to access supplemental plans if your group offers it.
Accidental Death & Personal Loss Coverage
If you get injured in an accident or worse die, Aetna will provide you with your benefits. The payout will be calculated based on your injury and other supplemental details.
Child Benefits
You can get life insurance options that consider the costs of childcare and even the education of your child after your death with this plan. You will be carefree with this plan knowing that your child or children are being taken care of after you leave.
Portability and Conversion
You have the ability to take your coverage with you when you leave your employer which is a big plus because most employer life insurance policies don’t allow you to take your coverage with you. However, if you do leave your employer just expect your premiums to increase a lot. You can convert your coverage to last your entire life after you retire of course with a pretty big price to pay. You may be better off getting individual life insurance instead of converting because it can cost much more converting. If you are looking to convert $200,000 if coverage and you are 70 years old you may be looking at $850 a month.
The Bad
Aetna Life Insurance company is a highly good rated company but only offer life insurance coverage through your employer which isn’t always the best option. When you leave your employer your premiums may double and you might be better off, if you have good health, to just obtaining individual life insurance versus a life insurance policy through your employer. You can keep your individual life insurance whether you’re working or not which appeals to stay-at-home moms, which happens to be a full-time job.
The Good
You have other alternatives. For example, you can work with us! We are an independent life insurance agency who only works with high rated companies and can help you get covered by the best life insurance company around. Don’t do all the shopping by yourself when we are here to offer our free services we can do all the comparing for you plus we have zero ties with any big box company because our loyalty is reserved for our clients, and our clients only. Give us a call if you have any questions or concerns 888-492-1967.
