Trying to get life insurance and wondering if Cigna is the best choice? You came to the right place because here at InsureChance, we reviewed hundreds of companies and know what it takes to be a reputable company. To give you a short answer, Cigna is not your best bet when it comes to life insurance because they are amazing at health insurance but you can do better with other big players that specialize in life insurance. Either way, let’s take a look at Cigna below to see what they offer.
Cigna History
Cigna has been around since 1982 after merging with another notable company Connecticut General Life. They are known for their major medical and life insurance products but used to do property and casualty as well until they sold it to Ace Insurance Company. Cigna is a big company and does business in other countries as well as U.S. When it comes to life insurance they were a big player but ended up selling off that division to Lincoln National Corporation which is another company that we represent.
Giving Back
Just like many big box life insurance companies, Cigna takes great pride in their community involvements. According to their website, Cigna’s employees in 2015, continued to demonstrate their collective passion for supporting local communities and logged 53,418 hours of volunteer service that was valued over $1.2 million. They have created a program called Use Your 8 Program, which offers eligible employees up to eight hours of paid time per year to volunteer for leading non-profit organizations on projects. This program was created to encourage members of the Cigna team to engage in meaningful service activities. In 2015 alone, Cigna employees celebrated their three-year partnership with Feeding Children Everywhere and packaged their millionth meal for hungry children, they assembled over 6,500 Cigna employees and packaged over 600,000 meals.
The Cigna Foundation contributed $2,533,535 to charitable activities that promote wellness in 2008. Since 1995, the company and their employees have contributed $22.3 million to the March of Dimes. Cigna supports employee-driven corporate philanthropy through Cigna Foundation Matching Gifts Program, in which the company supports the charities by matching individual employee gifts to any eligible nonprofit organization. Cigna Foundation Volunteer Recognition Program allows the company to recognize employees who go above and beyond to help their communities with the company’s Grants for Givers, Volunteer of the Month, and Volunteer of the Year awards. Cigna is also involved in many other community services but this is enough for now, we’re sure you get the point!
Cigna Life Review and Rating 2017
Cigna claims to have been around for more than 200 years because they have ancestors who were founded as far back as 1792. The actual company, Cigna, was founded in 1982. They have sales capability in 30 countries and more than 90 million customers around the world with the help of their 39,000 employees. The company offers healthcare coverage, dental, vision, group, accident, disability, and life insurance products. However, if you are under 50 looking for life insurance and do not want to go through your employer you should look into other companies because Cigna only offers whole life for ages 50-85 and term life only through employers. Cigna has $38 million in revenues and $12 billion in shareholders’ equity. A.M Best rated Cigna an “A”, Moody’s rated them an “A1”, Fitch rated them an “A+”, and Standard & Poor’s rated Cigna an “AA-“. Cigna definitely has a great rating so there is no arguing there. A strong rating is probably the most important point to consider when looking for a life insurance company.
Products
Cigna, like we said before, offers a variety of healthcare services. For life insurance, they offer both Term life and Whole life. However, the company only offers Term life through your employer and their whole life policy is for only ages 50-85. Before we begin to explain their products we would like to take a moment and explain what these terms mean. Term life insurance is a form of temporary insurance and provides coverage for a specified period of time. This life insurance does provide death benefit but doesn’t build cash value. Whole life insurance is a form of permanent insurance and provides both death benefit and builds cash value.
Cigna Term Life (Employer Insurance)
- Only available from employer sponsored groups.
- If you are an active, full-time employee and at least work 20 hours per week for your employer, in the United States, you are eligible for this product.
- Your spouse can also be eligible as long as you apply and are approved for coverage for yourself.
- Your unmarried children under the age of 26 are also eligible for insurance as long as you apply for yourself and are approved.
- Coverage is determined by your annual salary, the maximum is the lesser of 5 times your annual salary or $500,000. The guaranteed amount for you is the lesser of 5 times your annual salary or $120,000.
- Your spouse’s coverage will be determined by age and the guaranteed coverage amount is $50,000.
- Your unmarried children will have the maximum benefit under six months of $500, and the guaranteed coverage amount is $10,000.
- Every year you have the option of increasing your voluntary coverage during your enrollment period.
- Riders that can be added to this policy include; Accelerated Death Benefit Rider, Continuation for Disability for Employees Age 60 or Over Rider, Extended Death Benefit with Waiver of Premium Rider, and Rehabilitation During a Period of Disability Rider.
- This plan will not pay benefits if you commit suicide within the first two years of your coverage.
- Your premiums will be paid through your payroll and the total will depend on how much coverage you select, your age and the amount of coverage you bought for your spouse and children.
- If you leave your employer you can still have coverage but your premiums may change.
- This policy allows you to convert your coverage to Permanent life insurance without the need for a medical exam.
Cigna Whole Life
- Helps with Funeral and Final Expense costs.
- The coverage options range $2,000-$25,000 for the most affordable monthly premium.
- For ages 50-85.
- You can also sign up your partner and receive a 5% premium discount.
- Your monthly premiums will never increase with guaranteed premiums.
More About Cigna
Cigna was ranked 90 on the 2015 Fortune 500 list and has $2.3 billion in adjusted income from operations. They have assets of $57 billion and have had 15 million global medical customers. In 2015 alone, the company made 158 million medical claims and 83% of commercial medical customers are in employer self-insured funding arrangements. Cigna was also recognized as a top 100 company on CR Magazine’s 2015 and 2016 list of 100 Best Corporate Citizens.
Final Thoughts
In conclusion, Cigna is a well-known health insurance provider but when it comes to life insurance they come up short. They only provide whole life insurance for ages 50-85 and their term life product is only through employers, so if you are looking for life insurance don’t get frustrated because we are here to help! We are an independent life insurance broker who has zero ties with any life insurance company because our loyalty is reserved for our clients. We work with over 60 top “A” rated companies which means that we have a wide selection of options for all our clients. Our services are free, don’t hesitate and call us if you have any questions or concerns
