As an American, you understand the importance of insurance whether its auto, home, life or health insurance. Most of us grew up in households where our parents were close friends with a local insurance agent. Insurance is one of the best products ever created by man because essentially it protects dreams, doesn’t it? And life insurance is the protection of a dream I like to call “Family” and you came to our site because it was time to purchase life insurance but you’re not sure if Cincinnati Life is the best choice. Well, good for you because no matter how great a company is or sounds you should always check all your options out there. In this article, we will review all the important things you need to know about the company before making a purchase and let you compare rates with over 60 top rated insurers all in one place.
*Before we go any further I’d like to let you know that Cincinnati Life Insurance Company is definitely a reputable option with some great products. So if you’re worried about them being a scam, well don’t. However, no matter what the company is you should always shop around to see if you’re getting the best deal. No one company will look at you the same and if you’re ready to see what else is out there click here, otherwise keep on reading.
Some Basics about Cincinnati Life Insurance Company
This great insurer headquartered in the lovely place of Fairfield, Ohio and has been around since 1950’s where it was started by some insurance agents who wanted to make a difference in the insurance market. From the inception, the company has been obsessed with customer service and it maintains it to this day. Although the company main focus is on the auto and home industry they do have some quality life and disability options as well.
When looking at the company it is important to know how they are ranked financially and ethically. So let’s take a minute and see what a leading rating agency that goes by the name of A.M. Best rated them. According to the most up to date information they company has an “A” rating which is a very solid rating although personally, I like companies that have “A+” or “A++” rating like Prudential or Banner Life. So besides sounding cool what do these ratings mean anyway? They show you how the company is doing financially as far as their cash reserves, assets and investment holdings which to you the consumer let you know if the company will be able to cut a check regardless of economic times. The good thing about Cincinnati Life Insurance Company is they have close to $20 billion in assets so they can withstand some economic hurricanes.
You also want to check what other customers are saying about the company as well. Based on some browsing around we can confirm that compared to some other bad apples out there Cincinnati Life Insurance Company barely has any complaints and they are rated “A” by the Better Business Bureau.
What Are Their Products Like?
The company has a ton of products for all your needs but we are a life insurance agency and that’s the part we will cover. Like most large insurers they offer both term and permanent life insurance options. You can learn more about the difference between the two types here but in summary, a term is affordable temporary coverage and permanent is a lifetime fixed plan that’s more expensive. So let’s see what kind of plans they have.
LifeHorizons Termsetter
An affordable life insurance product for people looking to secure a certain time frame of their lives without breaking the bank. This plan is a term life insurance plan that you can lock in for a period of 10, 15, 20, 25 or 30 years. Whatever duration you choose the coverage will be fixed so the premiums will not increase and the death benefit will remain the same. After, the term expires your coverage will renew annually but that comes with an increased rate as well. You can also add a return of premium rider to this plan which will return all of your monthly payments if you outlive the term.
LifeHorizons Simplicity Universal Life
This is a type of permanent life insurance plan that allows you to have a lot more flexibility with your premium payments and death benefit. This plan is designed to cover you up to age 120 while also building up your cash value which you have access to via loans. For those looking for flexibility and lifetime protection, this is a good product.
LifeHorizons Guaranteed Whole Life
Similar to a universal life plan with the ability to build cash value and provide lifetime coverage but with a few variations. Unlike, a universal life plan a whole life plan has guaranteed interest rate, death benefits, and premiums. It also has guaranteed paid-up options so over time you can have coverage even if you stopped paying premiums. These type of plans are ideal for people of higher net worth or those looking for a life insurance policy to fund estate planning needs.
They have solid products for both term and permanent so no complaints there but for permanent we usually recommend a guaranteed universal life since it is the most affordable and simple to understand the permanent policy.
Final Word
There is really nothing bad to say about Cincinnati Life since it’s one of the most reliable and reputable insurers in the country. The company has very solid ratings and financials along with some solid products for life insurance. Their website is also up to date and clients can login to access their insurance policies so they are tech-friendly. What the company can improve on is providing the ability to shop for quotes on their site and not forcing clients to only work with local agencies. In today’s world, people want things faster and at different times of the day which is what a correctly configured website allows you to do. Another thing is I think they need to work on bringing their rating up since most of the companies we work with are “A+” rated or higher. My verdict is quite simple if Cincinnati Life offers you pricing that is better than a similar carrier you can go with them since it is a great company. However, if you haven’t shopped around you’re doing yourself a disservice.
That’s where we come in! As an independent online insurance agency, we let you shop with over 60 top rated insurers with a few clicks of a mouse. We put the power in your hands by using technology along with top-rated client support staff that won’t use sales gimmicks to pressure you into a policy you don’t want. Even if you’re already working with Cincinnati Life let us give you unbiased quotes and advice to ensure you’re getting what you deserve. Feel free to shop around by using one of our comparison tools or call us at 888.492.1967 if you prefer to work with a friendly agent. Welcome to InsureChance!
