Welcome to InsureChance, the first online life insurance marketplace. We are an independent online insurance agency committed to providing you with the highest quality of service in the most efficient manner. If you stumbled across this article you must be looking for a review about Citizens Life Insurance Company and if so, you have come to the right place! Here at InsureChance, we provide the most unbiased and informative reviews in order for you to make your own educated decisions without having opinions of others shoved down your throat. In this article, we will be discussing Citizens Life Insurance Company, our review for them, and of course their products with highlights. The following are some key points from the article;
- In 2015, they had approximately $1.4 billion of assets and $4.5 billion of insurance in force.
- CICA Life offers a couple of different policies for Whole life insurance.
- Citizens Life Insurance has a couple pros such as the fact that they are a pretty well-known brand in the US and international buyers. They have a hefty list of acquisitions which makes them look really good. Plus they offer a wide variety of whole life products.
- A downfall is that the company’s independent marketing consultants are only located in certain parts of the country and it makes it difficult for a lot of clients to do business with the company. Their website is not up to par as it should be, many clients complain that they can’t see the life insurance products they have except a small list of one benefit of the product.
- Lastly, the biggest downfall they have is that they don’t have the best reviews plus they don’t have a rating to go off of. A rating is important to have because it lets the consumer know what they are investing in and whether or not they are financially stable.
- You do have other options, there are many companies that are A rated which shows that they are financially stable such as Metlife and SBLI. You don’t have to go with Citizens if it doesn’t fit all your needs like we said you have plenty of options.
About Citizens Inc.
They have been around for 48 years and they began selling whole-life, guaranteed cash value products in the state of Texas in 1969. They were focused on helping clients create the income they cannot outlive. In 2015, they had approximately $1.4 billion of assets and $4.5 billion of insurance in force.
About CICA Life Insurance Company of America or Citizens
CICA Life offers living benefit life insurance products and was designed to improve the quality of life for everyone around the world. Their home office is located in Austin, Texas and is located in a six-story 80,000 square foot facility. CICA Life Insurance Company of America is currently licensed in 30 states. CICA Life Insurance Company of America is debt-free with assets over $635 million and has over $4.4 billion of life insurance in-force.
Review of CICA Life Insurance Company of America 2017
They do not have any ratings so we can’t tell you what their rating is. However, they do offer whole life insurance products. Their products focus on living benefits, accumulating money for yourself and your loved ones while providing death insurance as an additional benefit. CICA Life’s philosophy is that they are not just another financial services institution because they intend to be different and they want the company to be a way of life.
CICA Life Products of USA
CICA Life offers a couple of different policies for Whole life insurance. Before we begin showing you highlights of their products we want to make sure we are all on the same page here. Whole life insurance is a form of permanent life insurance and it offers coverage throughout your entire life.
- All of CICA Life’s Whole life policies are part of their Fortune Builder Series.
- Citizens Cash Accumulation Plan (CCAP) allows you to have a whole life policy with only a minimum payment of $25 per month and accumulate your cash value with time.
- President Whole Life offers you cash value with a minimum face amount of $100,000.
- Executive Whole Life also offers you cash value with a minimum $25,000 face amount.
- Executive 10 Whole Life still offers you cash value but also with a minimum $10,000 face amount.
- To any of these plans you can add riders such as Spouse to age 65 term convertible Rider, Children to age 25 term convertible Rider, Death of Payor Benefit Rider, Beneficiary Accidental Death Benefit Rider, Flexible Premium Deferred Annuity, Triple Accidental Death Benefit Rider, 20-year Return of Premium Benefit Rider, and Disability Waiver of Premium Benefit Rider.
- If you pay annually, beginning the second policy year and every year after half of the annual amount you have paid will be credited to your annuity and you will earn a compound interest rate of 3%.
- With every policy, there are two guaranteed, living-benefit components.
- The annuity is flexible.
Pros or Advantages of Citizen
Citizens Life Insurance has a couple pros such as the fact that they are a pretty well-known brand in the US and international buyers. They have a hefty list of acquisitions which makes them look really good. Plus they offer a wide variety of whole life products.
Cons or Disadvantages of Citizen
Of course with every good, there is a bad that follows, for starters Citizens isn’t offered in all 50 states. Another downfall is that the company’s independent marketing consultants are only located in certain parts of the country and it makes it difficult for a lot of clients to do business with the company. Their website is not up to par as it should be, many clients complain that they can’t see the life insurance products they have except a small list of one benefit of the product. They also sell life insurance policies overseas without a physical presence which involves some gray are in regards to legality. Lastly, the biggest downfall they have is that they don’t have the best reviews plus they don’t have a rating to go off of. A rating is important to have because it lets the consumer know what they are investing in and whether or not they are financially stable.
Work with US!
In conclusion, this company doesn’t have much to offer other than their whole life insurance products which are great but what about the other clients who would prefer a term life insurance product or a universal life insurance product? They are not rated by popular rating agencies such as A.M Best, Standard & Poors, Moody’s, and Fitch’s Ratings this makes it hard for us to even write a review about them. You do have other options, there are many companies that are A rated which shows that they are financially stable such as Metlife and SBLI. You don’t have to go with Citizens if it doesn’t fit all your needs like we said you have plenty of options.
We always recommend our clients to shop around for quotes because you may be offered a better quote elsewhere. If you have a couple seconds go below this article and fill out our quick and simple quote engine and see for yourself what your premiums may look like and compare with different companies in the same quote engine! Or you can let us do all the hard work for you, we are a free service and are here with the mission of making life insurance an easy concept. We will compare quotes on your behalf and will not quit until we find a company that meets all your specific needs, health, and lifestyle. If you suffer from a medical condition it is crucial to work with an independent life insurance agency, like us, because you can get rated up for whatever medical condition you have with a company who doesn’t specialize in that condition. For example, if you have high blood pressure you shouldn’t go to a company who specializes in diabetes, you need to buy from a company who specializes in high blood pressure and understands your condition such as SBLI does. We know all the ins and outs of these companies plus we work with over 60 top A rated companies to choose from! Don’t wait another day give us a call today!
