Aetna Life Insurance Company Review (2024)
Aetna provides life insurance to customers in 49 states. Aetna life insurance company only offers group life insurance, but various riders are available. Employees can also maintain their coverage when they change jobs.
Free Life Insurance Comparison
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Dani Best
Licensed Insurance Producer
Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...
Licensed Insurance Producer
UPDATED: Dec 21, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider. Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Dec 21, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider. Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Aetna only provides group life insurance
- Aetna offers multiple riders
- Aetna has been rated an A by A.M. Best
The Aetna Life Insurance Company is a subsidiary of CVS, primarily offering health insurance and Medicare coverage. However, in addition to being among the top 10 health insurance companies, Aetna also provides life insurance. Only group plans are available but adding riders allows customers to obtain additional coverage.
Let’s take a closer look at the Aetna Life Insurance Company.
What are the Aetna Life Insurance Company rates?
A common question for those considering their future is, “How much does life insurance cost?” The answer depends on various factors. Life insurance companies consider multiple aspects of a person to determine rates, including:
- Age
- Gender
- Health
- Family health
- Occupation
- Hobbies
The purpose of these factors is to assess the risk of applicants. After receiving this information, life insurance companies place applicants into underwriting categories based on risk, with riskier people ending up in lower classes. The five rating categories are as follows:
- Preferred plus
- Preferred
- Standard plus
- Standard
- Substandard
Customers in the preferred plus category receive the lowest rates, while substandard customers see the highest. Most customers fall into the preferred or substandard classes.
The following charts show the average monthly Aetna preferred and standard rates for a $10,000 whole life policy by age and gender.
Average Male Monthly Aetna Life Insurance Company Preferred and Standard Rates by Age
| Age | Aetna Average Monthly Preferred Class Rates | Aetna Average Monthly Standard Class Rates |
|---|---|---|
| 45 | $30 | $34 |
| 50 | $34 | $41 |
| 55 | $44 | $48 |
| 60 | $51 | $62 |
| 65 | $58 | $79 |
| 70 | $73 | $104 |
| 75 | $101 | $144 |
| 80 | $140 | $203 |
| 85 | $196 | $312 |
The following chart shows the same information for females.
Average Female Monthly Aetna Life Insurance Company Preferred and Standard Rates by Age
| Age | Aetna Average Monthly Preferred Class Rates | Aetna Average Monthly Standard Class Rates |
|---|---|---|
| 45 | $26 | $30 |
| 50 | $27 | $37 |
| 55 | $34 | $44 |
| 60 | $41 | $51 |
| 65 | $48 | $62 |
| 70 | $58 | $77 |
| 75 | $76 | $98 |
| 80 | $101 | $140 |
| 85 | $137 | $220 |
As you can see, Aetna rates are lower for preferred than standard customers. Additionally, rates are lower for females than males and increase as customers age.
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What policies are offered by the Aetna Life Insurance Company?
Aetna only offers group life insurance. As a result, you can only obtain policies through your employer. The maximum coverage is usually double your annual salary, but it depends on the company.
Most group life plans expire if you change companies or retire. However, employees can take their Aetna plan if they leave, ensuring they maintain their coverage.
The company is best known for the Aetna Medicare plan, Aetna Better Health. However, they also offer limited life insurance options. These whole life plans are primarily used for final expenses, taking the burden off of loved ones.
The first plan is called Accendo Level and is for employees in good health. Coverage is available for those between 40 and 89 years old and ranges from $2,000 to $50,000, depending on age. The maximum amounts are:
- 40-50 years old. $50,000
- 56-65 years old. $40,000
- 66-75 years old. $30,000
- 76-89 years old. $25,000
This plan doesn’t require a medical exam, but applicants must fill out a health questionnaire. There’s also no waiting period so that policyholders can receive the full death benefit from the first day of coverage.
The other plan is called Accendo Modified and is for those that don’t qualify for Accendo Level due to health issues. However, applicants still must be eligible for coverage.
The Accendo Modified policy doesn’t require a medical exam, but applicants must fill out a health form. Additionally, there’s a two-year waiting period. As a result, deaths within two years of the issue date will receive the premiums plus 10%. If the death occurs after two years, the beneficiary will receive the full death benefit.
Read More:
Does the Aetna Life Insurance Company offer any riders?
Most life insurance companies offer options that policyholders can add to a policy. These options are called riders and allow customers to add coverage to the basic plan.
Aetna provides multiple riders that allow customers to customize a policy. The following table shows the riders offered by Aetna and the coverage they provide.
Aetna Life Insurance Company Riders
| Rider | Rider Description |
|---|---|
| Accelerated death benefit | Provides up to 50% of the death benefit early if a physician provides written documentation of a qualifying medical event or condition. |
| Accidental death benefit | Customers that buy coverage between 40 and 70 years old will receive double the death benefit for an accidental death. |
| Children’s term insurance | Provides coverage for children up to 25 with the value ranging from $2,500 to $10,000. |
| Portability rider | Ensures that you can take your policy with you if you change jobs or retire. |
| Waiver of a premium | Waives payments if a disability impacts your ability to work. |
While Aetna offers all of these riders, employers must include them in their plans to be available for employees. Additionally, adding riders will increase your monthly rates.
How is the Aetna Life Insurance Company rated?
Credit rating agencies assess the financial strength of insurance companies and issue grades. Customers can use these grades to determine the likelihood of receiving a payout after filing a claim.
Aetna Insurance has been rated an A by A.M. Best and Fitch and an AA by S&P. These ratings are solid and indicate that Aetna customers will usually receive a payout when filing claims.
Additionally, the Better Business Bureau (BBB) has rated Aetna an A + for its business practices. This rating indicates that the company is transparent and trustworthy with customers.
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Does the Aetna Life Insurance Company have any complaints?
The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) analyze complaints made about insurance companies. Potential customers can use these assessments to determine the company’s quality of service.
At the time of this review, the BBB has received 567 complaints about Aetna during the past three years. Of the 567 complaints, 340 are about Aetna’s services, and 191 are about its billing practices. Additionally, 71 customers have reviewed Aetna on the BBB website, giving the company an average rating of 1.04 out of five stars.
According to the NAIC, Aetna has 400 complaints and a complaint index ratio of 1.33. These numbers indicate that Aetna has slightly more complaints than the average similarly-sized competitor.
How can you file Aetna Life Insurance Company claims?
Aetna instructs customers to file claims by calling the company at 1-800-523-5065. Representatives can help with the claims process Monday through Friday from 8 a.m. to 7 p.m. (EST). Customers can also use this number to inquire about the status of a claim.
Before Aetna can process a claim, the company requires specific documentation, including:
- Certified copy of the death certificate
- Eligibility information and signed beneficiary records from your employer
- Police or fire reports from the investigating agency if the death is due to an accident
- Completed claim form from the Aetna website
Aetna pays most claims within 10 to 15 days of filing. However, claims for accidental deaths can take longer to process.
Unveiling Digital and Technological Features of Aetna Life Insurance Company
Mobile App Features and Functionality
Aetna offers a dedicated mobile app that provides policyholders with convenient access to their insurance accounts and related services. The app is designed to offer a user-friendly experience, allowing customers to manage their policies, view policy documents, pay premiums, and even initiate the claims process directly from their mobile devices.
The availability of a well-designed mobile app enhances the overall customer experience and simplifies interactions with the insurance company.
Online Account Management Capabilities
Aetna’s online account management platform empowers policyholders to take control of their insurance policies and related activities. Through the online portal, customers can log in to their accounts, access policy information, update personal details, and make premium payments.
This digital convenience ensures that policyholders can efficiently manage their insurance coverage without the need for time-consuming paperwork or phone calls.
Digital Tools and Resources
In addition to the mobile app and online account management capabilities, Aetna provides various digital tools and resources to assist policyholders in understanding and optimizing their life insurance coverage. These resources may include educational materials, calculators, and interactive features that help customers make informed decisions about their insurance needs.
Aetna’s commitment to leveraging technology for the benefit of its policyholders underscores its dedication to providing a modern and user-friendly insurance experience.
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What is the Aetna Life Insurance Company?
The Aetna Insurance Company was organized as an annuity fund in 1850 to provide affordable life insurance. Over time, the company increased its insurance offering to include other options, including:
- Health insurance
- Medical insurance
- Disability coverage
In 2017, Aetna agreed to be acquired by CVS, completing the acquisition on November 28, 2018. Today, Aerta provides insurance to over 46 million customers around the country.
Aetna Life Insurance Company: The Bottom Line
Aetna provides group life insurance to customers in 49 states. The CVS-owned company offers multiple riders and has been rated an A by A.M. Best. Understanding more about the Aetna Life Insurance Company will help you determine if it’s the best choice.
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Dani Best
Licensed Insurance Producer
Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...
Licensed Insurance Producer
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.