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Aetna life insurance review 2020

Last updated:  

Your employer pays for at least 50% of premiums.

finder.com's rating: 3 / 5

★★★★★

  • Get a quote if… Its group plan suits your needs. Aetna’s life insurance can only be purchased through your employer, and the benefit is typically twice your annual salary.
  • Pick something else if … Your employer doesn’t offer it or you want to buy independently. Whether you’re self-employed or just want to buy coverage on your own, there’s plenty of carriers that offer individual policies.

18 to 65

Issue Age

Not listed to Not listed

Coverage

Not listed

Medical Exam Required

Details

Free quote Check with your HR department
Available states Not listed
Policy options Basic Group Life Insurance, Optional Group Life Insurance
Term lengths Not listed
Issue age 18 to 65
Coverage Not listed to Not listed
Medical exam required Not listed
Monthly cost Not listed
Claim methods Call 800-523-5065
Customer support Call 800-523-5065
Riders Accelerated death benefit rider, Accidental death benefit rider, Conversion rider, Portability rider, Waiver-of-premium rider

Expert review

Amy Stoltenberg

Review by


Amy Stoltenberg writes about lifestyle and money for Finder, researching the best options for shopping, banking, insurance and authentic travel experiences. After studying writing and fashion at Savannah College of Art and Design, she worked designing apparel at a corporate behemoth before opting for a career with unlimited travel time. When her laptop’s closed, she can be found wandering the streets looking for happy hour and hole-in-the-wall eateries.

Expert review

If your employer offers life insurance coverage through Aetna, it’s worth taking advantage of that. The insurer requires employers to cover at least half of your premium, making it the most cost-effective option for many policyholders. Aetna automatically covers children under its policies — though coverage isn’t customizable.

What type of life insurance does Aetna offer?

Aetna’s employer-sponsored plans are called “group life insurance” because you’re opting into a policy type that was devised for your coworkers, too. Here’s an idea of what your Aetna might offer through your employer:

Basic Group Life Insurance.

It covers you, your partner, and any dependent children in case of death. Depending on your employer, the benefit will probably equal one or two times your annual salary, and your employer helps pay monthly premiums.

Optional Group Life Insurance.

If you want a bigger benefit, purchase this on your own to cover yourself or members of your family, in addition to the basic plan. Premiums are paid monthly, and subject to change as you age.

If you leave your employer you’ll have the option to convert your plan into an individual whole life policy. This type of coverage usually lasts for life.

What riders can I add to my life insurance policy?

Aetna offers a few riders to tailor your policy to your needs:

  • Accelerated death benefit rider. This rider pays out a portion of your death benefit if you’re diagnosed with a terminal illness.
  • Accidental death benefit rider. This add-on pays out an additional benefit to your beneficiaries if you die in a fatal accident.
  • Conversion rider. If you have a term life policy, this add-on allows you to convert your policy to a permanent policy within a specified time period.
  • Portability rider. If you have a group life policy through Aetna, this rider assures you can take your policy with you if you change jobs.
  • Waiver-of-premium rider. If you suffer a disability that leaves you unable to work, this rider waives your premiums while keeping your policy active.

    How much does Aetna cost?

    Get in touch with your employer for details about the price of Aetna, and remember that your rate will depend in part on your age, gender, health, location and lifestyle.

    However, Aetna requires employers to pay for at least 50% of your policy, or 75% of employee-only coverage. So it’s likely that you’ll get a decent rate overall.

    Pros and cons

    Opting into life insurance through your workplace is likely convenient, but weight the benefits and drawbacks before committing.

    Pros

    • Plans cover your family members. Opt in, and your partner and kids are automatically insured too, which means Aetna can totally satisfy your family’s life insurance needs.
    • Your employer pays for half. Aetna requires employers to cover at least half of your plan, which means you’ll likely be getting a competitive rate compared to the market.
    • Aetna has a solid reputation. Its provider status is actually international, and Aetna’s financial stability means you don’t need to worry about its ability to pay your claim.
    • Portable in case you switch jobs. Convert your plan into a whole life policy if you want, though note that this will probably be more expensive than before.

    Cons

    • Plans lack customization. You won’t be able to build your own policy, since the coverage is predetermined by your employer.
    • Group coverage may not be enough. Though the reduced rates might be nice, two times your annual salary might be insufficient to take care of beneficiaries and outstanding debts.
    • Life insurance isn’t its main service. Aetna’s specialty is really healthcare, so its life insurance policies may be less agile than other providers.

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    Aetna reviews and complaints

    It’s not accredited by the Better Business Bureau, but it has an A+ rating which indicates stability and a good standing with the government. However, 53 customer reviews only lend one star, and Aetna hasn’t offered detailed responses.

    Still, AM Best gave it an “A+” rating, which indicates an excellent financial standing. It’s been a Fortune 500 company for the past 18 years and is now owned by CVS Health — a trusted industry heavyweight.

    How does Aetna protect my data?

    Aetna promises to only use your data for everyday business operations, like processing transactions and managing your account — it won’t share your info for marketing purposes and encrypts all emails with password protection.

    Its security measures comply with federal law preventing unauthorized access to your data. When you’re on its website, a valid security certificate protects your information, though it uses cookies to track your activity. Aetna claims to minimize use of Social Security numbers as much as possible.

    How do I sign up?

    Contact your company’s HR department to sign up, since Aetna only offers plans through an employer

    More about Aetna

    Headquartered in Hartford, Connecticut, Aetna is one of the nation’s largest insurance providers. It was founded in 1850 as an annuity fund and was named after Mt. Etna, an active volcano on the shores of Sicily.

    Aetna’s main service is healthcare, which it provides to over 23.5 million people in 19 U.S. states. In 2018, it was purchased by CVS with plans to create “a community-based, open health care model.” As of this writing, it ranked number 43 on the Fortune 500 list.

    If you’d rather purchase a policy independently, check out our comprehensive guide to life insurance.

    Frequently asked questions

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