Aetna Final Expense Insurance Review: 2021 (CVS Health)

Aetna Final Expense Insurance Review
Aetna Final Expense Insurance Review: 2021 (CVS Health)

Aetna CVS Logo

There comes a point when it is time to start thinking about what life may look like once a loved one or family member is no longer with us. Or maybe you are curious about how the process works once someone passes away.

There are many things to consider but what always comes to mind for our clients is how services are to be paid for? End-of-life costs can range between $8,000 – $12,000 on average. No one wants to leave a burden like this on a loved one.

This is where Final Expense Insurance comes into play.

Aetna burial insurance is designed to help relieve this financial burden for an affordable monthly payment.

Aetna Final Expense Insurance Review

Aetna was founded in 1853 and has developed into a powerhouse company. Known in the healthcare market Aetna has a long history of financial stability and delivering on its promises.

Aetna has a wide range of companies that are under their corporate umbrella. The company responsible for the burial insurance division is called Accendo Insurance Company. For all intents and purposes, your policy would have the financial backing of Aetna and ultimately CVS Health.

Merger and Acquisitions journal

CVS Health Acquired Aetna in 2018

As of 2018, Aetna was acquired by CVS Health. The goal of this acquisition was for CVS to establish itself as the nation’s premier health innovation company.

Backed by the machine of the CVS Health family of companies, Aetna’s Accendo Life Insurance Company has found its place in the Final Expense market.

CVS Health makes the case as “the nation’s premier health innovation company helping people on their path to better health.” This entity has some very impressive numbers that go along with its conglomerate of companies and affiliates.

  • Over 9,800 retail locations (70% of Americans live within 3 miles of a CVS)
  • Roughly 1,100 medical clinics
  • Pharmacy Benefits Manager with over 93 million members
  • An estimated 39 million people served through health insurance products and related services.

You can trust this carrier to assist with your policy and know they treat policyholders with a great level of care and respect.

Aetna Senior Supplemental Insurance

To be clear there are many companies that CVS and Aetna own and control. In the growing niche of senior care, we turn to Aetna Senior Supplemental Insurance, which is a branch of CVS Health.

The list of companies that Aetna Senior Supplemental Insurance control include:

  • Aetna Health and Life Insurance Company
  • Aetna Health Insurance Company
  • Aetna Life Insurance Company
  • Accendo Insurance Company
  • American Continental Insurance Company
  • Continental Life Insurance Company of Brentwood, Tennessee
  • Coventry Health and Life Insurance Company
  • First Health Life and Health Insurance Company

As explained earlier, the specific company that will do the underwriting for your senior final expense policy is Accendo Insurance Company. As you can see it gets technical and legal, so for simplicity purposes we will refer to Aetna as the company we are reviewing the rest of the way.

Company Details

  • Established: 1853
  • A.M. Best Company Financial Rating: A
  • Headquarters: Hartford, CT

Plan Types

  • Accendo Level
  • Accendo Modified

Accendo Level

Plan 1: Accendo Level

This product is meant for seniors who are in good to great health.

The Accendo Level plan is currently available in the following states:

AK, AL, AR, AZ, CO, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, MD, ME, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OK OH, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WV, WI, WY

Quick Facts About Aetna Accendo Level

  • Age availability: 40 – 89
  • Coverage amounts: $2,000 – $50,000 (depending on age)
  • State availability: 44 states
  • Medical exam: No
  • Health questions: Yes
  • Waiting period: No

Three Things to KnowNumber 3

1. Coverage Lock, Price Lock, Builds Cash Value

The rate you pay on day one will be the same monthly rate that is paid in years 20 and beyond.

When buying a final burial policy it is key to understand what you are purchasing to make sure your family is taken care of properly once you are gone.

Coverage Lock: The death benefit amount remains the same for the life of the insured. Some life insurance policies adjust the coverage amount over time, but the whole life final expense plan from Aetna does not adjust the coverage.

Price Lock: The monthly premium cost remains the same for the life of the insured. Prices will not fluctuate once the policy is in force and active.

Builds Cash Value: A portion of each premium payment made goes into a cash-value account that accumulates over time. The insured then has the option to withdraw these funds in the form of a loan.

2. Preferred and Standard Rates

There are two different plans within Aetna Accendo Level; Preferred and Standard. Both options come with no waiting period.

Preferred: The lowest prices available through Aetna Final Expense Life Insurance are through this Preferred policy. In order to qualify, you must be in good health and meet the established health criteria.

Standard: This plan is slightly more expensive due to the fact that the health standards are more lenient. You must still be in good health but there are a few medical conditions that are accepted with this plan that is not accepted with the Preferred coverage option.

The Standard plan accepts seniors with COPD, Parkinson’s Disease, Multiple Sclerosis, and Lupus.

3. Three Additional Benefits

You can add three additional benefits to this final expense policy for a small additional cost.

Accelerated Death Benefit Rider: With this added benefit, you can receive up to 50% of the death benefit paid out to you early if a physician provides written documentation of a qualifying medical event or condition.

In this case, a qualifying event is a medical condition that results in a terminal, chronic, or critical illness. Coupled with these terms your life expectancy will need to be 12 months or less. The minimum benefit is $1,000 and the maximum benefit is $15,000.

Accidental Death Benefit Rider: For issues ages 40 through 70 this benefit will pay 100% of the policy’s face amount if the insured was to pass from accidental death. This would then double the payout of your policy.

Children’s Term Insurance Rider: This benefit provides coverage for children through the age of 25. The children will need to be under the age of 25 at the time of the policy issue date. The benefit is available for $2,500 up to a maximum of $10,000 per child.

The insured children need to be one of the following to qualify:

  • Child
  • Stepchild
  • Legally Adopted Child
  • Grandchild
  • Legally Adopted Grandchild
  • Great-Grandchild

The coverage amount chosen will need to be the same for all covered children. Also, the coverage is limited to 9 children.

Aetna Accendo Final Expense Insurance Quotes (Level)

We have taken the liberty to layout Aetna’s Accendo Preferred and Standard quotes below.

Female

*Monthly Premiums

$10,000 of Coverage

AgePreferredStandard
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
Male

*Monthly Premiums

$10,000 of Coverage

AgePreferredStandard
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

*Non-smoking quotes

Should I Apply for the CVS Accendo Level Plan?

The Accendo Final Expense Level plan is a great policy that has a very competitive price point. Also, three different additional protection benefits can be added to your policy that can be very useful. This CVS Accendo policy is easily one of the best coverage options on the market and is from a highly rated life insurance company.

Accendo

Plan 2: Accendo Modified

This plan was built for seniors who have health concerns and are unable to qualify for the Preferred or Standard plan options.

The Accendo Modified Plan is currently available in the following states:

AK, AL, AR, AZ, CO, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, MD, ME, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OK OH, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WV, WI, WY

Quick Facts about CVS Modified Accendo Plan

  • Age availability: 40 – 75
  • Coverage amounts: $2,000 – $25,000 (depending on age)
  • State availability: 44 states
  • Medical exam: No
  • Health questions: Yes
  • Waiting period: 2-years

Three Things to KnowNumber 3

1. Modified Death Benefit

This plan has a 2-year waiting period. What this means is that if you were to pass away from a non-accidental death within the first two years of the policy issue date your beneficiary would receive all premiums paid plus 10%.

This is better than just having your money sit in the bank, but you can usually find more favorable waiting period structures from other companies.

Once the two-year waiting period is over the beneficiary will receive the full death benefit.

2. Included Accidental Death Benefit

If the insured’s death was deemed accidental the beneficiary would receive the full face amount of the plan. This is regardless of if death occurs during the two-year waiting period or after.

3. Whole Life Benefits

Just like the Level plans, this Modified plan from Aetna comes with a monthly premium and death benefit that never fluctuate. It also builds a cash value for the owner to borrow against at any point they wish.

Aetna Accendo Final Expense Insurance Quotes (Modified)

For your convenience, we have put Aetna’s final expense quotes side by side.

Aetna Accendo Modified

*Monthly Premiums

$10,000 of Coverage

AgeFemaleMale
40$32$35
45$35$41
50$39$49
55$49$58
60$60$78
65$68$102
70$89$122
75$144$185
80NANA

*Non-smoking rates

Should I Apply for the Modified Accendo CVS Final Expense Insurance Plan?

This plan has a two-year waiting period that pays your beneficiary 10% interest on the premiums paid. This is a standard feature in the industry and you can find a much better two-year waiting period payout structure. Not only is it a very average payout structure, but the premiums are higher than similar products from other burial insurance companies.

CVS Health Final Expense Questions

Below are all of the health questions that will be asked on the application for Aetna Final Expense Whole Life Insurance. Consider this your Aetna final expense underwriting guide.

Part A medical questions

Part A

1. Are you currently:

  • Confined in or been advised to enter a hospital, nursing home, skilled nursing facility, psychiatric facility, correctional facility?
  • Receiving or been advised to receive home health care or hospice care?

2. Do you use a wheelchair or mobility scooter or do you have any physical or mental impairment requiring assistance from anyone with the following activities of daily living: taking medications, bathing, dressing, eating, toileting, getting in or out of bed or chair, or moving about?

3. Within the past year have you:

  • Used or been advised to use oxygen equipment to assist with breathing (excluding CPAP for sleep apnea) or had or been advised to have kidney dialysis?
  • Been advised to have any medical procedure, surgery or a diagnostic test that has not yet been started, completed, or for which results are not known, excluding tests related to the Human Immunodeficiency Virus (HIV)?

4. Have you ever received, or been advised to receive, an organ or bone marrow transplant or an amputation due to any disease or complications of diabetes?

5. Have you ever been diagnosed by a member of the medical profession or tested positive for Human Immunodeficiency Virus, AIDS Related Complex (ARC), or Acquired Immune Deficiency Syndrome (AIDS)?

6. Have you ever been diagnosed with, received or been advised to receive treatment or medication for:

  • Amyotrophic Lateral Sclerosis (Lou Gehrig’s Disease), Huntington’s Disease, or sickle cell anemia?
  • Alzheimer’s disease, dementia or mental incapacity?
  • Congestive heart failure, pulmonary fibrosis, any terminal condition or end-stage disease?
  • Cerebral palsy, cystic fibrosis, muscular dystrophy or un-operated heart defects?

7. Within the past 2 years have you been diagnosed with, received or been advised to receive chemotherapy or radiation for any form of cancer (excluding Basal or Squamous cell skin cancer)?

8. Have you ever been diagnosed with more than one occurrence of the same or different type of cancer?

Part B medical questions

Part B

1. Within the past 2 years have you been diagnosed with, received or been advised to receive treatment or medication for:

  • Alcohol or drug abuse (prescribed or illegal), or used illegal drugs; or been convicted of or plead guilty to driving under the influence?
  • Complications of diabetes such as diabetic coma, insulin shock, retinopathy (eye disorder), nephropathy (kidney disorder), or neuropathy (nerve, circulatory disorder)?
  • Kidney or liver disease?

2. Within the past year have you been diagnosed with, received or been advised to receive treatment for:

  • Angina (chest pain), heart attack, cardiomyopathy, or any type of heart or circulatory procedure or surgery?
  • Stroke or transient ischemic attack (TIA/mini-stroke), aneurysm or brain tumor?

Part c medical questions

Part C

1. Within the past 2 years have you been diagnosed with, received or been advised to receive treatment for:

  • Angina (chest pain), heart attack, cardiomyopathy, or any type of heart or circulatory procedure or surgery?
  • Stroke or transient ischemic attack (TIA/mini-stroke), aneurysm or brain tumor?

2. Have you ever been diagnosed with, received or been advised to receive treatment or medication for:

  • Parkinson’s disease, Multiple Sclerosis or Systemic Lupus (SLE)?
  • Chronic obstructive pulmonary disease (COPD), chronic bronchitis, emphysema or any other chronic respiratory condition?

Finish line

Super Preferred Rates with Aetna Accendo Medicare Supplement Plans

If you use Aetna for both your Final Expense Life Insurance and Medicare Supplement plan needs then you will receive roughly a 10% discount on your life insurance monthly premiums.

To receive the super preferred rates you will need to have obtained an Accendo Medicare Supplement plan within the past six months (180 days).

The price chart below shows how it would be beneficial to combine both your Medicare Supplement plans and final expense life insurance needs. For the same product and the same amount of coverage, you will save money each and every month.

best price ribbon

Female

*Monthly Premiums

$10,000 of coverage

AgeAetna PreferredAetna Super Preferred
45$26$23
50$27$25
55$34$31
60$41$37
65$48$43
70$58$53
75$76$69
80$101$92
85$137$123

Male

*Monthly Premiums

$10,000 of coverage

AgeAetna PreferredAetna Super Preferred
45$30$27
50$34$31
55$44$40
60$51$46
65$58$53
70$73$66
75$101$92
80$140$127
85$196$177

*Non-smoking rates

Final Thoughts

a. During this Aetna Final Expense Insurance Review, we discovered by the direction of CVS this company is starting to expand its reach into other areas of the seniors care market.

b. The Aetna Accendo Level Plan is affordably priced with three great protection benefits (riders) that you can add to it. Accendo Level coverage is easily in the top 10 when discussing final expense whole life options.

c. When it comes to the Accendo Modified product, there are better options on the market with much lower pricing and a more substantial waiting period payout.

d. If you need Medicare Supplement and Final Expense Insurance this product is a good option for you. This is because of the supper preferred rates that are offered when combining both products.

Willamette Life is a final expense whole life insurance agency. Our agents will help guide you through the process of obtaining coverage. There is not a one-size-fits-all life insurance plan, this is why an expert agent is needed to explain the options from several burial insurance companies.

Give Willamette Life a call 844-576-0019

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