Aetna Final Expense Insurance Review: 2021 (CVS Health)

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

Aetna CVS Logo

Many insurance companies claim to offer great coverage and protection, but only a handful can deliver on this promise.

Aetna is ranked in our best burial insurance companies list and provides an affordable option when planning for funeral costs.

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, a senior final expense policy would have the financial backing of Aetna and, ultimately, CVS Health.

Company Details

  • Established: 1853
  • A.M. Best Financial Rating: A (excellent)
  • Headquarters: Hartford, CT

Plan Types

  • Plan 1: Accendo Level
  • Plan 2: Accendo Modified

Each plan comes with three permanent whole life benefits making final expense life insurance worth it.

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 with the whole life final expense plan from Aetna, coverage is locked in.

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, accumulating over time. The insured then has the option to withdraw these funds in the form of a loan.

Accendo Level

Plan 1: Accendo Level

This product is meant for seniors who are in good to great health and offers two price categories. Both Preferred and Standard plans offer immediate coverage. However, the Preferred plan will be less expensive but will require higher underwriting standards.

Quick Facts About Aetna Accendo Level

  • Age Eligibility: 40 – 89
  • Coverage Amounts: $2,000 – $50,000 (depending on age)
  • State Availability: 48 states & DC (excluding MA, NY)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

The 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. To qualify, you must be in good health and meet the established health criteria.

The Preferred plan accepts seniors with Asthma, High Blood Pressure, and High Cholesterol.

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

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

Maximum Coverage Amount by Age

The age of the applicant will determine the maximum coverage amount.

  • 40 – 55: $50,000
  • 56 – 65: $40,000
  • 66 – 75: $30,000
  • 76 – 89: $25,000

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 issue ages 40 through 70, this feature would double the death benefit if an accidental death were to occur.

Children’s Term Insurance Rider: This benefit provides coverage for children through the age of 25 at the time of issue. The benefit is available for $2,500 up to a maximum of $10,000 per child. The coverage amount chosen will need to be the same for all covered children with a limit of 9.

Aetna Accendo Final Expense Insurance Quotes (Level)

Aetna’s Accendo Preferred and Standard quotes are competitive and provide great value. This plan is on par with the Living Promise plan from Mutual of Omaha. The rates shown are Aetna Accendo non-smoking quotes.

Female

Monthly Premiums

$10,000 of Coverage

Age Preferred Standard
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

Age Preferred Standard
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

Accendo Modified

Plan 2: Accendo Modified

This Aetna burial insurance plan was built for seniors who have specific health concerns and cannot qualify for the Preferred or Standard plan options.

Quick Facts about CVS Modified Accendo Plan

  • Age Eligibility: 40 – 75
  • Coverage Amounts: $2,000 – $25,000
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: Yes
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

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%.

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

Included Accidental Death Benefit

If the insured’s death were 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. This benefit is included at no additional cost.

Aetna Accendo Final Expense Insurance Quotes (Modified)

The Modified prices are higher than other carriers on the market. This plan is comparable in price to the AARP Easy Acceptance option which is widely considered much higher than any senior should pay. The rates shown are Aetna Modified non-smoking quotes.

Aetna Accendo Modified

Monthly Premiums

$10,000 of Coverage

Age Female Male
40 $32 $35
45 $35 $41
50 $39 $49
55 $49 $58
60 $60 $78
65 $68 $102
70 $89 $122
75 $144 $185
80 NA NA

CVS Health Final Expense Questions

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

Part A Medical Questions

Part A

If you answer “yes” in part A, you are not eligible for coverage. Do not complete or submit this application. If all “no” continue to the next section.

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)
  • 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

If any “yes” answers in part B select the Modified Plan. If all “no” continue to the next section.

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

If any “yes” answers in part C, select the Standard Level Plan. If all “no” answers in parts A, B, and C select the Preferred Level Plan.

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?

Merger and Acquisitions journal

Company History & FAQ’s

Who Bought Aetna Life Insurance Company?

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 are served through health insurance products and related services.

Aetna Senior Supplemental Insurance

CVS and Aetna own and control many companies. In the growing niche of senior care, we turn to Aetna Senior Supplemental Insurance, 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

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, 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 beneficial it would be to combine your medicare supplement plan and final expense life insurance needs. For the same product, you will save money every month.

Female

*Monthly Premiums

$10,000 of coverage

Age Aetna Preferred Aetna 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

Age Aetna Preferred Aetna 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

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.

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. You can find a better two-year waiting period payout structure elsewhere. Also, the premiums are higher than similar products from other burial insurance companies.

Person thinking

Final Thoughts

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

b. The Aetna Accendo Level Plan is affordably priced with three great protection benefits (riders) that can be added. This plan is a top choice when discussing final expense whole life coverage. When it comes to the Accendo Modified product, there are better options on the market with lower pricing and a more substantial waiting period payout.

c. If you need medicare supplement coverage 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. There is no one-size-fits-all life insurance plan, which is why an expert agent is needed to explain the benefits of several burial insurance companies.

Give Willamette Life a call at 844-576-0019

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