Aetna Final Expense Insurance | Underwritten by American Continental
The Aetna final expense insurance (owned by American Continental) offers whole life coverage for end-of-life costs at competitive rates. Find rates for level benefits as low as $22.92/mo.
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Chris Abrams
Licensed Life Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...
Licensed Life Insurance Agent
UPDATED: Sep 19, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life 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: Sep 19, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life 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.
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Here’s what you need to know…
- Aetna Final Expense insurance policies are for individuals who wish to cover the expenses associated with their death
- A level death benefit plan pays 100 percent of the purchased face value when the insured dies
- Whole life policies accumulate cash value, which you can use for a loan later in life
If you’re wondering, is Continental Life part of Aetna? Let us quickly explain. American Continental Insurance Company, an Aetna company, is an underwriter for the final expense products. Continental Life Insurance Company (CLI) began in 1983 and was Aetna’s support team for their senior supplemental insurance.
In 2005, American Continental Insurance Company (ACI) was established. In 2011, they became a member of the Aetna family of companies. CLI and ACI are rated A (Excellent) by A.M. Best. If you are interested in Aetna’s final expense, whole life insurance, or term life policies you owe it to yourself to read our American Continental final expense review, which includes sample life insurance rates from the top life insurance companies.
Don’t wait — Click our FREE life insurance quote tool to compare rates before diving into our American Continental final expense insurance company review. Get started now.
Shopping for American Continental Final Expense Quotes
It is important to compare different companies and policies before making a decision. If you are interested in a final expense policy, then you may want to refer to a checklist that estimates how much your final expenses will be like this one from the Federal Trade Commission. The National Funeral Directors Association statistics show that in 2019, the average cost for a viewing and burial was $7,640.
Life insurance company rates are impacted by gender. Women have lower rates on average than men because women’s life expectancy is longer. Because women have a longer life expectancy, they are less of a risk for a life insurance company to cover, based on gender alone, and therefore they get a lower rate.
Now, let’s take a look at some actual rates for Aetna senior products.
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Sample Aetna Final Expense Rates
It is important to shop around to find the best rates. The chart below will give you an idea of what you can expect to pay for Aetna’s final expense insurance for non-smokers at key senior ages and coverage amounts.
Average Monthly Aetna Final Expense Rates
Policyholder Age | $5,000 - Male | $5,000 - Female | $20,000 - Male | $20,000 - Female | $35,000 - Male | $35,000 - Female |
---|---|---|---|---|---|---|
60 | $27.50 | $22.92 | $100.00 | $81.67 | $172.50 | $140.42 |
65 | $32.92 | $27.50 | $121.67 | $100.00 | $210.42 | $172.50 |
70 | $42.50 | $34.58 | $160.00 | $128.33 | $277.50 | $222.08 |
75 | $55.83 | $44.58 | $213.33 | $168.33 | $370.83 | $292.08 |
80 | $74.58 | $61.25 | $288.33 | $235.00 | $502.08 | $408.75 |
85 | $101.25 | $82.50 | $395.00 | $320.00 | $688.75 | $557.50 |
As you can see, females tend to pay less for Aetna final expense life insurance than males. It is also true that the older you are when you purchase the Aetna final expense insurance, the higher your final expense rates will be, regardless of gender. So, as with any American Continental whole life insurance (i.e., Aetna final expense whole life insurance) or term life insurance, you’ll want to lock in those good rates as early as possible.
Also, keep in mind that Aetna’s final expense is whole life insurance, which is why the rates tend to more in line with other whole life insurance plans. That also means the rates will be higher than your typical term life insurance quotes.
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American Continental Final Expense Policies
Final expense policies are for individuals who only have one goal in mind: To cover the expenses associated with the charges and affairs related to their death. It is more important now than ever to get insurance to help pay for your final expenses since, according to the U.S. Bureau of Labor Statistics, it has gotten increasingly more expensive to die in the last 30-years.
Unlike term life insurance, which lasts for a specified period, final expense policies offer permanent coverage without the need for the applicant to undergo an exam.
So, if you are a veteran then you can contact the VA and see if you qualify for the final expense benefits, like the burial benefits they offer.
Before you submit an Aetna final expense application, you’ll need to know what’s on offer.
They have a level premium payment throughout the insured’s lifetime. The face value isn’t high, with benefits ranging from $3,000 to $35,000. Aetna offers three types of final expense policies: Level, graded, and modified benefit plans.
Your current health and age will have the most significant bearing on which plan you will be eligible for and the amount. Let’s take a look at each plan. Remember, the company offers more policies than Aetna final expense. Whole life insurance and term life insurance are offered by the company too.
Level Benefit Plan
A level death benefit plan pays 100 percent of the purchased face value when the insured dies, whether days after buying the policy or years later. You must answer “no” to all the health questions on the application and must not have any significant health conditions in the past 24 months or you will not be eligible for the level benefit plan life insurance. Heart attack, internal cancer, or COPD among a few others.
With the level benefit plan, the full death benefit is available immediately. The issue ages and maximum benefit are as follows:
- Ages 60-65, $35,000
- Ages 66-80, $25,000
- Ages 81-85, $15,000
- Ages 86-89, $10,000
The minimum coverage amount is $3,000.
Graded Benefit Plan
A graded benefit plan is suitable for those who are not in the best of health or have been diagnosed or treated for health conditions that are offered by some life insurance. Ulcerative colitis, cancer, and Crohn’s disease are among some of the health conditions that this plan is suitable for. As with other types of life insurance coverage, the healthier you are when first buying the policy, the less you would pay and vice versa.
Expect to pay more for this plan. Also, because the insurer is taking an increased risk by insuring you, your beneficiaries will only collect 40 percent of benefit amount for the first year, 75 percent for the second year, and only in year three and beyond will they be able to receive 100 percent of the purchased benefit amount. With the plan, if your death is accidental then the full benefit will be available immediately.
Keep in mind it still may be a good option for you to buy this plan, but you may want to check other companies as they all have different questions on the application that are translated into various plans. When one will issue you graded, another will issue your level benefit.
The issue ages and maximum coverage amounts for this policy include:
- Ages 60-65, $35,000
- Ages 66-80, $25,000
The minimum coverage amount for the policy is $3,000. Compare Quotes From Top Companies and Save Secured with SHA-256 Encryption
Modified Benefit Plan
A modified benefit plan is for those who can’t qualify for the graded benefit plan and are more challenged health-wise. When you have health problems, the carrier is taking even more risk by offering coverage, so they hedge their odds by modifying the death benefit entirely.
If you die within two years of buying the policy, then your beneficiaries will receive a return of premium. This will return premiums already paid plus 10 percent in interest. Only in year three and after will they be entitled to the full death benefit amount. In other words, you can’t die for the first two years and receive the total death benefit.
You may want to look around at guaranteed issue life insurance companies and policies instead of buying this plan. It may cost less and you wouldn’t need to answer any health questions.
Note: Any death result from an accident will pay 100 percent of the death benefit. The issue ages and coverage amounts for this policy range from:
- Ages 60-65, death benefit: $35,000
- Ages 66-75, death benefit: $25,000
The minimum amount of coverage is $3,000.
Cash Value Flexibility
As mentioned above, whole life policies accumulate cash value, which you can use for a loan later in life or when you surrender the policy. Aetna offers a unique benefit called a non-forfeiture option. Its purpose is to reduce the risk of your coverage lapsing by mistake, leaving you without any protection.
In essence, they use your cash value funds to pay your policy if your premium remains unpaid at the end of the grace period. This will save you from buying a new policy and go through life insurance underwriting again. You will need to pay back the amount they used, including added interest. If you don’t they will deduct it from the total benefit they will pay your heirs.
This is a good option, in my opinion. You will be surprised to find out how many people forget to pay their policy, or change a bank account number and forget to update it with the carrier, only to find out a month later when they get a cancelation letter from the insurer.
American Continental Final Expense: The Bottom Line
American Continental’s final expense through Aetna is one of a few companies that offer coverage for 89-year-old individuals. They are competitive, price-wise, but you still want to compare based on your current age and the plan you are qualified to see if you can do better with other companies.
They also don’t have height and weight restrictions.
Life insurance for overweight individuals can be harder to find because of eligibility restrictions so if you are overweight, then you may want to look into these plans. Avoid the modified death benefit plan. You can do better with AIG or Gerber life guaranteed issue plans. At the end of the day, it is solely your responsibility to compare plans and rates and choose the one that is best for you.
Using a broker can free you from doing that. We get paid by the carrier, and it costs you nothing to use our advice and expertise.
Now that you’ve read our American Continental final expense insurance review, click our FREE life insurance quote tool to compare life insurance rates from the best life insurance companies around. Get started now. Compare Quotes From Top Companies and Save Secured with SHA-256 Encryption
Frequently Asked Questions
What else does Aetna provide and what all does Aetna insurance cover?
Aetna health and life insurance company offers Aetna senior products, vision, pharmacy, and dental plans. They also offer Medicare plans and services. Aetna offers behavioral health programs and medical management programs. Depending on what plan you enroll in will determine with benefits you will receive from the company.
Can I contact an Aetna agent online about my policy?
Aetna does provide online portals for their customers. The company also provides a portal for its agents to do business online. In order to contact your insurance agent, you can sign in to your account using your Aetna final expense agent login, Aetna Continental life insurance login, or aetnaseniorproducts.com member login. All of the information on the best way to contact your agent should be there. You can also call the number to the company on your insurance card.
Is Continental Life part of Aetna?
Yes, Continental Life Medicare Supplement insurance has been a subsidiary of Aetna since 2011.
Is American Insurance the same as Aetna?
American Continental insurance company is a subsidiary of Aetna. American Insurance is not affiliated with Aetna.
How does Aetna Final Expense Insurance work?
Aetna Final Expense Insurance provides a predetermined death benefit to help cover the expenses associated with a policyholder’s funeral and other final expenses. The policyholder pays regular premiums, and upon their passing, the designated beneficiaries receive the benefit to use as needed.
What are the benefits of Aetna Final Expense Insurance?
Aetna Final Expense Insurance offers several benefits, including:
- Financial protection: The policy provides funds to cover end-of-life expenses, relieving the burden on loved ones.
- Simplified application process: Aetna typically offers simplified underwriting, making it easier to qualify for coverage.
- Fixed premiums: Premiums remain level throughout the life of the policy, allowing for predictable budgeting.
- Flexible coverage options: Policyholders can choose the coverage amount that best suits their needs, often ranging from $5,000 to $50,000.
- Access to funeral planning resources: Some policies provide access to resources that can help plan and arrange funeral services.
How can I apply for Aetna Final Expense Insurance?
To apply for Aetna Final Expense Insurance, you can reach out to an insurance agent or contact Aetna directly. They will guide you through the application process, which typically involves completing an application, providing relevant personal and health information, and possibly undergoing a brief medical underwriting process.
What is the claims process for Aetna Final Expense Insurance?
In the event of a policyholder’s passing, the designated beneficiaries should contact Aetna or American Continental Insurance Company to initiate the claims process. The insurance company will provide guidance on the necessary documentation and assist the beneficiaries in filing the claim to receive the death benefit.
Can I customize my Aetna Final Expense Insurance policy?
Aetna Final Expense Insurance policies may offer some degree of customization. While coverage amounts are typically pre-set based on available options, policyholders can often choose additional riders or options to enhance their coverage. Discuss customization options with an insurance agent or representative.
Compare Quotes From Top Companies and Save
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Chris Abrams
Licensed Life Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...
Licensed Life Insurance Agent
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.