Cincinnati Life Insurance Company Review 2018

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In this post, I am going to review the Cincinnati Life Insurance Company. Most of us prefer to read online reviews before buying a product from a particular company. The issue is that most reviews are biased and the page is full of ads for you to click, which makes it confusing and annoying at the same time.

Further, life insurance company reviews are too complicated for the ordinary person to understand. In this review, I will present Cincinnati’s products and services and compare it to the best in the industry to help you figure out if you should purchase their coverage or opt for another company. Let’s keep it simple!

Cincinnati Life Insurance History

In 1950, four independent agents established the Cincinnati Life Insurance Company. The company’s primary business is property and casualty insurance, and its parent company is Cincinnati Financial Corporation.

They have a high commitment to the independent agent because they believe that the agent is the one who has the relationship and the connection to the people in the communities, which leads to happy and loyal policyholders. Their headquarters are in Fairfield, Ohio, and they take pride in responding to clients and agents quickly and personally.

Cincinnati Life Insurance Financial Ratings

  • A.M. Best: A+ (Superior)
  • Fitch: A+ (Strong)
  • Moody’s: A I
  • S&P Global Ratings: A+ (Strong)

Products Offered by Cincinnati Life Insurance

Cincinnati Life offers property and casualty for individuals and businesses. Their solutions for individuals include life insurance, annuities, and disability products. I will only review the life insurance products here, which include term, universal, and whole life coverage.

LifeHorizons Termsetter

Cincinnati Life offers a low-cost term life insurance for 10, 15, 20, 25, or 30 years. Just like all temporary life insurance, the premium is guaranteed for the initial term period, and after that, you can convert your policy to whole life or universal life at the earlier of age 70 or the end of the initial duration without proof of insurability.

If you choose to renew it annually, the policy will expire at the age of 99. One advantage Cincinnati Life has is that they use actual age vs. nearest ages to calculate your rates. For instance, most companies will calculate your age based on the nearest birthday that you are close to, so if you are 39 and seven months, your rates will be calculated as 40 years old. This can get expensive very quickly, especially when you are older than 60.

  • Minimum face amount: $25,000
  • Issue ages:
    • 10-year plan: 0–75
    • 15-year plan: 0–75
    • 20-year plan: 0–65
    • 25-year plan: 0–60
    • 30-year plan: 0–55
  • Renewable to age 99
  • Convertible to whole life before age 70 or the end of the term, whichever occurs first
  • Actual age vs. nearest ages to calculate your rates

No-Medical Exam

No-medical-exam life insurance doesn’t require the applicant to undergo an exam as part of the underwriting method. You can expect a phone interview by the underwriter along with public data collection from the Medical Information Bureau (MIB), prescription usage, and Motor Vehicle Report (MVR).

The underwriter will use the collected information to classify your application and calculate the rates. This is only available for ages 18 through 60, and the maximum face amount is only $99,000. (If you are looking for a no-exam policy and need up to $500,000 in coverage, check out SBLI.)

LifeHorizons Termsetter ROP

Return of premium or “ROP” is a term life insurance that returns the paid premium from the carrier to the insured at the end of the term contract provided the policy is in force, and you are living. It’s only available in 20-, 25-, and 30-year terms.

  • Minimum face amount: $25,000
  • Issue ages:
    • 20-year plan: 18–60
    • 25-year plan: 18–50
    • 30-year plan: 18–55

LifeHorizons Simplicity Universal Life

Universal life insurance is another type of permanent coverage with a tax-deferred cash value accumulation and guaranteed death benefit to be paid no matter when the insured dies. In addition, it offers the flexibility to adjust the premium payment or death benefit amount as your life’s events unfold. Cincinnati offers low-cost universal life insurance with the following benefits:

  • Minimum guaranteed interest rate: 3%
  • Minimum face amount: $35,000
  • Issue ages: 18–80
  • Death benefit option:
    • Level death benefit
    • Death benefit + policy value
  • Maturity age:121
  • Five years no-lapse guaranteed period

LifeHorizons Lifesetter Universal Life

Most are contemplating a choice between temporary and permanent solutions. With term life, the premiums are less expensive, but you may outlive your initial period. With continuous coverage, your beneficiaries are guaranteed to collect the death benefit. However, it does come at a higher price.

Cincinnati Life’s Lifesetter UL may solve that dilemma by offering a level premium UL with guaranteed death benefit (so you can’t outlive it) and minimum cash accumulation. By paying the minimum payment, your policy will stay in force and will pay the benefit whenever that time arrives.

  • Minimum guaranteed interest rate: 3%
  • Minimum face amount: $50,000
  • Issue ages: 18–75
  • Maturity age:121
  • Single, limited, or level pay options

LifeHorizons Guaranteed Whole Life

Whole life insurance lasts for the insured’s entire life as long as premiums are paid. Whole life coverage guarantees the premium payment, the death benefit amount, and the cash value accumulation to remain the same regardless of age or health history. Unlike universal life coverage, whole life is a policy that is set in stone from the get-go.

  • Minimum face amount: $10,000
  • Issue ages:
    • Level-pay: 0–85
    • 10-pay: 0–80
    • Single-pay: 0–85

Optional Riders

Life insurance riders are an add-on to a policy to enhance and enrich its benefits. They are used to personalize your coverage based on your needs. Cincinnati Life offers four riders:

  1. Accelerated benefit rider allows the insured to withdraw a portion of the death benefit if he/she was diagnosed with a terminal illness or has been confined continuously for 90 days to a nursing home. The maximum amount can’t exceed 50% of the death benefit up to $250,000. Cincinnati Life offers this rider at no additional cost.
  2. Children’s term life insurance rider gives the insured an opportunity to buy term life on a child who is less than 19 years of age and who qualifies for coverage. At age 25, the child can convert the policy to whole life up to five times the purchased amount.
  3. Accidental death benefit rider provides an additional death benefit above the base amount if the insured dies as a result of an accident related injury. The amounts are $25,000 to $500,000, but they can’t exceed the policy’s base amount.
  4. Disability waiver of premium rider would waive the premium and keep the policy in force if the insured had four consecutive months of total disability.

Cincinnati Life vs. Other Carriers’ Sample Monthly Rates

Cincinnati Life sample rates

Male 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $13.12 $17.85 $41.50 $111.59
 Banner $13.33 $19.26 $40.85 $111.13
 AIG $13.54 $19.38 $42.73 $114.74
 Foresters $13.56 $18.81 $42.66 $114.84
 Lincoln$13.56 $18.38 $46.55 $190.53
 Cincinnati $14.52 $23.76 $47.74 $121.22
 Principal $14.66 $19.03 $42.61 $110.03
 SBLI $14.79 $21.67 $51.68 $147.70
 Transamerica $20.34 $26.45 $51.17 $135.88
 Prudential $20.34 $24.50 $45.50 $128.84

Female 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $11.83 $15.27 $31.18 $77.61
 Banner $11.74 $15.67 $31.17 $78.83
 AIG $11.81 $18.51 $35.59 $89.66
 Foresters $12.47 $16.63 $31.94 $85.97
 Lincoln$12.08 $16.14 $32.77 $160.13
 Cincinnati $12.76 $19.80 $38.72 $93.72
 Principal $13.13 $16.63 $32.90 $77.92
 SBLI $13.31 $18.99 $36.46 $90.37
 Transamerica $13.98 $21.72 $40.64 $110.51
 Prudential $17.28 $22.53 $40.03 $89.25

Male 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $20.21 $28.38 $75.68 $205.97
 Banner $20.12 $32.68 $74.39 $205.97
 AIG $20.24 $30.62 $77.76 $213.57
 Foresters $21.00 $31.50 $79.19 $223.56
 Lincoln$21.00 $30.28 $78.71 $214.33
 Cincinnati $22.00 $37.40 $83.60 $225.28
 Principal $22.75 $31.50 $78.66 $213.50
 SBLI $21.32 $36.92 $96.06 $286.85
 Transamerica $23.65 $43.00 $95.46 $253.70
 Prudential $33.25 $41.56 $83.56 $250.25

Female 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $17.63 $24.94 $55.47 $139.32
 Banner $17.11 $25.49 $55.47 $145.00
 AIG $17.21 $27.16 $63.06 $163.40
 Foresters $18.81 $27.13 $57.75 $165.81
 Lincoln$18.16 $26.16 $58.41 $148.05
 Cincinnati $18.92 $32.12 $68.20 $178.20
 Principal $19.69 $26.69 $59.24 $149.27
 SBLI $19.14 $29.67 $65.87 $173.03
 Transamerica $19.78 $34.83 $73.10 $204.68
 Prudential $27.13 $37.63 $72.63 $171.06

Male 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $33.97 $51.17 $142.33 $396.03
 Banner $37.84 $58.48 $140.61 $406.63
 AIG $34.95 $53.98 $144.80 $418.14
 Foresters $34.13 $56.00 $150.50 $438.38
 Lincoln$49.00 $70.00 $147.70 $418.78
 Cincinnati $36.52 $65.56 $156.20 $440.44
 Principal $38.50 $55.56 $147.88 $418.78
 SBLI $35.24 $56.03 $147.73 $457.62
 Transamerica $39.56 $80.84 $178.02 $483.32
 Prudential $48.56 $70.44 $157.94 $467.69

Female 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $28.81 $43.43 $101.91 $267.03
 Banner $28.72 $50.09 $110.51 $294.55
 AIG $28.89 $47.92 $117.12 $309.15
 Foresters $29.75 $47.25 $107.63 $322.88
 Lincoln$38.50 $53.38 $108.50 $283.33
 Cincinnati $31.24 $55.88 $127.16 $341.88
 Principal $32.16 $46.81 $108.94 $283.50
 SBLI $29.67 $44.28 $104.57 $272.92
 Transamerica $32.68 $65.36 $139.32 $388.72
 Prudential $37.19 $59.94 $124.69 $319.81

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Aug 2018 and are subject to underwriting approval.*

Last Word

Cincinnati Life has a substantial financial background with simple products to understand and superb customer service and support. If you are only looking for a 10-year term, Cincinnati Life is competitively priced with the top five companies. If you are after 20- or 30-year term, they are unable to beat the top-rated companies such as Banner and Protective Life.

They fall short by only offering up to $99,000 no-exam policy, and for most, this is an insufficient protection amount. There are others which offer no-exam life insurance up to $500,000 and even up to a million with a select few. Their biggest hurdle is their underwriting time, which can take up to eight weeks on average.

We work with Cincinnati Life and more than 50 other carriers. We promise to place you with the right company for your unique goals and health issues. Give us a call at 866-326-3053 for unbiased quotes, or you can go ahead and run the quotes on the right-hand side of this page.

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2018-09-01T16:33:26+00:00August 30th, 2018|Categories: Company Reviews|0 Comments

About the Author:

Ron is a licensed life & health insurance broker. He has two amazing rescued Pitbulls. He also enjoys real food, heavy squats, critical thinking, and reading.

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