Unexpected misfortunes that may threaten our life or take the life of a loved one may happen at times. Although we pray against such, it can befall any of us at any time.
That is why some people endeavor to have adequate health and life insurance that will cover medical expenses when the need arises. But the challenge nowadays is finding the right life insurance company that has good coverage and cheap cost.
Cigna Life Insurance may likely be what you need. Cigna is a very sound insurance company. By the time you finish reading this Cigna Life Insurance review, you’ll know a lot more.
In this article, you’ll learn more about Cigna Life Insurance, how it works, and the pros & cons of the company. But first, what is Cigna Life Insurance?
Basic Info about Cigna Life Insurance
The first marine insurance company in the USA was the Insurance Company of North America (INA) in the late 1700s. It is the oldest stockholder-owned insurer in the United States.
Back then the company issued marine policies for cargo transported from Philadelphia to Northern Ireland.
In 1865, INA and Connecticut General Life Insurance Company provided insurance for individuals and merchandise in the U.S. and across the globe. By 1926, both institutions started issuing accident insurance policies to airline passengers.
In 1982, INA and Connecticut General Corporation merged to form Cigna Health and Life Insurance Company.
Over 1.5 million users among health care providers, patients, clinics, and facilities
Above 67,000 contracted pharmacies represent more than 99% of all US pharmacies.
Over 175,000 mental and behavioral health care providers, a network that has grown 70% since 2016. 17 million global medical and dental customers and 22 million US customers covered by group disability and life Medicare Advantage plan are implemented in over 15 states including Washington, D.C.
Medicare prescription drug plans are available in all 50 US states
Ranked #13 on the 2020 Fortune 500 List.
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How it Work
Life insurance may be defined as a legal agreement between someone and an insurance provider that pays out a large sum of money to dependents if the insured person dies prematurely after a given period of time.
In other words, the insurance issues death benefit to one or more named beneficiaries if the insured person dies. The life insurance policy ensures that the agreement between both parties is implemented.
The primary purpose of life insurance is that family members and relatives who are beneficiaries will survive with the financial aid they’ll receive. They would be able to carry on with their daily lives for decades without going into debt or financial difficulty.
It has been found that most people would attain both health and life insurance. And oftentimes, from the same providers and insurance policyholders.
How does Cigna Life and Health Insurance work?
Cigna Life Insurance is no different from the above methodology. This is typically how Cigna Insurance work:
1. You choose the type of life insurance you want.
Life insurance is broadly classified into term and permanent life insurance.
Available Plans
Cigna provides many life insurance policies. Although they mainly offer group life insurance policies, below are the available Cigna Life Insurance plans (https://www.cigna.com/individuals-families/plans-services/)
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Group Term Life
With a Cigna group term life plan, you are only eligible if your employer incorporates it into your compensation package. Your term coverage is temporary, lasting equally with the duration of your employment.
How much coverage you can get depends on what your company decides to give its staff.
In general, you can get a benefit directly proportional to the percentage of your salary, possibly reaching a maximum of $500,000.
The benefit you get will only be covered in the life insurance policy. Group term life insurance tends to be cheaper than other kinds of life insurance.
Group Universal Life
Unlike group term life insurance, you receive permanent coverage with a group universal life insurance policy from Cigna.
In addition to that, your insurance policy can create a cash value that produces tax-deferred interest for you. Therefore, you can decide to withdraw or take out loans against that cash value to pay for other expenses.
This is one of the best available plans especially for mature adults approaching retirement.
Individual Whole Life
Cigna’s individual whole life policy can be purchased by one person. The individual whole life insurance is sold to anyone without as much strictness as group policies.
Whole life coverage is permanent upon purchase and it’s meant to serve throughout one’s lifespan. As time elapses, whole life policies can build a good cash value from which you can withdraw in the future.
Policies benefits are usually small and may range from $2-25,000.
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After researching the best available plans, you can now commit to your selected policies and pay. You can pay on a monthly or annual basis.
The monthly premium you pay to purchase either a group or individual life insurance is what progressively gives you more coverage. You will risk being removed from the plan if you keep missing payment especially before the maturation of coinsurance.
Typically, the fee is deducted from your employee account if you opt for a group term life plan. So no need to worry if that’s the case with you.
The deductible is made until your plan begins to be implemented, gradually providing you with a more and more utilizable cost percentage.
As you start sharing costs with your plan, your insurance ID will reflect both your deductible and coinsurance. A typical example of coinsurance is when someone’s life plan reaches the extent of guaranteed 70% benefits to the assurer(s).
Cigna Life Insurance like most insurance companies offers extra programs and services that are free of charge.
Cigna offers almost all kinds of health and life insurance. The brand is renowned and specializes in group life and health insurance. You can learn more about the wide array of insurance you can obtain by visiting cigna.com.
Pros: Why Choose Cigna Life Insurance
- No questioning or medical examination required for most policies: In as much as you join a Cigna group life policy sponsored by your employer, you’re eligible for guaranteed term coverage. If you want to expand your coverage amount, you can simply purchase insurance without getting a medical examination or answering health questions.
- Deductibles from your salary make it easier to pay your premiums: One advantage with Cigna group life policies is the convenience of paying monthly premiums via payroll deductions. It prevents you from missing a payment while you finish your salary
- Family members, relatives and friends can be covered as well: With Cigna Group Life Insurance, you can also buy coverage for your partner and children. You can purchase a coverage amount even for relatives and friends. Be sure to contact the customer service before you embark on the purchase.
Cons/Setbacks with Cigna Life Insurance
- Larger policies require medical exams: You may likely be asked to undergo a medical exam when you get voluntary or supplemental life insurance policies in addition to that offered by your employer. The application form will surely require medical examinations to proceed.
- Limited plan options: While some insurance companies have multiple insurance policies to choose from, Cigna’s offerings are more limited. There are only three life insurance plans: group term, group whole, and individual whole life policies.
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Conclusion
Cigna Life Insurance is a great company. There are many positive Cigna Life Insurance reviews that flood the internet today. The company is recommended by many and there’s a good reason for that.
Cigna Health Insurance has an A (Excellent) rating from AM Best. Cigna has an A+ rating with the BBB.
As a disclaimer, TheWealthCircle is not a financial advisor and has not been rewarded for this Cigna Life Insurance review. Hence, before you purchase a life insurance policy, you should reach out to a professional.
FAQs on Cigna Life Insurance Review
The exact cost of purchase is not fixed as it depends on a number of factors related to your life expectancy.
Common factors such as your age, gender, health status, risk factors and lifestyle, etc. will affect your cost or type of policy that’s suitable for you. The cost of the life insurance policy you choose is not universally fixed.
Nevertheless, a young adult who opted for individual whole life insurance may cost him around $28 per month. You can reach out to the highly-trained customer support desk to learn more about Cigna life insurance plans.
Cigna Health Insurance offers individual and family insurance plans. They offer accident and emergency, vision, dental, disability, special need, and supplemental insurance programs.
Some life insurance professionals or legal practitioners will help you file a claim when you receive a service. Oftentimes, all the information they need to make a claim is your ID card as a member of Cigna.
In a matter of 48hrs to 1 week. It is highly recommended you bring a professional with you to help you with understanding the protocol and doing the paperwork. They can also fasten the time it will take you to obtain your life and/or insurance.
Unlike most developed countries, the USA does not have a universal health insurance policy. It varies across US states and so does the method of enrollment.
But on a yearly basis, the federal or state Health Insurance Marketplace has an Open Enrollment Period whereby one can buy an Affordable Care Act (Obamacare) policy.
You can check the set date for the department of health in your location. All processes of enrollment can be done online on the insurer’s website.
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