Melissa Morris has a BS and MS in exercise science and a doctorate in educational leadership. She is an ACSM certified exercise physiologist and an ISSN certified sports nutritionist. She teaches nutrition and applied kinesiology at the University of Tampa. She has been featured on Yahoo, HuffPost, Eat This, Bulletproof, Vitacost, LIVESTRONG, Toast Fried, The Trusty Spotter, Best Comp...

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Written by Melissa Morris
Professor of Nutrition & Kinesiology Melissa Morris

Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP® Joel Ohman

UPDATED: Jun 29, 2022

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The Truth in a Nutshell

  • Aetna only provides group life insurance
  • Aetna offers multiple riders
  • Aetna has been rated an A by A.M. Best

The Aetna Life Insurance Company is a subsidiary of CVS, primarily offering health insurance and Medicare coverage. However, in addition to being among the top 10 health insurance companies, Aetna also provides life insurance. Only group plans are available but adding riders allows customers to obtain additional coverage.

Let’s take a closer look at the Aetna Life Insurance Company.

What are the Aetna Life Insurance Company rates?

A common question for those considering their future is, “How much does life insurance cost?” The answer depends on various factors. Life insurance companies consider multiple aspects of a person to determine rates, including:

  • Age
  • Gender
  • Health
  • Family health
  • Occupation
  • Hobbies

The purpose of these factors is to assess the risk of applicants. After receiving this information, life insurance companies place applicants into underwriting categories based on risk, with riskier people ending up in lower classes. The five rating categories are as follows:

  • Preferred plus
  • Preferred
  • Standard plus
  • Standard
  • Substandard

Customers in the preferred plus category receive the lowest rates, while substandard customers see the highest. Most customers fall into the preferred or substandard classes.

The following charts show the average monthly Aetna preferred and standard rates for a $10,000 whole life policy by age and gender.

Average Male Monthly Aetna Life Insurance Company Preferred and Standard Rates by Age
AgeAetna Average Monthly Preferred Class RatesAetna Average Monthly Standard Class Rates
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
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The following chart shows the same information for females.

Average Female Monthly Aetna Life Insurance Company Preferred and Standard Rates by Age
AgeAetna Average Monthly Preferred Class RatesAetna Average Monthly Standard Class Rates
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
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As you can see, Aetna rates are lower for preferred than standard customers. Additionally, rates are lower for females than males and increase as customers age.

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What policies are offered by the Aetna Life Insurance Company?

Aetna only offers group life insurance. As a result, you can only obtain policies through your employer. The maximum coverage is usually double your annual salary, but it depends on the company.

Most group life plans expire if you change companies or retire. However, employees can take their Aetna plan if they leave, ensuring they maintain their coverage.

The company is best known for the Aetna Medicare plan, Aetna Better Health. However, they also offer limited life insurance options. These whole life plans are primarily used for final expenses, taking the burden off of loved ones.

The first plan is called Accendo Level and is for employees in good health. Coverage is available for those between 40 and 89 years old and ranges from $2,000 to $50,000, depending on age. The maximum amounts are:

  • 40-50 years old. $50,000
  • 56-65 years old. $40,000
  • 66-75 years old. $30,000
  • 76-89 years old. $25,000

This plan doesn’t require a medical exam, but applicants must fill out a health questionnaire. There’s also no waiting period so that policyholders can receive the full death benefit from the first day of coverage.

The other plan is called Accendo Modified and is for those that don’t qualify for Accendo Level due to health issues. However, applicants still must be eligible for coverage.

The Accendo Modified policy doesn’t require a medical exam, but applicants must fill out a health form. Additionally, there’s a two-year waiting period. As a result, deaths within two years of the issue date will receive the premiums plus 10%. If the death occurs after two years, the beneficiary will receive the full death benefit.

Does the Aetna Life Insurance Company offer any riders?

Most life insurance companies offer options that policyholders can add to a policy. These options are called riders and allow customers to add coverage to the basic plan.

Aetna provides multiple riders that allow customers to customize a policy. The following table shows the riders offered by Aetna and the coverage they provide.

Aetna Life Insurance Company Riders
RiderRider Description
Accelerated death benefitProvides up to 50% of the death benefit early if a physician provides written documentation of a qualifying medical event or condition.
Accidental death benefitCustomers that buy coverage between 40 and 70 years old will receive double the death benefit for an accidental death.
Children’s term insuranceProvides coverage for children up to 25 with the value ranging from $2,500 to $10,000.
Portability riderEnsures that you can take your policy with you if you change jobs or retire.
Waiver of a premiumWaives payments if a disability impacts your ability to work.
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While Aetna offers all of these riders, employers must include them in their plans to be available for employees. Additionally, adding riders will increase your monthly rates.

How is the Aetna Life Insurance Company rated?

Credit rating agencies assess the financial strength of insurance companies and issue grades. Customers can use these grades to determine the likelihood of receiving a payout after filing a claim.

Aetna Insurance has been rated an A by A.M. Best and Fitch and an AA by S&P. These ratings are solid and indicate that Aetna customers will usually receive a payout when filing claims.

Additionally, the Better Business Bureau (BBB) has rated Aetna an A + for its business practices. This rating indicates that the company is transparent and trustworthy with customers.

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Does the Aetna Life Insurance Company have any complaints?

The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) analyze complaints made about insurance companies. Potential customers can use these assessments to determine the company’s quality of service.

At the time of this review, the BBB has received 567 complaints about Aetna during the past three years. Of the 567 complaints, 340 are about Aetna’s services, and 191 are about its billing practices. Additionally, 71 customers have reviewed Aetna on the BBB website, giving the company an average rating of 1.04 out of five stars.

According to the NAIC, Aetna has 400 complaints and a complaint index ratio of 1.33. These numbers indicate that Aetna has slightly more complaints than the average similarly-sized competitor.

How can you file Aetna Life Insurance Company claims?

Aetna instructs customers to file claims by calling the company at 1-800-523-5065. Representatives can help with the claims process Monday through Friday from 8 a.m. to 7 p.m. (EST). Customers can also use this number to inquire about the status of a claim.

Before Aetna can process a claim, the company requires specific documentation, including:

  • Certified copy of the death certificate
  • Eligibility information and signed beneficiary records from your employer
  • Police or fire reports from the investigating agency if the death is due to an accident
  • Completed claim form from the Aetna website

Aetna pays most claims within 10 to 15 days of filing. However, claims for accidental deaths can take longer to process.

What is the Aetna Life Insurance Company?

The Aetna Insurance Company was organized as an annuity fund in 1850 to provide affordable life insurance. Over time, the company increased its insurance offering to include other options, including:

  • Health insurance
  • Medical insurance
  • Disability coverage

In 2017, Aetna agreed to be acquired by CVS, completing the acquisition on November 28, 2018. Today, Aerta provides insurance to over 46 million customers around the country.

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Aetna Life Insurance Company: The Bottom Line

Aetna provides group life insurance to customers in 49 states. The CVS-owned company offers multiple riders and has been rated an A by A.M. Best. Understanding more about the Aetna Life Insurance Company will help you determine if it’s the best choice.