Overall Score

Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:

Factor Score Value
Price of Coverage
40%
No-Waiting-Period CoverageNo Waiting Period
20%
Financial Strength
20%
NAIC Complaint Index
20%
Overall Maximum
100%

Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.

3.5 out of 5
3.0
Price of Coverage
Price of Coverage
40% of overall score

Using this quote calculator, we compare the price of the insurer’s coverage to competitors with equivalent products. The score they receive is based on how close their price is to those three least expensive providers:

  • 50-5% more expensive
  • 46-10% more expensive
  • 311-20% more expensive
  • 221-30% more expensive
  • 1≥ 40% more expensive
4.0
No-Waiting-Period CoverageNo Waiting Period
No-Waiting-Period Coverage
20% of overall score

This scoring factor assesses whether an insurer offers coverage with no waiting period and, if so, how difficult it is to qualify for it. If an insurer does not provide coverage with no waiting period, it gets an automatic 1. A score from 2 to 5 indicates that immediate coverage is possible, and the higher the rating, the easier it is for the average applicant to qualify for it.

  • 5Most applicants qualify
  • 4Fairly easy qualification
  • 3Somewhat difficult qualification
  • 2Very difficult qualification
  • 1No-waiting-period coverage unavailable
4.0
Financial Strength
Financial Strength
20% of overall score

Our financial strength scores are based on A.M. Best’s Financial Strength Ratings (FSR), which measure an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores they receive are based on the following scale:

  • 5Superior (A+ or A++)
  • 4Excellent (A- to A)
  • 3Fair/Good (B- to B++)
  • 2Weak/Marginal (C- to C++)
  • 1Poor (D or Not Rated)
5.0
NAIC Complaint Index
NAIC Complaint Index
20% of overall score

The NAIC (National Association of Insurance Commissioners) complaint index measures how frequently an insurer obtains consumer complaints relative to a median score across all insurers. Our scoring model is based on an insurer’s NAIC complaint index for the most recently available year and for ‘Individual Life’ products:

  • 50.0 - 1.0 (avg or below avg complaints)
  • 41.01 - 1.5 (slightly above avg complaints)
  • 31.51 - 2.0 (up to 2x avg complaints)
  • 22.01 - 3.0 (up to 3x avg complaints)
  • 1≥ 3.01 (more than 3x avg complaints)
Aetna’s final expense life insurance is one of the best plans in the nation due to its affordable cost and coverage with no waiting period, even for applicants with high-risk pre-existing conditions. They even accept applicants as old as 89.
Pros

  • Most seniors qualify for immediate coverage even if they have very high-risk conditions like COPD, diabetes, and many more.
  • Competitive prices that are in line with most other providers.
  • Qualification only requires answering health questions (no exam).

Cons

  • No guaranteed acceptance options.
  • Some companies offer moderately lower prices.
  • Policy mail times are slower than most other providers.

A
Excellent
Moody's
NR
Not Rated
A+
Stable

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).

S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).

Customer Review Ratings
BBB
1.09/5
330 reviews
1.3/5
146 reviews
2.2/5
130 reviews
1.2/5
24 reviews
2.6/5
1806 reviews
Consumer Protection Organization Scores

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

A+
Not Accredited

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

Policy Type
Whole Life
New Applicant Age Range
40-89
Death Benefit Options
$2,000-$50,000
States Where Available
All except New York
Builds Cash Value
Yes
Has Health Questions
Yes
2-Year Waiting Period
No
Medical Exam Required
No
Age When Policy Expires
Never
Prices Increase
Never
Terminall Illness Rider
Yes
Policy Type
Whole Life
New Applicant Age Range
40-89
Death Benefit Options
$2,000-$50,000
States Where Available
All except New York
Builds Cash Value
Yes
Has Health Questions
Yes
2-Year Waiting Period
No
Medical Exam Required
No
Age When Policy Expires
Never
Prices Increase
Never
Terminall Illness Rider
Yes
Policy Type
Whole Life
New Applicant Age Range
40-75
Death Benefit Options
$2,000-$25,000
States Where Available
All except New York
Builds Cash Value
Yes
Has Health Questions
Yes
2-Year Waiting Period
Yes
Medical Exam Required
No
Age When Policy Expires
Never
Prices Increase
Never
Aetna offers a suite of senior insurance products, including burial insurance, Medigap, Medicare Advantage, hospital indemnity, and many other health-related products. Aetna has various subsidiaries that may issue one of their final expense products, including Accendo Life Insurance Company, Continental Life Insurance Company of Brentwood, Tennessee, or American Continental Life Insurance Company.

In 2018, CVS Health bought Aetna, so all policies will have the CVS and Aetna Life Insurance Company logos. All Aetna senior products are sold only via licensed agencies. They cannot be bought online or via mail directly from the company.

Founding Year
1853
Official Website
www.aetnaseniorproducts.com
Headquarters
151 Farmington Ave, Hartford, CT 06156
Phone Number
800-264-4000

 

How Does Aetna Final Expense Insurance Work?

Aetna final expense insurance is a simplified issue whole life policy that does not require a medical exam. To qualify, you only have to answer some basic health questions. The coverage lasts forever, the premiums will never increase, and the policy will build cash value.

When you die, Aetna will pay your named beneficiaries a tax-free cash benefit. There are no restrictions on how your loved ones use the money. That means the money can be used to pay off funeral expenses, medical bills, credit cards, or anything else. Also, if money is left over after your final expenses are paid, they get to keep it.

 

How Much Does Aetna Burial Insurance Cost?

The cost of Aetna final expense insurance is based on your exact age, gender, health history, tobacco habits, state of residence, and the coverage amount. The table below shows some sample burial insurance quotes for their program.

Age & Gender$5,000$10,000$25,000
Female age 45$15$26$59
Male age 45$17$30$70
Female age 50$15$27$63
Male age 50$19$34$81
Female age 55$19$34$81
Male age 55$24$44$105
Female age 60$22$41$96
Male age 60$27$51$123
Female age 65$26$48$114
Male age 65$31$58$140
Female age 70$31$58$140
Male age 70$38$73$178
Female age 75$40$76$184
Male age 75$52$101$248
Female age 80$52$101$248
Male age 80$72$140$345
Female age 85$70$137$336
Male age 85$100$196$484
Female age 86$87$171$423
Male age 86$120$236$585
Female age 87$104$205$686
Male age 87$140$277$686
Female age 88$122$241$596
Male age 88$160$317$788
Female age 89$139$275$683
Male age 89$181$358$889
Source for monthly prices: Choice Mutual quote calculator. Rates are calculated at a non-tobacco rating, rounded to the nearest dollar, and are valid as of 07/20/2024.

 

Should You Buy Aetna Final Expense Whole Life Insurance?

Aetna is one of the best companies offering life insurance for seniors over 80 (or 85) because its prices are generally on the lowest end of the spectrum.

Even for younger people, they have a well-priced final expense policy that is worth it if you qualify for their preferred plan, which is generally possible even for applicants with health issues. Yes, some companies, like United of Omaha’s burial insurance, do cost less (but not by much).

Tip:
Remember that all companies differ regarding underwriting (which health ailments they accept) and the cost. No single company is going to be the best option for everyone.

The standard plan is essentially only worth buying if you have higher-risk issues such as COPD, multiple sclerosis, or Parkinson’s disease.

In all circumstances, the modified plan isn’t worth buying due to its high cost and waiting period.

 

Frequently Asked Questions

In partnership with CVS Health, Aetna created a final expense insurance policy underwritten by Accendo Life Insurance Company, a wholly-owned subsidiary of Aetna Inc.

Accendo Insurance Company’s final expense coverage is a no-exam whole life policy meant to pay for funeral costs. It’s ideal for seniors who only need a small amount of coverage to pay for end-of-life expenses. Accendo is a subsidiary of Aetna, and both are owned by CVS Health.

Aetna funeral insurance is a no medical exam whole life policy that provides a quick cash payout to your loved ones to cover all your final expenses. When you die, Aetna will give your loved ones a tax-free check for however much coverage you bought. Any money they don’t use for your funeral is theirs to keep.

Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.

  1. bought Aetna. https://www.cvshealth.com/news/company-news/cvs-health-completes-acquisition-of-aetna-marking-start-of.html
  2. owned by CVS Health. https://www.cnbc.com/2018/11/28/cvs-creates-new-health-care-giant-as-69-billion-aetna-merger-closes.html