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Aetna’s final expense insurance is very unique because they will accept new applicants as old as 89.
Plus, the premiums are affordable relative to other providers and you can get no waiting period coverage despite chronic conditions such as COPD.
Learn how their policy works, see cost estimates, pros and cons, and if you should buy their burial expense coverage.
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How Does Aetna Final Expense Insurance Work?
Aetna final expense insurance, aka burial or funeral insurance, is a simplified issue whole life policy that does not require a medical exam.
Qualification entails only answering some basic health questions.
Aetna will also analyze your medication history. Knowing your past medications tells them a great deal about your health.
When you die, Aetna will pay your named beneficiaries a tax-free cash benefit. You can also elect to designate a funeral home as the beneficiary.
There are no restrictions on how your loved ones use the money. It doesn’t have to be spent only on funeral expenses. That means they can pay off medical bills, credit cards, or anything else.
Also, if money is left over after your final expenses are paid, they get to keep it.
Aetna burial insurance has three health ratings that could qualify for:
- Preferred: This is the lowest-cost option and has no waiting period. You must be able to honestly answer no to all the health questions to qualify for the preferred rating.
- Standard: This option is more expensive than the preferred plan. It, too, has no waiting period. The standard plan will be offered if you have certain medical conditions in Part C of the application health questions.
- Modified: This option is the most expensive one they offer, and it has a complete two-year waiting period. If you die during the waiting period, they will only refund 110% of your premiums (unless the death is accidental). The modified plan will be offered if you have any health issues in Part B of the application.
Aetna senior products are only sold via licensed agencies like Choice Mutual. They do not have internal sales agents who sell this funeral insurance policy for seniors.
| Coverage Details | Preferred | Standard | Modified |
|---|---|---|---|
| Policy Type | Whole Life Insurance | ||
| Policy Duration | Lifetime | ||
| Fixed Premiums | Yes | ||
| Builds Cash Value | Yes | ||
| State Availability | All states except New York | ||
| New Applicant Age Range | 40-89 | 40-75 | |
| Minimum Coverage Amount | $2,000 | ||
| Maximum Coverage Amount | 40-55: $50k 56-65: $40k 66-75: $30k 76-89: $25k | $25,000 | |
| Free Built In Riders | Terminal illness | ||
| Optional Riders | Accidental Death (2X the payout for accidental death) | ||
| Where to Apply | Agencies licensed to sell Aetna Life products (you can't buy this plan directly from them) | ||
| Phone Number to Apply | 1-800-644-2926 | ||
| Medical Exam Required | No | ||
| 2-Year Waiting Period | No (subject to underwriting approval) | 2 years | |
| Application Approval Time | 5 Minutes | ||
| Brochure | Aetna Final Expense Brochure | ||
| Sample Application | Aetna Final Expense Application | ||
How Much Does Aetna Burial Insurance Cost?
The cost of Aetna final expense insurance is a function of your exact age, gender, health history, tobacco habits, resident state, and coverage amount.
In the table below, you can see some sample burial insurance quotes for their program.
All prices shown in this whole life rate chart are monthly for $10,000 in coverage.
| Age | Preferred | Standard | Graded |
|---|---|---|---|
| 40 | F: $23.80 M: $26.42 | F: $24.67 M: $29.05 | F: $31.76 M: $35.26 |
| 45 | F: $25.55 M: $29.92 | F: $29.92 M: $34.39 | F: $35.26 M: $41.47 |
| 50 | F: $27.30 M: $34.39 | F: $37.01 M: $40.51 | F: $38.94 M: $49.44 |
| 55 | F: $34.39 M: $44.10 | F: $44.10 M: $48.47 | F: $48.91 M: $58.45 |
| 60 | F: $40.51 M: $51.10 | F: $51.10 M: $61.69 | F: $59.85 M: $78.49 |
| 65 | F: $47.60 M: $58.19 | F: $61.69 M: $79.36 | F: $67.99 M: $102.46 |
| 70 | F: $58.19 M: $73.15 | F: $76.74 M: $104.04 | F: $88.90 M: $122.41 |
| 75 | F: $75.86 M: $101.41 | F: $97.91 M: $143.76 | F: $144.29 M: $185.24 |
| 80 | F: $101.41 M: $140.26 | F: $140.26 M: $202.82 | N/A |
| 85 | F: $136.67 M: $195.82 | F: $219.97 M: $312.20 | N/A |
| 86 | F: $171.32 M: $236.25 | F: $262.41 M: $360.94 | N/A |
| 87 | F: $205.97 M: $276.67 | F: $304.85 M: $409.67 | N/A |
| 88 | F: $240.62 M: $317.10 | F: $347.29 M: $458.41 | N/A |
| 89 | F: $275.27 M: $357.52 | F: $389.72 M: $507.15 | N/A |
Pros & Cons Of Aetna Funeral Insurance
- The preferred and standard plan have no waiting period
- Qualification only requires answering health questions (no exam)
- Approvals are generally rendered in less than five minutes
- Competitive prices in line with most other providers
- Available in nearly all states (just not New York)
- Permanent coverage that has a fixed premium
- The underwriting is well designed to approve most seniors even if they have very high-risk conditions like COPD, diabetes, Afib, and many more
- Applicants 55 and younger can purchase up to $50K in coverage which is higher than most other companies
- Some companies offer moderately lower prices
- The modified plan is quite expensive
- No guaranteed acceptance options
- There are no multi-policy discounts unless you recently bought an Aetna Medicare Supplement
- Policy mail times are slower than most other providers
Should You Buy Aetna Final Expense Life Insurance?
Aetna is one of the best companies that offer life insurance for seniors over 80 (or 85).
But even for younger ages, they have a well-priced final expense policy that is worth it if you can qualify for their preferred or standard plan.
That’s why they made the list of the best funeral insurance companies.
The modified plan isn’t worth buying due to its very high cost.
Yes, some companies like United of Omaha’s burial insurance does cost less.
There are a ton of health issues that Aetna will accept (with no waiting period).
In the box below, you can see just how many health conditions they are okay with.
Common conditions still eligible for no waiting period coverage: Afib Aneurysm (if surgically repaired) Arthritis Asthma Bipolar disorder Blindness Blood clots Blood thinners Cancer > 2 years ago Chronic bronchitis Circulatory surgery > 2 years ago COPD Crohn’s disease Depression Diabetes (type 1 or 2) Diabetic coma > 2 years ago Diverticulitis Epilepsy Fibromyalgia Graves’ disease Heart attack > 1 year ago Heart surgery > 1 year ago Hepatitis > 2 years ago High blood pressure High cholesterol Insulin shock > 2 years ago Lupus Multiple sclerosis Obesity Over 85 life insurance Pacemaker (installed > 1 year ago) Parkinson’s disease Sarcoidosis Schizophrenia Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 1 year ago Tumors (noncancerous) |
Aetna Company Background
Aetna has been operating since 1895 and maintains an A (Excellent) rating with A.M. Best.
They offer a suite of senior insurance products, including burial insurance, Medigap, Medicare Advantage, hospital indemnity, and many other health-related products.
They operate nationwide except for New York.
Their contact information is below:
- Website: www.aetnaseniorproducts.com
- Phone: 1-800-264-4000
- Mailing address: 151 Farmington Avenue, Hartford, CT 06156
Aetna earned 4.5 stars out of 5 for overall performance. Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, complaint data from the National Association of Insurance Commissioners, and financial strength ratings.
Learn about our rating methodology.