Aetna-Accendo Life Insurance Company Review: Aetna Senior Products & More
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Aetna and CVS Health are a large group of companies connected to provide thorough coverage and customer service to their customers. They created the Accendo Life Insurance Company to create a new final expense insurance option as part of the Aetna Senior Products suite.
Aetna Accendo’s life insurance plans have some distinct benefits over competing life insurance options. If you’re interested in an Aetna Accendo Life Insurance plan, read below to learn about their pricing, plan types, and more, or call us at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET. Utilize our free online quoting tool for life insurance options and pricing estimates.
What Is The Aetna Accendo Life Insurance Company?
The Aetna Insurance Company has been a prominent player in the American insurance industry since its founding in Hartford, CT, in 1853. CVS and Aetna merged in 2017 to create the CVS Health family. Following their merger, they launched Aetna Senior Products, a suite of senior-focused health initiatives and insurance options, including final expense insurance.
Their final expense insurance options are handled by the Aetna Accendo Life Insurance Company, headquartered in Nashville, TN. Accendo offers several life insurance choices, each with optional add-ons that you can use to create a customized policy. And with the financial backing of the massive CVS Health conglomerate, you can rest assured that your life insurance policy is in capable hands.
Aetna Accendo Life Insurance Coverage Options
Due to age and health concerns, seniors can have a tough time finding life insurance. Term life insurance is generally not an option for older applicants, and restrictive medical questionnaires can preclude seniors from many life insurance options.
Thankfully, final expense insurance is often available to seniors, even those with preexisting health issues. Aetna Accendo Life Insurance has final expense options designed to be forgiving for seniors with health concerns.
Like any final expense policy, Aetna Accendo’s life insurance plans are catered toward seniors and have end-of-life expenses in mind. Among the most daunting of final expenses are funeral bills. According to the National Funeral Directors Association, average costs for traditional funerals are nearly $10,000. That is a serious expense, and why final expense plans like Accendo’s life insurance policies can be a good choice.
Aetna Accendo’s life insurance plans come in three categories: Preferred Level, Standard Level, and Modified death benefit. They’re all whole life policies, so you will be locked into the agreed rates at the policy’s start. This will ensure an affordable premium across your Accendo Life Insurance policy’s lifespan.
Aetna Accendo Life Insurance features point-of-sale pre-approval, meaning that you will know the coverage types for which you qualify as soon as you answer the medical questionnaire. Accendo’s application process is streamlined and forgiving; you can qualify for their plans with some major health concerns.
Accendo Preferred and Standard Level Plans
Aetna Accendo Life Insurance Preferred and Standard Level plans are ideal for seniors in good health. These final expense policies provide the additional benefit of no waiting period – meaning that your coverage starts as soon as you’re approved.
Applicants can be anywhere from ages 40 to 89; just remember that applicant age can affect the policy’s maximum benefit. Accendo Life Insurance death benefit maximums range from $25,000 to $50,000 depending on your age. The minimum death benefit is $2,000.
The only major difference between Accendo Life Insurance Level plans is the monthly premium costs. The Accendo Preferred Level Plan is for those with no health issues to report on their application; this will get you the best monthly premium rates, comparable with some of the lowest in the industry, with even better coverage and extra benefits.
If you have some limited health concerns and answer yes to some of the questions on Accendo’s life insurance medical questionnaire, you will be eligible for the Accendo Standard Level Plan. The Standard Level plan gives you monthly premiums in line with most competitors.
Accendo’s life insurance questionnaire is fairly forgiving; you’ll still be eligible for competitive rates on the Standard Level plan even with some major ongoing health concerns. Whether on the Preferred or Standard plan, you can choose your preferred options among Accendo life insurance riders for their Level plans.
Accendo Level Plan Riders
An insurance rider is typically an optional extra level of coverage that covers a bit more than the policy’s limitations. Accendo Life Insurance Level plans offer three riders: accelerated death benefit rider, accidental death benefit rider, and child / grandchild term insurance rider.
Remember that the Accendo Modified Plan is not eligible for any Accendo Life Insurance riders. Below are the life insurance riders Accendo offers:
- Accelerated Death Benefit Rider
- An accelerated death benefit, also known as a living benefit, pays up to half (50%) of the death benefit if a doctor provides written proof that you meet a qualifying event. These include a terminal illness diagnosis or necessary long-term care. This ensures your beneficiary will be paid some money while you are still alive, which can be used to cover some of the associated medical costs.
- Accidental Death Benefit Rider
- Under an Accendo Life Insurance Level plan, the accidental benefit rider ensures that your beneficiaries are paid all of the face amounts for an accidental death if you are between the ages of 40 and 70. So if your policy face amount is $50,000 and you pass from an accident, your beneficiaries will still be paid the full amount.
- Child / Grandchild Term Insurance Rider
- If you have children or grandchildren, this term insurance rider will help ensure they are covered too. Until they are 25, any child, step-child, legally adopted child, grandchild, or legally adopted grandchild or great-grandchild can be covered under this rider. Accendo’s option is incredibly versatile as most child term insurance riders only cover immediate children. Accendo Life Insurance provides this rider with $2,500 units, up to $10,000 per child.
Accendo Modified Plan
Designed with those with health concerns in mind, the Accendo Modified Plan is available for applicants aged 40 to 75. While the Accendo Modified Plan isn’t eligible for any riders, it does pay beneficiaries the full death benefit if the policyholder dies in an accident, much like the Level plan accidental death rider.
The Accendo Life Insurance Modified Plan does have a waiting period and pays a graded / modified death benefit. Within the first two years of the policy’s approval, your beneficiary will be entitled to up to 110% of your paid premiums. In the policy’s third year, beneficiaries can be paid the plan’s full death benefit.
For example, let’s say you have a plan with a death benefit of $10,000 and have paid $2,000 in premiums. If you pass away for a non-accidental reason, and your policy is still within the two-year waiting period, your family will first be paid $2,200 (110% of paid premiums). The agreed death benefit of $10,000 will be paid in full following the waiting period.
The Accendo Modified Plan has a maximum benefit of $25,000, regardless of age. Premiums for this plan are the highest of Accendo Life Insurance options.
Other Accendo Life Insurance Benefits
Cash Value Growth Guaranteed
Aetna Accendo Life Insurance plans are all whole life policies, steadily growing in cash value with each premium payment. A pre-determined percentage of your monthly premium is paid into a dedicated account that gains value over time. This cash can be borrowed with interest to pay back some of the premium burdens, be used to extend term insurance, be used as payment toward future premiums, or reduce the amount of your paid insurance.
Accendo Life Insurance Super Preferred Plan
If you already receive Aetna Medigap or supplemental Medicare coverage, you could be eligible for a discounted rate on an Aetna Accendo Life Insurance plan. Aetna calls it the “Super Preferred Plan”. You may qualify for the Super Preferred rate if you purchased an Aetna or Accendo Medicare supplement plan. If you qualify for an Accendo Life Insurance Level plan, you can get premium rates at a discount of 10% off Preferred Level plan rates.
Pre-Approval Process for Aetna Accendo Life Insurance
New Accendo Life Insurance clients can check if they’re approved for their Level plans by answering health questions and undergoing a prescription drug check. Doing so will show you your qualified plans; remember that this pre-approval doesn’t guarantee acceptance.
Pre-approval lasts 30 days, giving you time to go through the agent interview process and complete your Accendo Life Insurance application. If you don’t complete the application process in 30 days, you’ll need to submit a new questionnaire and interview with an agent again.
If you are denied acceptance, you have 21 days to submit an appeal.
Aetna Accendo Life Insurance Health Questionnaire
Accendo determines applicant eligibility based on their health questionnaire. If an interested applicant answers “no” to all the questions on Accendo’s life insurance questionnaire, they’re eligible for Accendo Level plans.
Accendo’s health questionnaire is thorough enough that applicants aren’t required to take a medical examination. Below is a guide illustrating the Accendo Life Insurance questionnaire.
The above questions are intended to be a guide only. Contact an agent for more information on if you qualify.
How Much Does Aetna Accendo Final Expense Insurance Cost?
Accendo Life Insurance costs vary depending on your location, age, and health. While the Preferred and Standard Plans are similar, the Preferred Plan has a lower monthly premium for the same benefits. The Modified Plan has a higher monthly premium than the Level plans, as Accendo assesses more risk for applicants with health concerns.
The Accendo Life Insurance Super Preferred plan, a discounted rate for people utilizing Aetna or Accendo Medicare supplements, is not reflected in the prices below. Super Preferred offers an additional 10% off Preferred Level plan prices.
Accendo Life Insurance Sample Rates
| Gender / Age | Preferred Plan $10,000 | Standard Plan $10,000 | Modified Plan $10,000 |
|---|---|---|---|
|
Male / 40 |
$26 |
$29 |
$35 |
|
Female / 40 |
$24 |
$25 |
$32 |
|
Male / 50 |
$34 |
$41 |
$49 |
|
Female / 50 |
$27 |
$37 |
$39 |
|
Male / 60 |
$51 |
$62 |
$78 |
|
Female / 60 |
$41 |
$51 |
$60 |
|
Male / 70 |
$73 |
$104 |
$122 |
|
Female / 70 |
$58 |
$77 |
$89 |
|
Male / 80 |
$140 |
$203 |
N/A |
|
Female / 80 |
$101 |
$140 |
N/A |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
What Are Aetna Senior Products?
Aetna Senior Products are a suite of options available to seniors including Accendo Life Insurance, Medicare Supplements, and other health benefits. Here are some of the offerings in the Aetna Senior Products catalog:
- Cancer and Heart Attack or Stroke/Plus Insurance
- Dental, Vision, and Hearing/Plus Insurance
- Home Care Plus Insurance
- Hospital Indemnity/Flex Insurance
- Recovery Care Assistance
- Accendo Final Expense Life Insurance
Aetna Accendo Insurance Company Pros & Cons
Pros
- Social Security Payment Option
- Accendo accepts multiple payment types for premiums. Policyholders can pay by money order, personal check, or automatic checking account deduction. People on Social Security can also match up their premium payment bills to the day their Social Security check arrives.
- Expanded Coverage
- The Aetna Accendo Life Insurance company has expanded their age ranges since 2021. Previously, their plans only covered seniors ages 60 and up, with a maximum benefit of $35,000. Since then, coverage has expanded to allow applicants ages 40 through 89, with a minimum benefit of $2,000 and a maximum of $50,000.
- Plans Available in Almost All States
- Accendo Life Insurance is available in 49 states; New York State is the only exception.
- Simple Application with No Medical Exam
- Accendo’s life insurance application is easy and streamlined, especially compared to competitors. Their underwriting process is also very quick and an online application can be completed and approved within minutes. A paper application may take up to 78 hours for approval upon reception. Accendo also doesn’t require medical exams for any of their final expense life insurance plans.
Cons
- Modified Plan is Limited
- Accendo Life Insurance’s Modified Plan is limited, especially compared to their excellent Preferred and Standard Level plans. Modified isn’t eligible for any additional insurance riders and has a 2-year waiting period. It’s still an option for those with health issues, but remember it has a significantly higher monthly premium rate than the Level plans.
- Specialized Website for Accendo Life Insurance
- Aetna has a separate, dedicated website for Accendo Life Insurance. While this isn’t necessarily a major point against them, we at Final Expense Benefits understand it can be confusing to find information and support for your final expense insurance. You can find that and more at the Aetna Senior Products website.
Aetna Accendo Insurance Company Reviews
Third-Party Reviews
Aetna Accendo AM Best Rating
AM Best is an agency that assesses insurance companies’ creditworthiness and how well they can fulfill financial obligations. Accendo Insurance Company received an A rating; the second highest rating they offer, indicating a stable financial status.
Aetna Accendo NAIC Rating
The National Association of Insurance Commissioners (NAIC) records complaints against life insurance companies yearly on their Complaint Index. The NAIC’s overall goal is to protect consumers. Their rating ranges from 0 to 10, with 1 as the average customer complaint rating. Companies should aim to be rated below 1.
Accendo Insurance Company has an NAIC rating of 0.74, lower than the national average.
Aetna Accendo BBB Rating
The Better Business Bureau evaluates businesses’ trustworthiness by tracking customer complaints; they also offer complaint resolution services for customers and businesses. Based on complaints and resolutions, they rate companies on a scale from A+ to F.
The BBB graded Aetna at an A+; however, they are not BBB accredited. They also have a consumer review rating of 1.08/5. However, this rating is for Aetna’s overall services, and not specifically rating Accendo Life Insurance.
Customer Reviews
Conclusion
Aetna Accendo Life Insurance is a great option for final expense insurance. Their premium rates, especially on their Preferred and Standard Level plans, are quite low compared to other final expense companies and come with notable benefits.
Aetna Accendo Life Insurance can still be a good option for those with preexisting health issues. The Modified plan is limited and has higher rates compared to the Level plans, but its rates are comparable to other high-acceptance final expense plans.
Accendo’s life insurance application process is fast and easy and their Level plans come with no waiting period, so you won’t waste time waiting for your coverage to apply.
If you’re interested in Aetna Accendo Life Insurance and want to check your eligibility, or if you want to review some other options, get in touch with Final Expense Benefits. Aetna Accendo doesn’t accept applications directly from consumers, so you’ll have to speak with a life insurance brokerage to set up your application. Contact our expert agents at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET, for a quote or to start your Accendo Life Insurance application process. Be sure to check out our free online quoting tool to get some quote ideas and to check your available options.
Frequently Asked Questions
Is Accendo the same as Aetna?
While Accendo and Aetna are two different companies, Accendo is a newer Medigap and final expense insurance company that is an Aetna affiliate. They are both subsidiaries under CVS Health, who bought Aetna in 2017. They all work together to provide Medigap and senior final expense coverage.
What is a Medigap plan?
Medigap, also known as Medicare Supplement Insurance, is a type of health insurance that fills in any “gaps” in Medicare sold by private insurance companies.
What determines coverage eligibility?
Determining factors for coverage include age, medical history, job type, and hobbies. When an underwriter reviews your application, they are trying to determine your risk level. If you have many severe health problems, then you might have to pay a much higher premium than someone healthy.
Is Aetna life insurance good?
Aetna Accendo Life Insurance plans are quite good. In particular, the competitive rates and extra benefits offered by the Preferred and Standard Level plans make Accendo a standout among final expense options.