Aetna and Centurion Life Insurance Company both provide life insurance coverage. The basic coverage is about the same with each company. The main difference is the specific plans available and the amount of monthly premiums associated with each plan. There is no one best insurance company since each individual has different needs in terms of life insurance coverage and how much they can afford to pay for that coverage. The final decision comes down to assessment of insurance needs and which company best meets those requirements. That decision will determine which insurance provider you employ.
To avoid paying too much on any kind of insurance, be sure to take advantage of our FREE quote comparison tool! Simply enter your ZIP code in our free quote tool!
Aetna
Aetna, dating to 1853, has a reputation as one of the best insurance companies on the market today. This is based on customer reviews and industry assessments of insurance companies offering similar products. Aetna is a Fortune 500 company offering service throughout the United States with nearly 20 million policyholders. Aetna products include:
- Health insurance
- Dental and vision coverage
- Life insurance options
- Medicare insurance supplement plans
- Individual and group coverage
- High deductible plans
- Copay plans
- Health Savings Accounts (HSA)
Life Insurance Coverage
Aetna provides employer-based and individual coverage options. Agents serve all 50 states. Aetan offers several additional options beyond typical life insurance coverage. These options are made available to both Group Life Insurance and individual policy holders. Some of these additional options include:
- Living Benefits – These benefits are made available to policyholders to use now. Some of the living benefits offered by Aetna include financial and legal counseling.
- Beneficiary Benefits – These benefits are for those left behind after a policyholder is no longer living. The purpose of these benefits is to provide support for family members. Services related to these benefits may include legal assistance/advice and bereavement counseling.
- End of Life Benefits – These benefits are designed to provide policyholders and their caregivers and survivors with assistance managing issues that come into play when a policyholder faces serious medical issues as their life ends. Some of these benefits include medical case management and Accelerated Life Benefit options.
Note: Aetna offers these benefits as additional options to typical term life, whole life, variable life and universal life policies.
Expenses
Aetna, according to customer reviews, makes an effort to provide support for the policyholder for the duration of their lifetime, not just at the end of life. This includes access to financial resources for policyholders and family members.
An effort is made to offer the policies that provide the amount of coverage best for an individual at a rate they can afford. This includes a personal assessment of an individual’s life insurance requirements. The cost of a monthly premium for a life insurance policy varies for each policyholder.
Because premiums vary for each policyholder, be sure to accurately compare them by inputting your ZIP code in our FREE quote comparison tool!
Customer Service
Payouts for life insurance policies from Aetna are said to be timely with customers reporting few issues with receiving benefit payments within a reasonable amount of time. Agents, for the most part, are readily available for policyholders and beneficiaries with questions or concerns.
Initial sign-up to compare rates requires no personal information. Some of the extras offered by Aetna are not standard for the industry. As a result, these services are unique to Aetna policyholders. This is frequently mentioned in assessments of Aetna by current and former customers.
Centurion Life Insurance Company
Centurion, founded in 1956, offers a variety of life insurance products. All life insurance policies offered by the company have similar exclusions that apply to the insured. The basic types of life insurance offered by Centurion include:
- Term Life Insurance – This coverage is the least expensive plan offered by Centurion Life. No additional benefits, aside from basic coverage, are offered. The amount of coverage selected when the policy is initiated is the benefit. Available terms from Centurion Life are either 10 year or 20 year periods of coverage. The premium is based on the specific term and the amount of coverage selected.
Ex.: If a $100,000 term life policy is purchased, all beneficiaries receive a payout of $100,000 divided among all beneficiaries.
Note: No cash value is involved with term life coverage. The trade-off is the lowest premiums of any of the available types of life insurance coverage. If the insured outlives the term of the policy, no death benefit payout is made and the premiums are gone.
- Whole Life Insurance – This coverage is more expensive than term life insurance. It does, however, provide protection for the life of the insured. As long as premiums are paid, beneficiaries will receive the policy payout. This type of policy may be canceled at any time without penalty.
Note: Whole life policies with Centurion are normally at a fixed rate, meaning the rate remains unchanged for the duration of the policy.
- Variable Life Insurance – This coverage is similar to whole life, with a few exceptions. Variable life offers some flexibility with the cash value of the policy. The insured is permitted to borrow against this type of policy if they need to do so.
Note: Returns on the account may alter the death benefit payout making this type of policy better for individuals with a higher risk tolerance. The final benefit payment may be higher than the initial coverage, but may also be lower.
- Universal Life Insurance – This coverage has more flexibility than whole life coverage. A policyholder has the option of adding to the cash value of the policy or borrowing against it. The cash value earns market rates. This means a lower risk and a greater potential for return.
Note: Universal variable life insurance is also offered by Centurion. Premiums tend to be higher for this coverage, with the trade-off being more flexibility in borrowing or adding funds.
Customer Service
Centurion, according to customer assessments, offers solid customer service in most areas. Some customers report issues with a delay in payment on benefits. However, this does not appear to be a company-wide issue. Most agents are said to be reasonably accessible.
The Final Verdict
Realistically, the better insurance company depends on an individual’s needs. Both companies offer similar basic coverage with similar policy restrictions (i.e. must pay premium to retain benefits) and premium rates.
Aetna offers additional benefits on top of the typical industry-standard life insurance policies that may make the company a better choice for individuals looking for extras such as legal and financial advice for beneficiaries. Both companies have received industry honors based on performance.
To avoid paying too much on any kind of insurance, be sure to take advantage of our FREE quote comparison tool! Simply enter your ZIP code in our free quote tool!
