Both Aetna Insurance Group and CUNA Mutual Group offer a variety of insurance plans for different family situations and life stages. But while both these companies provide ways to protect the financial future for policyholders and their dependents, they differ considerably in policy structure, coverage and availability.
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Aetna Insurance Group
Insurance giant Aetna offers a broad range of insurance related products for individuals and families across the lifespan. However, Aetna insurance products are available only through employer provided insurance plans, and plan availability and cost depend largely on an individual’s position and salary within an organization.
Aetna’s Insurance options include:
Basic Term Life offers life insurance for a specified term of time, such as five, ten or twenty years. Rates vary depending on age and the term and amount of coverage specified, and limitations may exist based on an individual’s earnings or job classification. Additional benefits can be purchased separately through a Supplemental Benefits plan, if available through the employer’s insurance program.
Supplemental Term Life Insurance
As the name implies, Supplemental Term Life plans offer coverage beyond the Basic Term Life plan. Individuals purchasing this plan to supplement the basic plan may specify the amount of coverage desired and the term of coverage. Since Aetna life insurance plans are available only through the workplace, the availability of Supplemental Term Life plans depends on the employer’s insurance program, and may be limited to certain employees.
Supplemental Term Life plans may include other options such as Accidental Death and Personal Loss, a Conversion policy, or a Premium Waiver.
Accidental Death and Personal Loss (AD&PL) Insurance
AD&PL plans cover disability and loss related to accidents. A cash payment is paid out to those suffering a serious injury such as paralysis, 3rd degree burns, loss of vision, hearing or speech, or the loss of a limb. Coverage is also provided for accident-related disappearances and permanent disabilities. Additional options available within this plan include:
- Child Care Benefits, covering the cost of child care in the event of the death or disability of a covered parent;
- An Education option, providing for educational support to children of a deceased policyholder;
- Passenger Restraint or Airbag Benefit, available in the event restraints or airbags fail to save a life or prevent injury;
- Repatriation Benefits, covering the return of remains and funeral expenses if a covered individual dies more than 200 miles from home;
- Coma Benefits, if a covered individual remains in a coma for more than 30 days.
Dependent Life Insurance
Aetna offers life insurance coverage for dependents of employees. Choices include both Basic and Supplemental coverage, and Accidental Death and Personal Loss for each child or other dependent in the plan.
Additional Policy Options
In addition to the main plan choices, Aetna also offers additional options for continued coverage and support during illness and accidents:
- A Conversion option, which allows an individual to continue a policy after leaving the job, provided premium payments are continued within 31 days of termination. Coverage can also be converted to a standard Whole Life Insurance policy, in which premiums are paid for the duration of an individual’s life.
- A Premium Waiver Provision, which suspends the payment of premiums for the duration of a covered disability or illness;
- An Accelerated Death Benefit, which allows terminally ill policyholders to request an ADB payout for themselves or their spouses.
In addition to its life insurance plans, Aetna also offers a variety of employment based plans for health and wellness, including:
- Disability Insurance
- Pharmacy Plans
- Behavioral Health Services
- Health Expense Funds, such as a Health Savings Account, Health Reimbursement, and Flexible Spending Accounts for health related expenses.
Other specialized products offered by Aetna include the choice of two plans for dental care: the Dental Maintenance Organization — a low-cost insurance option for dental services, and a Preferred Provider Program, or PPO, for more coverage.
In addition, Aetna offers student health coverage for enrolled students at home and abroad. This plan, while available for individual purchase, comes only through established college or university health programs.
CUNA Mutual Insurance Group
CUNA Mutual Insurance Group offers a variety of insurance plans focused on life insurance, long term care and investments. However, this group, originally known as CUNA Mutual Insurance Society, works primarily with credit unions nationwide to provide life insurance products and investment services to credit union members. Although individuals can purchase insurance through CUNA Mutual, they must be members of a participating credit union to do so.
CUNA Mutual offers:
Term Life Insurance
Term Life Insurance policies provide coverage for specified time periods and can be purchased by any credit union member regardless of age. These plans offer two types of death benefits, Level and Decreasing.
- Level Death Benefits remain the same throughout the duration of the policy;
- Decreasing Death Benefits insure a declining debt such as a mortgage, and decrease over the term specified.
Whole Life Insurance
Whole Life Insurance is available for any member and offers coverage for an individual’s entire life. The policy accumulates cash value, available for loans or withdrawals, and offers not only a future source of money, but also protection of financial assets in the event of a crisis.
Variable Universal Life Insurance
Variable Universal Life Insurance combines life insurance with investment components, with possibilities for higher returns that can increase or decrease the death benefit based on the movement of invested funds.
Long Term Care Insurance
In keeping with CUNA’s focus on end of life financial care, CUNA’s Long Term Care Insurance insures financial support for nursing home or assisted living. Policies can be purchased at any time, with benefits applicable to future caregiving needs.
Aetna and CUNA: Meeting Different Needs in the Insurance Marketplace
While Aetna’s plans are workplace-based and CUNA provides policies to the memberships of participating credit unions, both these institutions offer a variety of plans to support financial stability in the event of crisis. Don’t get caught off guard without the proper insurance coverage. Save money and time by comparing rates online. Enter your zip code below to start comparing the best rates available!