Aetna Insurance Company and Farm Bureau Life Insurance Company of Michigan are two companies that have been in existence for a long time, and, therefore, their reputation precedes them with reference to customer familiarity.
As a result, by taking time to research pertinent details about each company, a potential policy owner can decide which company will best address his individual needs.
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Aetna
To begin, Aetna offers various types of insurance. They include:
- Dental insurance
- Disability insurance
- Basic life insurance
- Accidental death and personal loss coverage
- Dependent life insurance
- Pharmacy
- Student health insurance
- Behavioral health insurance
- Medicare choices
Dental Insurance
Aetna offers three types of dental insurance.
- Dental Maintenance Organization (DMO).
- Preferred Provider Organization (PPO).
- Dental indemnity plan.
Disability Insurance
The types of disability insurance that Aetna offers include:
- Short term disability insurance.
- Long term disability insurance.
The benefit amount that the policy holder will receive is dependent upon his annual salary, commissions or other income from his employer. Additionally, disability insurance is not available for individual purchase but is offered through employer provided plans only.
Basic Life Insurance
Aetna will pay a benefit to a specified beneficiary in the event of the policy holder’s death. Aetna also offers an accelerated death benefit, applicable to policy holders who become terminally ill while being covered under the basic life insurance plan.
Accidental Death and Personal Loss Coverage
This type of coverage extends a cash benefit to people who suffer bodily injury during an accident. Aetna offers several types of benefit options.
- Child care benefit.
- Educational benefit.
- Passenger restraint and airbag benefit.
Dependent Life Insurance
This policy pays a cash benefit to the policy holder when a dependent dies.
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Pharmacy Plans
Aetna offers discounts on generic drugs. Another option that is available to the policy holder is that of using a mail-order pharmacy. However, pharmacy plans are only available through employer provided plans and are not offered for individual purchase.
Student Health Insurance
Via colleges and universities, Aetna’s student health coverage provides access to a network of physicians, hospitals and specialists. This particular type of insurance is available for individual purchase, but it is only available through university sponsored plans.
Behavioral Health
This type of insurance includes mental health benefits. However, this option is not offered for individual purchase and only be obtained through employer provided plans.
Medicare Choices
The list of Medicare options that Aetna offers to its customers includes:
- Medicare prescription drug plans (Part D plans).
- Medicare advantage plans (Part C plans).
- Medicare supplement insurance plans.
Finally, Customer Service Scoreboard ranks Aetna #465 out of the 507 companies that are listed with that website. That means that, out of 231 comments that were provided by customers of Aetna, 226 were negative while 5 were positive.
Farm Bureau Life Insurance of Michigan
Farm Bureau of Michigan also has much to offer in the area of insurance.
- Auto insurance
- Business insurance
- Farm insurance
- Health insurance
- Home insurance
- Life insurance
- Retirement insurance
Auto Insurance
Various offerings are extended in the area of auto insurance by Farm Bureau of Michigan. They include:
- Family auto.
- Business auto.
- Specialty auto.
Business Insurance
Farm Bureau offers these options for those interested in protecting certain aspects of their businesses:
- Business auto.
- Commercial inland marine.
- Commercial package policy.
- Commercial umbrella.
- Guardian.
- Workers compensation.
Farm Insurance
The specific types of farm insurance that Farm Bureau of Michigan offers to prospective policy holders are:
- Farm owners insurance.
- Country estate insurance.
- Crop insurance.
- Workers compensation.
- Agribusiness insurance.
Health Insurance
Farm Bureau offers:
- Individual health plans.
- Employer group plans.
- Dental insurance.
Home Insurance
With Farm Bureau of Michigan, these types of home insurance are extended:
- Homeowners.
- Country estate.
- Lake estate.
- Mobile homeowners.
- Personal umbrella.
- Renters.
- Scheduled personal articles.
- Travel trailer.
* TIP – When purchasing a Farm Bureau homeowners policy in conjunction with a Farm Bureau personal auto policy, a policy owner receives a multi-policy credit. That means great savings.
* TIP – By increasing the deductible on their homeowner’s insurance, policy holders can reduce the amount of premium that they pay.
* TIP – Various home upgrades such as roof replacements may qualify policy holders for homeowner policy credits.
Life Insurance
Included in the list of life insurance that Farm Bureau of Michigan offers are:
- Term life.
- Universal life.
- Whole life.
Retirement Planning
Farm Bureau of Michigan also addresses retirement needs. Options that are offered include:
- Accumulator.
- Roth IRA.
- Simple IRA.
- Traditional IRA.
- SEP.
- Payout annuity.
- Single premium deferred annuity.
A very important point to highlight is the fact that all of Farm Bureau’s offerings are available to anyone who wants to purchase them. The only requirement is that the prospective policy holder becomes a member of Farm Bureau of Michigan.
Additionally, the Internet’s Insurance Website gives Farm Bureau Insurance Company of Michigan a complaint ratio of .52. The national average is 1 with higher numbers representing more complaints and lower numbers representing fewer complaints. Obviously, Farm Bureau of Michigan has many happy customers! In addition to these details, Farm Bureau also received an I-W or equity rating of 9 and an AM or current financial strength rating of A, A++ being the best and F being the worst. Furthermore, the Better Business Bureau rated Farm Bureau Insurance Company of Michigan with an A for quick customer service care.
Who Is the Winner?
Though Aetna has a variety of insurance options to consider, a sizable number of them, one-third, to be exact, are unavailable for individual purchase.
In other words, unless a person is an employee of a company that has a relationship with Aetna, he is, unfortunately, excluded from being able to purchase several of Aetna’s insurance plans. Furthermore, Aetna’s customer service rating was, according to CustomerServiceBoard.com, terrible.
On the other hand, Farm Bureau Insurance Company of Michigan offers a close-knit community feeling, opening its doors to anyone who desires its membership. Customer service is excellent, and credits are offered for various insurance plans when certain requirements are met, equating to savings for the policy holder.
Finally, its reputation is one of dependability and thorough attention to detail. A person definitely doesn’t have to be a neuroscientist to see which choice is better.
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