Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Aetna vs. American Equity Investment Life Insurance

Whether looking for insurance for yourself, your family or your business, the number of available insurance providers is quite overwhelming. Many companies offer a plethora of insurance plans, but which one is right for your needs?

Aetna and the American Equity Investment Life Insurance Company are two companies that offer insurance plans, but they are very different. While Aetna focuses on offering people a wide selection of insurance plans, the American Equity Investment Life Insurance Company focuses on life insurance and annuities.

Aetna

Aetna offers insurance policies to individuals, families, and businesses. The benefits and costs of the plans will differ based on location, clientele, medical history, services and benefits desired and the size of the business. Aetna does not offer all types of insurance policies to individuals and families.

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Aetna Insurance Plans for Individuals and Families

Health Insurance Plans

Aetna offers a wide selection of individual health insurance policies; however, they vary from state to state.

  • Health Maintenance Organization
  • Preferred Provider Organization Value
  • Preferred Provider Organization
  • Preventive and Hospital Care
  • Health Network Option
  • High Deductible Preferred Provider Organization
  • Aetna Choice Point of Service
  • Aetna Open Access Managed Choice

Dental Insurance Plans

Plans are offered in one of two ways. An individual can add it to an existing health insurance plan or as a standalone policy. However, standalone policies are only available in Illinois, Pennsylvania, Delaware and Arizona.

There are three dental plans available to those who qualify.

  • The Dental Maintenance Organization offers basic, preventive and major dental services within a network of dentists.
  • The Preferred Provider Organization Plan allows people to choose their own dentists; however, the services covered and the costs will vary.
  • The Dental Indemnity Plan offers limited coverage and the choice to choose your own dentists.

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Vision Insurance Plans

A Savings Plan is offered to individuals who have other insurance plans with Aetna.
It is not an insurance plan, but a way to save money on eye exams and eye wear.

Medicare Insurance Plans

  • Original Medicare Plans
  • Medicare Advantage Plans
  • Pharmacy Plans
  • Medicare Supplemental Plans
  • Aetna offers assistance to eligible candidates

Insurance Plans for Businesses

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Health Insurance Plans

Aetna offers a handful of insurance plans for businesses; however, plans and options vary from state to state.

  • Network Only
  • Network Option
  • Indemnity Plan
  • Medicare and Retiree Plans
  • Performance Networks
  • Transplant Support

Dental Insurance Plans

There are two basic plans: the Network Only Plan and the Network Option Plan. They both cover basic, preventive and major services. The biggest difference is choice of dentists.

In the Network Only Plan, clients can only choose from a selection of dentists available through the plan; whereas in the Network Option Plan, clients can choose their own dentists.

There is a Dental Indemnity Plan that offers limited coverage. There is also a Dental Fund and a Dental Discount Program available to help employees manage and save money on dental needs. There is also the option to combine the dental and health insurance plans into one integrated plan.

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Vision Insurance Plans

This plan has two options available: eye exam coverage and eyewear coverage.

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Life Insurance Plans

Offers basic, supplemental and dependent term life policies and an accidental dismemberment and death package.
Offers a Life Essential program that provides financial and legal services, estate planning, grief counseling and accelerated death benefits.

Pharmacy Plans

  • Offers integrated plan with health insurance policy or a stand alone plan
  • Offers medication delivery options
  • Offers cost effective options on brand and generic drugs

Behavioral and Mental Health Insurance Plans

  • Offers integrated plan with health insurance policy or a stand alone policy
  • Provides individual and family counseling
  • Provides psychotherapy
  • Offers employee assistance program
  • Offers substance abuse program
  • Offers mental health disease management program

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Health Expense Funds

  • Allows you to earn tax free interest
  • Allows you to save money for future financial needs
  • Allows you to put money into account before taxes
  • Allows you to use money for medical expenses not covered by health insurance plan
  • Money in the account rolls over from year to year
  • The account follows you to other employment

Disability

American Equity Investment Life Insurance Company

The American Equity Investment Life Insurance Company focuses on helping people meet their future financial needs by offering several tax deferred retirement packages and life insurance plans.

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Life Insurance Policies

  • Single Premium Universal Life Plan
  • Provides final costs to help family members pay any debt
  • Provides estate creation and capital transfer
  • The tax deferred growth of the policy offers tax advantages

Simplified Issue Whole Life Insurance Living Choice Plan

  • Provides a guaranteed death benefit
  • No medical exam
  • The premiums will not increase
  • Benefits are paid directly to beneficiary
  • Offers policy loans for emergencies
  • Provides tax free death benefit to beneficiaries

Term Life Insurance Plan

Offers low cost plan
Flexible coverage: 5, 10, 15, and 20 year policies

American Equity’s traditional fixed annuities

  • Growth is tax deferred
  • Offers interest rates that are competitive both current and renewal
  • Offers premiums with single or flexible payment
  • There are no upfront fees or service charges
  • Offers withdrawals without penalties
  • In order to meet IRS minimum distribution requirements, offers systematic withdrawals of interests or money amounts
  • In some states and plans, offers additional liquidity in certain circumstances

American Equity’s fixed indexed annuities

  • Growth is tax deferred
  • Offers options on how to calculate interest as well as available indexes
  • Offers premiums with single or flexible payments
  • In order to meet IRS minimum distribution requirements, offers systematic withdrawals of interests or money amounts
  • There are no upfront fees or service charges
  • In some states and plans, offers additional liquidity in certain circumstances
  • Beginning in the second year there are 10% penalty free withdrawals
  • Provides a lifetime income benefit
  • Early withdrawal may incur surrender charges

Aetna and the American Equity Investment Life Insurance Company both offer insurance policies; however, they have completely different visions. Aetna offers a large variety of insurance plans to both individual and families as well as to businesses. Most of the insurance policies are available to businesses and offer many different options that can stand alone or be integrated into one plan. Individuals and families have a number of policies available to meet their individual needs. American Equity focuses on retirement packages and life insurance policies for individuals and families.