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. HCC

Life insurance is a critical component of ensuring the well-being of a family’s finances, especially in the case of an unexpected death that may place tough financial burdens on the shoulders of younger children, unprepared spouses, or others. To avoid this, most people choose a life insurance plan from a trusted insurance provider that will cover their expenses.

This process is often a battle between big, national names, and smaller competitors. It’s also a battle between employer-offered plans and those which can be purchased independently. Nothing typifies this situation better than the comparison between the small HCC Life Insurance company and Aetna, a national health insurance provider.

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Competitiveness on Group Rates and Offerings

Group rates are one of the best ways for employees to save money, as insurance companies offer their products at a generous discount to companies who sign up multiple employees with one of the available liability coverage options. Both Aetna and HCC Life Insurance Company offer group rates to employers, but Aetna is by far the more flexible company out of the two. This may be in part because the company is far larger, and has a more vast amount of resources.

Businesses will find that HCC Life Insurance Company is simply not practical for super-small businesses. The company only offers its group rate life insurance plans to companies which have at least 20 employees; everyone else will simply not qualify for coverage. Ironically, they’ll have to choose a larger national provider like Aetna to obtain group coverage in this scenario.

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A Different Approach with Aetna Group Rates and Options

Aetna understands that group insurance coverage is essential to even the smallest of small businesses; the company offers its group life insurance products and policies to companies as small as two people. That’s as small as a “group” can possibly get, and Aetna is smart for catering to these professionals.

It’s also worth noting that Aetna has an extensive program that caters to seasonal, hourly, or part-time employees and offers them great rates even without their having a full-time position. HCC Life Insurance Company prefers a plan that caters almost exclusively to full-time workers, presenting a major problem for businesses that wish to “do the right thing” and cover every individual they hire, regardless of employment status.

Different Types of Plans May Help Make the Decision for Consumers

HCC LIfe Insurance Company has a relatively small list of services that it offers to life insurance customers via its group rate plans. Essentially, those employees eligible for life insurance coverage through their employer, via HCC Life Insurance Company, can choose one plan: basic life insurance coverage. They can then add basic dependent life insurance coverage onto that plan in order to cover young children or even a spouse.

But, as far as insurance plans and options go with HCC Life Insurance Company, that’s all they offer. For the group rate savings that apply to this plan, combined with how simple it is, most young workers will find it to be an attractive option when purchasing their first life insurance policy.

However, those with more sophisticated life insurance needs will be left wanting something a bit more robust and customizable than what HCC Life Insurance Company offers its group customers. For more intricate life insurance needs, the logical choice is Aetna.

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Large Corporate Structure Allows Aetna to Offer Superior Life Insurance Options

Aetna simply has more resources — be they a nationwide network of agents or piles of corporate cash — and that allows them to offer a wider array of plans that can be more uniquely customized to meet a consumer’s needs.

Aetna offers a far greater number of supplemental insurance companies than those offered by HCC Life Insurance Company. These include the following:

  • Basic and supplemental term life insurance
  • Whole life insurance
  • Accidental injury insurance
  • Accidental death insurance

Dependent life insurance coverage can also be purchased, as well as whole life insurance, to cover any children or a spouse in the event of an untimely passing, and Aetna offers bundling discounts on these insurance policies for customers who have other medical and supplemental insurance plans with the company.

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When it’s Time to File a Claim, Agents Matter

There’s really no getting around the fact that HCC Life Insurance Company has a sparse network of agents nationwide that are simply not as available as more robust, national competitors. The company tends to assign an agent to a single state, or to a collection of states, much like a “regional manager”  would be assigned for a large business.

These agents do meet with employees during certain times of the year to explain plans, coverage options, and prices, but they are far more difficult to reach in the event that a death does occur. Agents may be slow to respond in the event that a life insurance plan must be cashed out for the benefit of any surviving spouse or dependent children.

Aetna Exhibits a Much Stronger Commitment to Customer Service

Quite the opposite of HCC Life Insurance Company, Aetna has a broad network of agents who operate more on a city or community basis. The company has offices in many of the larger cities in the United States, and its agents branch out from those cities to server the surrounding suburbs and rural communities much more effectively.

The company also operates a far more robust call center and customer service operation, and it has been highly rated in this area for a number of years. All of this makes Aetna the sensible choice for people who have lots of questions — and periodic adjustments — as they pertain to a life insurance policy.

Group Life Insurance Does Not Travel Between Employers

Typically, group life insurance policies do not travel between an old employer and a new one. Instead, an employee will have to switch policies and companies in order to maintain life insurance coverage. While both Aetna and HCC Life Insurance Companies are active and popular providers of group insurance policies, only Aetna offers an individually-purchased life insurance policy that is separate from a policyholder’s place of work.

This means that the company’s insurance offerings are far more portable than HCC Life Insurance Company’s competing plans. In fact, Aetna’s offering of individually-purchased insurance products means that employees can often transition their group plan to an individual one if they desire a change in employment, allowing them to maintain their exact same coverage.

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A National Reach Cannot be Underestimated

Both HCC Life Insurance Company and Aetna’s life insurance offerings provide customers with an affordable way to ensure that their surviving spouse or children do not bear a significant financial burden upon their passing. HCC Life Insurance is great for those with simple needs.

Aetna, however, is a solid choice for those who have more intricate medical and supplemental requirements, and who plan to take advantage of the company’s national scope and pervasive employer partnerships.

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