Aetna Life Insurance Review [2022]

Many people may not realize that Aetna Life Insurance Company exists or that Aetna offers life insurance. Despite being well-known for its health insurance presence, Aetna offers competitive group life insurance options through employers. Aetna has good company ratings including an "A" A.M. Best financial strength rating.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jan 13, 2022

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Quick Facts

  • Aetna Life Insurance Company is a subsidiary of CVS Health Corporation and affiliated with other Aetna insurance branches
  • Aetna offers group life insurance products in the form of whole life insurance and burial insurance
  • The financial strength and customer service ratings for Aetna are both strong

If you’re in the market for term life insurance, you may want to consider Aetna Life Insurance Company. Though commonly associated with health insurance products, Aetna could be a competitive permanent life insurance company for some.

With so many life insurance companies and products, it’s hard to know which company to choose. We’ll break down the Aetna Life Insurance Company products, ratings, and more to make things clear.

Are you excited to learn more about Aetna Life Insurance Company? Keep scrolling to read more or take advantage of our free quote tool above to get quotes from the top life insurance companies near you.

Is Aetna life insurance any good?

Founded in 1850, Aetna Life Insurance Company has been a strong life insurance provider for many years. Aetna Life Insurance Company is a smaller entity that operates under the popular Aetna name.

Aetna is a subsidiary of CVS Health Corporation, which is ranked as the sixth-largest health insurance provider by market share, according to Statista. Aetna has numerous branches, such as Aetna Better Health, that all operate under CVS.

While Aetna does not rank within the top life insurance companies by market share, the company’s presence in the insurance industry is a promising sign toward its financial stability.

You’ll find Aetna health insurance, Aetna Medicare, and Aetna Insurance medical insurance products help support the company financially.

It’s always important to confirm these statements by reviewing a life insurance company’s ratings and reviews.

Does Aetna Life Insurance Company have good ratings?

Although Aetna is a large and popular company, it doesn’t guarantee that the company has strong ratings. You’d be surprised to learn that many popular insurance providers sometimes have poor ratings.

Below, you’ll find the key life insurance company ratings for Aetna.

  • A.M. Best – “A” (CVS Corp.)
  • Standard & Poor (S&P) – “AA”
  • Fitch – “A”
  • Better Business Bureau (BBB) – “A+”
  • NAIC Complaint Index – 1.51

Based on the results above, Aetna Life Insurance Company appears to have strong ratings. The company’s financial strength was affirmed by A.M. Best, S&P, and Fitch, which is a great indicator of its future financial outlook.

As for customer service, there are few direct ratings for Aetna’s life insurance products. The “A+” BBB rating suggests that Aetna is proactive in handling customer complaints.

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The NAIC Complaint Index suggests that Aetna receives slightly more complaints than companies of similar size. Overall, there aren’t any major red flags here.

While it’s hard to say whether there is much carryover from one insurance product to the next, J.D. Power rated Aetna below the industry average for customer satisfaction regarding the company’s health insurance products.

This rating was within reason and shouldn’t be considered a major concern. However, this “below average” rating might be worth noting if you find competitive rates from a company besides Aetna.

What life insurance products does Aetna offer?

According to the company website, Aetna offers group life insurance products through employers only. Aetna’s group life insurance policies sometimes offer options for spouses and children as well as the primary policyholder. The problem with group life insurance is that the policies are often limited. You may need additional coverage.

Aetna’s life insurance policies offer some additional features that are typically viewed as life insurance riders, such as:

  • Terminal illness benefits
  • Disability benefits
  • Conversion benefits
  • Portability benefits

In short, these benefits make your life insurance policy more flexible if you become critically ill, disabled, or if you simply leave the employer that provided your policy initially. These are convenient features that are often considered forms of life insurance with living benefits.

Otherwise, you might find a burial insurance policy with Aetna designed to cover the basic expenses of a funeral. Some sample rates are provided below.

Aetna Burial Insurance Rates
Age$10,000 - Male$10,000 - Female$20,000 - Male$20,000 - Female
60$51.67$42.50$100.00$81.67
65$62.50$51.67$121.67$100.00
70$81.67$65.83$160.00$128.33
75$108.33$85.83$213.33$168.33
80$145.83$119.17$288.33$235.00
85$199.17$161.67$395.00$320.00
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The sample rates above reflect the overall cost of final expense insurance with Aetna for nonsmokers. Your employer may cover all or a portion of the cost if you received a policy through them.

Overall, you won’t have many policy options with Aetna unless your employer is affiliated with Aetna Life Insurance Company.

More About Aetna Life Insurance Company

Aetna is a reputable company that offers numerous insurance products. The company’s life insurance presence is limited, however. Overall, the company’s ratings are positive, and you should get affordable rates through your employer’s group life insurance options.

Aetna life insurance claims are easy and follow standard procedures. Your beneficiaries can initiate a claim by calling the Aetna life insurance phone number and providing some basic information such as:

  • Copy of the death certificate
  • Beneficiary records from the employer
  • Police reports when applicable
  • Claims forms

Aetna life insurance claims will need to be submitted via mail and the link to the life insurance claims form isn’t directly to the documents your beneficiaries will need. As the policyholder, it could be worthwhile to print these forms and store them with the policy for your beneficiaries.

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Aetna Life Insurance Company: The Bottom Line

Aetna is a popular company that is best known as a health insurance provider. That said, Aetna Life Insurance Company might be a reasonable option for group life insurance products as an employer or for employees through their employer.

We hope you enjoyed learning more about Aetna Life Insurance Company. Before you go, take advantage of our free quote tool today to get instant rates from the best life insurance companies in your area.

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