Life Worth Living Cincinnati: Exploring Insurance Options

Cincinnati Life Insurance is a trusted and highly-ranked insurance company that offers a range of insurance policies, including life insurance, in 49 states and Washington, D.C. (excluding New York). They have a high financial strength rating, indicating their ability to pay out claims, and are responsive to customer needs, with a low level of complaints. Their life insurance policies include term, whole, and universal life insurance, catering to diverse financial considerations. Cincinnati Life also stands out for accommodating tobacco users, offering non-smoking rates to daily cigar and pipe smokers. The company provides a comprehensive suite of services, including accelerated death benefit riders, accidental death benefit riders, and premium waiver for disability.

Cincinnati Life Term Life Insurance Overview

Company Overview

Cincinnati Life Insurance Company is a trusted and established name in the life insurance industry, having protected families with over $37 billion in coverage. They are known for their excellent customer service and focus on serving specific health and lifestyle niches. The company has been recognised for its performance and work culture, ranking among the top-performing US-based insurer groups in the 2019 Ward's 50 list and being named one of the best midsize employers by Forbes magazine in 2019.

Term Life Insurance Offerings

Cincinnati Life Term Life Insurance stands out for its flexibility and inclusivity. They offer non-smoking rates to daily cigar and pipe smokers, as well as chewing tobacco users, which is a unique feature among insurers. Their term life insurance policies are available for a range of durations, including 10, 15, 20, 25, and 30 years, catering to different age groups and needs. The company also provides the option to convert term policies into permanent ones.

Policy Features and Benefits

Cincinnati Life Term Life Insurance policies come with a range of features and benefits to enhance their value. The Accelerated Death Benefit Rider, included at no extra charge, allows access to a portion of the death benefit if the insured is diagnosed with a terminal illness. The policy also offers the option to add riders, such as the Accidental Death Benefit Rider and the Premium Waiver for Disability, for additional peace of mind. The company provides convenience with electronic policy delivery and the option to have the medical exam done at home or work.

Customer Service and Contact Information

Cincinnati Life Insurance Company prioritises customer service, offering support through various channels. Their customer service phone line can be reached at (513) 870-2280, and they can also be contacted via email at [email protected]. Their customer service hours are Monday to Friday, 7:00 AM to 4:00 PM, and Saturday, 7:00 AM to 12:00 PM Central.

Pros and cons of Cincinnati Life Insurance

Cincinnati Life Insurance offers three types of life insurance policies: term, whole, and universal. While the company's life insurance products are not available in New York, they are offered in 49 states and Washington, D.C. Here are some pros and cons to help you decide if Cincinnati Life Insurance is right for you:

Pros:

• Variety of Options: Cincinnati Life Insurance provides a range of choices, allowing customers to select between term, whole, and universal life insurance policies.
• Term Length Flexibility: The company offers a wide range of term life insurance policy lengths, from one to 30 years, providing flexibility to meet diverse needs.
• Local Support: Cincinnati Life Insurance policies are sold by local financial professionals who can guide customers in choosing the right policy type for their specific circumstances.
• Tobacco Users: Cincinnati Life Insurance is particularly accommodating for tobacco users, offering non-smoking rates to daily cigar and pipe smokers.
• Accelerated Death Benefit Rider: The company includes this rider at no extra charge, allowing access to a portion of the death benefit if the insured is diagnosed with a terminal illness or requires long-term care in a nursing home or assisted living facility.

Cons:

• Limited Availability: Cincinnati Life Insurance is not available in New York, so residents of that state will need to explore alternative options.
• Few Riders Advertised: While the company offers some riders, such as the Accelerated Death Benefit Rider and the Children's Term Rider, the number of advertised riders is limited.
• No J.D. Power Life Insurance Satisfaction Score: Cincinnati Life Insurance has not been rated by J.D. Power for customer satisfaction, which makes it challenging to assess their performance in this area.
• Medical Exam Requirement: Every applicant for Cincinnati Life Insurance must undergo a medical exam, which may be inconvenient for some individuals.
• Limited Payment Methods: Credit card payments are not accepted after the initial payment, which may be a drawback for those who prefer this payment method.

Life insurance riders

Accelerated Death Benefit Rider

This rider allows the policyholder to access part or all of the policy's death benefit while they are still alive if they are diagnosed with a terminal illness. While there are usually no restrictions on how the money can be used, this rider can help pay for medical care and treatments. This rider is typically available on both term and permanent life insurance policies, and it may be included at no extra charge. However, any payouts from this rider will be subtracted from the total death benefit once the policyholder dies.

Accidental Death Rider

The accidental death rider increases the payout to the policyholder's beneficiaries if they die from a covered accident. It is sometimes called a "double indemnity" rider because it can double the amount of money received by the beneficiaries. This rider typically comes at an additional cost and can be added to a term or whole life policy without a medical exam until the policyholder reaches a certain age, usually around 65 years old.

Child Term Rider

This rider provides coverage for the policyholder's children on their policy, instead of purchasing separate policies for them. It pays a small death benefit, typically ranging from $5,000 to $25,000, if a child dies before reaching a certain age, usually around 25 years old. Biological, step, and legally adopted children can be added without the need for a medical exam, and any children born or adopted after the rider is in place will also be covered.

Guaranteed Insurability Rider

The guaranteed insurability rider allows the policyholder to purchase additional life insurance coverage in the future without the need for a medical exam or health questionnaire. This rider is typically available on permanent life insurance policies and allows the policyholder to increase coverage during "option periods" or at the time of major life events, such as marriage or the birth of a child.

Long-Term Care Rider

The long-term care rider allows the policyholder to access their life insurance death benefit while they are still alive if they have a chronic illness and are unable to perform daily living tasks. There are two types of long-term care riders: reimbursement riders, which pay back the policyholder for long-term care expenses up to a monthly limit, and indemnity riders, which provide a predetermined monthly benefit regardless of the actual expenses incurred.

Return-of-Premium Rider

The return-of-premium rider refunds some or all of the policyholder's premium payments if they outlive their term life insurance policy. This rider can be added to a new or existing term life policy, but it comes at a high price, potentially tripling the cost of the premium. Insurers may allow the policyholder to use the refund towards a new policy without a medical exam.

Waiver of Premium Rider

The waiver of premium rider pays the policyholder's life insurance premiums if they become totally disabled and unable to work. Covered disabilities may include permanent illness or severe injury, and the policyholder will need to provide proof of their disability. There may be a waiting period before this rider pays out, but if the claim is approved, the policyholder will be reimbursed for the premiums paid during the waiting period.

Cincinnati Life Policy Riders

Life insurance is typically designed to provide financial security for loved ones after death. However, some life insurance plans provide additional benefits in the form of living benefits. These benefits can be used to cover medical costs, nursing home care expenses, or other expenses while the insured is still living.

The Cincinnati Life Insurance Company offers an accelerated death benefit rider called the Life Plus Accelerated Death Benefit Rider®. This rider is available on all life insurance policies and allows the policy owner to access a portion of the death benefit while they are still alive. The money can be used to pay for medical bills, mortgage, home maintenance costs, or even a trip. It is important to note that this rider is not sold separately and has specific eligibility requirements.

The key features of the Life Plus Accelerated Death Benefit Rider® include:

• No additional premium cost
• Tax-free benefits in many instances
• Advance for a specified medical condition, terminal illness, or chronic illness (inability to perform two out of six activities of daily living)

It is important to consult with a financial or tax advisor to understand the specific implications of receiving living benefits and to ensure that the rider meets the eligibility requirements.

By offering the Life Plus Accelerated Death Benefit Rider®, The Cincinnati Life Insurance Company provides its customers with enhanced flexibility and financial support during their lifetime, ensuring that their life insurance policy provides value beyond just death benefits.

Cincinnati Life Policy Service

Cincinnati Life offers a range of services to its policyholders. Their customer service phone line is available at (513) 870-2280 from Monday to Friday, 7:00 AM to 4:00 PM, and on Saturdays from 7:00 AM to 12:00 PM Central. They also provide a claims phone line at (877) 242-2544 and a policy service email address: [email protected].

In terms of policy features, Cincinnati Life offers both term and permanent life insurance policies, with the option to convert term policies into permanent ones. Their policies include an Accelerated Death Benefit Rider at no extra charge, which allows policyholders to access a portion of their death benefit if they are diagnosed with a terminal illness or confined to a nursing home. Additionally, policyholders can request to review their medical exam results, and policies can be delivered electronically.

One unique aspect of Cincinnati Life is their approach to tobacco users. They offer non-smoking rates to daily cigar and pipe smokers, setting them apart from other insurers. However, every applicant is required to undergo a medical exam, and credit card payments are not accepted after the initial payment.

Cincinnati Life also provides a range of policy riders, which can enhance the benefits of the base policy. These include the Accidental Death Benefit Rider, the Premium Waiver for Disability Rider, and the Child Rider, which provides a death benefit for children under the age of 18. These riders come at an additional cost, except for the Accelerated Death Benefit Rider, which is included in the base policy.

Frequently asked questions