Cigna Life Insurance: Comprehensive Coverage, Peace Of Mind

Cigna is a global health services company that provides a range of insurance products, including life insurance. Cigna's life insurance offers financial protection for your loved ones in the event of your death, helping to ensure their financial security. The company offers various types of life insurance policies, including term life insurance, whole life insurance, and universal life insurance, to meet different needs and budgets. Cigna's life insurance policies provide a death benefit to beneficiaries and offer optional riders for customisation. The company has a long history in the insurance industry and is considered financially stable, giving peace of mind to those seeking life insurance coverage.

Cigna's history and reputation

Cigna is an American multinational managed healthcare and insurance company based in Bloomfield, Connecticut. It was formed in 1982 through the merger of the Connecticut General Life Insurance Company (CG) and the Insurance Company of North America (INA). INA was the first stock insurance company in America, formed in 1792, while CG was created in 1865 by a special act of the Governor of Connecticut. The name Cigna is a mix of letters from the merging companies, CG and INA.

In 1871, INA became well-known for being one of only 51 insurance companies (out of a total of 202) to pay out claims in full after the Chicago Fire. The company paid out $650,000 following the disaster, which destroyed 2,000 acres and left 100,000 people homeless.

In 1997, Cigna sold the majority of its life insurance operations to Lincoln National Corporation. However, it still offers individual whole life insurance policies and several group life insurance options through employers. In 2002, Cigna expanded its interest in life insurance internationally, entering the Chinese market.

Cigna has a long history in the insurance industry and is currently ranked #15 in the Fortune 500 list of the largest U.S. corporations by total revenue. It has a presence in 30 countries and manages around $53.734 billion in assets. The company has received recognition for its customer service, winning the JD Power award four times in a row.

Despite its reputation, Cigna has faced criticism and legal issues. In 2007, the company refused to pay for a liver transplant for a California teenager, Nataline Sarkisyan, which resulted in public scrutiny and protests. Cigna was also criticised in 2023 for allowing company doctors to reject claims without reviewing patient files. Additionally, in August 2020, the Department of Justice filed a lawsuit against Cigna, alleging that the company defrauded Medicare Advantage, Medicare, and Medicaid for $1.4 billion.

Types of life insurance offered

Cigna is a global health services company that offers a range of life insurance policies to meet different needs. Here is a detailed overview of the types of life insurance offered by Cigna:

Term Life Insurance

Term life insurance provides coverage for a specific term, typically 10, 20, or 30 years. It is often offered as a group insurance plan through employers, with options for employer-paid or employee-contributed policies. Term life insurance is ideal for those seeking basic and affordable coverage. However, it is important to note that term life insurance is not portable, meaning if you change jobs or retire, you will lose your coverage.

Whole Life Insurance

Whole life insurance offers lifelong coverage and is currently the only type of individual life insurance offered by Cigna. It is available to individuals aged 50-85 and provides a death benefit to beneficiaries upon the policyholder's death. Whole life insurance also has a cash value component that grows over time and can be accessed through policy loans or cash surrender. This type of insurance can help families cover final expenses, including funeral costs, and protect their financial stability.

Universal Life Insurance

Universal life insurance combines life insurance coverage with flexible premium payments and the potential for cash value accumulation. This type of insurance is offered at group rates through employers and is portable, allowing individuals to retain their coverage even if they change jobs. Universal life insurance offers interest on the cash value of the policy, currently at a rate of 4%.

Pros and cons of Cigna life insurance

Cigna is a global health services company that offers a range of insurance products, including life insurance. Here are some pros and cons of Cigna life insurance to help you make an informed decision:

Pros of Cigna Life Insurance:

• Financial Stability: Cigna is a financially stable company with growing revenues and net income. It holds a strong position in the life insurance market and is rated highly by credit rating agencies.
• Wide Range of Riders: Cigna offers a variety of riders, such as the Terminal Illness Accelerated Benefit Rider and the Accidental Death Benefit to Age 100 Rider, allowing policyholders to customize their coverage.
• Portability: Cigna's group universal life insurance policies are portable, meaning you can take your policy with you if you change jobs.
• Online Claims and Customer Service: Cigna allows policyholders to make claims and access customer service through their website and mobile app, making it convenient for customers to manage their policies.
• Spousal Premium Discount: Cigna offers a 5% spousal premium discount if both spouses apply for coverage at the same time.

Cons of Cigna Life Insurance:

• Limited Individual Options: Cigna primarily focuses on group life insurance policies offered through employers. They offer only one type of individual life insurance, which is whole life insurance for people over the age of 50.
• Lack of Portability for Term Life Insurance: Cigna's term life insurance policies obtained through an employer are not portable, so if you change jobs, you may lose your coverage.
• Limited Coverage Amounts: Cigna's individual whole life insurance policies have a maximum death benefit of $25,000, which may not be sufficient for those seeking higher coverage amounts.
• Customer Service Issues: There have been complaints about Cigna's customer service, including long wait times, difficulty reaching representatives, and issues with claim denials.

How to apply for Cigna life insurance

Cigna is a global health services company that provides a range of insurance products, including life insurance. The process for applying for Cigna life insurance will depend on the type of policy you are interested in. Here is a step-by-step guide on how to apply for Cigna life insurance:

Step 1: Determine the Type of Policy You Need

Cigna offers various types of life insurance policies, including term life insurance, whole life insurance, and universal life insurance. Term life insurance provides coverage for a specific period, usually 10, 20, or 30 years. Whole life insurance offers lifelong coverage and accumulates cash value over time. Universal life insurance combines life insurance coverage with flexible premium payments and potential cash value accumulation. Consider your needs, budget, and preferences to choose the type of policy that best suits you.

Step 2: Visit the Cigna Website or Contact Customer Service

To initiate the application process, you can visit the Cigna website or contact their customer service. On the website, you will find information about the different types of life insurance policies offered and their benefits. You can also call Cigna's customer service line at 1-855-358-8533 to speak to a representative and ask any questions you may have.

Step 3: Provide Personal Information and Answer Health-Related Questions

As part of the application process, you will need to provide personal information, such as your name, age, gender, marital status, and other relevant details. You will also need to answer questions about your health, including any pre-existing medical conditions, family medical history, and lifestyle habits. Be prepared to provide honest and accurate information to ensure a smooth application process.

Step 4: Undergo Medical Underwriting

Cigna will likely require a medical underwriting process to assess your health and determine your eligibility for coverage. This may include a medical exam, review of your medical records, and evaluation of your prescription history. The specific requirements may vary depending on the type and amount of coverage you are applying for.

Step 5: Review the Terms and Conditions

Before finalizing your application, be sure to carefully review the terms and conditions of the policy. This includes understanding the coverage amounts, premiums, payment options, and any additional riders or benefits included or available for an extra cost. Make sure you fully comprehend the details of the policy to avoid any surprises later on.

Step 6: Complete the Application and Submit any Required Documentation

Once you have selected the type of policy you want and provided all the necessary information, complete the application form. Gather and submit any required documentation, such as proof of identity, medical records, or other relevant documents. Follow the instructions provided by Cigna to ensure your application is complete and submitted correctly.

Step 7: Await Underwriting Decision and Finalize the Policy

After submitting your application, Cigna will review your information and make an underwriting decision. If approved, you will receive an offer for coverage, and you can finalize the policy by accepting the terms and conditions and making any necessary payments. Be sure to carefully review the policy details and ask any questions before finalizing the process.

By following these steps, you can apply for Cigna life insurance and ensure you have the coverage you need to protect your loved ones. Remember to carefully consider your needs and choose the type of policy that best suits your circumstances.

How to cancel Cigna life insurance

Cigna is a global health services company that offers a range of insurance policies, including life insurance. Cigna's life insurance provides financial protection for your loved ones in the event of your death, helping to ensure their financial stability. Now, if you want to cancel your Cigna life insurance policy, here is a step-by-step guide on how to do it:

Step 1: Contact Cigna

You can reach out to Cigna via phone or online chat. Their customer service line is available 24 hours a day, 7 days a week, at 1-800-997-1654. Alternatively, you can log in to your MyCigna account and use the online chat feature during their operating hours, which are 9 a.m. to 8 p.m. EST on weekdays.

Step 2: Request the Necessary Forms

Once you are in contact with a Cigna representative, ask them to provide you with the forms required to cancel your policy. In some cases, you may be able to download these forms directly from your MyCigna account.

Step 3: Fill Out and Submit the Forms

Fill out the cancellation forms as soon as you receive them. Make sure to provide all the necessary information, such as your policy number and personal details. After completing the forms, mail or fax them back to Cigna.

Step 4: Follow Up with Cigna

Get in touch with Cigna again to confirm that they have received your cancellation paperwork. Ask if there are any further steps you need to take to ensure the cancellation process is complete.

Step 5: Verify the End of Premium Payments

Check your subsequent paystubs or bank statements to ensure that you are no longer being charged for premiums after the cancellation date. If you notice any discrepancies or continue to be charged after cancelling your policy, contact Cigna to resolve the issue promptly.

It is important to note that cancelling your life insurance policy may have financial implications, and it is generally recommended to purchase the right policy that meets your needs from the outset rather than changing or cancelling it later. Additionally, keep in mind that Cigna offers different types of life insurance, and the specific type you have may impact the cancellation process. Therefore, it is always best to consult with a Cigna representative to understand the specific implications of cancelling your particular policy.

Frequently asked questions