Continental Life Insurance Company, or as it is commonly known as Continental Life, is one of the leading healthcare companies that supply Medicare Supplement insurance as well as health insurance policies to clients as part of Aetna.
Through this company, customers can buy final expense whole life policies, though the policies can only be purchased by consumers of certain ages and have maximum benefits of just $35,000. Moreover, Continental Life final policies are not available in states such as Connecticut Alaska, California, New York, Massachusetts, Vermont, Maine, Washington, Maryland, or Hawaii.
Nevertheless, the company offers a wide range of plans including Medicare supplement, the Protection Series, and Final expense whole life insurance.
Before signing up with Continental Life Insurance, you will have to complete a Notice to Applicant Regarding Replacement of Medicare Supplement Insurance or Medicare Advantage Form, to allow you to receive changing or new coverage under the government.
The company offers a comprehensive range of coverage and products types, including:
- The Protection Series offers a full range insurance bundle including heart attack/ cancer/stroke coverage, home care dental/hearing/vision, recovery care, and Hospital Indemnity.
- Medicare Supplements for your life insurance cover that provides seniors with continuity in their coverage, thus helping make sure they can stay at the same clinician office as well as visit the same clinic.
- Whole life Insurance coverage that covers all the financial stressors brought about by the funeral bills.
Generally, the insurance company sells up to six different plans in its coverage section. As a result, it can be overwhelming to follow along with everything. Basically, plans provided through their coverage include:
- Plan A
- Plan B
- Plan High deductible Plan F
- Plan F
- Plan G
- Plan N
Note that coverage increase in complexity as it goes through the alphabet.
Rates for purchasing Continental Life Insurance policy
While the rates provided by the company vary depending on your zip code, age, gender as well as health, the prices are susceptible to change.
However, below are averages of prices of each plan:
- Plan A: $103
- Plan F: $151
- Plan G: $119
- Plan N: $95
Note that all Medicare supplements are controlled on federal levels, meaning that the company along with other providers is compelled to offer similar benefits. Nevertheless, make sure you do a little homework to find out the most important factors that affect your Medicare supplement requirements.
Continental Life Insurance Ratings
In terms of ratings, A.M. Best awarded Continental Life Insurance Company an A- in terms of financial strength.
Aetna, its parent company, has also been recognized for a wide range of reasons across the country, including top Fortune 500 companies, 64th in Newsweek Green 100 list, and No. 15 on List of Best Companies by Barron. It has also been awarded for its efforts to bring the public closer to healthcare.
Riders are basically insurance endorsements, which can allow you to buy insurance for other members of your family or get extra coverage. Despite its benefits, Continental Life Insurance Company does not offer riders, thus it also lacks the much-needed flexibility that other insurance companies offer.
One thing you need to understand about Continental Life is that it does not sell its insurance coverage directly to customers and thus the only way you can apply for a policy or get a quote is by getting in touch with an insurance agent.
One of the most important things to look out for when researching for life insurance providers is the company’s complaint ratios. Usually, the National Association of Insurance Commissioner will manage a complaint index, in order to compare to the competition’s performance.
The national compliant index is usually 1.0, and thus if a company has a ratio that is above 1.0, it means that it has received more complaints beyond what is expected of a company of its reputation. On the other hand, if a company has a ratio of 1.0 or below, it means it receives fewer complaints than is expected of a company of its nature.
As for Continental Life Insurance, it recorded a complaint ratio of 0.89, which is below the national complaint index.
Continental Insurance cancellation policy
Ideally, insurance providers will offer a 10-day free look grace period, but Continental Life coverage offers up to 30 days for customers to review their files and cancel the policy if they don’t like it. However, provided you cancel your plan within the 30 days grace period, you will get a full refund.
Once this period ends, you will incur some cancellation fees, thus make sure you check with your insurance agent about restrictions and cancellation fees.
Final Expense Whole Life Policies
These are small coverage that aims at covering your funeral and burial expenses and usually lasts for your lifetime provided you make your payments on time, which also means the benefits will remain unchanged.
This company offers two final expense plans:
- Graded benefits that will benefit your kin in terms of reduced death benefit once you die within the first two years of your policy.
- Level benefit which means your kin will get the full death benefit irrespective of when you die.
Pros of Continental Life Insurance
- Fixed premium rates: Once you buy coverage, your premiums will not increase and your policy is not cancelable provided you pay your premiums regularly.
- 1-month free look period: While other insurance companies only offer 10 days free look periods for customers to review and cancel their policy if they didn’t like it, Continental Life Insurance offers a 30-day free look period. This means you have more time to effectively review your insurance policy and make sure it fits your needs.
- Medical exams not required: One of the best things about Continental Life Insurance is that you don’t have to provide medical exams in order to be eligible for their final expense coverage. All you need to do is fill out some forms and answer some questions concerning your health.
Cons of Continental Life Insurance
- No online quotes: Without an online quote, you must get in touch with an insurance agent to get a policy or quote.