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2023 Aetna Final Expense Whole Life Insurance Review

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Aetna final expense whole life insurance provides a simplified, no-medical exam solution for those who want coverage for end-of-life expenses.

A final expense life insurance policy is typically purchased by seniors looking for a life insurance policy that can provide enough financial protection to cover funeral costs and maybe a few other smaller debts that would be passed onto a loved one.

These plans often offer a smaller death benefit, include a fixed premium for life, offer guaranteed cash value growth, and in some cases, optional policy riders that can add extra value to the policy.

Along with the many features that final expense life insurance plans provide, they can often fit into most budgets, especially for seniors living on a fixed income.

Choosing the right final expense life insurance plan can provide peace of mind knowing that your death wouldn’t be a financial burden to the people close to you. They can be an excellent option for life insurance or even help supplement existing coverage.

However, you will quickly find that when shopping for a final expense life insurance plan, you will have more than a few choices for choosing a provider.

The following review offers a detailed look into the final expense life insurance option currently being issued through Accendo Insurance Company, part of the CVS Health family of companies and Aetna affiliate. This review will give a detailed overview of the coverage, including its features, costs, applying process, and pros and cons.

Aetna Life Insurance Company

Aetna final expense insurance is a life insurance product offered by CVS Health and issued by Accendo Life Insurance Company. CVS Health acquired Aetna in December 2017 as part of a $69 billion merger. The merger was completed in 2018.

Aetna is a trusted name in the insurance industry and is currently ranked 61st out of the top 200 life and health insurance companies in the United States, according to the 2020 annual Best’s Review.

The insurance company was founded in 1853 in Hartford, Connecticut. In 1996, Aetna divested its property and casualty businesses to focus primarily on health insurance products. 

Aetna acquired Coventry Health Care in 2013, helping to make Aetna one of the world’s biggest healthcare, pharmacy, and dental insurance providers.

CVS is also a recognizable name, as the company has close to 10,000 stores in the United States. Consumer Value Stores (CVS) was founded in 1963 in Lowell, Massachusetts.

The company grew rapidly through the 1980s and 1990s, thanks to its in-store pharmacies and affordable health and beauty product lines.

In 2007, CVS acquired Caremark Rx to provide additional healthcare services. The new subsidiary became CVS Caremark Corporation. Accendo became a part of the CVS family when Aetna acquired it.

CVS Caremark became CVS Health before acquiring Aetna in 2017. The company now serves over 22 million members. It offers various insurance products, including Aetna’s final expense insurance, one of many insurance options under the Aetna Senior Supplemental Insurance line of products.

CVS Pharmacy, Aetna, and Accendo are all under the CVS Health Corporation umbrella. CVS is ranked seventh on the Fortune Global 500 list, making it one of the largest corporations based on annual revenue. The company has over $230 billion in assets and generated over $268 billion in revenue in 2020.

Aetna and CVS Health Ratings and Reviews

Aetna, CVS Health, and Accendo have long track records of providing a wide range of quality services and products. However, the financial ratings are also important when choosing an insurance company.

Financial ratings indicate the financial health of a company. When you obtain an insurance policy, you expect the company to fulfill its obligations. Therefore, strong financial ratings decrease the company’s risk of experiencing a significant financial loss resulting in bankruptcy.

Luckily, the companies associated with Aetna Final Expense insurance, specifically Accendo Insurance Company, as they are the company issuing the life insurance coverage, have healthy financial ratings.

Here is a closer look at how they rank:

The A (Excellent) rating from AM Best and Fitch’s (Strong) rating were awarded to CVS Health, Aetna, and Accendo Life Insurance. In addition, Moody’s Investor Service rating was given to CVS Health.

The ratings showcase the strong financial position of CVS Health and its subsidiaries. After the acquisition of Aetna in 2018, Moody’s gave CVS Health a negative rating. The negative rating was due to the accumulation of debt from the merger, which commonly occurs in these situations. The rating was upgraded to “stable” in 2020.

Aetna Final Expense Whole Life Insurance

Aetna’s final expense is a type of whole life insurance that falls under permanent life insurance coverage. As long as you continue to pay the premiums when due, the life insurance policy is guaranteed to remain in place for the rest of your life. Premiums payments are also level, meaning that they do not increase as you age.

Since this type of life insurance is primarily intended to cover final expenses, the insurance plan offers a limited death benefit which keeps the insurance coverage affordable.

The death benefit is often used to cover funeral expenses, small debts, and any monthly expenses that would ease the financial burden placed on loved ones due to your passing. 

Aetna final expense whole life insurance is available in three different benefit plans:

  • Preferred level benefitLevel death benefit – Best rates
  • Standard level benefitLevel death benefit – Average rates
  • Modified benefit2 years graded death benefit – Higher rates

Which of the three benefit plans you receive will depend on the outcome of the underwriting results determined during the application process. Each of the three plans includes different rates primarily based on your level of risk to the insurance company. However, all policyholders receive the following features:

  • Cash value accumulation
  • Fixed premiums for life
  • No medical exams
  • Simplified underwriting
  • Easy application process

If you qualify for the level benefit plan, you also qualify to receive several optional policy riders. The riders include an accelerated death benefit, accidental death benefit, and children’s term insurance riders.

Aetna Final Expense Coverage Options Overview

Policy FeaturesAetna FE PreferredAetna FE StandardAetna FE Modified
Death Benefit:Day one coverage2-year graded death benefit
Issue Ages:40-8940-75
Minimum Coverage Amount:$2,000
Maximum Coverage Amount:Ages 40-55: $50,000
Ages 56-65: $40,000
Ages 66-75: $30,000
Ages 76-89: $25,000
Contract Length:Level premiums for life
Policy Riders:Accelerated Death Benefit Rider
Accidental Death Benefits Rider
Children's Term Insurance Rider
State Availability:Available in all states except for NY

Aetna Final Expense Issue Ages

Aetna Final Expense Issue Ages
Aetna Preferred Plan40-89
Aetna Standard Plan
Aetna Modified Plan40-75

The minimum and maximum issue ages Aetna’s final expense coverage vary depending on the plan.

The level benefit plans, both preferred and standard, are offered to individuals between the ages of 40 and 89.

The modified benefit plan, which has a 2-year graded death benefit, is only available for those between the ages of 40 and 75.

It’s worth noting that Aetna is one of the few providers to offer final expense plans to people up to age 89. Most final expense plans have an age cutoff of 85.

Aetna Level and Modified Benefit Plans

Aetna Final Expense Death Benefit Plans
Aetna Preferred PlanDay one coverage
Aetna Standard Plan
Aetna Modified Plan2-year graded death benefit

Aetna’s final expense insurance includes two main types of coverage. Based on the answers to the questions on the application, you may receive either a level death benefit plan or a modified death benefit plan.

Aetna level benefit plans provide immediate death benefit protection starting the first day the life insurance coverage begins. The level benefit plan is also divided into two rate classifications of either preferred or standard.

The preferred benefit plan offers slightly better rates when compared to the standard benefit plan, as qualification requires you to answer no to all the medical questions listed on the application.

The modified benefit plan includes a two-year graded death benefit. A two-year graded death benefit means that the insurance company would not pay out the policy’s death benefit if death were to occur during the first two policy years.

Modified benefits are common with final expense policies. They allow insurance companies to offer coverage to applicants who may not have the most excellent health history. In return, they will put a waiting period on the death benefit payout due to a policyholder passing shortly after issuing a policy.

The only exception to this rule is if death was due to a result of an accident. Beneficiaries will receive the full death benefit if death is due to an accident. 

Any non-accidental death within the first two years would result in a modified death benefit equal to a full return of all premiums paid plus interest of 10%. After policy year two, the full death benefit is payable upon death regardless of death being accidental or health-related.

Aetna Level and Graded Death Benefit Qualification

Aetna Final Expense Level and Modified Benefit Qualification
Aetna Preferred PlanMust answer "No" to all 22 medical questions
Aetna Standard PlanIf you answer "Yes" to any medical question in part C
Aetna Modified PlanIf you answer "Yes" to any medical question in part B

Applying for an Aetna final expense life insurance plan will not require a medical exam. Qualification is determined based on your responses to health questions on the application.

The application includes 22 health questions separated into three parts of A, B, and C.

Part A of the application refers to the knockout questions. There are a total of 13 health-related questions. If you answer yes to any of the questions in the first part, you do not qualify for any of the plans from Aetna.

Part B of the application includes 5 health-related questions. If you answer yes to any of the questions listed within part B of the application, you potentially qualify for the modified or level benefit plan.

If you have received treatment or medication for any of the following conditions within the past two years, you may qualify for the modified benefit plan:

  • Alcohol or drug abuse
  • Complications of diabetes
  • Kidney disease
  • Liver disease

You are also eligible for the modified plan if you have received treatment or medication for any of the following conditions within the past year:

  • Heart attack
  • Cardiomyopathy
  • Angina (chest pain)
  • Stroke
  • Aneurysm
  • Brain tumor

Part C contains 4 health-related questions. If you have not been diagnosed with any of the conditions listed above, you are eligible for the level benefit plan. The final part of the questionnaire determines whether you receive the standard level plan or preferred level plan.

The preferred level plan is only available to those that have not been treated for any of the conditions listed within the past two years or ultimately has answered no to all health-related questions.

For example, if you received treatment for chest pain or a heart attack 18 months ago, you may apply for the standard level plan but do not qualify for the preferred level plan.

The preferred level plan is also unavailable to anyone that has been diagnosed with Parkinson’s disease, multiple sclerosis, systemic lupus, chronic obstructive pulmonary disease (COPD), or any other type of chronic respiratory condition. However, these applicants may qualify for a standard level benefit plan.

Minimum and Maximum Coverage Amounts

Aetna Final Expense Coverage Amounts
Aetna Preferred PlanAges 40-55: $50,000
Ages 56-65: $40,000
Ages 66-75: $30,000
Ages 76-89: $25,000
Aetna Standard Plan
Aetna Modified PlanAges 40-75: $25,000

The minimum coverage amount for all Aetna final expense life insurance plans is $2,000. The modified benefit plan has a maximum coverage amount of $25,000. If you receive the level benefit plan, your maximum coverage amount is based on your age:

  • 40 to 55 years old – $50,000
  • 56 to 65 years old – $40,000
  • 66 to 75 years old – $30,000
  • 76 to 89 years old – $25,000

The modified benefit plan is not available for those over the age of 75. The issue age is your age as of your last birthday when the policy is issued.

Medical Exam Requirements

Aetna Final Expense Medical Exam Requirements
Aetna Preferred PlanNo medical exams required
Aetna Standard Plan
Aetna Modified Plan

A medical exam is not required for an Aetna final expense whole life insurance policy. Instead, the application process utilizes a simplified underwriting approach along with the help of third-party data to verify application responses and determine eligibility. 

You need to answer a total of 22 health questions on the application and cannot obtain coverage if you are confined to a hospital, skilled nursing facility, psychiatric facility, or nursing home.

Other conditions and medical situations that disqualify you from applying include:

  • Kidney dialysis 
  • Wheelchair or mobility scooter 
  • Amputation due to any disease 
  • Organ or bone marrow transplant
  • Positive AIDS diagnosis
  • Lou Gehrig’s disease
  • Huntington’s disease
  • Sickle cell anemia
  • Alzheimer’s disease, dementia, or mental incapacity
  • Congestive heart failure
  • Cerebral palsy, cystic fibrosis, muscular dystrophy, or unoperated heart defects
  • Physical or medical impairment that requires assistance with any activities of daily living
  • Any form of cancer (excluding Basal or Squamous cell skin cancer)

Your answers are verified during the underwriting process. Accendo will access your medical information bureau report and other third-party sources such as prescription checks to verify prescribed medications. If you fail to disclose a medical condition, your application will be denied.

Available Policy Riders

Aetna Final Expense Policy Riders
Aetna Preferred PlanAccelerated Death Benefit Rider
Accidental Death Benefits Rider
Children's Term Insurance Rider
Aetna Standard Plan
Aetna Modified PlanNone available

Aetna offers three policy riders to supplement the death benefit of the life insurance plan. However, the policy riders are only available for those that qualify for the level benefit plan. All three policy riders are optional add-ons, and some will increase your premiums if you choose to add them to your policy.

The three policy riders include:

  • Accelerated death benefit rider
  • Accidental death benefits rider
  • Children’s term insurance rider

Here are the details of each policy rider.

Accelerated Death Benefit Rider

The accelerated death benefit rider is an optional rider that advances up to 50% of the death benefit if you are diagnosed with a medical condition that results in a terminal, chronic or critical illness with a life expectancy of 12 months or less. 

The minimum benefit is $1,000, while the maximum benefit is $15,000, but it may not exceed 50% of your total death benefit.

Accidental Death Benefit Rider

The accidental death benefit rider would pay 100% of the base policy’s face amount if death were a direct result of an accident. Thus, this rider essentially doubles the death benefit payout. However, it only applies to accidental death that occurs between the ages of 40 and 70.

Children’s Term Insurance Rider

The children’s term insurance rider adds life insurance protection for a stepchild, grandchild, or great-grandchild. You can add a benefit of $2,500 to $10,000 per child in $2,500 increments. 

If you choose to obtain coverage for more than one child, the benefit must be the same for all covered children. In addition, the total benefits cannot exceed the face amount of your base policy.

For example, if you obtain a policy with a $10,000 death benefit, the total coverage for your children cannot exceed $10,000. When any of the insured children turns 22, they will have the option to convert their coverage to their own permanent life insurance policy until they turn 25.

Guaranteed Cash Value Growth

Aetna Final Expense Cash Value Growth
Aetna Preferred PlanGuaranteed cash value growth
Aetna Standard Plan
Aetna Modified Plan

As with all whole life insurance products, Aetna’s final expense plans accumulate guaranteed cash value. The cash value growth works each time a premium payment is made. Aetna will set aside a pre-determined amount of every premium payment and place it into a cash-value account that will grow over time.

You may eventually borrow your cash value with loans exceeding $1,000. You can use the loan for any purpose, but interest rates and fees apply.

Aetna also offers multiple options to utilize the cash value growth of the policy. For example, you may choose to use the cash value to purchase an extended term insurance policy or use the cash value to make your premium payments.

These options provide increased flexibility and decrease the risk of your policy lapsing due to non-payment.

Discount for Aetna Medicare Policyholders

Are you thinking about getting a Medicare Supplement policy?

If you are, Aetna may be able to offer you a discount on your final expense life insurance rates through a special rate class called Super Preferred.

The super preferred rate class is available to individuals who have purchased an Accendo Medicare Supplement Plan through Aetna within the last 180 of applying for final expense life insurance.

That means if you need a Medicare Supplement Plan, you can apply and once approved, apply for the Aetna final expense coverage to receive a potential discount.

However, the only catch is that you need to qualify for the preferred level benefit plan to qualify for the super preferred discount.

If qualified, eligible individuals will receive a rate class of Super Preferred, which includes a 10% discount on premiums compared to the preferred level benefit plan rates.

Aetna Final Expense Whole Life Insurance Frequently Asked Questions

The previous sections should give you a general idea of what the Aetna final expense policy includes and how it works. However, choosing a life insurance policy is a significant decision.

Review the following answers to the most frequently asked questions about Aetna Final Expense insurance to make a more informed choice.

If you still have any questions after reading this FAQ, please leave a comment at the bottom of the page.

How do you apply for Aetna final expense whole life insurance?

Aetna offers both a paper application process as well as an electronic submission process. Both options can be completed with the help of an agent.

The application only contains a few sections, including proposed insured information, 22 total yes/no health questions, benefits and premium information, beneficiary information, replacement information, and payment information. 

The total time to complete the Aetna final expense life insurance application takes roughly 30 minutes. For faster approval results, you can submit your applications electronically directly through us.

What determines eligibility for coverage?

Eligibility for coverage is determined based on your age and medical history. In addition, if you suffer from any severe medical conditions, you may not qualify for coverage. 

The underwriters review your application, run a Medical Information Bureau (MIB) database check, and review your prescription history. However, Aetna is more lenient when it comes to disqualifiable medical conditions.

For example, if you have been diagnosed with kidney or liver disease, you do not qualify for the level benefit plan. Yet, you may still be eligible for the modified benefit plan.

How quick is approval for coverage?

Accendo Insurance Company, part of the CVS Heath family of companies and Aetna affiliate, underwrite and issue the final expense life insurance plans. Due to the streamlined application, the underwriting process does not take long.

You may receive notification of approval within minutes of completing the online application process. However, a paper application may take 24-78 hours once the application has been submitted to Aetna for review.

What happens after you are approved for coverage?

If you are approved for coverage, you will receive a copy of your policy in the mail. Coverage typically starts after you complete the first premium payment.

You also have the option to choose how you would like to pay for your life insurance coverage. For example, Aetna offers the option for premiums to be paid by check, money order, or automatically drafted from your bank account. Billing can also match Social Security deposit dates as well. 

Is Aetna Final Expense Whole Life Insurance affordable?

The premium rates for Aetna’s final expense insurance are comparable to other final expense products. Individuals who qualify for the preferred level benefit plan receive the lowest premiums which can be even further discounted if you

thanks to a 10% discount off the standard level benefit plan rates.

The modified benefit plan includes higher premiums, as the modified plan is for applicants with specific medical conditions. Here is a closer look at the sample rates.

Aetna Final Expense Sample Rates

MaleSuper Preferred Plan
Preferred Plan
Standard Plan
Modified Plan
Age 40$24.15$26.42$29.05$35.26
Age 45$27.30$29.92$34.39$41.48
Age 50$31.32$34.39$40.51$49.44
Age 55$40.07$44.10$48.47$58.45
Age 60$46.37$51.10$61.69$78.49
Age 65$52.76$58.19$79.36$102.46
Age 70$66.15$73.15$104.04$122.41
Age 75$91.61$101.41$143.76$185.24
Age 80$126.61$140.26$202.83NA
Age 85$176.58195.83$312.20NA
FemaleSuper Preferred Plan
Preferred Plan
Standard Plan
Modified Plan
Age 40$21.79$23.80$24.67$31.76
Age 45$23.36$25.55$29.92$35.26
Age 50$24.94$27.30$37.01$38.94
Age 55$31.32$34.39$44.10$48.91
Age 60$36.84$40.51$51.10$59.85
Age 65$43.23$47.60$61.69$67.99
Age 70$52.76$58.19$76.74$88.90
Age 75$68.90$75.86$97.91$144.29
Age 80$91.61$101.41$140.26NA
Age 85$123.38$136.68$219.98NA

Monthly male/female premium rates current as of 9/21/2021 representing the cost of a $10,000 Aetna final expense whole life insurance policy: super preferred, preferred, standard, and modified benefit plans. *Super preferred rates are available to qualified applicants who currently have an Accendo issued Medicare Supplement Plan.

How long does the coverage last?

Aetna’s final expense life insurance is permanent coverage that will last until your death. Aetna may also cancel your coverage if you stop paying the premiums and the cash value has been deplited.

What is Aetna’s cancellation policy?

Aetna allows applicants to cancel the policy with no charges within 10 days of the start of the policy. If you cancel after the initial cancellation period, you may pay a surrender fee and additional administrative charges.

What are other insurance options offered through Aetna that are for seniors?

Aetna offers a complete line of insurance coverage options tailored explicitly for seniors under its Aetna Senior Products line. These options include:

  • Medicare Supplement
  • Cancer and Heart Attack or Stroke Plus
  • Dental, Vision, and Hearing
  • Hospital Indemnity Flex
  • Home Care Plus
  • Recovery Care

If you’re interested in learning more about any of the above Aetna insurance options or would like a quote, let us know.

Is Aetna life insurance company's customer service good?

Aetna has an A+ rating based on customer reviews on the Better Business Bureau (BBB) website. The company is known for its reliable customer service, which is available between 8 AM and 6 PM eastern time any day of the week.

What's the best way to get an Aetna final expense whole life insurance quote?

Our company offers Aetna final expense whole life insurance. The online quote tool located throughout our website provides current rates to Aetna’s final expense life insurance in addition to rates from competitor options.

We at No Medical Exam Quotes can also help assist with the electronic online application process and answer any questions about the coverage or competitor options.

Submit a question

Did we miss answering your question about the Aetna final expense whole life insurance coverage? No worries! Use the form below to send us your question, and we will get you an answer. Plus, you will be helping out others who may have the same question as we will add your question and our response to this article.

Advantages of Aetna Final Expense Whole Life Insurance

The advantages of Aetna final expense insurance include:

  • Simple application
  • Policy options up to age 89 
  • No medical exam
  • Quick underwriting process
  • Potential discount on rates

You are unlikely to find an insurance product with a more straightforward application process. There is no medical exam required, and all you need to do is simply answer a handful of medical questions, which will determine whether you are eligible for an Aetna plan.

After submitting your application, you may even receive an immediate decision for approval.

Disadvantages of Aetna Final Expense Whole Life Insurance

There is not much to dislike about Aetna and its final expense life insurance coverage. As mentioned, these plans offer issues ages as young as age 40 up to age 89.

However, the most significant disadvantage is the modified benefit plan, also referred to as the 2-year graded death benefit plan. While graded death benefits are standard, Aetna does limit the issue ages to a maximum age of 75. However, plenty of other providers will offer a modified benefit plan to applicants up to age 80.

Conclusion – Is Aetna Final Expense Whole Life Insurance Worth it?

Aetna’s final expense whole life insurance is worth it for anyone who wants basic coverage at a reasonable rate. In addition, the application process is more straightforward than most insurance products, as you only need to answer a few simple questions.

Aetna also accepts a broader range of medical conditions. However, those without any medical issues are more likely to qualify for the level benefit plan and lower premiums. 

In the end, Aetna senior products offer an excellent solution for covering final expenses if you do not want to deal with the hassle of a medical exam and a complex underwriting process.

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Jeffrey Manola - Life Insurance Expert

Jeffrey Manola is the founder of No Medical Exam Quotes, an online insurance agency that strongly focuses on helping people shop for the perfect life insurance policy. He is a licensed life insurance expert and content creator for the website.

Before becoming a life insurance agent, he served in the United States Marine Corps, transitioning from serving his country to helping families find affordable life insurance coverage beginning in 2009. Since starting a career as a licensed life insurance agent, Jeffrey has helped thousands of families with their life insurance needs.

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