Purchasing life Insurance is the smartest move you can make to ensure that your loved ones will always be protected, even if you are not there to take care of them. If you stumbled across this article it is probably because you are trying to find a review of Connecticut Life Insurance Company and look no further because you have come to the right place! Here at InsureChance, we only provide unbiased and informative reviews because we believe that everyone has the right to make their own educated decision without being swayed one way or the other. The good news is that looking for a life insurance company is a piece of cake but the bad news is that finding the BEST life insurance company is where it starts to get a little tricky. You want to make sure you are buying coverage from the best life insurance company because who wants to pay money to a company that doesn’t do you any good but are very good at stressing you out and charges you for every little thing? We wish that we could just tell you who the best life insurance company or if Connecticut Life Insurance Company is the best or not but we really can’t. We could but you wouldn’t benefit from that since we all have different needs, health, and lifestyles, life insurance is not a one size fits all kind of thing. In this article, we will be discussing Connecticut Life Insurance Company’s history or CIGNA, our review of them with an accurate rating, and of course their product offerings with highlights. The following are some key points of this article;

1. Cigna is a global health service company who are dedicated to helping people improve their health, well-being, and sense of security
2. . This company has roots going back more than 200 years but became the company we hear of today in 1982 after the merger of INA Corporation and Connecticut General Corporation.
3. They have had more than 90 million customer relationships throughout the world and more than 39,000 employees. In revenues, Cigna has more than $38 billion and has assets of $57 billion.
4. According to A.M Best they have rated Cigna an “A”, Standard & Poor’s rated them an “AA-“, Fitch rated them an “A+” and Moody’s rated them an “A1”. 
5. They do offer two life insurance plans, term life, and whole life but the trick is that with their term plan you must get that plan through an employer and their whole life plan you must be 50-85 to be eligible.
6. Just like many other big box companies, CIGNA also takes great pride in their community involvement. CIGNA and its people have provided over $26 million since 1995 to support March of Dimes which is a foundation to help moms have full-term pregnancies and researches the problems that threaten the health of babies.
7. CIGNA has also been a big part of Walt Disney World Marathon Weekend, Alzheimer’s Association, Healthy Kids Challenge, and Achilles International. 

Connecticut Life Insurance Company’s History

Connecticut Life Insurance Company has a very long history and were really founded in 1982 but they like to count all the way back to 1792 when the first marine insurance company was founded. Two years later they provided protection from the Barbary Pirates. In 1865 the Governor of Connecticut signed a special act of the General Assembly which incorporated the Connecticut General Life Insurance Company or CG. In 1871, the company showed great leadership after the great Chicago Fire burns for two days destroying 2,000 acres and leaving 100,000 people in Illinois homeless, INA paid $650,000 one of only 52 companies to pay claims in full. INA expanded their service overseas in 1887 and ten years later they became the first American company to write insurance in China. They again paid a disaster that occurred in 1906 when San Fransisco had a huge earthquake that nearly left 5 square miles of the city in ruins, they paid a total of $4,772,000. In 1911, the company organized the Accident Department and began to offer individual accident, and later, health insurance. CG wrote their first group life insurance contract which covered 100 employees of the Hartford Courant Newspaper in 1913. They introduced group accident and sickness coverage in 1919. In 1924, CG wrote their first group pension contact and branched out to their first office in Chicago, Illinois. They met the needs of a new industry in 1926 when they began to insure the Age of Flight which INA joined a syndicate to insure aircraft and they wrote their first individual accident coverage offered to passengers of regularly scheduled airlines. In 1946, the company established an international department to coordinate underwriting and services in Europe, Asia, Africa, the Near East and Central and South America. In 1950, CG introduced their medical catastrophe insurance, where there wrote the first policy in the United States for their own employees. In 1965, INA acquired Pacific Employers Group to establish a stronger presence on the U.S West Coast and expand their workers; compensation business. In 1967, Connecticut General Life Insurance Company formed Connecticut General Insurance Corporation CG, a holding company, to increase the number of insurance and investment products that can be offered.

In 1911, the company organized the Accident Department and began to offer individual accident, and later, health insurance. CG wrote their first group life insurance contract which covered 100 employees of the Hartford Courant Newspaper in 1913. They introduced group accident and sickness coverage in 1919. In 1924, CG wrote their first group pension contact and branched out to their first office in Chicago, Illinois. They met the needs of a new industry in 1926 when they began to insure the Age of Flight which INA joined a syndicate to insure aircraft and they wrote their first individual accident coverage offered to passengers of regularly scheduled airlines. In 1946, the company established an international department to coordinate underwriting and services in Europe, Asia, Africa, the Near East and Central and South America. In 1950, CG introduced their medical catastrophe insurance, where there wrote the first policy in the United States for their own employees. In 1965, INA acquired Pacific Employers Group to establish a stronger presence on the U.S West Coast and expand their workers; compensation business. In 1967, Connecticut General Life Insurance Company formed Connecticut General Insurance Corporation CG, a holding company, to increase the number of insurance and investment products that can be offered. In 1981, Connecticut General Corporation CG and INA Corporation announced their intent to combine their operations. This was the largest merger of two financial services companies to date. CIGNA was born in 1982, the name was chosen by an anagram of INA and CG’s initials.

Connecticut Life Insurance or CIGNA Giving Back

Just like many other big box companies, CIGNA also takes great pride in their community involvement. CIGNA and its people have provided over $26 million since 1995 to support March of Dimes which is a foundation to help moms have full-term pregnancies and researches the problems that threaten the health of babies. CIGNA has also been a big part of the ChildObesity180 organization where they have been a lead sponsor in the #1 million dollars of ASAP Acceleration Grants designed to increase students’ opportunities for physical activity by putting simple, low-cost and innovative programs into action. CIGNA has also been a big part of Walt Disney World Marathon Weekend, Alzheimer’s Association, Healthy Kids Challenge, and Achilles International. 

Connecticut Life Insurance Company (CIGNA) Review 2017

Cigna is a global health service company who are dedicated to helping people improve their health, well-being, and sense of security. This company has roots going back more than 200 years but became the company we hear of today in 1982 after the merger of INA Corporation and Connecticut General Corporation. They have had more than 90 million customer relationships throughout the world and more than 39,000 employees. In revenues, Cigna has more than $38 billion and has assets of $57 billion. This is a good piece of information to know when looking for a company to buy coverage from because you want to always make sure they have enough money to pay out your policy when you need them to. Cigna is ranked 90 on the 2015 Fortune 500 list and has $12 million in shareholders’ equity. According to A.M Best they have rated Cigna an “A”, Standard & Poor’s rated them an “AA-“, Fitch rated them an “A+” and Moody’s rated them an “A1”.

Why you should always read a company’s rating

You should always want to check a company’s rating because it will give you an idea of the company’s financial standing. If a company has a good rating it basically means that the company is more than capable of standing on their own without support and if there are any environment changes it will not affect the company at all. However, if a company has a bad rating it is literally the opposite, their financial stability is weak and if something were to happen in their environment (such as a market crash) then they will fail or pull out. Either way, everyone who bought a policy from this company would have their policy and all the premiums invested gone with the wind. Rating agencies such as the ones above provide these ratings for you to be able to work with the facts. When a company has a high rating it indicated that the firm holds a sufficient balance of cash reserves in proportion to their commitments, basically, they show how financially stable they are. If a company obtained a low rating from any of these rating agencies then chances are they may not be around for much longer. That’s why we recommend for you to always take a peek at the company’s rating.

Connecticut Life Insurance or CIGNA’s Products

Cigna offers a variety of healthcare services. For life insurance, they offer Term life and Whole life. Before we go over their highlights we would like to take a moment and make sure everyone is on the right page. Term life is a form of temporary life insurance in which only provides coverage for a short and specified period of time. Whole life is a form of permanent life insurance in which, you guessed it, offers coverage for your WHOLE life.

Cigna Term Life (Employers Insurance)

• This product is the only product offered for term life insurance.
• This is not a typical term life product because it is only available through employers.
• You must be a full-time employee with at least 20 work hours per week.
• You must be in the United States.
• Your spouse can be eligible as long as you apply and approved for coverage for yourself.
• You can also add on your unmarried children under the age of 26 to your term life policy.
• Coverage is determined by your annual salary.
• The maximum face amount for this product is $500,000 and the minimum face amount is $120,000.
• If you choose to add on your spouse their coverage would be determined by their age and the guaranteed coverage amount is at least $50,000.
• Your unmarried children will have the maximum benefit under six months of $500, and the guaranteed coverage amount is $10,000.
• Riders that can be added to this policy include; Accelerated Death Benefit Rider, Continuation for Disability for Employees Age 60 or Over Rider, Extended Death Benefit with Waiver of Premium Rider, and Rehabilitation During a Period of Disability Rider.
• This plan will not pay your beneficiaries your benefits if you commit suicide within the first two years of your coverage.
• If you leave your employer at any time you can still be covered but your premiums will change drastically.
• You can also convert this plan into a permanent life insurance plan without having to take a medical exam.

Cigna Whole Life

• This policy is only available for those between the ages of 50-85.
• Your monthly payments will never increase because this plan offers guaranteed level premiums.
• As long as you pay your premiums, your plan will not lapse.
• You can also be eligible to receive a discount of 5% if you add on your spouse.
• The maximum death benefit is $25,000 for the most affordable monthly premium.
• You have the option of two benefit plans, Level Benefit Plan which will pay the full benefit amount you have chosen to give to your beneficiary in the case of your death.
• The second plan is called Terminal Illness Accelerated Benefit Rider which means that if you get diagnosed at any time of your policy with a terminal illness then you will be able to have access to your death benefit (up to 50%) to help pay for those medical expenses and financial needs.

More About Cigna

Cigna has so many facts it’s unbelievable but it is definitely worth mentioning. The company has 15 million global medical customers of which 83% of commercial medical customers are in employer self-insured funding arrangements and more than 2 million of those customers are served through collaborative relationships in combined Commercial and Seniors businesses. The company in 2015 had 158 million medical claims. They have over 13 million clients covered by dental, 8 million covered by Group Disability, and 7.5 million covered by Group Life. They have U.S service centers available 24/7/365 for medical and dental plan customers. They have even been recognized as the top 100 company on CR Magazines’ 2015 and 2016 list of 100 Best Corporate Citizens.

Final Thoughts

In conclusion, Connecticut Life or Cigna is a well-known insurance company who specialize in health insurance more than anything else. They do offer two life insurance plans, term life, and whole life but the trick is that with their term plan you must get that plan through an employer and their whole life plan you must be 50-85 to be eligible. If that doesn’t sound like something you want to do then don’t worry you still have other options. If you have 30 seconds go below this article and fill out our super easy quote engine so that you can see for yourself what other highly rated companies offer you. This way you can see what they offer and compare the quotes at the same time or you can take advantage of our FREE service. We are an independent life insurance agency who work with over 60 top rated companies so we have a lot of companies to choose from. We will do all the comparing and shopping around for you as well as fill out your application! Work with us so that you can have more time for the ones who matter the most, your family.

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