If you’re researching final expense or burial insurance companies, you may have come across Cincinnati Equitable Life Insurance Co As an independent insurance agent, I often get questions about this provider Is it reputable? Are the rates competitive? Who is it best for?
In this comprehensive guide, I’ll give you a full overview of Cincinnati Equitable, the policies they offer, pros and cons to consider, and whether they could be a good option to provide funeral planning and financial protection for your loved ones.
About Cincinnati Equitable Life Insurance Co.
Cincinnati Equitable Life Insurance Co. has been selling burial insurance since 1967. They focus specifically on final expense life insurance, which helps pay for end-of-life costs like funeral bills.
Some key facts:
- Rated A (Excellent) for financial strength by A.M. Best
- Provides policies in 49 states plus D.C.
- Over 250,000 policyholders nationwide
- Headquarters in Cincinnati, OH
- Policies issued by mail (no agents meet in person)
- Family owned and operated for 3 generations
Cincinnati Equitable has a reputation for good customer service, competitive pricing, a streamlined application process, and fast policy payouts when needed.
Cincinnati Equitable Burial Insurance Policy Options
Cincinnati Equitable offers several final expense policy options
Graded Death Benefit Whole Life:
- Coverage amounts: $5k – $35k
- Guaranteed acceptance for ages 50-85
- Graded payout during first 2 years
Level Death Benefit Whole Life:
- Coverage amounts: $3k – $25k
- Guaranteed acceptance for ages 50-85
- Full payout from day 1
Single Premium Whole Life:
- Coverage amounts: $3k – $25k
- Ages 45-85
- 1-time lump sum payment
Modified Whole Life:
- Coverage amounts: $3k – $25k
- Ages 50-75
- 10-pay premiums over 10 years
This selection ensures budget-friendly payment options for seniors looking to cover end-of-life costs. The guaranteed acceptance is a major perk for applicants who may not qualify for traditional life insurance.
Cincinnati Equitable Pros and Cons
Pros:
- Guaranteed issue policies, no health exams
- No waiting period for death benefits
- Policies cannot be canceled due to age or health
- Premiums don’t increase and coverage never decreases
- Customer service team based in the U.S.
- Policies issued quickly through the mail
Potential Cons:
- Only has final expense life insurance options
- Maximum coverage amount of $35,000
- Limited payment options and riders
- Not available in NY and WA state
For its niche specialty insuring seniors and high-risk applicants, Cincinnati Equitable receives positive feedback from most policyholders and partners. The biggest drawbacks come from the limited policy selection and capped payout amount.
Is Cincinnati Equitable a Good Choice?
Cincinnati Equitable makes an excellent option for:
- Seniors over 50 – The application is simple and coverage is guaranteed.
- Those in poor health – No medical exams and easy acceptance.
- Individuals needing smaller policies – Affordable premiums on lower coverage amounts.
- Anyone seeking burial insurance – A top provider specializing in final expenses.
Applicants who don’t meet the age requirements or need higher policy amounts may find better alternatives. However, for guaranteed final expense insurance, Cincinnati Equitable offers a smooth process and competitive pricing.
How Much Does Burial Insurance Cost from Cincinnati Equitable?
The exact rate you’ll pay depends on personal factors like age, gender, smoking status, and the coverage amount you select. Here are some examples of average monthly premium costs:
- $10,000 policy for a 55-year-old woman: $36.45
- $15,000 policy for a 60-year-old man: $54.38
- $25,000 policy for a 70-year-old woman: $108.12
Of course, I always recommend getting an official quote directly from Cincinnati Equitable for your particular situation. Their website makes it easy to request rates online.
How Do I Apply for Coverage?
One of the easiest parts about getting burial insurance from Cincinnati Equitable is the simple application process:
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Request a quote online or by calling their office. This is quick and only takes your age and smoking status.
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Complete application – They’ll mail you the paperwork to fill out health history and beneficiary info.
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Schedule paramed exam – A nurse will visit your home to take basic health measurements like height, weight, pulse, and blood pressure. No lab work or records required.
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Policy issued – Cincinnati Equitable processes your application and issues your policy by mail, usually within 2 weeks.
Then you simply choose your payment method and schedule. The entire process can be done without leaving home.
How Can I Pay for My Burial Insurance?
Cincinnati Equitable offers lots of flexibility in how you can pay policy premiums:
- Monthly bank drafts
- Quarterly, semi-annual, or annual payments
- Automatic deductions from Social Security
- Payroll deductions if offered by your employer
- Pre-authorized checks acceptable for most premium schedules
You can also make lump-sum payments on single premium or modified plans. Their website has helpful policyholder payment resources.
Does Cincinnati Equitable Offer Any Riders?
The only additional rider option you can add to burial insurance policies from Cincinnati Equitable is an Accidental Death Benefit:
- Doubles the death benefit payout if death results from a covered accident
- Available on all policies up to age 80
- Minimum coverage $5,000
- Maximum coverage $20,000
- Costs 5% of base policy premium
This inexpensive rider can provide extra peace of mind. Otherwise, their straightforward policies have limited bells and whistles compared to other insurance products.
Why Choose Cincinnati Equitable for Burial Insurance?
At the end of the day, Cincinnati Equitable Life Insurance Co. does one thing and does it well – provides guaranteed acceptance final expense insurance to seniors and high-risk applicants needing smaller coverage amounts.
For a burial insurance provider, they check all the right boxes:
✓ Quick and easy application process
✓ Affordable premiums
✓ Top-notch customer service
✓ Financial stability since 1967
If you meet the qualifications for their policies, need an affordable way to plan for end-of-life costs, and want to ensure you get coverage, Cincinnati Equitable can deliver. Getting a free quote only takes minutes, so you can easily see if they’re the right fit.
As an independent agent, I’m happy to review their options and help you make the best decision. My goal is making sure you have burial insurance coverage that provides financial peace of mind when it’s needed most.
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Filter byComplaint StatusAll complaint statusesComplaint ResolvedComplaint TypeAll complaint typesBilling Issues (Service or Repair Issues (
- Initial Complaint: Service or Repair IssuesDate: August 22, 2022Status: ResolvedThe complainant confirmed that the problem was fixed to their satisfaction. My father passes away on March 11, 2021. My mom, ******************, has been trying to get money from a life insurance policy that my dad had. At first, he worked for ***********, then **********, and finally ***********. She has been getting the runaround from everyone, even ***** and *********. NO ONE has provided the funds to her. It always needs more paperwork to be turned in from either ********* or *********. In fact, she tried to hire a lawyer, which only cost her money. This is ridiculous. The old lady is 91 years old and shouldn’t have to deal with this. Response from business on August 24, 2022: My name is Jennifer B***** and I work as a claims manager for Cincinnati ********* Life Insurance Company. I am responding on behalf of *** *** *******. To begin with, Cincinnati Life Insurance Company (CELIC) does not write group life insurance. We would not be the insurance company for********’s group life insurance plan through his job. Pre-need life insurance is sold by CELIC, and the company works directly with funeral homes. I looked in our database for the name ******** but couldn’t find any information. If you have any more information that could help ease the family’s worries, please send it so that it can be looked over. Thanking you in advance. Jennifer B*****Claims Manager###-###-#### (Direct Line)*********************Customer response08/24/2022Better Business Bureau: I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint. For your reference, reasons for rejection are included below. Regards, ******************* The company listed on this trust for my dad was, in fact, ********* Life Insurance Company. Is it not part of the Cincinnati office? If not, please send me to the right office. Once more, we got a letter from ********* in ********* ** It is labeled as Life Operations. They are wanting more information. Again! Business response08/25/2022Dear *********, I’m sorry that filing a death claim for your father has been so frustrating for you. That being said, Cincinnati ********* Life Insurance Company is not connected with ********* Life Insurance Company, which is not where your dad’s life insurance policy was written. We are two separate, no relationship, companies. If you received paperwork from ********* Life Insurance Company from *********, please use the contact information on the letter to get in touch with them. According to the Better Business Bureau, the customer responded on August 26, 2022, “I have read the business’s response to complaint ID ******** and am happy with it.” Regards, ***** *********.
- Initial Complaint: 01/26/2022Type of Complaint: Billing IssuesStatus: ResolvedThe complainant confirmed that the problem was fixed to their satisfaction. Pre-need cremation policy was bought for $1,600 with payment plans. So far, $2,000 has been put into it. Still have 3 yrs till paid off =2800. In 2015 Bought a traditional policy 6000. Already paid over $7,000, but I still have four years to go. I called to ask why I was putting $19,000 into a policy that would only pay out $6,000. I need a beneficiary for the rest of the money, but I was told there was none left over. I gave them $19,000, and the funeral payout is $60,545. is products guarantee. So I’m losing money. The insurance company said it’s like getting a car loan for $15,000–$19,000 in the end. But I’m not paying for this policy; I’m paying you directly. I read that if you buy a preneed policy even years later, you can cancel it and get a 90% refund plus 80% of the interest. No your misinformed. Answer from the business on February 1, 2022: The Cincinnati Equitable Life Insurance Company sells Preneed Life Insurance policies, which are the ones Mrs. ****** acquired. One thing that makes Preneed Life Insurance different is that it is sold by funeral homes and comes with a Funeral Contract. Our insured people go to a funeral home to plan their funeral costs ahead of time. The money for these costs comes from the Preneed Life Insurance policy they bought. Our Preneed product lets you pay in a number of different ways, including one lump sum or over three, five, or ten years. Life expectancy is used to figure out the premium rates, which must then be approved by industry regulators. The single-pay premium is usually the same as the farewell that was already planned. When an insured person chooses to pay over time, the monthly premium is less than when they pay all at once, and it goes down as the payment period lengthens. The premium is less on a ten-pay plan, but if the insured keeps paying for the whole time, the premiums will be more than the funeral cost. Because of this, we let you “pay off” the policy by paying the funeral cost plus a small service fee. You can choose to pay it off over the first three years, but there will be a $300 service charge after that. Every month after the third anniversary, the same amount is paid until the end of the payment period or until the death of the insured person. Mrs. When ****** bought her policies, she chose to pay her premiums over ten years. At that time, the agent or funeral director would have told her about her payment options. In fact, the agent that sold Mrs. **** her policy has a feature where he sends letters to remind them to pay their premiums every two and three years. This way, they can pay off their policy and avoid having to pay long-term premiums. For whatever reason Mrs. By the third year, ******* did not pay off her loans. So, Mrs. will work with Cincinnati Equitable Life Insurance Company and the agent/funeral director. ****** to find an equitable solution to all parties. In fact, the agent met with Mrs. ***** on 1/31/2022, and I’m told that a solution that works for everyone has been found. Mrs. One of her policies will be changed to a Reduced Paid-up policy, and she will keep paying on the smaller policy until it is paid off in full. The funeral home agreed to follow through with the funeral plan even if the insurance money wasn’t enough to cover the full cost of the service. We believe we have resolved Mrs. to ******’s concerns to her satisfaction, but they are still waiting for her to confirm. According to the Better Business Bureau, the customer responded on February 1, 2022, “I have read the business’s response to complaint ID ******** and am happy with it.” Regards, ******* ****** .
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Cincinnati eyes $1.7M subsidy for Great American Life Insurance expansion
FAQ
What is the new name for Equitable Life insurance company?
How do I contact Equitable Life insurance?
Is Cincinnati life insurance good?
Who bought Equitable Life?
Who owns Cincinnati Equitable Life Insurance Company?
The W.G Alpaugh family acquired the Company in 1982. The Company was renamed Cincinnati Equitable Life Insurance Company in 1989 to match the name of its sister company, Cincinnati Equitable Insurance Company, which was founded in 1826 and is the oldest property-casualty insurance company west of the Alleghany Mountains.
What is Cincinnati Equitable Life?
Cincinnati Equitable Life seeks to maximize investment returns through high quality, fixed income investments. The Company avoids high risk investments, such as derivatives, options and other speculative investments.
Who owns Cincinnati equitable companies?
Both companies are owned by Cincinnati Equitable Companies, Inc., an Ohio domiciled insurance holding company located in Cincinnati, Ohio. In October 2019, the companies were purchased by Michigan Farm Bureau Financial Corporation.
Who is Equitable Life Insurance?
Initially founded in 1859 as Equitable Life Assurance Society of the United States, Equitable life insurance company has over 150 years of experience in life insurance and other investment products. It ultimately rebranded under the sole name of “Equitable” in 2020 and operates under this same name today.