Even though most individuals don’t like to think about life insurance, the fact is that it’s a very important part of your financial plan. The benefit from a good life insurance policy can make all the difference between your loved ones struggling financially or moving on with their lives once you’ve passed on.
In fact, policyholders are able to use their life insurance benefits for a variety of different reasons, depending on the policy, to pay off debts or to substitute monthly income in a time of need. However, prior to purchasing a life insurance policy, it’s important to seek out the appropriate type of policy, as well as an adequate amount of coverage. Additionally, you’ll want to ensure that the company that you choose is financially stable and that they have a good reputation for paying any claims. One such company that meets these criteria is Cincinnati Life Insurance Company.
Company Background
Founded in 1950 by four independent insurance professionals, Cincinnati Insurance Company got its start in Cincinnati, Ohio. Presently, the company has relocated to Fairfield, Ohio and is run by Steven Johnston, CEO. A subsidiary of Cincinnati Financial Corporation, the insurance provider joins the ranks among the conglomerate’s various other financial services and insurance subsidiaries.
Cincinnati Insurance Company and its affiliates have been ranked among the top 25 property and casualty companies in the U.S. Known for their strong financial support, Cincinnati Life Insurance Company is able to meet their clients’ financial needs.
Superior Customer Service
Cincinnati Life Insurance Company emphasizes focus on the quality of its representatives and associates. The company’s mission is to not only offer superior customer service but to also help those struggling financially following the loss of a loved one.
With roughly 3,000 associates and greater than 800 local claim associates, Cincinnati Life’s goal is to give individualized attention to its policyholders’ needs with precision and care. Customer care representatives are quick to process claims while taking their clients’ requests and needs seriously. Additionally, the company maintains around-the-clock customer service hotline as well.
Cincinnati Life Insurance Company Ratings
The Cincinnati Insurance Company, the parent company of Cincinnati Life, boasts a number of strong ratings courtesy of the top insurance rating agencies in the country. These high marks are indicative of the insurance provider’s financial stability and strength. For this review, we will be focusing on the life insurance sector of the company.
Currently, Cincinnati Life has secured an “A” (excellent) rating from A.M. Best, an “A+” from Standard & Poor’s, and an “A+” from Fitch. With these excellent ratings, Cincinnati Life ranks among the top 20% of all life insurance providers.
Despite the company not being accredited with the Better Business Bureau (BBB), they have been awarded a grade of “A+” from the BBB. Additionally, the company has had only one complaint filed with the Better Business Bureau in the past three years, and the complaint was in regards to problems reported with their products and services.
Honored for the fifth year in a row, Forbes has recognized Cincinnati Financial Corporation’s commitment to ethical practices by naming them one of “America’s 50 Most Trustworthy Financial Companies in 2015.”
Cincinnati Life Insurance Product Line
The life insurance provider offers no-exam policies, in the form of term, whole, and universal life insurance, as well as disability insurance and annuities. For this review, we will be taking a look at their life insurance policies.
Term Life Insurance
Considered to be a form of temporary life insurance, term life coverage is a reasonable alternative for individuals looking to get coverage for a specified amount of time. Term life is also great for those with a limited budget for life insurance premiums. Terms available for life insurance coverage includes periods of 10, 15, 20, 25, and 30 years. Consumers at most ages are given the flexibility to create an insurance plan for their specific needs with Cincinnati Life’s LifeHorizons Termsetter or Termsetter ROP policies and the option to convert to a permanent policy.
Whole Life Insurance
Whole life insurance is a permanent form of coverage that provides a guaranteed death benefit, as well as a cash value component with a fixed interest rate. Once you are approved for the whole life insurance policy, your premiums will not increase even with advancing age and medical conditions. Additionally, the policy cannot expire as long as the premiums are paid and the policyholder is able to borrow against the policy in times of financial need.
Cincinnati Life Insurance Company’s LifeHorizons Guaranteed Whole Life Insurance policy is perfect for estate planning, charitable legacies, and business continuation. Additionally, Cincinnati Life’s LifeHorizons Termsetter policy can be converted to the LifeHorizons Guaranteed Whole Life policy at an affordable rate without proof of insurability.
Universal Life Insurance
Cincinnati Life Insurance Company’s competitive universal life policy offers flexible premiums and benefits, as well as a cash value component that grows on a tax-deferred basis. The LifeHorizon Simplicity Life Insurance policy allows the policyholder to allocate a portion of their premium towards the death benefit and a portion towards the cash value.
Additional Products
Many insurance providers offer a disability income rider to be added to their existing life insurance policy. However, Cincinnati Life provides an individual policy known as the LifeHorizon Disability Income Insurance policy, which is designed to protect the insured and their families in times of disability. This policy provides coverage for individuals that are considered the head-of-the-household when suffering from a long-term disability that prevents them from earning an income.
Finally, Cincinnati Life Insurance Company also offers competitive annuities – the Flexible Premium Deferred Annuity and the LifeHorizons Single Premium Deferred Annuity. While the annuities are in effect, the company guarantees a conservative interest rate. Both of these provide a safe way to save for retirement while providing an income when it’s most needed.
Conclusion
Once you decide to begin searching for life insurance coverage, be sure to enlist the help of an independent life insurance agent who has access to more than one insurance carrier. This way you are able to shop for the best policy at the most affordable price. Cincinnati Life Insurance Company is a top life insurance company and offers strong financial stability and a solid commitment to its policyholders.
Frequently asked Questions
What is Cincinnati Life's A.M. Best ratings?
Currently, Cincinnati Life has secured an “A” (excellent) rating from A.M. Best, an “A+” from Standard & Poor’s, and an “A+” from Fitch. With these excellent ratings, Cincinnati Life ranks among the top 20% of all life insurance providers.
Can I get a term quote from Cincinnati online?
You can get a free and confidential quote from Cincinnati Life Insurance and many other highly-rated insurance companies online anytime.
Does Cincinnati Life offer annuites for retirement planning?
Cincinnati Life Insurance Company offers competitive annuities – the Flexible Premium Deferred Annuity and the LifeHorizons Single Premium Deferred Annuity. Both of these provide a safe way to save for retirement while providing an income when it’s most needed.
