Cigna Life insurance’s main focus is on the provision of group insurance products. They classify themselves as a global health services company with one of their specialties being life insurance. They have been in the business of providing these services to Canadians for over fifty years.

Their focus is on providing additional resources to assist with claims, and their mandate is to offer personalized services even though their insurance offerings are in the group insurance offerings. By doing this, it is an added benefit to the employer who is opting to offer Cigna Life Insurance. With what the company has to provide it cuts down on much of the administrative work that normally comes with group insurance on the employer level.

Cigna Offers a collection of Life Insurance Products.

Cigna Term Life Insurance Plans

Within this collection of term life insurance policies, there are the basic plus voluntary options. These are group insurance plans where eligibility is based on the members and their families. Those opting for the voluntary plan will have to answer a few medical questions.

Benefits:

  • Guaranteed Issue: A group has the option of providing coverage for its participants without having to produce insurability
  • Special features can be added such as accidental death, common carrier coverage, escalator benefit
  • Premium Waiver Benefits
  • Accelerated benefits

Cigna Substandard Term Life Plan

If the insurance applicants have been turned down for the regular term life plan, they may be eligible for this limited plan.

Benefits

  • The opportunity to qualify for some life insurance coverage
  • Does include some accidental death benefits

Member Firm Plans

This term insurance is applicable for companies who want to include employees in group term life insurance.

Benefits

  • Can be used by companies with as few as two employees
  • Customization

Cigna Group Universal Life Insurance

This is a group insurance plan that can be comprised of guarantee issues life insurance.  Plus creates a cash accumulation fund. Which allows for tax-deferred taxation. This Universal Life Insurance Benefits both the Employers as well as the employees.

Benefits For Employers

  • Has a scaled up employee benefit program
  • Wealth accumulation
  • Tax advantages
  • The enticement for new employees
  • Administrative services that take the burden off the company
  • Staff management that provides customer  support

Benefits for Employees

  • There is an opportunity for guaranteed coverage
  • Tax savings through deferral on interest earned
  • Substantial interest rates
  • Policyholder receive the CIGNA Assurance program
  • Portable insurance coverage
  • As earning increase so do benefits amounts
  • There is an option for family coverage
  • Coverage amounts and contributions are flexible
  • The group rates are affordable
  • There is an opt-in for the group cash accumulation
  • Contributions can be made as payroll deductions or lump sum
  • Loans and withdrawals can be made from the cash value
  • Service team accessibility
  • No benefit reduction based on age

Cigna also offers some optional benefits for those that want more from what this company has to offer. These are about the administrative service options such as;

  • Electronic signatures for applications
  • Interactive voice response
  • Special enrollment features such as enrollment kits and enrollment meetings. Billing choices of either electronic or paper billing. Payments via check or electronic

Additional Optional Benefits

  • The option to increase coverage
  • The opportunity to accelerate payments
  • Accidental Death and Dismemberment benefit
  • If disability occurs, there may be a waiver of the cost of the insurance.
  • The Cigna Assurance Program for Beneficiaries

One of the concerns with life insurance is that those, insured worry about any issues their beneficiaries may have when the time covers. Cigna has the Cigna Assurance Program in place to assist the beneficiaries.

The Benefits

  • Information is available to help with investments
  • Bereavement counseling to help those get through this difficult time
  • Free legal consultation
  • Discounted legal services
  • Immediate access to the insurance proceeds via the interest-bearing account.

There may be some restrictions to these benefits, and they may not be available to everyone.

Additional Benefits of Extra Services

Cigna Health Awards Program

Benefits

  • Employee and family can receive discounts on health products and some services.

Cigna Identity Theft Program

Benefits

  • Identity theft protection
  • Theft resolution
  • Prevention

Cigna Life Assistance Program

Benefits

  • Referral to counsellors for work and life issues
  • Also available for household members
  • Online resource

Benefits for all Life Insurance Plans Offered by Cigna

  • Special no catch benefits on policy with proceeds of $5,000. or more
  • Counselling sessions
  • Legal assistance via telephone
  • Free account access that bears interest and has draft privileges
  • Planning Guidebook
  • Financial assistance advice at no cost

Conclusion

There is no doubt that Cigna goes the extra mile when it comes to their life insurance. One of the complaints of many when it comes to group insurance is that they get lost in the group. That there is no individualization or personalization. This is not the case with the group plans being offered here in either category.

This insurance company has also addressed another major problem that often arises with group insurance. The problem is at the administrative end. Often employees in group plans have to deal with the administration department within their company. They may not have a good handle on how these group insurances operate. It may get complex when a claim has to be settled, or there are issues that need addressing. Cigna has a fully qualified administrative staff in place that will deal directly with the policy holders. This means those part of the insurance group doesn’t have to rely on third-party information or assistance.

There are a lot of extras being offered by Cigna and a fair number of options. In order to get the most of what this company has to offer it is worth reviewing it very carefully. Then the right decisions are going to be made as to which life insurance is best for you. Also, what additions you want to be added to it.

Resources:

https://www.cigna.com/pdf/specialtermlife.pdf
https://www.cigna.com/pdf/UniversalLife.pdf
https://www.cigna.com/ca/group-insurance/why-choose-cigna