Cincinnati Insurance Company Life Insurance Policies: What You Need to Know
- Learn what insurance and retirement saving products the Cincinnati Insurance Company sells, including information about its term, whole life and universal life plans.
The Cincinnati Insurance Company is a financially strong insurer that sells various term and permanent life insurance policies. This company could be a good option if you want customizable coverage, but it won't suit everyone. Below, you can find out everything you need to know about the Cincinnati Insurance Company's life insurance policies and whether it's the right insurer for you.
About the Cincinnati Insurance Company
The Cincinnati Insurance Company is a subsidiary of the Cincinnati Financial Corporation and exclusively sells its products through a network of independent insurance agents. Its business structure is designed to help potential customers find the right coverage for their circumstances by receiving advice from local experts.
It sells a range of homeowner, auto and life insurance plans for individuals and various business risk management programs. There are also two annuity contracts available to help you secure your finances for retirement.
What Life Insurance Products Does the Cincinnati Insurance Company Offer?
The Cincinnati Insurance Company sells term, universal life and whole life insurance policies to provide your beneficiaries with a death benefit when you die. Independent agents support prospective clients to select the right policy and benefits package to suit their needs.
Term Life Insurance
The Cincinnati Life Insurance Company's term policies provide enrollees with a level, guaranteed death benefit for a set period. Coverage ends when the term is complete. This type of life insurance could be a good option if you expect your financial responsibilities to decrease in later life.
There are two term life insurance plans to choose from:
- This policy provides a level death benefit for 10, 15, 20, 25 or 30 years.
- Termsetter ROP. Available over a 20-, 25- or 30-year term, the ROP (return-of-premium) feature lets you claim back your premiums as a refund if you outlive your policy term, but it doesn't refund rider charges.
Universal Life Insurance
Unlike term plans, universal life insurance policies accumulate cash value alongside a death benefit to provide for your beneficiaries when you die. Universal life insurance is a type of permanent life insurance, providing a death benefit regardless of your age at death if you stay current with your premiums.
The Cincinnati Life Insurance Company sells two universal life insurance plans:
- Heritage UL: This plan accepts enrollees aged 18 and over and guarantees insurability until age 121. It lets you adjust your premium amounts and death benefit if your circumstances change and build tax-deferred cash value
- Lifesetter Flex UL: This policy offers more affordable premiums, making it a good option for people who want the affordability of term life insurance but need permanent coverage. Enrollees can choose whether to fund their plan in a single payment, spread premiums over a set period or pay regular level premiums. The cash value potential of a Lifesetter FLEX UL account is generally lower than a Heritage UL account
Guaranteed Whole Life Insurance
The Cincinnati Insurance Company's guaranteed whole life insurance policy offers level premiums throughout your lifetime, and the company won't increase your payments as you get older or your health circumstances change. It also guarantees tax-deferred cash value growth, making it easier to project your plan's worth. The Cincinnati Insurance Company guarantees not to change your classification unless it is advantageous for you to do so.
The Pros and Cons of the Cincinnati Insurance Company
One of the main selling points of the Cincinnati Insurance Company's life insurance products is the wide range of choices on offer. Therefore, there should be a term or permanent life insurance policy to suit most circumstances. Its business model may also be an advantage for some people because it provides the opportunity to discuss your life insurance options with a local representative.
However, the policy descriptions on the Cincinnati Insurance Company website are relatively general, and it doesn't provide details of available riders and price points. You'll need to contact a local agent to learn more about riders and get a personalized quote.
Cincinnati Insurance Company Reviews: What People Are Saying
The Cincinnati Financial Corporation has an A+ rating from the Better Business Bureau (BBB), which suggests that it deals with its customers fairly. Reviewers appreciate the company's simple claim process, and some say that it settled their claims quickly. Several reviewers also praise the company's strong customer service and say that agents are responsive to queries. Conversely, some reviews state that the claims process was slow and that they had to chase agents to get their claims concluded.
Is a Cincinnati Insurance Company Life Insurance Policy Right for You?
A Cincinnati Insurance Company life insurance policy could be a good option for you if you want the opportunity to discuss your options before choosing a product. Several policies include flexible premiums and benefits, which could be a positive if you need to match your coverage perfectly to your circumstances. However, you may need to look elsewhere if you prefer to manage your insurance online or want variable or indexed universal life insurance.