Cincinnati Equitable Life Insurance Company was established in 1963 with the name, Nathan Hale Life Insurance Company in Springfield, Illinois. The current owners purchased the insurer in 1982. The Company was rebranded as Cincinnati Equitable Life Insurance Company in 1989 to correspond to the name of its sister company, Cincinnati Equitable Insurance Company, which was established in 1826 and, by the way, is the oldest insurance company west of the Allegheny Mountains. Both organizations are owned by Cincinnati Equitable Companies, Inc., an Ohio based holding company and offer burial insurance for seniors.
The Cincinnati Equitable companies are owned and operated by the W. G. Alpaugh family which, as a fourth generation insurance family, has been offering reliable insurance products to Midwesterners for almost a century. Cincinnati Equitable Life Insurance Company is headquartered in Cincinnati, Ohio and maintains its historical respect for traditional and sturdy Midwestern values.
Cincinnati’s ratings from A.M. Best that were assigned in March of 2017 are B+ (Good) and show the financial strength of the company at between $10 million to $25 million dollars.
Life Insurance Products
Although Cincinnati Equitable Life focuses primarily on the senior market, they also offer a whole life product for children.
The Guardian Plans are Whole Life Insurance Products and are offered in three categories: Preferred, Standard, and Graded Death Benefit. All plans offer a sensible solution for burial insurance for seniors
The Preferred Plan is available to preferred risks that have answered “NO” to all the underwriting questions on the application and fit within the threshold on the company’s height and weight chart.
Available face amounts are $5,000 to $35,000 for ages 50 to 80 and $3,000 to $35,000 for ages 80 to 85.
This plan offers first-day coverage and allows for a 10-day free look period for a complete refund of any premiums paid.
Listed Below are sample rates for $10,000 Preferred Plan Policy
Standard Plan for Burial Insurance for Seniors
Cincinnati Equitable’s Standard Plan is available to applicants who have answered “YES” to a question in Part C of the application and fit within the threshold in the height and weight chart.
Available face amounts for the Standard Plan are $5,000 to $25,000 and eligible issue ages are 50 to 80 years old.
Listed below are sample rates for a $10,000 Standard Plan Policy
Graded Death Benefit for Burial Insurance for Seniors
The Graded Death Benefit Plan is available to applicants who answered “YES” to a question in Part B of the application and fit within the threshold of the company’s height and weight chart.
Available face amounts for the Graded Death Benefit Plan are $2,000 to $10,000 and issue ages are 50 to 75 years old.
The Graded Death Benefit applies to insureds who die as the result of natural causes in the first two years of the policy period:
- If the insured dies from natural causes in the first year, 30% of the face amount is payable.
- If the insured dies from natural causes in the second year, 70% of the face amount is payable.
- If the insured dies from natural causes after the second year 100% of the face amount is payable minus any outstanding loans and interest.
Listed below are sample rates for a $10,000 Graded Death Benefit Plan