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The Cincinnati Life Insurance Company is an established insurance company that offers term and permanent life insurance policies as well as annuities. It also provides auto, homeowners, and a variety of business insurance and has had a strong financial strength rating for over 50 years. The Cincinnati Life Insurance Company may be a good option for term life insurance, especially with its flexible, return-of-premium plan.
- Pros and Cons
- Key Takeaways
Multiple policy options and riders to fully customized insurance coverage
Term lengths from 10 to 30 years
Return-of-premium option for some term policies
Sold through independent agents nationwide
No term quotes available without talking to an agent
Cannot apply for policies online
Most policies will require a medical exam
Limited permanent life insurance options
- The Cincinnati Life Insurance Company was established in 1950 by four independent insurance agents.
- The company started off providing life insurance in Ohio but is now licensed to operate in all 50 states.
- The Cincinnati Life Insurance Company maintains an A+ (Superior) rating from AM Best, the second-highest rating available, proving its financial strength.
- The Cincinnati Life Insurance Company offers five types of life insurance policies, with several add-on riders available.
- Year Founded 1950
- Kinds of Plans Term, Whole, Universal
- Number of Plans 5
- Payment Options Monthly, Annual
- Official Website www.cinfin.com/personal-insurance/life-insurance
The Cincinnati Life Insurance Company offers term, guaranteed-issue whole, and universal life insurance sold through independent agents nationwide. We researched The Cincinnati Life Insurance Company’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of The Cincinnati Life Insurance Company with the competition.
The Cincinnati Life Insurance Company was founded in 1950 in Fairfield, Ohio. Now a subsidiary of Cincinnati Financial, it has expanded its operations nationwide, partnering with local, independent insurance agents across the U.S.
The Cincinnati Life Insurance Company offers term and permanent life insurance policies. Policies offer level premiums and guaranteed coverage. The Cincinnati Life Insurance Company is licensed in all 50 states, but actual availability varies by product and state.
In addition to its life insurance coverage, The Cincinnati Life Insurance Company offers business insurance, such as business auto insurance, business liability insurance, property insurance, and more.
The Cincinnati Life Insurance Company offers five types of life insurance plans including term, whole, and universal policies. These policies have various benefit amounts and optional riders for enhanced coverage.
Termsetter Term Life Insurance
The Termsetter term life plan offers term lengths in five-year increments from 10 to 30 years. Coverage benefit amounts vary, and you will need to speak with an independent agent to confirm the amount available for you. The Termsetter policy is a convertible term life policy that can be converted into a whole life policy at the end of the term or before age 70, whichever is sooner.
Termsetter ROP Term Life Insurance
The Termsetter ROP is a term life plan that carries a return-of-premium benefit, meaning the insured will receive a refund of premiums paid, excluding riders, if they outlive the policy term. Coverage lengths range from 20 to 30 years in five-year increments.
Coverage benefit amounts vary, and you will need to speak with an independent agent to confirm the amount available for you. The Termsetter ROP is a convertible term life policy that can be converted into a whole life policy at the end of the term or before age 70, whichever is sooner.
Whole Life Insurance
The Cincinnati Life Insurance Company’s whole life offering is a permanent life insurance policy with guaranteed coverage and level premiums for the life of the policy. This whole life policy can accumulate cash value that can be borrowed against tax free. The policy is guaranteed as long as premiums are paid, no matter your health status.
Coverage amounts will vary by policy, and you will need to speak to an independent insurance agent for details.
Indexed Universal Life Insurance
The Cincinnati Life Insurance Company offers two universal life insurance policies. These plans offer flexible insurance premiums and cash value that can be invested for growth.
- Heritage UL. This universal life insurance plan offers flexible death benefit amounts. Policies are guaranteed until age 121, and cash value can be invested to further growth opportunity
- Lifesetter Flex UL. This policy is designed to offer lower rates and limited cash value accumulation for a more affordable permanent life insurance option. Premiums are level, and coverage is guaranteed until age 121.
The Cincinnati Life Insurance Company offers multiple riders for its life insurance policies. Riders offer additional coverage or the ability to customize your life insurance coverage. Rider fees are typically added as a small percentage of the policy premium or as a flat annual fee. Fees vary by policy, product, and options selected.
Here are the rider options available:
Accelerated Benefit Rider
This rider pays a portion of the death benefit upon a terminal illness diagnosis or confinement in a qualified nursing home facility for 90 days or more.
Chronic Illness Accelerated Benefit Rider
This benefit offers advanced payment of a portion of the death benefit if the insured is diagnosed with a chronic illness for the preceding 12 months.
Disability Waiver of Premium Rider
If you become permanently disabled, you may be eligible to have your premiums waived after a four-month waiting period.
Insured Insurability Rider
Guarantees the option to purchase additional insurance on future option dates without providing proof of insurability.
Accidental Death Benefit Rider
This rider pays an additional benefit if the policyholder’s death is due to an accident. The death must occur within 120 days of the accident for the additional benefit to be paid out.
Children’s Term Rider
This rider offers level-term life insurance for your children. This policy rider covers all children between 15 days and 18 years old. The insured child can convert this policy at age 25 to their own policy with The Cincinnati Life Insurance Company.
Customer Service: Phone, Email, or Agent
The Cincinnati Life Insurance Company prides itself in working directly with independent agents, and policies are sold and serviced through those agents. Of course, clients can always contact The Cincinnati Life Insurance Company directly for claims or account support. The Cincinnati Life Insurance Company is available by phone at 877-242-2544 or via email at Policy_Service@cinfin.com.
The Cincinnati Life Insurance Company's customer service business hours are Monday through Friday, 8 a.m. to 5 p.m. ET, and Saturday, 8 a.m. to 12 p.m. ET.
The Cincinnati Life Insurance Company does not offer live chat support online.
Customer Satisfaction: Better-Than-Average Scores
According to the National Association of Insurance Commissioners (NAIC) complaint index, The Cincinnati Life Insurance Company receives fewer complaints than the industry average life insurance company relative to market share. An average complaint score for NAIC’s index is 1.0 (the lower, the better), and The Cincinnati Life Insurance Company received a 0.25 score. This score is slightly higher than the 0.16 score in 2019 but overall is very good compared to the rest of the industry.
The Cincinnati Life Insurance Company was not ranked in J.D. Power’s 2020 U.S. Life Insurance Study. J.D. Power ranks the top 23 life insurance companies in the U.S. based on customer onboarding, communications, interaction, price, product offerings, and statements.
Financial Strength: A+ (Superior)
The Cincinnati Life Insurance Company is a subsidiary of Cincinnati Financial, and both companies boast an AM Best rating of A+ (Superior). Strong financials and a high rating from AM Best are good signs that the life insurance company can afford to pay out claims as they are filed.
Cancellation Policy: Standard Free-Look Period
The Cincinnati Life Insurance Company follows the minimum “free-look” period for insurance policies. This is a period of time (usually at least 10 days) during which a client can sign up for a life insurance policy and cancel for a full refund.
After the free look period, cancellation terms vary among life insurance policies. Term policies can be canceled at any time but will not receive a refund of premiums after the free-look period.
Whole and universal life policy cancellations may carry a surrender charge or additional fees, but may also receive a surrender value from the cash value of the policy. You will need to reach out to your insurance agent for specifics.
The Cincinnati Life Insurance Company’s cancellation fees are not publicly listed and may vary per policy.
Price of The Cincinnati Life Insurance Company Policies: Varies
The Cincinnati Life Insurance Company does not provide quotes for its policies online, and prices will vary by policy, coverage amount, term lengths, and optional riders selected. To compare insurance rates, you will need to get a quote from a local insurance agent that sells Cincinnati Life Insurance policies.
How The Cincinnati Life Insurance Company Compares to Other Life Insurance
The Cincinnati Life Insurance Company offers an assortment of policy options, but prices for policies cannot be found online. Its term policy offers a return-of-premium option, which can help save clients money if they outlive their policy.
While The Cincinnati Life Insurance Company does carry permanent insurance, the options are somewhat limited and there are no guaranteed-issue or final expense policies available. Here’s how The Cincinnati Life Insurance Company compares to another insurance company that has multiple policies available.
The Cincinnati Life Insurance Company vs. State Farm Life Insurance
Both The Cincinnati Life Insurance Company and State Farm offer a variety of life insurance policies, including term, whole, and universal life policies. Both companies also offer other types of insurance, including homeowners insurance and annuities.
Here are a few of the ways The Cincinnati Life Insurance Company and State Farm differ:
- State Farm offers term life insurance with a cash value option, similar to a whole life policy.
- The Cincinnati Life Insurance Company offers a return-of-premium option for its term policies.
- State Farm offers multi-policy discounts for current customers, including those with auto and homeowners policies.
- The Cincinnati Life Insurance Company is sold through independent insurance agents, not captive agents like State Farm.
While The Cincinnati Life Insurance Company offers a flexible term policy option to refund client premiums, State Farm clients get access to multi-policy discounts as well as the ability to add cash value to term policies.
Read our full State Farm Life Insurance review.
|The Cincinnati Life Insurance Company||State Farm Life Insurance|
|Market Share||N/A||Seventh-largest in the U.S., 2.87%|
|Number of Plans||Five||Eight|
|Online Quotes Available?||No||Yes (term life only)|
|Service Method||Email, phone, in person||Email, phone, in-person, social media|
|AM Best Rating||A+ (Superior)||A++ (Superior)|
|Complaint Index||0.25 (excellent)||0.19 (excellent)|
The Cincinnati Life Insurance Company offers a decent selection of life insurance policies, with multiple term options, a few permanent policies, and riders to help personalize policies to fit your lifestyle. Its return-of-premium option for the term life policy can help clients save some money should they outlive their policies. The Cincinnati Life Insurance Company also has a great financial strength rating from AM Best and very few customer complaints.
That being said, the permanent life policies are somewhat limited, and pricing cannot be obtained for policies online. The lack of online services for quotes and term life applications makes it hard to comparison shop, and customers may be better served by comparing the top term life insurance companies to get pricing details and added convenience.
All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.
NAIC. "The Cincinnati Life Ins Co National Complaint Index Report." Accessed June 9, 2021.