Is Cigna Health & Life Insurance Company Reliable for Life Insurance?
Short Answer: Yes—Cigna Health & Life Insurance Company (CHLIC) is financially strong and well-established, making it a reliable issuer for long-term life insurance coverage. However, strong ratings do not guarantee that its life insurance products are the most competitively priced or best designed. You should always compare policies before buying.
Cigna sold its group life, accident, and disability insurance business to New York Life in 2020. That business now operates as New York Life Group Benefit Solutions (NYL GBS).
If you have life or disability coverage that originated through a Cigna workplace benefits program, the policy may now be associated with New York Life Group Benefit Solutions or one of its issuing insurance companies. Always check your policy documents to identify the exact legal issuer and current servicing company.
Financial Ratings & Company Strength
- Founded: 1982 (via predecessor organizations)
- A.M. Best: A
- S&P: A
- Moody’s: A2
- Fitch: A+
- Comdex Score: 76
These ratings show CHLIC is financially secure and capable of meeting long-term contractual obligations—important for life insurance intended to last decades.
What CHLIC Sells
- Accident and critical illness coverage
- Supplemental health products
In the News
Why Company Stability Matters
Life insurance is designed to last for many years. A strong insurer ensures:
- Reliable payment of death benefits
- Strong reserves to support guarantees
- Stable underwriting and customer service
- Long-term policy integrity
CHLIC meets these requirements with its strong financial foundation.
Why Strong Ratings Don’t Automatically Mean Great Products
Even a highly rated insurer can offer policies that:
- Costs more than similar options from competitors
- Have fewer riders or customization choices
- Provide limited cash-value growth in permanent life products.
- Focus more on employer-based group markets than competitive individual offerings.
Issuer strength is essential—but product structure determines long-term value.
Pros and Cons
Pros
- Strong financial ratings across all major agencies
- Comdex score of 76, reflecting above-average industry strength
- Backed by a large, diversified insurance group
- Reliable issuer for long-term life insurance obligations
Cons
- May not offer the lowest-cost term life premiums
- Permanent life products may have limited flexibility or modest growth potential.
- Rider options vary widely by state.
- Some offerings are optimized for workplace benefits rather than individual pricing competitiveness.
Who Needs CHLIC and Why
- Individuals seeking long-term life insurance with a strong, stable issuer
- Families wanting dependable death benefit protection
- Buyers who value brand stability and financial strength
- Employees receiving CHLIC coverage through workplace benefit programs
Who Should Consider Other Options
- Shoppers looking for the absolute lowest-cost term life
- Consumers want aggressive cash-value growth in permanent life.
- Buyers needing extensive riders or unique policy customization
- Individuals with very large policy needs where pricing sensitivity matters
- Short-term shoppers (<5 years) who may be fine with a smaller carrier
Additional Insurance to Consider
- Long-term care insurance
- Hybrid life and long-term care solutions
- Retirement annuities with guaranteed lifetime withdrawal benefits (GLWBs)
People Who Benefit Most
- Long-term planners
- Families wanting stable, predictable life insurance
- Consumers prioritize financial strength over the lowest price.
- Policyholders already insured through employer programs who want continuity.
How to Evaluate CHLIC Before Buying
- Compare premiums with other A-rated insurers.
- Evaluate rider options, policy flexibility, and cash-value performance.
- Confirm underwriting requirements and state availability.
- Ensure the policy matches your time horizon, needs, and budget.
- Use an independent broker to compare multiple companies.
How CHLIC Compares to Competitors
- Strengths: strong ratings, brand stability, broad insurance infrastructure
- Trade-offs: Some carriers may offer better pricing, more flexibility, or stronger permanent life performance
How to Save Money When Buying Coverage
- Compare quotes from multiple A-rated insurers.
- Skip unnecessary riders
- Select term insurance if you only need temporary coverage
- Improve health and lifestyle for better underwriting classes.
- Work with an independent broker to access the full market.
What If You Already Own a CHLIC Policy?
- Keeping it is reasonable if it still meets your needs and the premiums are comfortable.
- Review coverage after major life or financial changes
- Replace only if another policy clearly offers better long-term value.
- Have an advisor review the policy for competitiveness.
Underwriting Expectations
- Term and permanent life typically require full underwriting.
- Group life through employers may offer simplified underwriting.
- Approval timelines vary by age, health, and product type.
How to Know If CHLIC Is Right for You
You might be a good fit if:
- You value a strong, stable insurer
- You plan to keep coverage for decades.
- You prefer a well-known carrier with broad infrastructure.
- The policy aligns with your budget and long-term needs.
Always Compare Before Buying
- Strong company + wrong product = weak value.
- Comparison ensures you get the best coverage and pricing.
What To Do Next
Contact The Annuity Expert for free quotes comparing CHLIC with other top-rated insurers so you get the best long-term protection at the best price.
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Questions From Our Readers
- Is Cigna Health & Life Insurance Company financially strong? Yes—A (A.M. Best), A (S&P), A2 (Moody’s), A+ (Fitch), Comdex 76.
- Does a strong insurer guarantee a good policy? No—product structure and cost still matter.
- Does CHLIC sell individual life insurance? Yes, but offerings vary by state.
- Should I compare CHLIC with other insurers before buying? Absolutely—comparison ensures optimal value.