At the time, it was a marine insurance company and insured a sea captain against death - and against being captured by pirates - during a sea voyage. Shortly after its formation, INA became the first company in America to offer life insurance. It was originally formed as the Insurance Company of North America in 1792, less than 20 years after the American Revolution. Secured with SHA-256 Encryption Company HistoryĬigna is one of the oldest insurance companies in the United States. This backs up the Better Business Bureau’s findings that consumers’ unhappiness is mostly with Cigna’s health insurance, not its life insurance. In contrast, the health insurance department received 130 complaints. NAIC reports that Cigna received only four complaints against its life insurance department. This negative outlook is partially based on fears that Cigna’s health insurance division will be impacted by federal health care policy after the 2020 presidential election and may not apply to the life insurance division. However, S&P also reports that Cigna’s diversification of product offerings, including the fact that it offers life insurance, is a sign of potential financial strength. S&P’s concerns are mostly about the possibility that Cigna could lose money or suffer a business setback. Standard & Poor’s gives Cigna an A- rating. However, it also gives the company a negative financial outlook. This is of concern to policyholders because if Cigna can’t meet other financial obligations, it will delay paying out claims as needed.
In other words, Moody’s feels that Cigna is basically financially stable, but certain aspects of how it runs its business suggest the possibility that it could lose money. This means that it considers Cigna to be a moderate credit risk. Moody’s gives Cigna Corporation a rating of BAA2. In addition, since most of the complaints relate to Cigna’s health insurance offerings, they may not be relevant to life insurance policyholders, who by and large appear to have no complaints. However, despite these complaints, the Better Business Bureau gives Cigna a rating of A+. Many consumers give Cigna a one-star review on the site because of problems related to not getting needed services covered or not being able to find a doctor or dentist in their area that Cigna would cover. The majority of these complaints had to do with their health insurance department. In 2018, consumers filed 193 complaints against Cigna with the Better Business Bureau. Best considers Cigna a good credit risk and to be financially stable.įor policyholders, insurance companies need to be rated financially stable because the more stable the company is, the more likely it is to be able to pay out claims as needed.įinancial stability also means that it’s unlikely the company will close shop anytime soon, which might require policyholders to find a different insurance company. However, it does give The Cigna Group, which is Cigna’s parent company, a rating of BBB. Best does not provide a specific rating for Cigna Life Insurance. It remains to be seen how, if these predictions come to pass, they could hurt Cigna’s life insurance offerings or ability to pay life insurance claims as needed. Thus, investors of this Fortune company are concerned that potential new legislation regarding drug prices and health coverage could hurt its financial standing. However, its main business is health insurance, and life insurance is supplemental. It holds the number 26 spot in the NAIC top 125 life insurance companies by market share. #3 – Will Cigna be adding more life insurance options later?Ĭigna is considered a fairly financially strong insurance company, as its revenues and net income continue to grow.#2 – Are there any advantages to purchasing individual whole life insurance rather than a group policy?.#1 – I’m a young person just starting at my first job.#4 – Submit A Disclosure Authorization Form (If Needed).
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