The Value of Life Insurance
Why life insurance?
What would happen to your family's financial health if you and your income were gone? Could they maintain their standard of living? Pay for college tuition? Household bills? What about monthly mortgage or rent?
We know money is tight these days, but don't be tempted to skimp on one of the most important and cost-effective investments you can make to protect your family's financial health, life insurance.
Having adequate life insurance coverage should be an essential part of your overall financial plan—at every age. And the sooner you buy, the better. That's because the younger you are when you purchase coverage, the less you'll pay in premiums. Also, you may have greater coverage amounts available to you the healthier you are.
Some life insurance plans also offer cash savings options, which means the sooner you begin saving, the sooner the cash value of the plan can begin growing. If you save enough, it can become a paid-up life insurance plan.
How much is enough?
If you're working, your employer may provide you with a life insurance policy as part of your benefits. But depending on your personal situation, that may not be the right amount of coverage for your unique situation and needs.
Our Life Insurance Needs Assessment Calculator can help you estimate your life insurance needs based on your unique personal situation and goals.
If you find you need more than your employer might provide, please check to see if they allow you to purchase additional coverage. The rates for these supplementary plans may often be more cost-effective than what you could find on your own.
Is your policy keeping pace with your life?
It's important to review your life insurance needs regularly to help ensure your policy keeps pace with changes in your life. For example, events like marriage, divorce, birth/adoption of a child, reduction or increase in your income, children entering or finishing college, and large purchases like a new home can all impact the level of coverage you may need.
Depending on what changes have occurred, you may need to reassess your coverage needs. At the same time, check your beneficiary designation on your policy to make any necessary updates to be sure your policy benefits are distributed in accordance to your wishes.
Why choose Cigna?
We're experts in life insurance coverage. For more than 90 years, we've worked with thousands of employers to provide cost-effective life insurance coverage we believe is unsurpassed in value. What makes our life insurance coverage so special?
- Easy-to-understand materials and helpful tools to help you understand coverage options so you can be confident your family's financial health is protected.
- Prompt and reliable service where questions are answered quickly, claims are paid promptly and legal and bereavement counseling is available for beneficiaries.
- Value-add programs and services available for use at any time* to help you better manage your life and health.
Use our Consumer Education Toolkit to learn more about life insurance and how Cigna can help you protect your health, well-being and sense of security. Now, more than ever, you don't want to leave your family's financial health to chance.
Consumer Education Toolkit
- Life Insurance Needs Assessment Calculator—Think you may not need life insurance? Please use this calculator to find out about your life insurance needs.
Value-add Programs and Services*
- Cigna Healthy Rewards® Program—Discounts for you and your family members on a variety of health and wellness products and services.
- Cigna Identity Theft—Identity theft prevention and resolution services including personal assistance and guidance, education and tools to help prevent identity theft in the future.
- Cigna's Life AssistanceSM Program**—Work/life support, referrals to counseling and community services for your and your household members’ life challenges.
- Cignassurance® Program—Free, interest-bearing account for beneficiary payments of $5,000 or more, and support from expert resources in financial, legal and bereavement counseling services. Cignassurance counseling, legal or financial assistance programs are not available under policies insured by Cigna Life Insurance Company of New York.
- CignaWillCenter.com—Online tools to create state-specific legal documents for wills and powers of attorney, as well as valuable resources for estate and funeral planning.
*These programs are NOT insurance and do not provide reimbursement for financial losses. Program availability may vary by plan type and location and is subject to change. Employees are required to pay the entire discounted charge for any discounted products or services available through these programs. Programs are provided through third party vendors who are solely responsible for their products and services. Presented here are only the highlights of these programs. Full terms, conditions and exclusions are contained in the applicable client program description and/or vendor service agreement.
**This service is not provided on all life insurance plans. Please check the specifics of your policy for details on availability.