CVS Health Life Insurance Review

Life insurance alleviates the financial burden that comes with an unexpected loss. CVS Health life insurance, under Accendo Final Expense Life Insurance, covers end-of-life expenses, debts and household expenses, making it a valuable option for families. Our review found that it is easy to obtain, with no medical exams required.

By Mark Fitzpatrick

Edited by Victoria Copans

Updated: November 21, 2024

Advertising & Editorial Disclosure

MoneyGeek’s Take: Is CVS Health Right for You?

CVS Health offers only one life insurance product, final expense insurance, which is underwritten by its affiliate company Accendo Insurance. Accendo Final Expense Life Insurance may be a good fit for individuals who are looking for a simple, affordable life insurance option to cover their end-of-life expenses, such as funeral and burial costs. This type of policy is typically easier to obtain than traditional life insurance policies, with no medical exams required and simplified underwriting.

However, individuals who are looking for higher coverage amounts or longer-term life insurance options may not find Accendo Final Expense Life Insurance to be the best fit. Additionally, those who are in good health and do not have any pre-existing medical conditions may be able to find better rates and coverage options with other types of life insurance policies.

It's also important to note that since Accendo Final Expense Life Insurance is final expense life insurance, those looking for term life, whole life or universal life insurance may want to consider other insurance firms that offer these types of policies to meet their specific needs. For term life insurance, you can explore Mutual of Omaha, while Northwestern Mutual is a good option for whole life insurance. If you're interested in universal life insurance, consider checking out State Farm.

In order to make an informed decision before submitting an application, be sure to read our review of Accendo Final Expense Life Insurance, which provides detailed information about the company and its various features.

At a Glance: CVS Health Life Insurance

pros

Flexible coverage amounts

No medical exam is required

Benefit riders available

cons

Offers final expense life insurance only

Not available in New York, Massachusetts and Rhode Island

Small death benefit

COMPANY HIGHLIGHTS

Accendo Final Expense Life Insurance is part of Aetna Senior Supplemental Insurance, which has been operating in the senior market for over 35 years and boasts a team of over 400 associates and 100,000 licensed agents. With a presence in 47 states, Accendo Final Expense Life Insurance provides dedicated agent services and competitive premium rates. It also offers a super preferred rate, which allows qualified applicants to get an extra 10% off the preferred rate. Policies are available to adults between the ages of 40 and 89 and do not require a medical exam.

Accendo Final Expense Life Insurance is a popular choice among seniors who want to ensure that their final expenses are covered. This type of insurance is specifically designed to provide beneficiaries with funds to cover the costs of funeral expenses, medical bills and any other end-of-life expenses that may arise.

If you want to know more about available plans, we recommend contacting an Accendo agent in your area.

TABLE OF CONTENTS

Is CVS Health Right for You?
At a Glance: CVS Health Life Insurance
CVS Health Life Insurance Policy Options Explained
Final Expense Insurance Options From CVS Health
CVS Health Life Insurance Riders
How to Buy Life Insurance From CVS Health
What to Do if CVS Health Denies You Coverage

Key Takeaways

Accendo Final Expense Life Insurance is designed to cover end-of-life expenses such as funeral costs, providing financial protection for loved ones.

The policy offers a broad qualifying age range of 40-89, with no medical exam required, making it accessible to many individuals.

Available coverage amounts range from $2,000 to $50,000.

CVS Health Policy Options Explained

The 2022 Insurance Barometer Study conducted by the Life Insurance Marketing and Research Association (LIMRA) revealed that the pandemic had increased the likelihood of 31% of American adults purchasing life insurance. Additionally, almost 50% of respondents admitted that they lack the financial stability to cope with the death of a primary wage earner. As a solution for seniors, Accendo Final Expense Life Insurance provides a safety net for their peace of mind.

Final Expense Insurance Options From CVS Health

Accendo Final Expense Life Insurance is a comprehensive policy designed to cover various expenses that may arise after an individual's passing. The death benefit may be used to cover household expenses, debt and funeral costs, giving families the financial support they need during a difficult time.

Qualifying applicants can now get a super preferred rate, which is 10% lower than the preferred rate. Additionally, the policy offers a Social Security payment option, allowing for automatic payments that align with the policyholder's Social Security benefit deposit schedule.

Accendo's final expense policies are available for individuals between the ages of 40 and 89, and no medical exam is required to qualify. The policy also offers flexible coverage amounts, ranging from $2,000 to $50,000 for selected ages — the older you are when you apply, the less your maximum coverage level will be.

When it comes to plan benefits, Accendo Final Expense Life Insurance offers two options: Level and Modified. The Level plan provides the full benefit as of the policy issue date, regardless of the cause of death. On the other hand, the Modified plan provides the full benefit immediately from the policy issue date only if death is due to an accident. For non-accidental deaths, the policy will pay out 110% of the earned premium during the first two years, with the full benefit becoming available as of the third year. The Modified plan is available only up to age 75 and offers a maximum benefit of $25,000.

Accendo Final Expense Life Insurance also offers cash value flexibility, with nonforfeiture options that enable full or partial benefits or a partial refund of premiums after a lapse in coverage due to nonpayment of premiums. These options allow policyholders to decrease their risk if their policy lapses due to nonpayment at the end of the grace period.

Final expense insurance is ideal for those who want to ensure that their final expenses are covered and provide financial protection for their loved ones upon their passing. Accendo's Final Expense Life Insurance, in particular, is also a good option for those who need a policy that provides coverage without requiring a medical exam.

CVS Health’s Life Insurance Riders

A life insurance rider can be added to an existing insurance policy for a specified fee and provides supplementary benefits. Riders can help tailor your policy to your specific requirements. Accendo Final Expense Life Insurance offers the following benefit riders for its Level plan only:

Rider	Description
Accelerated Death Benefit Rider	Allows for the payment of up to 50% of the death benefit (minus any policy loans) if the policyholder provides written certification from a physician confirming that the insured individual meets the criteria for a qualifying event.
Accidental Death Benefit Rider	Pays out 100% of the base policy's face value for accidental death for issue ages 40 to 70.
Child/Grandchild Term Insurance Rider	Provides coverage for children, stepchildren, legally adopted children, grandchildren, legally adopted grandchildren or great-grandchildren until they reach the age of 25. This rider is offered in $2,500 units, with a maximum coverage amount of $10,000 per child.

How to Get CVS Health Life Insurance

To help you navigate the process of purchasing Accendo Final Expense Life Insurance, the following sections will break down the steps and offer advice on what to do if your application is not accepted.

How to Buy Life Insurance From CVS Health

1
Do Your Research
Start by conducting research on the type of coverage that would best suit your needs. To get a quote from Accendo Life Insurance, you'll need to reach out to an agent.
2
Compare Quotes
It's always important to compare insurance quotes from various providers, even if you find a policy that fits your coverage requirements. Your premium cost may be affected by various factors, such as your age, lifestyle, gender and specific coverage needs. Additionally, the availability of certain policies may be limited based on your location.
3
Health Check
Then it's a matter of completing your application and undergoing a health check (if necessary). The latter usually involves a phone interview and an in-person medical exam. You may have to provide additional information so an underwriter can complete a risk assessment.
4
Approval
If you decide to apply for Accendo Final Expense insurance, your health questionnaire will be reviewed to determine the coverage amounts you qualify for. If your application is approved, you will receive a copy of your policy. Don't hesitate to reach out to your agent if you have any inquiries or concerns.

What to Do if CVS Health Insurance Denies You Coverage

There are various life insurance options available. If your application with Accendo is declined, consider the following tips:

1
Contact Your Broker
Start by contacting your agent to determine the reason for the rejection. You may need to provide additional documentation or modify your coverage options to be reconsidered for approval.
2
Lifestyle Changes
Certain health conditions may lead some insurance companies to decline your application until you can demonstrate an improvement in your health. Making positive lifestyle changes, such as improving diet and exercise habits, can potentially increase the likelihood of being approved for insurance.
3
Explore Other Options
Lastly, consider exploring alternative insurance policies that align with your needs. If you're having issues getting approved, it may be beneficial to look into companies that offer guaranteed coverage. Keep in mind that benefit amounts may be more limited.

Frequently Asked Questions About CVS Health Life Insurance

Prospective buyers of Accendo Final Expense Life Insurance may find the following answers to some common questions helpful in evaluating their options.

Can you borrow from your Accendo Final Expense Life Insurance policy?

You may be able to borrow from your Accendo Final Expense Life Insurance policy's cash value, but this will vary based on the specific policy's terms and conditions. It's always a good idea to review your policy carefully or speak with your agent to understand the borrowing options available to you.

What’s the maximum amount of life insurance coverage available from Accendo Final Expense Life Insurance?

Accendo Final Expense Life Insurance offers coverage options ranging from $2,000 to $50,000, depending on the policyholder's age, health and state of residence. We recommend speaking with an agent to confirm the coverage options available to you.

Do life insurance policies from Accendo pay dividends?

No, Accendo Final Expense Life Insurance policies do not pay dividends. These policies are designed to provide a guaranteed death benefit to your beneficiaries and are typically not tied to investment or savings accounts. However, some policies may accumulate cash value over time, which can be borrowed against or used to pay premiums. Be sure to review the specific terms and conditions of your policy to understand its features and benefits.

Can you get life insurance from Accendo if you have cancer?

Accendo Final Expense Life Insurance policies do not require a medical exam, but the underwriting process may still include a review of your health history and other factors to determine eligibility and premium rates. If you have a history of cancer, approval for coverage may still be possible, depending on individual circumstances. We suggest speaking with an agent to determine the likelihood of approval and explore any available coverage options.

Do life insurance policies from Accendo cover death by drug overdose?

Accendo Final Expense Life Insurance policies may cover death due to drug overdose under the accidental death condition, but it is important to carefully review the terms and conditions of your specific policy to understand its coverage limitations and exclusions. Don't hesitate to reach out to an agent if you need any further clarifications.

Do life insurance policies from Accendo cover death by suicide?

Accendo Final Expense Life Insurance’s website does not mention if suicide is covered. We recommend speaking with an agent and reviewing your policy documents to fully understand the coverage provided and any exclusions that may apply.

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About Mark Fitzpatrick

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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sources

LIMRA. "2022 Insurance Barometer Study." Accessed October 30, 2024.
Aetna Senior Products. "Accendo Final Expense." Accessed October 30, 2024.