The Connecticut General Life Insurance company is a Connecticut based insurer that is wholly owned and operated ultimately by Cigna. Although the carrier offers Group Life Insurance products their main specialty is in Medical, Dental, and Supplemental Medicare policies. They carry a financial strength rating of an A.
Connecticut General Life Insurance Company & Cigna:
The Connecticut General Life Insurance company is a privately held life, disability, accident, and health insurance organization. The president of the organization is Julia Huggins. They are a division of Connecticut General Corporation. The Connecticut General Life Insurance Corporation also goes by the name known as CIGNA. CIGNA is a publicly traded company that is best known for its medical insurance offerings. In this article we occasionally refer to Connecticut General Life Insurance as CGLI or Connecticut General.
Connecticut General Life Insurance Company Contact Information:
Insurer Full Name: Connecticut General Life Insurance Company
Insurer Physical Address: 900 Cottage Grove Road A-136 Bloomfield, CT 06152
Another Major Address Noted by AM Best: Two Liberty Place 1601 Chestnut Street, TL14A, Philadelphia, PA 19192-2362
Insurer Phone Number: 860-226-6000
Insurance Fax Number: 860-226-5400
Insurer Website: Cigna .com
Insurer NAIC Number: 62308 for Connecticut General Life Insurance Company.
President of the Connecticut General Life Insurance Company is Julia Huggins.
President and CEO of Cigna: David Cordani
Insurer Ticker Symbol: CI
Insurer Other Life Insurance Names and Affiliations: Allegiance Life & Health Ins Co Inc, American Retirement Life Insurance Co, CIGNA & CMB Life Insurance Company Ltd, CIGNA Life Ins Co of Europe S.A.-N.V., Cigna Arbor Life Insurance Company, Cigna Life Insurance Company of Canada, Cigna Life Insurance Company of New York, Connecticut General Life Insurance Co, Life Insurance Company of North America, Sterling Life Insurance Company, United Benefit Life Insurance Company. Among numerous other entities.
Although not a big seller of life insurance products, Cigna has sold plenty of life insurance policies. Looking at the website these days though it might be hard to find information about their life products. The company is most focused on selling and servicing health insurance, medical products, medicare supplemental programs, and dental insurance.
The History of this Connecticut General Life Insurance Company:
Formed by the Merger of the Connecticut General Life Insurance Company and INA Corporation, Cigna was created in 1982. INA, or Insurance Company of North America has its roots that go back as far as 1792. While Connecticut General Life (CG) goes back as far as 1865.
CIGNA sold much of its life insurance business to Lincoln National in 1997. In 2015 Cigna and Anthem seemed to agree to a merger. The US Department of Justice blocked this proposed merger and it was later called off.
CGLI Sweet Spots:
CG and Cigna mainly offer health, dental, and medicare supplemental insurance products. They have in the past offered Group life insurance which is often available through some employers. As far as independent term life insurance policies, they no longer seem to offer it.
The Connecticut General Life Insurance Company Products:
- Health Insurance
- Medicare Supplemental
- Dental Insurance
- Group Term Life
- Group Universal Life
Connecticut General Riders:
For the Group Life Insurance policies, some riders that might be available with Cigna Group life include:
- Conversion: Convert a Term Policy to a Whole Life Contract.
- Portability:Move a Group Life Insurance Policy to a Personal Contract.
- Waiver of Premium: Waive your premium payments upon some specified event.
- Terminal Illness Rider: Get access to the death benefit early.
- Pay Role Deduction: Automatically pay your policy from your paycheck.
- Automatic Yearly Increase: Potentially increase yearly coverage amounts.
This is not a complete list and the list does change. Most of these are becoming relatively common group life insurance riders.
Do you have a Connecticut General Life Insurance Policy and Need to Service on it?
If you have a Connecticut General policy and need service on it, you should consider either contacting your agent or Connecticut General Life Insurance company direct. Their number is 860-226-6000.
The insurer has gone through a merger and split. Since Lincoln financial purchased CGLI life insurance business in 1997 its possible your policy could now be a Lincoln product.
Have your policy number, full name, and address prepared. For confirmation purposes they may ask for your social security number.
Financial Strength Rating of Connecticut General Life:
The Connecticut General Life Insurance companies Financial Strength Rating is "A". This is two steps below the top rank of A++, with A+ being the other second top rank. AM Best considers this superior. The last rating update was in January of 2019.
The Policyholder Surplusrating is XV. Which indicates lots of surplus capital, in excess of $2 Billion US Dollars.
Their FSR has been an A since before 2014.
CIGNA and CGLI has an "exceptionally" confusing parent organization and understanding CIGNA's corporate finances might be all but impossible.
A Financial Strength Rating
XV Policyholder Surplus
Cigna was allegedly involved in earnings manipulation in 2002. "The complaints allege, among other things, that the defendants violated SEC Rule 10b-5 by misleading CIGNA shareholders with respect to the company’s performance during the class period." Source SEC Form 10-K
In 2016 Cigna was temporarily banned "from offering certain Medicare plans to new patients after a probe uncovered issues with current offerings." USA Today: Cigna Temporarily Banned From New Medicare Plans.
According to Bloomberg: "Drug middlemen took $123.5 million in hidden fees from Kentucky health-insurance plans that cover the state’s poor, according to a report that follows efforts by other states to find out if pharmacy-benefit managers are gaming state programs for profits....Companies that run PBMs, including CVS Health Corp. and Cigna Corp., say that clients enter into spread-pricing agreements knowingly...."
None of these really seems to involve (much) their life insurance business.
Questions About CGLI:
Question: Where can I buy a Connecticut General Life Insurance Company Group Life Insurance Policy?
Answer: One can purchase a CGLI policy direct through a select employer's group benefit plan.
Should you have questions about this insurer or life insurance kindly send them to us. You can add them to the comment box below or email us directly. scott at marindependent.com
Whole Vs Term Life Insurance does not sell service or process life insurance business with Connecticut General Life Insurance.