Cincinnati Life Insurance Review

Multiple life insurance coverage options for various personal needs

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The Cincinnati Life Insurance Company

The Cincinnati Life Insurance Company

Our Take

Through Cincinnati Life, you can purchase term, whole, or universal life policies. High-net-worth individuals may find the company useful because it also sells insurance to protect valuable homes, antique or collector vehicles, and yachts. However, information about its policies is limited, and you must purchase its plans through an agent.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • Insurance is sold through independent agents

  • Multiple life insurance plans sold

Cons
  • Limited policy information available

  • You must contact an agent to apply

  • Medical exams required

Key Takeaways
  • Founded in 1968, the Cincinnati Financial Corporation is based in Fairfield, Ohio.
  • It sells term, whole, and universal life policies.
  • All of its policies are sold through independent agents.
  • Cincinnati Life also sells annuities and business insurance.
  • It does not sell life insurance to residents of New York.
Company Overview

The Cincinnati Financial Corporation (Cincinnati Life) was founded in 1968 and is based in Fairfield, Ohio. Through its subsidiaries, Cincinnati Life sells a range of insurance products for consumers, such as life, auto, homeowners, and umbrella policies. It also sells insurance for businesses, including workers’ compensation and business liability coverage. 

Based on net premiums, Cincinnati Life is one of the 25 largest property-casualty companies in the country and has over 5,000 employees nationwide. However, the company is not licensed to sell life insurance in New York.

  • Year Founded 2011
  • Kinds of Plans Term, whole, universal
  • Number of Plans 5
  • Payment Plan Options Monthly, quarterly, annually
  • Customer Service Insurance agent
  • Phone 800-783-4479
  • Official Website www.cinfin.com

Cincinnati Life is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.

Pros Explained

  • Insurance is sold through independent agents: The Cincinnati Financial Corporation sells its policies through independent insurance agents. As independent agents, these representatives may represent multiple carriers rather than only selling policies from one particular company. Because they represent several companies, they can help you find the insurer that is the best fit for you.  
  • Multiple life insurance plans sold: While some life insurance companies specialize in only one type of life insurance, Cincinnati Life sells several plans. You can choose among term, whole, or universal life insurance policies. 

Cons Explained

  • Limited policy information available: The Cincinnati Financial Corporation has very limited information about its policies online. To find out about coverage amounts, available riders, and cancellation policies, you must speak with an agent. 
  • You must contact an agent to apply: While some insurance companies allow you to get quotes and apply for coverage online, Cincinnati Life doesn’t offer that feature. Instead, you must contact an agent to find out the company’s rates and submit an application. 
  • Medical exams required: All of Cincinnati Life’s policies are fully underwritten, meaning you must undergo a medical exam to qualify for coverage. 

Available Plans

Through the Cincinnati Life Insurance Company, the Cincinnati Financial Corporation sells term, whole, and universal life insurance policies. It has five different plan options to choose from: 

Term Life

Term life insurance is popular because it is relatively inexpensive. It provides temporary coverage that lasts for a specified term. If you pass away while your policy is in effect, your beneficiaries will receive a death benefit. 

The Cincinnati Financial Corporation has two term options: 

  • Termsetter: With Termsetter, you can choose a term of 10, 15, 20, 25, or 30 years. 
  • Termsetter ROP: The Termsetter ROP plan has level death benefits and guaranteed periods of 20, 25, and 30 years. It includes a return of premium feature; the base premium is returned to you at the end of the guaranteed term period if the policy is still in force and you’re still living. 

Whole Life

Whole life policies provide coverage for your entire lifetime. While they are more expensive than term life policies, they also can accumulate cash value that you can use during your life. 

Cincinnati Life’s whole life option is Guaranteed Whole Life. It has guaranteed level premiums and provides guaranteed insurability; as long as your premiums are paid on time, you cannot lose your coverage. 

Universal Life

Like whole life insurance, universal life policies are a form of permanent coverage. Universal life plans have an investment savings element and flexible premiums. 

Cincinnati Life has two universal life insurance policies:  

  • Heritage UL: With the Heritage UL policy, you have guaranteed insurability until the age of 121. It has flexible premium payments and death benefits, allowing you to adjust your coverage as your needs change. 
  • Lifesetter Flex UL: The Lifesetter Flex UL policy combines the benefits of universal and term life plans. You get a permanent death benefit, but a lower premium and limited cash value accumulation. 

Available Riders

By adding insurance riders to your plan, you can purchase additional coverage or even buy insurance for your children or spouse. Riders allow you to customize your life insurance policy to meet your family’s needs and give you peace of mind. 

Cincinnati Life does offer policy riders, but it doesn’t publicly list the available options. Common life insurance riders include: 

Accelerated Benefits

If a company offers accelerated benefit riders, you may tap into your policy’s death benefit while you’re still living if you are diagnosed with a terminal or chronic illness. 

Accidental Death 

With an accidental death rider, your beneficiaries will receive a larger death benefit if you die in a covered accident, such as a car accident. 

Children’s Insurance

By adding the children’s insurance rider to your policy, you can purchase coverage for your minor dependent children. 

Waiver of Premium

With this rider, your premiums will be waived and your policy will remain active if you become permanently disabled. 

Customer Service

All of Cincinnati Financial Corporation’s coverage options are sold through independent insurance agents. You can search for an agent near you through Cincinnati Financial Corporation’s website. 

As a policyholder, you can reach Cincinnati Financial Corporation by calling 800-783-4479. Customer support is available Monday through Friday from 8 a.m. until 5 p.m. EST. Support is also available on Saturdays from 8 a.m. until 12 p.m. EST. 

Complaint Index

If you’re shopping for a life insurance policy, customer service and reliability are essential qualities. 

The National Association of Insurance Commissioners (NAIC) releases complaint ratios that reflect the number of complaints that customers submitted during the year relative to a company’s size. The industry standard for complaint ratios is 1.0. A complaint ratio over 1.0 means the company received more complaints than the NAIC considers typical; a ratio below 1.0 means the company received fewer complaints. 

In 2020, the Cincinnati Life Insurance Company’s complaint ratio was 0.38, far better than the industry standard. In fact, the company received just two customer complaints in 2020. The complaint submitted concerned premium notices and account cash values rather than policyholder claims. 

What You Need to Know

Cincinnati Life has had consistently better-than-average complaint ratios for the past three years. Since 2018, it has received two complaints or fewer per year.

Third-Party Ratings

The Cincinnati Financial Corporation has a strong reputation for financial stability. In 2020, AM Best, a credit rating agency focused on the insurance industry, affirmed Cincinnati Life’s A+ (Superior) Financial Strength Rating. 

The Cincinnati Financial Group was not included in the 2020 J.D. Power U.S. Individual Life Insurance Study. The study evaluated 23 top life insurance companies based on their available policies, pricing, and customer service. 

Cancellation Policy

Cincinnati Life doesn’t publicly post its cancellation policy. However, all insurance companies must honor a 10-day "free look" period, though it may be longer in your state. You can decide to cancel your policy during the free look period without penalty and get a full refund. 

Once the free look period ends, cancellations are handled differently based on the insurance company and your coverage type. 

Talk to your insurance agent about policy cancellation procedures and make sure you review your contract carefully before signing to avoid any surprises later on. 

Price

Cincinnati Life doesn’t allow customers to get quotes online and it doesn’t list rates on its website. To get information about premiums, you’ll have to speak with an independent insurance agent. 

As with other life insurance companies, the Cincinnati Financial Corporation requires you to select either “male” or “female” when you apply for insurance. Being nonbinary doesn’t disqualify you from getting life insurance; however, you should be aware that most insurance companies haven’t updated their underwriting processes to reflect a current awareness of gender issues. 

Competition

Cincinnati Life offers term, whole, and universal life insurance, but you must work with an agent to purchase coverage, and information about its policies is limited online. 

If you’re looking for a company where you can buy insurance directly—and read detailed policy documents online—consider Prudential Life, a top-rated life insurance company and issuer of various life insurance policies. 

Like Cincinnati Life, Prudential sells term, whole, and universal life policies. But Prudential stands apart from Cincinnati Life in that not all of its policies require medical exams, and some of its term life options can be purchased completely online. 

Depending on the type of life insurance you purchase, Prudential has a lengthy list of riders you can use to customize your policy, including accidental death, children’s level term, and enhanced disability benefit riders.

  Cincinnati Financial Corporation Prudential Life
Market Share N/A Fifth-largest in the U.S., 4.6%
Number of Plans  5 11 
Dividends for 2020  N/A N/A 
Wellness Program Discounts/Quit Smoking Incentives  N/A  N/A 
Service Method  Insurance agent Financial professional, online 
AM Best Rating  A+ (Superior) A+ (Superior) 
Price Rank  Not available About average
Complaint Index 0.38 2.66
Final Verdict

While Cincinnati Life offers multiple life insurance options, the limited information available online makes it difficult to compare its plans and rates with other companies. And, all of its policies must be purchased through an agent, which may be inconvenient for some customers. If you’re looking for a more streamlined experience, you are likely better off with another company.

Methodology

Our reviews of life insurance companies are based on a quantitative methodology that analyzes each insurer on its stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with those of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. NAIC. "Complaint Index - The Cincinnati Life Insurance Company." Accessed June 6, 2021. 

  2. NAIC. "Complaint Code - The Cincinnati Life Insurance Company." Accessed June 6, 2021. 

  3. AM Best. "AM Best Upgrades Issuer Credit Ratings of Cincinnati Financial Corp and Its P/C Members; Upgrades Ratings of Life Ins Sub." Accessed June 6, 2021. 

  4. J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed June 6, 2021.