The Colonial Life & Accident Insurance coverage Firm relies in South Carolina and has been in enterprise since 1939. They focus on life insurance coverage but additionally supply different forms of insurance coverage, resembling accident and incapacity insurance coverage. Proper now, they provide insurance policies in 49 states.
This firm was initially based as an accident insurance coverage firm however began providing life insurance coverage shortly thereafter. They have been run as an impartial firm till 1993 once they have been bought by Unum. The corporate stays a Unum subsidiary. Most of this firm’s enterprise comes from promoting insurance policies to workers. Nevertheless, you can even buy insurance policies individually by way of their community of impartial brokers all through the nation.
You could have many selections relating to choosing a life insurance coverage firm, and it may be tough to find out which possibility is best for you. On this article, we’ll check out the Colonial Life & Accident Insurance Company that will help you decide if they’re match on your insurance coverage wants.
What Kinds of Insurance coverage does Colonial Life & Accident Insurance coverage Supply?
Colonial Life & Accident Insurance coverage provides a number of forms of life insurance coverage in addition to different forms of insurance coverage. Listed here are the forms of insurance policies accessible.
Time period Life
Term life insurance insurance policies are essentially the most reasonably priced sort of life insurance coverage coverage that this firm provides. Any such life insurance coverage solely lasts for a particular variety of years – Colonial Life & Accident provides 10, 15, 20, and 30 yr choices.
These insurance policies are easy and straightforward to buy and are possibility for most individuals. You’ll be able to modify the size and quantity of your life insurance coverage coverage to suit your present circumstances. For instance, many individuals will time the tip of their time period life insurance coverage coverage to coincide with their youngsters changing into financially impartial or paying a mortgage off.
Entire Life
Colonial Life & Accident additionally provides whole life insurance insurance policies, that are extra complete than time period life insurance policies. This protection lasts till the age of 100 and comes with a money worth element. After a sure level, you’ll not have to make funds. Relying on the plan, your premium funds will cease both at age 70 or age 100. Though complete life insurance policies are extra complete than time period life insurance policies, they’re additionally dearer.
These insurance policies are greatest for individuals who want long-term protection till the tip of their life. You too can use an entire life coverage as an funding automobile, and many individuals use them as a part of their wealth-building technique. Nevertheless, for the common individual, an entire life coverage isn’t going to be essential.
Incapacity Insurance coverage
This firm additionally provides incapacity insurance coverage, which may change your revenue if you happen to turn into disabled and can’t work at any level. Relying on what sort of coverage you’ve gotten, you possibly can take pleasure in short- or long-term advantages.
With incapacity insurance coverage, you should utilize your payouts for any bills you want to, and you may specify the frequency of the payouts. Any such insurance coverage can be utilized for any medical situation that will render you unable to work, together with critical accidents, main surgical procedures, sicknesses, and even sophisticated pregnancies and delivery.
Accident Insurance coverage
Accident insurance coverage provides protection for surprising accidents that trigger critical damage. Any such protection will pay for medical payments, misplaced wages, and different surprising bills that will pop up after an accident. If you happen to do file a declare, your protection is often paid out in a lump sum that immediately correlates with the severity of the accident you had. Any such protection could be useful for individuals who take part in athletic or outside actions with some bodily threat.
Hospital Indemnity Insurance coverage
Any such insurance coverage is designed to complement your medical insurance plan. It covers most hospital stays in addition to some surgical procedures and associated bills. Any such insurance coverage can fill the hole between your whole hospital invoice and what your conventional medical insurance plan covers.
Whereas many medical insurance plans do cowl inpatient hospitals stays, they received’t essentially cowl different bills associated to them. For instance, many individuals want extra bodily remedy, diagnostic exams, and ongoing physician’s visits after a hospital keep, and these prices can add up. Hospital indemnity insurance coverage can just remember to get all the care that you simply want.
Crucial Sickness Insurance coverage
If you’re identified with a crucial sickness, this kind of insurance coverage may help cowl a few of the surprising bills that include that. Crucial sickness insurance coverage may help with medical payments in addition to misplaced wages, extra rehabilitation prices, journey to and from remedy, and extra. Colonial Life & Accident additionally provides the same sort of insurance coverage for people identified with most cancers.
Dental & Imaginative and prescient Insurance coverage
Sadly, most conventional medical insurance plans don’t supply dental or imaginative and prescient protection. Colonial Life & Accident’s dental and imaginative and prescient protection can be utilized to complement your present medical insurance protection to pay for dental therapies in addition to eyeglasses and different imaginative and prescient therapies.
Dental and imaginative and prescient care can get costly in a short time, usually with out warning. Utilizing dental and imaginative and prescient insurance coverage to complement your present medical insurance plan ensures that it is possible for you to to get the care you want once you want it.
What Type of Riders does Colonial Life & Accident Insurance coverage Supply?
Many life insurance coverage firms supply riders that will help you additional customise your life insurance coverage coverage. Nevertheless, it’s unclear whether or not Colonial Life & Accident Insurance coverage provides riders on their insurance policies. You will want to speak to an agent on to be taught extra in regards to the rider choices they’ve accessible.
What Distinctive Options does Colonial Life & Accident Insurance coverage Supply?
Colonial Life & Accident Insurance coverage is exclusive in that they provide all kinds of protection sorts past conventional life insurance coverage. Critical accidents and sicknesses could be very costly to handle, and commonplace medical insurance protection in america could be very restricted. Colonial Life & Accident Insurance coverage acquired their begin promoting accident insurance coverage again within the early twentieth century, so it stays an vital a part of their enterprise. Colonial’s extra incapacity, accident, and sickness insurance policies can provide the peace of thoughts you want in case you are involved about these extra medical bills.
Monetary Scores
Some of the vital issues to think about when deciding on an insurance coverage firm is its monetary rankings. You wish to be utterly assured that your insurer shall be financially secure sufficient to pay their claims whatever the present financial panorama.
Colonial Life & Accident Insurance coverage Firm has been in enterprise for a really very long time and has a status for being very financially secure. They at the moment preserve an “A” score from A.M. Finest, which is a company that assesses and charges the monetary stability of insurance coverage firms. Whereas an “A” score is just not the best score accessible, it does point out that the Colonial Life & Accident Insurance coverage firm is dependable and could be trusted to pay their claims.
Whereas A.M. Finest is arguably essentially the most trusted firm that charges the monetary stability of insurers, there are others that accomplish that as properly. Colonial Life & Accident Insurance coverage Firm additionally has an A3 score from Moody’s, an A- from Fitch, and an A from Customary & Poor’s.
Critiques of Colonial Life & Accident Insurance coverage Firm
One other good approach to decide if a life insurance coverage firm is best for you is by taking a look at opinions from earlier prospects. Whereas everybody’s expertise is completely different, opinions may give you a basic thought of what you possibly can count on from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Blended Critiques From Their Clients.
They aren’t at the moment accredited by the Higher Enterprise Bureau. On-line opinions for this firm usually complain about tough customer support experiences in addition to sluggish fee processing occasions.
Nevertheless, the NAIC Complaint Index reveals that Colonial Life & Accident Insurance coverage Firm receives fewer complaints than its rivals. This index is measured yearly to see which insurance coverage firms obtain essentially the most formal complaints from their prospects.
What’s the Software Course of for Colonial Life & Accident Insurance coverage Firm?
Colonial Life & Accident Insurance coverage Firm sells their insurance policies by way of over 10,000 impartial insurance coverage brokers all through the nation. Moreover, Colonial Life & Accident Firm works with many employers to supply their insurance policies on a bigger scale.
Sadly, Colonial Life & Accident at the moment doesn’t supply a straightforward approach to apply by way of their web site. Whereas their web site does have details about every sort of coverage they provide, they don’t have a fast approach to get a quote.
As an alternative, you’ll need to contact an agent in your space. Fortunately, Colonial Life & Accident Insurance coverage does supply a full listing of brokers all through the nation on their web site. If you wish to get a quote, you can even name their customer support crew immediately.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nevertheless, if you happen to choose to deal with your coverage on-line, this may very well be irritating.
When you’ve discovered an agent, they may help you discover the appropriate coverage on your wants. Upon getting a coverage in place, the corporate does give the power to file a declare and get different policyholder assist on-line.
The net declare submitting system that Colonial Life provides is pretty simple. It walks you thru the steps of submitting a declare and helps you discover the right paperwork and knowledge to file. As soon as your declare has gone by way of, you possibly can observe it and they’re going to deposit the funds immediately into your checking account.
If you happen to would like to not file a declare on-line, Colonial Life does additionally assist you to file claims by way of their customer support line and by faxing within the required claims paperwork. Nevertheless, this might lead to elevated claims processing occasions.
Is Colonial Life & Accident Insurance coverage Firm Legit?
Colonial Life & Accident Insurance coverage Firm is a reputable insurance coverage supplier. They’ve an honest collection of life insurance coverage insurance policies in addition to different supplemental insurance coverage insurance policies. They’re very financially secure, though they’ve had some complaints from prospects about sluggish payout occasions and different customer support points.
Total, Colonial Life & Accident Insurance coverage Firm is a dependable possibility for all times insurance coverage and is a very nice alternative if you happen to’re additionally wanting so as to add incapacity or accident insurance coverage on prime of that. They’re additionally a highly regarded alternative for employers who need to present life insurance coverage protection for his or her workers.
