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 in addition provide different varieties of insurance coverage, comparable to 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 unbiased firm till 1993 after they have been bought by Unum. The corporate stays a Unum subsidiary. Most of this firm’s enterprise comes from promoting insurance policies to staff. Nonetheless, it’s also possible to buy insurance policies individually by way of their community of unbiased brokers all through the nation.
You might have many selections on the subject of selecting a life insurance coverage firm, and it may be tough to find out which possibility is best for you. On this article, we are going to check out the Colonial Life & Accident Insurance Company that can assist you decide if they’re a great match to your insurance coverage wants.
What Sorts of Insurance coverage does Colonial Life & Accident Insurance coverage Supply?
Colonial Life & Accident Insurance coverage affords a number of varieties of life insurance coverage in addition to different varieties of insurance coverage. Listed below are the varieties of insurance policies out there.
Time period Life
Term life insurance insurance policies are essentially the most inexpensive kind of life insurance coverage coverage that this firm affords. This sort of life insurance coverage solely lasts for a selected variety of years – Colonial Life & Accident affords 10, 15, 20, and 30 yr choices.
These insurance policies are easy and simple to buy and are a great 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 children turning into financially unbiased or paying a mortgage off.
Complete Life
Colonial Life & Accident additionally affords 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 now not have to make funds. Relying on the plan, your premium funds will cease both at age 70 or age 100. Though entire 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 may also use an entire life coverage as an funding automobile, and many individuals use them as a part of their wealth-building technique. Nonetheless, for the typical particular person, an entire life coverage isn’t going to be crucial.
Incapacity Insurance coverage
This firm additionally affords incapacity insurance coverage, which might substitute your revenue when you turn into disabled and can’t work at any level. Relying on what kind of coverage you’ve, you possibly can get pleasure from short- or long-term advantages.
With incapacity insurance coverage, you need to use your payouts for any bills you desire to, and you’ll specify the frequency of the payouts. This sort of insurance coverage can be utilized for any medical situation that may render you unable to work, together with critical accidents, main surgical procedures, sicknesses, and even sophisticated pregnancies and beginning.
Accident Insurance coverage
Accident insurance coverage affords protection for surprising accidents that trigger critical damage. This sort of protection pays for medical payments, misplaced wages, and different surprising bills that will pop up after an accident. For those who do file a declare, your protection is often paid out in a lump sum that straight correlates with the severity of the accident you had. This sort of protection may be useful for individuals who take part in athletic or outside actions with some bodily danger.
Hospital Indemnity Insurance coverage
This sort of insurance coverage is designed to complement your medical insurance plan. It covers most hospital stays in addition to some surgical procedures and associated bills. This sort of 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 assessments, 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 just want.
Vital Sickness Insurance coverage
In case you are identified with a important sickness, one of these insurance coverage may also help cowl among the surprising bills that include that. Vital sickness insurance coverage may also help with medical payments in addition to misplaced wages, extra rehabilitation prices, journey to and from remedy, and extra. Colonial Life & Accident additionally affords the same kind of insurance coverage for people identified with most cancers.
Dental & Imaginative and prescient Insurance coverage
Sadly, most conventional medical insurance plans don’t provide 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 remedies in addition to eyeglasses and different imaginative and prescient remedies.
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 if you want it.
What Sort of Riders does Colonial Life & Accident Insurance coverage Supply?
Many life insurance coverage firms provide riders that can assist you additional customise your life insurance coverage coverage. Nonetheless, it’s unclear whether or not Colonial Life & Accident Insurance coverage affords riders on their insurance policies. You have to to speak to an agent on to be taught extra concerning the rider choices they’ve out there.
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 varieties past conventional life insurance coverage. Critical accidents and sicknesses may be very costly to handle, and commonplace medical insurance protection in the US may be very restricted. Colonial Life & Accident Insurance coverage received 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 if you’re involved about these extra medical bills.
Monetary Scores
Probably the most vital issues to contemplate when deciding on an insurance coverage firm is its monetary scores. You wish to be utterly assured that your insurer will probably be financially steady 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 repute for being very financially steady. 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 will not be the very best score out there, it does point out that the Colonial Life & Accident Insurance coverage firm is dependable and may 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 effectively. Colonial Life & Accident Insurance coverage Firm additionally has an A3 score from Moody’s, an A- from Fitch, and an A from Normal & Poor’s.
Critiques of Colonial Life & Accident Insurance coverage Firm
One other good strategy to decide if a life insurance coverage firm is best for you is by taking a look at critiques from earlier clients. Whereas everybody’s expertise is completely different, critiques may give you a normal thought of what you possibly can anticipate from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Combined Critiques From Their Prospects.
They don’t seem to be at the moment accredited by the Higher Enterprise Bureau. On-line critiques for this firm usually complain about tough customer support experiences in addition to sluggish fee processing occasions.
Nonetheless, the NAIC Complaint Index reveals that Colonial Life & Accident Insurance coverage Firm receives fewer complaints than its opponents. This index is measured yearly to see which insurance coverage firms obtain essentially the most formal complaints from their clients.
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 unbiased 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 provide a straightforward strategy to apply by way of their web site. Whereas their web site does have details about every kind of coverage they provide, they don’t have a fast strategy to get a quote.
As a substitute, you’ll need to contact an agent in your space. Fortunately, Colonial Life & Accident Insurance coverage does provide a full listing of brokers all through the nation on their web site. If you wish to get a quote, it’s also possible to name their customer support workforce straight.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nonetheless, when you choose to deal with your coverage on-line, this may very well be irritating.
When you’ve discovered an agent, they may also help you discover the appropriate coverage to 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 web declare submitting system that Colonial Life affords is pretty easy. It walks you thru the steps of submitting a declare and helps you discover the proper paperwork and data to file. As soon as your declare has gone by way of, you possibly can monitor it and they’ll deposit the funds straight into your checking account.
For those who would favor to not file a declare on-line, Colonial Life does additionally let you file claims by way of their customer support line and by faxing within the required claims paperwork. Nonetheless, this might lead to elevated claims processing occasions.
Is Colonial Life & Accident Insurance coverage Firm Legit?
Colonial Life & Accident Insurance coverage Firm is a reliable insurance coverage supplier. They’ve a good collection of life insurance coverage insurance policies in addition to different supplemental insurance coverage insurance policies. They’re very financially steady, though they’ve had some complaints from clients 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 selection when you’re additionally wanting so as to add incapacity or accident insurance coverage on high of that. They’re additionally a very fashionable selection for employers who need to present life insurance coverage protection for his or her staff.
