The Colonial Life & Accident Insurance coverage Firm is predicated in South Carolina and has been in enterprise since 1939. They concentrate on life insurance coverage but in addition provide different kinds of insurance coverage, reminiscent of 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 had been run as an unbiased firm till 1993 after they had been bought by Unum. The corporate stays a Unum subsidiary. Most of this firm’s enterprise comes from promoting insurance policies to staff. Nevertheless, you may also buy insurance policies individually via their community of unbiased brokers all through the nation.
You’ve many decisions relating to selecting a life insurance coverage firm, and it may be troublesome to find out which possibility is best for you. On this article, we are going to check out the Colonial Life & Accident Insurance coverage Firm that can assist you decide if they’re match on your insurance coverage wants.
What Kinds of Insurance coverage does Colonial Life & Accident Insurance coverage Provide?
Colonial Life & Accident Insurance coverage provides a number of kinds of life insurance coverage in addition to different kinds of insurance coverage. Listed here are the kinds of insurance policies out there.
Time period Life
Time period life insurance coverage insurance policies are probably the most reasonably priced sort of life insurance coverage coverage that this firm provides. Such a 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 top of their time period life insurance coverage coverage to coincide with their children changing into financially unbiased or paying a mortgage off.
Complete Life
Colonial Life & Accident additionally provides complete life insurance coverage 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 complete life insurance policies are extra complete than time period life insurance policies, they’re additionally costlier.
These insurance policies are greatest for individuals who want long-term protection till the top of their life. You may also use an entire life coverage as an funding car, and many individuals use them as a part of their wealth-building technique. Nevertheless, for the common particular person, an entire life coverage isn’t going to be crucial.
Incapacity Insurance coverage
This firm additionally provides incapacity insurance coverage, which may change your earnings should you turn into disabled and can’t work at any level. Relying on what sort of coverage you might have, you’ll be able to get pleasure from short- or long-term advantages.
With incapacity insurance coverage, you need to use your payouts for any bills you prefer to, and you may specify the frequency of the payouts. Such a insurance coverage can be utilized for any medical situation that may render you unable to work, together with severe accidents, main surgical procedures, sicknesses, and even sophisticated pregnancies and delivery.
Accident Insurance coverage
Accident insurance coverage provides protection for surprising accidents that trigger severe harm. Such a protection pays for medical payments, misplaced wages, and different surprising bills that will pop up after an accident. Should you do file a declare, your protection is usually paid out in a lump sum that instantly correlates with the severity of the accident you had. Such a protection may be useful for individuals who take part in athletic or outside actions with some bodily danger.
Hospital Indemnity Insurance coverage
Such a insurance coverage is designed to complement your medical insurance plan. It covers most hospital stays in addition to some surgical procedures and associated bills. Such a insurance coverage can fill the hole between your complete 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 further bodily remedy, diagnostic checks, and ongoing physician’s visits after a hospital keep, and these prices can add up. Hospital indemnity insurance coverage can just be sure you get all the care that you simply want.
Vital Sickness Insurance coverage
In case you are recognized with a essential sickness, any such insurance coverage can assist cowl a few of the surprising bills that include that. Vital sickness insurance coverage can assist with medical payments in addition to misplaced wages, further rehabilitation prices, journey to and from remedy, and extra. Colonial Life & Accident additionally provides an analogous sort of insurance coverage for people recognized 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 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 while you want it.
What Type of Riders does Colonial Life & Accident Insurance coverage Provide?
Many life insurance coverage corporations provide riders that can assist 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’ll need to speak to an agent on to study extra concerning the rider choices they’ve out there.
What Distinctive Options does Colonial Life & Accident Insurance coverage Provide?
Colonial Life & Accident Insurance coverage is exclusive in that they provide all kinds of protection varieties past conventional life insurance coverage. Severe 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 bought their begin promoting accident insurance coverage again within the early twentieth century, so it stays an essential a part of their enterprise. Colonial’s further incapacity, accident, and sickness insurance policies can provide the peace of thoughts you want in case you are involved about these further medical bills.
Monetary Scores
Probably the most essential issues to think about when deciding on an insurance coverage firm is its monetary rankings. You need to be fully assured that your insurer will likely 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 popularity for being very financially secure. They at the moment keep an “A” score from A.M. Finest, which is a corporation that assesses and charges the monetary stability of insurance coverage corporations. Whereas an “A” score is just not 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 probably the most trusted firm that charges the monetary stability of insurers, there are others that achieve this 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.
Evaluations 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 critiques from earlier clients. Whereas everybody’s expertise is totally different, critiques may give you a normal thought of what you’ll be able to anticipate from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Blended Evaluations From Their Clients.
They don’t seem to be at the moment accredited by the Higher Enterprise Bureau. On-line critiques for this firm usually complain about troublesome customer support experiences in addition to sluggish cost processing instances.
Nevertheless, the NAIC Criticism 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 corporations obtain probably the most formal complaints from their clients.
What’s the Utility Course of for Colonial Life & Accident Insurance coverage Firm?
Colonial Life & Accident Insurance coverage Firm sells their insurance policies via 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 via their web site. Whereas their web site does have details about every sort of coverage they provide, they don’t have a fast strategy to get a quote.
As a substitute, you’ll must 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, you may also name their customer support crew instantly.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nevertheless, should you desire to deal with your coverage on-line, this might be irritating.
When you’ve discovered an agent, they can assist you discover the proper coverage on your wants. After getting a coverage in place, the corporate does give the power to file a declare and get different policyholder help on-line.
The web declare submitting system that Colonial Life provides is pretty easy. 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 via, you’ll be able to observe it and they’re going to deposit the funds instantly into your checking account.
Should you would like to not file a declare on-line, Colonial Life does additionally permit you to file claims via their customer support line and by faxing within the required claims paperwork. Nevertheless, this might lead to elevated claims processing instances.
Is Colonial Life & Accident Insurance coverage Firm Legit?
Colonial Life & Accident Insurance coverage Firm is a professional insurance coverage supplier. They’ve an honest number 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 clients about sluggish payout instances and different customer support points.
General, Colonial Life & Accident Insurance coverage Firm is a dependable possibility for all times insurance coverage and is a very nice alternative should you’re additionally trying so as to add incapacity or accident insurance coverage on prime of that. They’re additionally a very fashionable alternative for employers who wish to present life insurance coverage protection for his or her staff.