The Colonial Life & Accident Insurance coverage Firm relies in South Carolina and has been in enterprise since 1939. They concentrate on life insurance coverage but additionally provide different kinds of insurance coverage, equivalent 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 had been run as an impartial firm till 1993 once 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, it’s also possible to buy insurance policies individually by way of their community of impartial brokers all through the nation.
You have got many decisions in relation to 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 coverage Firm that can assist you decide if they’re a great match on your insurance coverage wants.
What Kinds of Insurance coverage does Colonial Life & Accident Insurance coverage Provide?
Colonial Life & Accident Insurance coverage affords a number of kinds of life insurance coverage in addition to different kinds of insurance coverage. Listed below are the kinds of insurance policies accessible.
Time period Life
Time period life insurance coverage insurance policies are essentially the most reasonably priced kind of life insurance coverage coverage that this firm affords. Such a life insurance coverage solely lasts for a particular variety of years – Colonial Life & Accident affords 10, 15, 20, and 30 12 months choices.
These insurance policies are easy and simple to buy and are a great possibility for most individuals. You may 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.
Colonial Life & Accident additionally affords 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 part. 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 dearer.
These insurance policies are finest for individuals who want long-term protection till the tip of their life. It’s also possible to use a complete 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, a complete life coverage isn’t going to be crucial.
Incapacity Insurance coverage
This firm additionally affords incapacity insurance coverage, which may substitute your revenue if you happen to grow to be disabled and can’t work at any level. Relying on what kind of coverage you could have, you’ll be able to take pleasure in short- or long-term advantages.
With incapacity insurance coverage, you should use your payouts for any bills you desire 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 critical accidents, main surgical procedures, sicknesses, and even difficult pregnancies and beginning.
Accident Insurance coverage
Accident insurance coverage affords protection for surprising accidents that trigger critical damage. 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 often paid out in a lump sum that straight correlates with the severity of the accident you had. Such a protection could 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 whole hospital invoice and what your conventional medical insurance plan covers.
Whereas many medical insurance plans do cowl inpatient hospitals stays, they gained’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 the entire care that you simply want.
Important Sickness Insurance coverage
In case you are identified with a vital sickness, this kind of insurance coverage can assist cowl among the surprising bills that include that. Important sickness insurance coverage can assist with medical payments in addition to misplaced wages, extra rehabilitation prices, journey to and from therapy, and extra. Colonial Life & Accident additionally affords an identical 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 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 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 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 accessible.
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 could be very costly to handle, and commonplace medical insurance protection in america could be very restricted. Colonial Life & Accident Insurance coverage obtained their begin promoting accident insurance coverage again within the early twentieth century, so it stays an necessary 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.
One of the crucial necessary issues to think about when deciding on an insurance coverage firm is its monetary rankings. You need 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 repute for being very financially secure. They presently keep an “A” score from A.M. Finest, which is a company that assesses and charges the monetary stability of insurance coverage corporations. Whereas an “A” score shouldn’t be 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 achieve this as nicely. Colonial Life & Accident Insurance coverage Firm additionally has an A3 score from Moody’s, an A- from Fitch, and an A from Commonplace & Poor’s.
Opinions of Colonial Life & Accident Insurance coverage Firm
One other good solution to decide if a life insurance coverage firm is best for you is by evaluations from earlier prospects. Whereas everybody’s expertise is completely different, evaluations can provide you a basic thought of what you’ll be able to anticipate from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Blended Opinions From Their Prospects.
They don’t seem to be presently accredited by the Higher Enterprise Bureau. On-line evaluations for this firm usually complain about tough customer support experiences in addition to gradual fee processing occasions.
Nevertheless, the NAIC Grievance 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 corporations obtain essentially the most formal complaints from their prospects.
What’s the Utility 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 presently doesn’t provide a straightforward solution 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 solution 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 staff straight.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nevertheless, if you happen to favor to deal with your coverage on-line, this might be irritating.
When you’ve discovered an agent, they can assist you discover the precise coverage on your wants. Upon 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 affords is pretty simple. It walks you thru the steps of submitting a declare and helps you discover the right paperwork and data to file. As soon as your declare has gone by way of, you’ll be able to observe it and they’re going to deposit the funds straight into your checking account.
Should you would like to not file a declare on-line, Colonial Life does additionally will let you 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 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 prospects about gradual payout occasions 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 selection if you happen to’re additionally wanting so as to add incapacity or accident insurance coverage on high of that. They’re additionally a very talked-about selection for employers who need to present life insurance coverage protection for his or her staff.