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 additionally supply different sorts 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 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 workers. Nevertheless, you can even buy insurance policies individually via their community of unbiased brokers all through the nation.
You might have many decisions in relation to selecting a life insurance coverage firm, and it may be tough to find out which choice is best for you. On this article, we’ll check out the Colonial Life & Accident Insurance coverage Firm that can assist you decide if they’re a superb match to your insurance coverage wants.
What Sorts of Insurance coverage does Colonial Life & Accident Insurance coverage Provide?
Colonial Life & Accident Insurance coverage presents a number of sorts of life insurance coverage in addition to different sorts of insurance coverage. Listed below are the sorts of insurance policies accessible.
Time period Life
Time period life insurance coverage insurance policies are probably the most reasonably priced kind of life insurance coverage coverage that this firm presents. One of these life insurance coverage solely lasts for a selected variety of years – Colonial Life & Accident presents 10, 15, 20, and 30 12 months choices.
These insurance policies are easy and simple to buy and are a superb choice for most individuals. You possibly can regulate 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 unbiased or paying a mortgage off.
Entire Life
Colonial Life & Accident additionally presents 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. You may as well use a complete life coverage as an funding automobile, and many individuals use them as a part of their wealth-building technique. Nevertheless, for the typical particular person, a complete life coverage isn’t going to be vital.
Incapacity Insurance coverage
This firm additionally presents incapacity insurance coverage, which might substitute your revenue in the event you grow to be disabled and can’t work at any level. Relying on what kind 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 desire to, and you’ll specify the frequency of the payouts. One of these 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 presents protection for surprising accidents that trigger severe damage. One of these protection pays for medical payments, misplaced wages, and different surprising bills that will pop up after an accident. In the event 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. One of these protection might be useful for individuals who take part in athletic or out of doors actions with some bodily danger.
Hospital Indemnity Insurance coverage
One of these insurance coverage is designed to complement your medical health insurance plan. It covers most hospital stays in addition to some surgical procedures and associated bills. One of these insurance coverage can fill the hole between your complete hospital invoice and what your conventional medical health insurance plan covers.
Whereas many medical health 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 be sure you get the entire care that you just want.
Important Sickness Insurance coverage
If you’re identified with a vital sickness, such a insurance coverage will help cowl a few of the surprising bills that include that. Important sickness insurance coverage will help with medical payments in addition to misplaced wages, extra rehabilitation prices, journey to and from therapy, and extra. Colonial Life & Accident additionally presents an analogous kind of insurance coverage for people identified with most cancers.
Dental & Imaginative and prescient Insurance coverage
Sadly, most conventional medical health 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 current medical health 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, typically with out warning. Utilizing dental and imaginative and prescient insurance coverage to complement your current medical health insurance plan ensures that it is possible for you to to get the care you want if you want it.
What Form of Riders does Colonial Life & Accident Insurance coverage Provide?
Many life insurance coverage corporations supply riders that can assist you additional customise your life insurance coverage coverage. Nevertheless, it’s unclear whether or not Colonial Life & Accident Insurance coverage presents riders on their insurance policies. You will have to speak to an agent on to study 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. Critical accidents and sicknesses might be very costly to handle, and normal medical health insurance protection in the US might 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 necessary 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
One of the necessary issues to contemplate when deciding on an insurance coverage firm is its monetary rankings. You wish to be fully assured that your insurer shall 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 fame for being very financially steady. They at the moment keep an “A” score from A.M. Greatest, which is a company that assesses and charges the monetary stability of insurance coverage corporations. Whereas an “A” score isn’t the best score accessible, it does point out that the Colonial Life & Accident Insurance coverage firm is dependable and might be trusted to pay their claims.
Whereas A.M. Greatest is arguably probably 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 Customary & Poor’s.
Critiques 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 taking a look at critiques from earlier prospects. Whereas everybody’s expertise is completely 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 Critiques From Their Clients.
They don’t seem to be at the moment accredited by the Higher Enterprise Bureau. On-line critiques for this firm typically complain about tough customer support experiences in addition to sluggish fee 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 prospects.
What’s the Software 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 supply a simple solution to apply via 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 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 straight.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nevertheless, in the event you choose to deal with your coverage on-line, this may very well be irritating.
When you’ve discovered an agent, they will help you discover the fitting coverage to your wants. After getting a coverage in place, the corporate does give the flexibility to file a declare and get different policyholder help on-line.
The web declare submitting system that Colonial Life presents is pretty simple. 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 via, you’ll be able to observe it and they’ll deposit the funds straight into your checking account.
In the event you would like to not file a declare on-line, Colonial Life does additionally help you file claims via their customer support line and by faxing within the required claims paperwork. Nevertheless, this might end in elevated claims processing instances.
Is Colonial Life & Accident Insurance coverage Firm Legit?
Colonial Life & Accident Insurance coverage Firm is a legit 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 steady, though they’ve had some complaints from prospects about sluggish payout instances and different customer support points.
General, Colonial Life & Accident Insurance coverage Firm is a dependable choice for all times insurance coverage and is a very nice alternative in the event you’re additionally wanting so as to add incapacity or accident insurance coverage on high of that. They’re additionally a extremely popular alternative for employers who need to present life insurance coverage protection for his or her workers.
