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 provide different kinds 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 had been run as an impartial 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. Nonetheless, you too can buy insurance policies individually via their community of impartial brokers all through the nation.
You could have many decisions relating to choosing 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 an excellent match in your insurance coverage wants.
What Sorts 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 here are the kinds of insurance policies obtainable.
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 affords. One of these 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 an excellent choice for most individuals. You possibly can 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 impartial or paying a mortgage off.
Entire Life
Colonial Life & Accident additionally affords entire 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 entire 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 a complete life coverage as an funding car, and many individuals use them as a part of their wealth-building technique. Nonetheless, for the common particular person, a complete life coverage isn’t going to be mandatory.
Incapacity Insurance coverage
This firm additionally affords incapacity insurance coverage, which may change your revenue in the event you turn into disabled and can’t work at any level. Relying on what sort of coverage you may 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 want to, and you may specify the frequency of the payouts. One of these insurance coverage can be utilized for any medical situation that might render you unable to work, together with critical accidents, main surgical procedures, sicknesses, and even difficult pregnancies and delivery.
Accident Insurance coverage
Accident insurance coverage affords protection for surprising accidents that trigger critical damage. One of these 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 immediately correlates with the severity of the accident you had. One of these protection will be useful for individuals who take part in athletic or outside actions with some bodily danger.
Hospital Indemnity Insurance coverage
One of these insurance coverage is designed to complement your medical 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 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 further 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
If you’re identified with a vital sickness, such a insurance coverage may also help cowl among the surprising bills that include that. Important sickness insurance coverage may also help with medical payments in addition to misplaced wages, further rehabilitation prices, journey to and from therapy, and extra. Colonial Life & Accident additionally affords an analogous sort 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, typically 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 Sort 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. Nonetheless, it’s unclear whether or not Colonial Life & Accident Insurance coverage affords riders on their insurance policies. You will have to speak to an agent on to be taught extra in regards to the rider choices they’ve obtainable.
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 sorts past conventional life insurance coverage. Critical accidents and sicknesses will be very costly to handle, and commonplace medical insurance protection in america will 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 essential a part of their enterprise. Colonial’s further incapacity, accident, and sickness insurance policies can provide the peace of thoughts you want if you’re involved about these further medical bills.
Monetary Rankings
One of the essential issues to contemplate 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 fame for being very financially secure. They presently 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 best score obtainable, it does point out that the Colonial Life & Accident Insurance coverage firm is dependable and will 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 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 evaluations from earlier prospects. Whereas everybody’s expertise is completely different, evaluations can provide you a normal concept of what you’ll be able to count on from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Blended Critiques From Their Clients.
They aren’t presently accredited by the Higher Enterprise Bureau. On-line evaluations for this firm typically complain about tough customer support experiences in addition to sluggish fee processing instances.
Nonetheless, 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 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 simple approach 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 approach 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 too can name their customer support crew immediately.
Many individuals like having a dependable insurance coverage agent they will name anytime points come up with their coverage. Nonetheless, in the event you want 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 precise coverage in your wants. Upon getting a coverage in place, the corporate does give the flexibility to file a declare and get different policyholder assist on-line.
The net 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 proper paperwork and data to file. As soon as your declare has gone via, you’ll be able to monitor it and they’ll deposit the funds immediately into your checking account.
Should you would favor 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. Nonetheless, this might lead to elevated claims processing instances.
Is Colonial Life & Accident Insurance coverage Firm Legit?
Colonial Life & Accident Insurance coverage Firm is a official insurance coverage supplier. They’ve an honest choice 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 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 selection in the event you’re additionally trying so as to add incapacity or accident insurance coverage on high of that. They’re additionally a very talked-about selection for employers who wish to present life insurance coverage protection for his or her workers.