The Colonial Life & Accident Insurance coverage Firm relies in South Carolina and has been in enterprise since 1939. They specialise in life insurance coverage but in addition supply different sorts 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 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 workers. Nonetheless, you can too buy insurance policies individually by way of their community of impartial brokers all through the nation.
You may have many selections relating to choosing 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 a very good match on your insurance coverage wants.
What Varieties of Insurance coverage does Colonial Life & Accident Insurance coverage Supply?
Colonial Life & Accident Insurance coverage gives a number of sorts of life insurance coverage in addition to different sorts of insurance coverage. Listed here are the sorts of insurance policies accessible.
Time period Life
Time period life insurance coverage insurance policies are probably the most inexpensive sort of life insurance coverage coverage that this firm gives. The sort of life insurance coverage solely lasts for a particular variety of years – Colonial Life & Accident gives 10, 15, 20, and 30 yr choices.
These insurance policies are easy and straightforward to buy and are a very good possibility for most individuals. You may regulate 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.
Complete Life
Colonial Life & Accident additionally gives 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 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 finest for individuals who want long-term protection till the top 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. Nonetheless, for the common individual, a complete life coverage isn’t going to be crucial.
Incapacity Insurance coverage
This firm additionally gives incapacity insurance coverage, which may substitute your earnings should you grow to be disabled and can’t work at any level. Relying on what sort of coverage you’ve, 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 prefer to, and you may specify the frequency of the payouts. The sort of insurance coverage can be utilized for any medical situation that might render you unable to work, together with critical accidents, main surgical procedures, diseases, and even sophisticated pregnancies and delivery.
Accident Insurance coverage
Accident insurance coverage gives protection for sudden accidents that trigger critical harm. The sort of protection will pay for medical payments, misplaced wages, and different sudden bills that will pop up after an accident. When 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. The sort of protection may be useful for individuals who take part in athletic or outside actions with some bodily danger.
Hospital Indemnity Insurance coverage
The 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. The 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 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 the entire care that you simply want.
Crucial Sickness Insurance coverage
If you’re recognized with a vital sickness, one of these insurance coverage may also help cowl a few of the sudden bills that include that. Crucial 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 gives an identical sort of insurance coverage for people recognized with most cancers.
Dental & Imaginative and prescient Insurance coverage
Sadly, most conventional medical 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 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 current medical insurance plan ensures that it is possible for you to to get the care you want whenever you want it.
What Form of Riders does Colonial Life & Accident Insurance coverage Supply?
Many life insurance coverage corporations supply riders that can assist you additional customise your life insurance coverage coverage. Nonetheless, it’s unclear whether or not Colonial Life & Accident Insurance coverage gives riders on their insurance policies. You have to to speak to an agent on to be taught extra in regards to the rider choices they’ve accessible.
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 diseases may be very costly to handle, and commonplace medical insurance protection in the US may 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 vital 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
Some of the vital issues to think about when choosing an insurance coverage firm is its monetary scores. 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 present preserve an “A” ranking from A.M. Greatest, which is a company that assesses and charges the monetary stability of insurance coverage corporations. Whereas an “A” ranking just isn’t the best ranking accessible, 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. Greatest 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 ranking from Moody’s, an A- from Fitch, and an A from Commonplace & Poor’s.
Evaluations of Colonial Life & Accident Insurance coverage Firm
One other good option to decide if a life insurance coverage firm is best for you is by taking a look at opinions from earlier clients. Whereas everybody’s expertise is totally different, opinions may give you a basic thought of what you’ll be able to count on from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Combined Evaluations From Their Clients.
They aren’t at present accredited by the Higher Enterprise Bureau. On-line opinions for this firm usually complain about troublesome customer support experiences in addition to gradual cost processing occasions.
Nonetheless, 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 probably 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 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 at present doesn’t supply a straightforward option to apply by way of their web site. Whereas their web site does have details about every sort of coverage they provide, they don’t have a fast option to get a quote.
As a substitute, 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 too name their customer support group instantly.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nonetheless, should you favor 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 correct coverage on your wants. After you have 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 gives is pretty easy. 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 monitor it and they’re going to deposit the funds instantly into your checking account.
When you would favor to not file a declare on-line, Colonial Life does additionally can help you file claims by way of their customer support line and by faxing within the required claims paperwork. Nonetheless, this might end in 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 secure, though they’ve had some complaints from clients about gradual 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 should you’re additionally wanting so as to add incapacity or accident insurance coverage on prime of that. They’re additionally a highly regarded selection for employers who want to present life insurance coverage protection for his or her workers.
