The Colonial Life & Accident Insurance coverage Firm is predicated in South Carolina and has been in enterprise since 1939. They specialise in life insurance coverage but in addition provide different sorts 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 have been run as an unbiased firm till 1993 after they have 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 means of their community of unbiased brokers all through the nation.
You will have many selections in terms of selecting a life insurance coverage firm, and it may be troublesome 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 on your insurance coverage wants.
What Forms of Insurance coverage does Colonial Life & Accident Insurance coverage Supply?
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 essentially the most inexpensive 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 straightforward to buy and are an excellent choice 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 tip of their time period life insurance coverage coverage to coincide with their youngsters changing into financially unbiased or paying a mortgage off.
Complete 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 element. After a sure level, you’ll not must 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 greatest for individuals who want long-term protection till the tip of their life. You may as well use an entire life coverage as an funding automobile, and many individuals use them as a part of their wealth-building technique. Nonetheless, for the typical particular person, an entire life coverage isn’t going to be obligatory.
Incapacity Insurance coverage
This firm additionally presents incapacity insurance coverage, which might substitute your earnings in the event you develop into disabled and can’t work at any level. Relying on what kind of coverage you’ve gotten, you possibly can take pleasure in short- or long-term advantages.
With incapacity insurance coverage, you should utilize your payouts for any bills you want to, and you’ll 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 severe accidents, main surgical procedures, sicknesses, and even sophisticated pregnancies and beginning.
Accident Insurance coverage
Accident insurance coverage presents protection for sudden accidents that trigger severe damage. One of these protection pays for medical payments, misplaced wages, and different sudden bills that will pop up after an accident. In case 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 could be useful for individuals who take part in athletic or out of doors actions with some bodily threat.
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 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 be sure you get the entire care that you simply want.
Essential Sickness Insurance coverage
In case you are identified with a crucial sickness, this kind of insurance coverage will help cowl a number of the sudden bills that include that. Essential 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 identical 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 provide 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 Sort of Riders does Colonial Life & Accident Insurance coverage Supply?
Many life insurance coverage firms 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 presents 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 sicknesses could be very costly to handle, and commonplace medical health insurance protection in the US could 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 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.
Monetary Rankings
Some of the essential issues to contemplate when deciding on an insurance coverage firm is its monetary rankings. You need to be fully assured that your insurer will likely 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 status for being very financially steady. They at present keep an “A” score from A.M. Finest, which is a company that assesses and charges the monetary stability of insurance coverage firms. Whereas an “A” score just isn’t the very 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 effectively. 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.
Evaluations of Colonial Life & Accident Insurance coverage Firm
One other good technique 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 common thought of what you possibly can anticipate from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Combined Evaluations From Their Clients.
They don’t seem to be at present accredited by the Higher Enterprise Bureau. On-line critiques for this firm typically complain about troublesome customer support experiences in addition to sluggish cost 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 firms obtain essentially 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 by means of 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 present doesn’t provide a simple technique to apply by means of their web site. Whereas their web site does have details about every kind of coverage they provide, they don’t have a fast technique to get a quote.
As an alternative, you’ll should 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 can too name their customer support workforce immediately.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nonetheless, in the event you desire 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 best 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 presents is pretty simple. It walks you thru the steps of submitting a declare and helps you discover the proper paperwork and knowledge to file. As soon as your declare has gone by means of, you possibly can observe it and they’re going to deposit the funds immediately into your checking account.
In case you would like to not file a declare on-line, Colonial Life does additionally assist you to file claims by means of 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 authentic 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 steady, though they’ve had some complaints from clients about sluggish payout instances and different customer support points.
Total, 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 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 workers.