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 supply different varieties 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 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. Nonetheless, it’s also possible to buy insurance policies individually via their community of unbiased brokers all through the nation.
You have got many selections with regards to choosing 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 will help you decide if they’re an excellent match on your insurance coverage wants.
What Sorts of Insurance coverage does Colonial Life & Accident Insurance coverage Supply?
Colonial Life & Accident Insurance coverage provides a number of varieties of life insurance coverage in addition to different varieties of insurance coverage. Listed here are the varieties 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 provides. This kind of life insurance coverage solely lasts for a selected variety of years – Colonial Life & Accident provides 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 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 youngsters turning into financially unbiased or paying a mortgage off.
Complete Life
Colonial Life & Accident additionally provides 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 element. After a sure level, you’ll now not must 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 can too 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 typical particular person, a complete life coverage isn’t going to be vital.
Incapacity Insurance coverage
This firm additionally provides incapacity insurance coverage, which may change your revenue for those who turn into disabled and can’t work at any level. Relying on what sort of coverage you’ve, 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 prefer to, and you’ll specify the frequency of the payouts. This kind of 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 difficult pregnancies and start.
Accident Insurance coverage
Accident insurance coverage provides protection for sudden accidents that trigger severe harm. This kind of protection will pay for medical payments, misplaced wages, and different sudden bills that will pop up after an accident. For those who do file a declare, your protection is often paid out in a lump sum that instantly correlates with the severity of the accident you had. This kind of protection will be useful for individuals who take part in athletic or outside actions with some bodily threat.
Hospital Indemnity Insurance coverage
This kind 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. This kind 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 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 all the care that you simply want.
Important Sickness Insurance coverage
If you’re identified with a vital sickness, such a insurance coverage might help cowl a few of the sudden bills that include that. Important sickness insurance coverage might help with medical payments in addition to misplaced wages, extra rehabilitation prices, journey to and from remedy, and extra. Colonial Life & Accident additionally provides an identical sort of insurance coverage for people identified 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 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 current medical insurance plan ensures that it is possible for you to to get the care you want whenever you want it.
What Sort of Riders does Colonial Life & Accident Insurance coverage Supply?
Many life insurance coverage firms supply riders that will help you additional customise your life insurance coverage coverage. Nonetheless, it’s unclear whether or not Colonial Life & Accident Insurance coverage provides riders on their insurance policies. You will want to speak to an agent on to study extra in regards to the rider choices they’ve obtainable.
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. Severe accidents and sicknesses will be very costly to handle, and customary medical insurance protection in the USA 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 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.
Monetary Rankings
Probably the most necessary issues to contemplate when choosing an insurance coverage firm is its monetary rankings. You need to be fully assured that your insurer will probably 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 repute 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 firms. Whereas an “A” score shouldn’t be the very 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. Greatest is arguably probably the most trusted firm that charges the monetary stability of insurers, there are others that accomplish that 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.
Evaluations of Colonial Life & Accident Insurance coverage Firm
One other good strategy 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 totally different, critiques 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 Blended Evaluations From Their Prospects.
They aren’t at the moment 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 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 firms 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 strategy 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 strategy 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, it’s also possible to name their customer support group instantly.
Many individuals like having a dependable insurance coverage agent they will name anytime points come up with their coverage. Nonetheless, for those who favor to deal with your coverage on-line, this might be irritating.
When you’ve discovered an agent, they might help you discover the correct 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 net declare submitting system that Colonial Life provides 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 via, you’ll be able to observe it and they’ll deposit the funds instantly into your checking account.
For those who would favor to not file a declare on-line, Colonial Life does additionally mean you can file claims via 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 official insurance coverage supplier. They’ve an honest 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 prospects about sluggish payout occasions 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 for those who’re additionally wanting so as to add incapacity or accident insurance coverage on prime of that. They’re additionally a very fashionable alternative for employers who wish to present life insurance coverage protection for his or her workers.
