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 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 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 by their community of unbiased brokers all through the nation.
You might have many decisions relating 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 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 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 here are the sorts 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 presents. One of these life insurance coverage solely lasts for a particular variety of years – Colonial Life & Accident presents 10, 15, 20, and 30 yr choices.
These insurance policies are easy and simple to buy and are a very good 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 costlier.
These insurance policies are greatest for individuals who want long-term protection till the tip 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 presents incapacity insurance coverage, which may substitute your revenue if you happen to turn out to be disabled and can’t work at any level. Relying on what sort of coverage you might have, you may get pleasure from short- or long-term advantages.
With incapacity insurance coverage, you should utilize your payouts for any bills you prefer to, and you may specify the frequency of the payouts. One of these insurance coverage can be utilized for any medical situation that will render you unable to work, together with severe accidents, main surgical procedures, sicknesses, and even difficult pregnancies and delivery.
Accident Insurance coverage
Accident insurance coverage presents protection for sudden accidents that trigger severe harm. One of these protection pays 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. One of these protection could 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 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 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 just want.
Important Sickness Insurance coverage
In case you are identified with a crucial sickness, this sort of insurance coverage may help cowl a few of the sudden bills that include that. Important sickness insurance coverage may help with medical payments in addition to misplaced wages, extra rehabilitation prices, journey to and from therapy, and extra. Colonial Life & Accident additionally presents the same 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 present 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, 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 while you want it.
What Type 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. 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 concerning 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 varieties past conventional life insurance coverage. Critical accidents and sicknesses could be very costly to handle, and commonplace medical insurance protection in the USA could 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 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 Scores
One of the vital issues to think about when deciding on an insurance coverage firm is its monetary rankings. You need to be utterly assured that your insurer can 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 status for being very financially secure. They presently preserve 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 very best score obtainable, 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 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 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 common concept of what you may anticipate from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Blended Evaluations From Their Prospects.
They aren’t presently accredited by the Higher Enterprise Bureau. On-line opinions for this firm typically 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 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 presently doesn’t supply a simple option to apply by 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 must 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 workforce instantly.
Many individuals like having a dependable insurance coverage agent they will name anytime points come up with their coverage. Nonetheless, if you happen to choose to deal with your coverage on-line, this could possibly be irritating.
When you’ve discovered an agent, they may help you discover the precise coverage on your wants. After 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 presents 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, you may observe it and they’ll deposit the funds instantly into your checking account.
When you would favor to not file a declare on-line, Colonial Life does additionally permit you to file claims by 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 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 clients about gradual 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 if you happen to’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 want to present life insurance coverage protection for his or her workers.
