The Colonial Life & Accident Insurance coverage Firm is predicated in South Carolina and has been in enterprise since 1939. They focus on life insurance coverage but additionally provide 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 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 staff. Nevertheless, you can too buy insurance policies individually via their community of impartial brokers all through the nation.
You’ve got many decisions in terms of selecting a life insurance coverage firm, and it may be tough to find out which possibility 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 to your insurance coverage wants.
What Varieties 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 accessible.
Time period Life
Time period life insurance coverage insurance policies are essentially the most inexpensive sort of life insurance coverage coverage that this firm provides. This sort of life insurance coverage solely lasts for a particular variety of years – Colonial Life & Accident provides 10, 15, 20, and 30 12 months choices.
These insurance policies are easy and simple to buy and are an excellent possibility for most individuals. You may alter 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 turning into financially impartial or paying a mortgage off.
Complete Life
Colonial Life & Accident additionally provides 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 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. You too can use an entire life coverage as an funding automobile, and many individuals use them as a part of their wealth-building technique. Nevertheless, for the common individual, an entire life coverage isn’t going to be mandatory.
Incapacity Insurance coverage
This firm additionally provides incapacity insurance coverage, which might change your earnings in case you turn out to be 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 may specify the frequency of the payouts. This 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, sicknesses, and even difficult pregnancies and delivery.
Accident Insurance coverage
Accident insurance coverage provides protection for surprising accidents that trigger critical harm. This sort of protection will pay for medical payments, misplaced wages, and different surprising bills that will pop up after an accident. If you happen to do file a declare, your protection is often paid out in a lump sum that immediately correlates with the severity of the accident you had. This sort of protection will be useful for individuals who take part in athletic or out of doors actions with some bodily danger.
Hospital Indemnity Insurance coverage
This sort of 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. This sort of insurance coverage can fill the hole between your whole 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 further bodily remedy, diagnostic assessments, 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.
Vital Sickness Insurance coverage
If you’re identified with a vital sickness, this kind of insurance coverage can assist cowl a few of the surprising bills that include that. Vital sickness insurance coverage can assist with medical payments in addition to misplaced wages, further rehabilitation prices, journey to and from remedy, and extra. Colonial Life & Accident additionally provides an analogous sort 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 present 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 present 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. Nevertheless, 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 be taught extra concerning 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 sorts past conventional life insurance coverage. Severe accidents and sicknesses will be very costly to handle, and normal medical health insurance protection in the USA will be very restricted. Colonial Life & Accident Insurance coverage obtained their begin promoting accident insurance coverage again within the early twentieth century, so it stays an necessary 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 necessary 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 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 preserve an “A” ranking from A.M. Greatest, which is a corporation that assesses and charges the monetary stability of insurance coverage firms. Whereas an “A” ranking just isn’t the very best ranking accessible, 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 essentially 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.
Critiques 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 opinions from earlier prospects. Whereas everybody’s expertise is completely different, opinions may give you a basic concept of what you’ll be able to anticipate from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Combined Critiques From Their Clients.
They don’t seem to be at the moment accredited by the Higher Enterprise Bureau. On-line opinions for this firm typically complain about tough customer support experiences in addition to gradual fee processing instances.
Nevertheless, 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 essentially the most formal complaints from their prospects.
What’s the Utility 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 at the moment doesn’t provide a straightforward option 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 option to get a quote.
As an alternative, you’ll need to 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 staff immediately.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nevertheless, in case you favor to deal with your coverage on-line, this might be irritating.
When you’ve discovered an agent, they can assist you discover the suitable coverage to your wants. After you have a coverage in place, the corporate does give the power to file a declare and get different policyholder assist on-line.
The web 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 knowledge 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.
If you happen to would favor to not file a declare on-line, Colonial Life does additionally let you file claims via their customer support line and by faxing within the required claims paperwork. Nevertheless, this might lead to elevated claims processing instances.
Is Colonial Life & Accident Insurance coverage Firm Legit?
Colonial Life & Accident Insurance coverage Firm is a respectable insurance coverage supplier. They’ve a good choice 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 gradual payout instances and different customer support points.
General, Colonial Life & Accident Insurance coverage Firm is a dependable possibility for all times insurance coverage and is a very nice alternative in case you’re additionally wanting so as to add incapacity or accident insurance coverage on high of that. They’re additionally a very fashionable alternative for employers who need to present life insurance coverage protection for his or her staff.