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 sorts of insurance coverage, corresponding 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 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. Nevertheless, you may as well buy insurance policies individually by way of their community of impartial brokers all through the nation.
You could have many decisions in relation to selecting a life insurance coverage firm, and it may be tough 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 great match to your insurance coverage wants.
What Varieties of Insurance coverage does Colonial Life & Accident Insurance coverage Provide?
Colonial Life & Accident Insurance coverage affords a number of sorts of life insurance coverage in addition to different sorts of insurance coverage. Listed here are the sorts of insurance policies out there.
Time period Life
Time period life insurance coverage insurance policies are probably the most inexpensive sort of life insurance coverage coverage that this firm affords. The sort of life insurance coverage solely lasts for a selected variety of years – Colonial Life & Accident affords 10, 15, 20, and 30 yr choices.
These insurance policies are easy and straightforward to buy and are a great 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 top of their time period life insurance coverage coverage to coincide with their children turning into financially impartial or paying a mortgage off.
Entire Life
Colonial Life & Accident additionally affords 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 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 dearer.
These insurance policies are finest for individuals who want long-term protection till the top of their life. You may also use a complete life coverage as an funding automobile, and many individuals use them as a part of their wealth-building technique. Nevertheless, for the typical individual, a complete life coverage isn’t going to be essential.
Incapacity Insurance coverage
This firm additionally affords incapacity insurance coverage, which may substitute your earnings in case you turn out to be disabled and can’t work at any level. Relying on what sort of coverage you could have, you possibly can take pleasure in short- or long-term advantages.
With incapacity insurance coverage, you should use your payouts for any bills you desire to, and you’ll 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, sicknesses, and even sophisticated pregnancies and delivery.
Accident Insurance coverage
Accident insurance coverage affords protection for sudden accidents that trigger critical damage. The sort of protection will pay for medical payments, misplaced wages, and different sudden bills which will pop up after an accident. Should 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 will be useful for individuals who take part in athletic or out of doors actions with some bodily threat.
Hospital Indemnity Insurance coverage
The 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. The sort of 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 received’t essentially cowl different bills associated to them. For instance, many individuals want extra 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 the entire care that you just want.
Crucial Sickness Insurance coverage
In case you are identified with a essential sickness, such a insurance coverage may help cowl among the sudden bills that include that. Crucial sickness insurance coverage may help with medical payments in addition to misplaced wages, extra rehabilitation prices, journey to and from remedy, and extra. Colonial Life & Accident additionally affords the same 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 current medical health 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 health 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 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 affords riders on their insurance policies. You will want to speak to an agent on to be taught extra in regards to the rider choices they’ve out there.
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 sorts past conventional life insurance coverage. Critical accidents and sicknesses will be very costly to handle, and commonplace medical health insurance protection in america 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 vital a part of their enterprise. Colonial’s extra incapacity, accident, and sickness insurance policies can provide the peace of thoughts you want if you’re involved about these extra medical bills.
Monetary Rankings
One of the vital issues to think about when choosing 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 popularity for being very financially secure. They presently preserve an “A” ranking from A.M. Greatest, which is a corporation that assesses and charges the monetary stability of insurance coverage corporations. Whereas an “A” ranking shouldn’t be the very best ranking out there, 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 effectively. 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 strategy to decide if a life insurance coverage firm is best for you is by opinions from earlier clients. Whereas everybody’s expertise is totally different, opinions can provide you a normal concept of what you possibly can count on from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Blended Critiques From Their Clients.
They don’t seem to be presently accredited by the Higher Enterprise Bureau. On-line opinions for this firm typically complain about tough customer support experiences in addition to sluggish fee processing occasions.
Nevertheless, the NAIC Grievance 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 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 presently doesn’t provide a simple strategy 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 strategy to get a quote.
As a substitute, 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 may as well name their customer support crew instantly.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nevertheless, in case you want to deal with your coverage on-line, this might be irritating.
When you’ve discovered an agent, they may help you discover the proper 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 help on-line.
The net declare submitting system that Colonial Life affords is pretty easy. It walks you thru the steps of submitting a declare and helps you discover the proper paperwork and data to file. As soon as your declare has gone by way of, you possibly can monitor it and they’ll deposit the funds instantly into your checking account.
Should you would favor to not file a declare on-line, Colonial Life does additionally permit you to file claims by way of their customer support line and by faxing within the required claims paperwork. Nevertheless, this might lead to elevated claims processing occasions.
Is Colonial Life & Accident Insurance coverage Firm Legit?
Colonial Life & Accident Insurance coverage Firm is a reputable 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 secure, though they’ve had some complaints from clients about sluggish payout occasions 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 case you’re additionally trying 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.
