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 sorts of insurance coverage, resembling 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 once they have 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 even buy insurance policies individually by means of their community of unbiased brokers all through the nation.
You will have many selections with regards to choosing a life insurance coverage firm, and it may be troublesome to find out which possibility 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 a great 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 sorts of life insurance coverage in addition to different sorts of insurance coverage. Listed below are the sorts of insurance policies out there.
Time period Life
Time period life insurance coverage insurance policies are essentially the most reasonably priced sort of life insurance coverage coverage that this firm provides. One of these 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 a great possibility 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 children changing into financially unbiased or paying a mortgage off.
Entire 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 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 finest 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 automobile, and many individuals use them as a part of their wealth-building technique. Nevertheless, for the common particular person, a complete life coverage isn’t going to be needed.
Incapacity Insurance coverage
This firm additionally provides incapacity insurance coverage, which might change your earnings in case you grow to be disabled and can’t work at any level. Relying on what sort of coverage you may have, you may take pleasure in short- or long-term advantages.
With incapacity insurance coverage, you should use 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 may render you unable to work, together with critical accidents, main surgical procedures, diseases, and even difficult pregnancies and start.
Accident Insurance coverage
Accident insurance coverage provides protection for sudden accidents that trigger critical harm. One of these protection will pay for medical payments, misplaced wages, and different sudden bills which will pop up after an accident. In case you 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. One of these protection will 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 further 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 all the care that you just want.
Crucial Sickness Insurance coverage
If you’re recognized with a crucial sickness, any such insurance coverage will help cowl a few of the sudden bills that include that. Crucial sickness insurance coverage will help with medical payments in addition to misplaced wages, further rehabilitation prices, journey to and from therapy, and extra. Colonial Life & Accident additionally provides the same sort of insurance coverage for people recognized with most cancers.
Dental & Imaginative and prescient Insurance coverage
Sadly, most conventional medical health 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 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, usually 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 whenever you want it.
What Sort of Riders does Colonial Life & Accident Insurance coverage Supply?
Many life insurance coverage corporations supply riders that will help 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 have to speak to an agent on to be taught extra concerning the rider choices they’ve out there.
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 diseases will be very costly to handle, and commonplace 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 in case you are involved about these further medical bills.
Monetary Scores
One of the necessary issues to think about when deciding on an insurance coverage firm is its monetary scores. You need to be utterly assured that your insurer shall 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 at the moment keep 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 will not be the 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 essentially the most trusted firm that charges the monetary stability of insurers, there are others that achieve this as nicely. 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.
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 evaluations from earlier prospects. Whereas everybody’s expertise is completely different, evaluations may give you a normal concept of what you may count on from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Blended Evaluations From Their Clients.
They aren’t at the moment accredited by the Higher Enterprise Bureau. On-line evaluations for this firm usually complain about troublesome customer support experiences in addition to sluggish cost 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 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 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 the moment doesn’t supply a simple technique to apply by means of their web site. Whereas their web site does have details about every sort of coverage they provide, they don’t have a fast technique 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, you can even name their customer support workforce immediately.
Many individuals like having a dependable insurance coverage agent they will name anytime points come up with their coverage. Nevertheless, in case you choose 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 correct coverage on 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 provides 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 means of, you may monitor it and they’ll deposit the funds immediately into your checking account.
In case you would like to not file a declare on-line, Colonial Life does additionally help you file claims by means of their customer support line and by faxing within the required claims paperwork. Nevertheless, this might end in elevated claims processing occasions.
Is Colonial Life & Accident Insurance coverage Firm Legit?
Colonial Life & Accident Insurance coverage Firm is a authentic 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 secure, 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 possibility 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 high of that. They’re additionally a very fashionable selection for employers who want to present life insurance coverage protection for his or her staff.
