The Colonial Life & Accident Insurance coverage Firm is predicated in South Carolina and has been in enterprise since 1939. They concentrate on life insurance coverage but additionally provide different kinds of insurance coverage, equivalent 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 have been run as an impartial firm till 1993 after 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 impartial brokers all through the nation.
You will have many decisions relating 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 will help you decide if they’re an excellent match to your insurance coverage wants.
What Sorts of Insurance coverage does Colonial Life & Accident Insurance coverage Supply?
Colonial Life & Accident Insurance coverage affords a number of kinds of life insurance coverage in addition to different kinds of insurance coverage. Listed here are the kinds of insurance policies out there.
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 affords. This sort of life insurance coverage solely lasts for a particular variety of years – Colonial Life & Accident affords 10, 15, 20, and 30 yr choices.
These insurance policies are easy and simple to buy and are an excellent choice for most individuals. You’ll be able to modify 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 impartial or paying a mortgage off.
Complete Life
Colonial Life & Accident additionally affords 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 dearer.
These insurance policies are finest for individuals who want long-term protection till the tip of their life. You can even 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 individual, a complete life coverage isn’t going to be essential.
Incapacity Insurance coverage
This firm additionally affords incapacity insurance coverage, which might change your earnings for those who grow to be disabled and can’t work at any level. Relying on what sort of coverage you have got, you possibly can take pleasure in short- or long-term advantages.
With incapacity insurance coverage, you should 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 severe accidents, main surgical procedures, diseases, and even sophisticated pregnancies and start.
Accident Insurance coverage
Accident insurance coverage affords protection for surprising accidents that trigger severe harm. This sort of protection will pay for medical payments, misplaced wages, and different surprising bills which will pop up after an accident. When you 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 sort of protection could be useful for individuals who take part in athletic or outside actions with some bodily threat.
Hospital Indemnity Insurance coverage
This sort 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 sort of insurance coverage can fill the hole between your complete 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 further bodily remedy, diagnostic checks, 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 simply want.
Important Sickness Insurance coverage
In case you are recognized with a vital sickness, this sort of insurance coverage will help cowl a few of the surprising bills that include that. Important 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 affords the same sort of insurance coverage for people recognized with most cancers.
Dental & Imaginative and prescient Insurance coverage
Sadly, most conventional medical 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 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 whenever you want it.
What Form of Riders does Colonial Life & Accident Insurance coverage Supply?
Many life insurance coverage firms provide riders that will help 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 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. Critical accidents and diseases could be very costly to handle, and normal medical insurance protection in the US could 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 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 contemplate when choosing an insurance coverage firm is its monetary scores. You need to be fully assured that your insurer will probably 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 present keep an “A” score from A.M. Greatest, which is a corporation that assesses and charges the monetary stability of insurance coverage firms. Whereas an “A” score isn’t the very best score out there, 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. Greatest is arguably probably 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 score from Moody’s, an A- from Fitch, and an A from Customary & Poor’s.
Critiques 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 taking a look at critiques from earlier prospects. Whereas everybody’s expertise is totally different, critiques may give you a common concept of what you possibly can anticipate 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 at present accredited by the Higher Enterprise Bureau. On-line critiques for this firm typically complain about tough customer support experiences in addition to gradual 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 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 by means 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 at present doesn’t provide a straightforward 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 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 can even 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. Nevertheless, for those who want 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 appropriate 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 net declare submitting system that Colonial Life affords is pretty simple. It walks you thru the steps of submitting a declare and helps you discover the proper paperwork and knowledge to file. As soon as your declare has gone by means of, you possibly can 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 help you file claims by means 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 authentic insurance coverage supplier. They’ve a good 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 prospects about gradual 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 alternative for those who’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 need to present life insurance coverage protection for his or her staff.
