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 varieties 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, you too can buy insurance policies individually by means of their community of unbiased brokers all through the nation.
You’ve got many selections in terms of choosing a life insurance coverage firm, and it may be tough to find out which choice 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 very good 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 out there.
Time period Life
Time period life insurance coverage insurance policies are essentially the most reasonably priced kind 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 yr choices.
These insurance policies are easy and simple to buy and are a very good choice for most individuals. You’ll be able to 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.
Complete Life
Colonial Life & Accident additionally provides 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 now not have to 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 tip of their life. You can even 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 mandatory.
Incapacity Insurance coverage
This firm additionally provides incapacity insurance coverage, which might change your earnings for those who turn into disabled and can’t work at any level. Relying on what kind of coverage you have got, 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 may specify the frequency of the payouts. This sort of insurance coverage can be utilized for any medical situation that will 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. Should you do file a declare, your protection is usually 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 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 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 be sure you get all the care that you just want.
Important Sickness Insurance coverage
In case you are identified with a important sickness, this kind of insurance coverage may help cowl a few of the surprising 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 provides an analogous kind of insurance coverage for people identified 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 current 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, usually with out warning. Utilizing dental and imaginative and prescient insurance coverage to complement your current medical insurance plan ensures that it is possible for you to to get the care you want once you want it.
What Type 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. Nonetheless, 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 study 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 sicknesses will be very costly to handle, and commonplace medical insurance protection in the US will 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 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 Scores
One of the vital vital issues to think about when choosing an insurance coverage firm is its monetary rankings. You wish to be fully 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 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 shouldn’t be the best score 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 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 Customary & Poor’s.
Critiques of Colonial Life & Accident Insurance coverage Firm
One other good method to decide if a life insurance coverage firm is best for you is by taking a look at evaluations from earlier clients. Whereas everybody’s expertise is totally different, evaluations can provide you a normal thought of what you may anticipate from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Blended Critiques From Their Clients.
They aren’t presently accredited by the Higher Enterprise Bureau. On-line evaluations for this firm usually complain about tough customer support experiences in addition to sluggish fee processing occasions.
Nonetheless, 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 essentially 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 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 presently doesn’t provide a simple method to apply by means of their web site. Whereas their web site does have details about every kind of coverage they provide, they don’t have a fast method to get a quote.
As an alternative, you’ll must 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 too can name their customer support crew immediately.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nonetheless, for those who desire to deal with your coverage on-line, this may very well be irritating.
When you’ve discovered an agent, they may help you discover the appropriate coverage to your wants. After you have a coverage in place, the corporate does give the flexibility to file a declare and get different policyholder help 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 proper paperwork and knowledge to file. As soon as your declare has gone by means of, you may monitor it and they’re going to deposit the funds immediately into your checking account.
Should you would favor to not file a declare on-line, Colonial Life does additionally let you file claims by means of their customer support line and by faxing within the required claims paperwork. Nonetheless, this might lead to elevated claims processing occasions.
Is Colonial Life & Accident Insurance coverage Firm Legit?
Colonial Life & Accident Insurance coverage Firm is a official 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 sluggish 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 selection for those who’re additionally wanting so as to add incapacity or accident insurance coverage on high of that. They’re additionally a very talked-about selection for employers who wish to present life insurance coverage protection for his or her workers.
