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 in addition supply different varieties 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 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. Nonetheless, you may as well buy insurance policies individually by their community of impartial brokers all through the nation.
You may have many selections on the subject of selecting a life insurance coverage firm, and it may be troublesome 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 on your insurance coverage wants.
What Kinds of Insurance coverage does Colonial Life & Accident Insurance coverage Supply?
Colonial Life & Accident Insurance coverage presents a number of varieties of life insurance coverage in addition to different varieties of insurance coverage. Listed below are the varieties of insurance policies obtainable.
Time period Life
Time period life insurance coverage insurance policies are probably the most inexpensive sort of life insurance coverage coverage that this firm presents. The sort of life insurance coverage solely lasts for a particular variety of years – Colonial Life & Accident presents 10, 15, 20, and 30 12 months choices.
These insurance policies are easy and simple to buy and are a very good 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 changing into financially impartial or paying a mortgage off.
Entire Life
Colonial Life & Accident additionally presents 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 must 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 top of their life. You too can use an entire life coverage as an funding car, and many individuals use them as a part of their wealth-building technique. Nonetheless, for the typical individual, an entire life coverage isn’t going to be essential.
Incapacity Insurance coverage
This firm additionally presents incapacity insurance coverage, which may change your revenue should you turn into disabled and can’t work at any level. Relying on what sort of coverage you’ve gotten, you’ll be able to get pleasure from short- or long-term advantages.
With incapacity insurance coverage, you should utilize 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 may render you unable to work, together with critical accidents, main surgical procedures, diseases, and even sophisticated pregnancies and delivery.
Accident Insurance coverage
Accident insurance coverage presents protection for sudden accidents that trigger critical harm. The sort of protection pays for medical payments, misplaced wages, and different sudden bills which 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. The sort of protection might be useful for individuals who take part in athletic or out of doors actions with some bodily danger.
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 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 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 remember to get the entire care that you just want.
Essential Sickness Insurance coverage
If you’re identified with a vital sickness, this kind of insurance coverage can assist cowl a number of the sudden bills that include that. Essential sickness insurance coverage can assist with medical payments in addition to misplaced wages, extra rehabilitation prices, journey to and from remedy, and extra. Colonial Life & Accident additionally presents 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 supply 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 therapies in addition to eyeglasses and different imaginative and prescient therapies.
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 present medical health insurance plan ensures that it is possible for you to to get the care you want once you want it.
What Form 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. Nonetheless, it’s unclear whether or not Colonial Life & Accident Insurance coverage presents riders on their insurance policies. You will have to speak to an agent on to study extra in regards to the rider choices they’ve obtainable.
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 might be very costly to handle, and customary medical health insurance protection in the USA might 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 essential 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 essential issues to think about when choosing an insurance coverage firm is its monetary rankings. You wish to be utterly assured that your insurer will probably 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 popularity for being very financially steady. They presently keep an “A” score from A.M. Finest, which is a corporation that assesses and charges the monetary stability of insurance coverage corporations. Whereas an “A” score shouldn’t be the best score obtainable, it does point out that the Colonial Life & Accident Insurance coverage firm is dependable and might be trusted to pay their claims.
Whereas A.M. Finest is arguably probably the most trusted firm that charges the monetary stability of insurers, there are others that accomplish that as nicely. Colonial Life & Accident Insurance coverage Firm additionally has an A3 score 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 approach 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 may give you a normal concept of what you’ll be able to 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 presently accredited by the Higher Enterprise Bureau. On-line evaluations for this firm usually complain about troublesome 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 corporations obtain probably the most formal complaints from their clients.
What’s the Utility Course of for Colonial Life & Accident Insurance coverage Firm?
Colonial Life & Accident Insurance coverage Firm sells their insurance policies by 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 supply a simple approach to apply by their web site. Whereas their web site does have details about every sort of coverage they provide, they don’t have a fast approach to get a quote.
As an alternative, you’ll should 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 may as well name their customer support group immediately.
Many individuals like having a dependable insurance coverage agent they will name anytime points come up with their coverage. Nonetheless, should you desire to deal with your coverage on-line, this could possibly be irritating.
When you’ve discovered an agent, they can assist you discover the appropriate 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 presents is pretty simple. 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, you’ll be able to observe it and they’re going to 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 will let you file claims by their customer support line and by faxing within the required claims paperwork. Nonetheless, this might end in elevated claims processing occasions.
Is Colonial Life & Accident Insurance coverage Firm Legit?
Colonial Life & Accident Insurance coverage Firm is a legit 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 steady, 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 alternative should you’re additionally wanting so as to add incapacity or accident insurance coverage on prime of that. They’re additionally a highly regarded alternative for employers who want to present life insurance coverage protection for his or her staff.
