The Colonial Life & Accident Insurance coverage Firm relies in South Carolina and has been in enterprise since 1939. They specialise in life insurance coverage but additionally supply different kinds of insurance coverage, reminiscent of 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 workers. Nevertheless, you can even buy insurance policies individually by way of their community of unbiased brokers all through the nation.
You could have many decisions 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 are going to check out the Colonial Life & Accident Insurance coverage Firm that can assist you decide if they’re an excellent match in 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 kinds of life insurance coverage in addition to different kinds of insurance coverage. Listed below are the kinds 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 affords. One of these life insurance coverage solely lasts for a selected variety of years – Colonial Life & Accident affords 10, 15, 20, and 30 12 months choices.
These insurance policies are easy and straightforward to buy and are an excellent 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 turning into financially unbiased or paying a mortgage off.
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 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 greatest for individuals who want long-term protection till the tip of their life. You can too 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 particular person, a complete life coverage isn’t going to be crucial.
Incapacity Insurance coverage
This firm additionally affords incapacity insurance coverage, which may change your revenue in the event you develop into disabled and can’t work at any level. Relying on what kind of coverage you’ve got, you’ll be able to get pleasure from 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. 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 sophisticated pregnancies and delivery.
Accident Insurance coverage
Accident insurance coverage affords protection for sudden accidents that trigger critical damage. One of these protection pays for medical payments, misplaced wages, and different sudden bills that will pop up after an accident. In the event 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. One of these protection may be useful for individuals who take part in athletic or out of doors actions with some bodily danger.
Hospital Indemnity Insurance coverage
One of these insurance coverage is designed to complement your medical 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 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 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 all the care that you just want.
Crucial Sickness Insurance coverage
In case you are identified with a important sickness, this sort of insurance coverage might help cowl a number of the sudden bills that include that. Crucial sickness insurance coverage might help with medical payments in addition to misplaced wages, further rehabilitation prices, journey to and from remedy, and extra. Colonial Life & Accident additionally affords 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 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 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 present medical insurance plan ensures that it is possible for you to to get the care you want if you want it.
What Sort of Riders does Colonial Life & Accident Insurance coverage Provide?
Many life insurance coverage corporations supply 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 study 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 varieties past conventional life insurance coverage. Severe accidents and diseases may be very costly to handle, and normal medical insurance protection in the USA may 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 further incapacity, accident, and sickness insurance policies can provide the peace of thoughts you want if you’re involved about these further medical bills.
Probably the most vital issues to contemplate when choosing an insurance coverage firm is its monetary scores. You need to be fully assured that your insurer can 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 status for being very financially steady. They at present keep an “A” score from A.M. Greatest, which is a company that assesses and charges the monetary stability of insurance coverage corporations. 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 may 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 Commonplace & Poor’s.
Evaluations 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 prospects. Whereas everybody’s expertise is totally different, evaluations can provide you a common concept of what you’ll be able to anticipate from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Combined Evaluations From Their Clients.
They don’t seem to be at present accredited by the Higher Enterprise Bureau. On-line evaluations for this firm usually complain about troublesome customer support experiences in addition to gradual fee processing instances.
Nevertheless, the NAIC Criticism 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 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 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 present doesn’t supply a straightforward approach to apply by way of their web site. Whereas their web site does have details about every kind of coverage they provide, they don’t have a fast approach to get a quote.
As an alternative, you’ll must 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 crew instantly.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nevertheless, in the event you want to deal with your coverage on-line, this might be irritating.
When you’ve discovered an agent, they might help you discover the fitting coverage in 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 simple. 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 way of, you’ll be able to monitor it and they’re going to deposit the funds instantly into your checking account.
In the event you would like to not file a declare on-line, Colonial Life does additionally mean you can 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 instances.
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 steady, though they’ve had some complaints from prospects about gradual payout instances 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 in the event you’re additionally wanting so as to add incapacity or accident insurance coverage on high of that. They’re additionally a very fashionable selection for employers who need to present life insurance coverage protection for his or her workers.