The Colonial Life & Accident Insurance coverage Firm relies 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, 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 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. Nonetheless, you may as well buy insurance policies individually by way of their community of unbiased brokers all through the nation.
You could have 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 are going to check out the Colonial Life & Accident Insurance coverage Firm that can assist you decide if they’re a superb match to your insurance coverage wants.
What Kinds of Insurance coverage does Colonial Life & Accident Insurance coverage Provide?
Colonial Life & Accident Insurance coverage gives a number of varieties of life insurance coverage in addition to different varieties of insurance coverage. Listed below are the varieties of insurance policies out there.
Time period Life
Time period life insurance coverage insurance policies are probably the most inexpensive kind of life insurance coverage coverage that this firm gives. Such a life insurance coverage solely lasts for a particular variety of years – Colonial Life & Accident gives 10, 15, 20, and 30 12 months choices.
These insurance policies are easy and simple to buy and are a superb 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 top of their time period life insurance coverage coverage to coincide with their children changing into financially unbiased or paying a mortgage off.
Complete Life
Colonial Life & Accident additionally gives 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 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 entire 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 top of their life. You too can use an entire life coverage as an funding automobile, and many individuals use them as a part of their wealth-building technique. Nonetheless, for the common individual, an entire life coverage isn’t going to be vital.
Incapacity Insurance coverage
This firm additionally gives incapacity insurance coverage, which may exchange your revenue if you happen to develop into disabled and can’t work at any level. Relying on what kind of coverage you could have, you possibly can take pleasure in short- or long-term advantages.
With incapacity insurance coverage, you should utilize your payouts for any bills you want to, and you’ll specify the frequency of the payouts. Such a insurance coverage can be utilized for any medical situation that may render you unable to work, together with severe accidents, main surgical procedures, diseases, and even difficult pregnancies and start.
Accident Insurance coverage
Accident insurance coverage gives protection for sudden accidents that trigger severe harm. Such a protection will pay 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 straight correlates with the severity of the accident you had. Such a protection may be useful for individuals who take part in athletic or out of doors actions with some bodily threat.
Hospital Indemnity Insurance coverage
Such a insurance coverage is designed to complement your medical insurance plan. It covers most hospital stays in addition to some surgical procedures and associated bills. Such a insurance coverage can fill the hole between your whole 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 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 simply want.
Crucial Sickness Insurance coverage
In case you are identified with a crucial sickness, the sort of insurance coverage might help cowl among the sudden bills that include that. Crucial sickness insurance coverage might help with medical payments in addition to misplaced wages, extra rehabilitation prices, journey to and from therapy, and extra. Colonial Life & Accident additionally gives the same 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 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 insurance plan ensures that it is possible for you to to get the care you want once 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. Nonetheless, it’s unclear whether or not Colonial Life & Accident Insurance coverage gives 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 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. Critical accidents and diseases may be very costly to handle, and commonplace medical insurance protection in the US may be very restricted. Colonial Life & Accident Insurance coverage bought 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 Rankings
One of the vital vital issues to think about when choosing an insurance coverage firm is its monetary rankings. You need to be utterly assured that your insurer might 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 repute for being very financially steady. They presently 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 may 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 accomplish that as properly. Colonial Life & Accident Insurance coverage Firm additionally has an A3 ranking from Moody’s, an A- from Fitch, and an A from Normal & Poor’s.
Critiques of Colonial Life & Accident Insurance coverage Firm
One other good strategy to decide if a life insurance coverage firm is best for you is by taking a look at opinions from earlier clients. Whereas everybody’s expertise is totally different, opinions can provide you a normal thought of what you possibly can count on 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 opinions for this firm usually complain about tough customer support experiences in addition to sluggish fee processing instances.
Nonetheless, the NAIC Grievance Index reveals that Colonial Life & Accident Insurance coverage Firm receives fewer complaints than its opponents. 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 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 presently doesn’t supply a straightforward strategy 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 strategy 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 may as well name their customer support crew straight.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nonetheless, if you happen to want to deal with your coverage on-line, this might be irritating.
When you’ve discovered an agent, they might help you discover the appropriate coverage to your wants. Upon getting a coverage in place, the corporate does give the flexibility to file a declare and get different policyholder assist on-line.
The net declare submitting system that Colonial Life gives 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 way of, you possibly can monitor it and they’ll deposit the funds straight into your checking account.
In the event you would favor to not file a declare on-line, Colonial Life does additionally assist you to file claims by way of their customer support line and by faxing within the required claims paperwork. Nonetheless, this might lead to elevated claims processing instances.
Is Colonial Life & Accident Insurance coverage Firm Legit?
Colonial Life & Accident Insurance coverage Firm is a reliable 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 steady, though they’ve had some complaints from clients about sluggish 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 alternative if you happen to’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 wish to present life insurance coverage protection for his or her staff.
