The Colonial Life & Accident Insurance coverage Firm relies in South Carolina and has been in enterprise since 1939. They focus on life insurance coverage but additionally supply different forms of insurance coverage, resembling 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. Nevertheless, 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 the case of selecting a life insurance coverage firm, and it may be tough to find out which possibility 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 a great match on your insurance coverage wants.
What Forms of Insurance coverage does Colonial Life & Accident Insurance coverage Supply?
Colonial Life & Accident Insurance coverage affords a number of forms of life insurance coverage in addition to different forms of insurance coverage. Listed here are the forms of insurance policies accessible.
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. Any such 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 simple to buy and are a great possibility for most individuals. You’ll be able to alter 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 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 part. 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. It’s also possible to use an entire life coverage as an funding car, and many individuals use them as a part of their wealth-building technique. Nevertheless, for the common individual, an entire life coverage isn’t going to be mandatory.
Incapacity Insurance coverage
This firm additionally affords incapacity insurance coverage, which may change your earnings if you happen to turn out to be disabled and can’t work at any level. Relying on what kind of coverage you’ve, you possibly can take pleasure in short- or long-term advantages.
With incapacity insurance coverage, you should utilize your payouts for any bills you desire to, and you may specify the frequency of the payouts. Any such insurance coverage can be utilized for any medical situation that will render you unable to work, together with severe accidents, main surgical procedures, diseases, and even sophisticated pregnancies and beginning.
Accident Insurance coverage
Accident insurance coverage affords protection for surprising accidents that trigger severe harm. Any such 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. Any such protection might be useful for individuals who take part in athletic or out of doors actions with some bodily threat.
Hospital Indemnity Insurance coverage
Any such insurance coverage is designed to complement your medical insurance plan. It covers most hospital stays in addition to some surgical procedures and associated bills. Any such 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 gained’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 remember to get all the care that you simply want.
Important Sickness Insurance coverage
In case you are recognized with a important sickness, the sort of insurance coverage can assist cowl a few of the surprising bills that include that. Important sickness insurance coverage can assist with medical payments in addition to misplaced wages, further rehabilitation prices, journey to and from therapy, and extra. Colonial Life & Accident additionally affords an identical kind of insurance coverage for people recognized 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 current 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, typically 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 while you want it.
What Type of Riders does Colonial Life & Accident Insurance coverage Supply?
Many life insurance coverage firms supply 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 have to to speak to an agent on to be taught extra in regards to the rider choices they’ve accessible.
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 diseases might be very costly to handle, and customary medical insurance protection in the US 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 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 Rankings
Some of the essential issues to contemplate when deciding on an insurance coverage firm is its monetary scores. You need 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 fame for being very financially secure. They at present preserve 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 very best score accessible, 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. Greatest is arguably essentially 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 Normal & Poor’s.
Evaluations 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 basic concept of what you possibly can anticipate from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Combined Evaluations From Their Prospects.
They aren’t at present accredited by the Higher Enterprise Bureau. On-line evaluations for this firm typically complain about tough customer support experiences in addition to gradual cost 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 essentially 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 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 at present doesn’t supply 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 a substitute, you’ll need to 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 too can name their customer support group instantly.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nevertheless, if you happen to favor to deal with your coverage on-line, this might be irritating.
When you’ve discovered an agent, they can assist you discover the suitable 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 web declare submitting system that Colonial Life affords 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 means of, you possibly can observe it and they’ll deposit the funds instantly into your checking account.
When you would like to not file a declare on-line, Colonial Life does additionally can 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 respectable insurance coverage supplier. They’ve an honest number 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 gradual payout occasions and different customer support points.
Total, Colonial Life & Accident Insurance coverage Firm is a dependable possibility for all times insurance coverage and is a very nice alternative if you happen to’re additionally trying so as to add incapacity or accident insurance coverage on high of that. They’re additionally a highly regarded alternative for employers who want to present life insurance coverage protection for his or her staff.
