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 additionally provide different kinds 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 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. Nonetheless, you can even buy insurance policies individually via their community of impartial brokers all through the nation.
You’ve gotten many selections relating to selecting 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 can assist you decide if they’re an excellent match on your insurance coverage wants.
What Forms of Insurance coverage does Colonial Life & Accident Insurance coverage Supply?
Colonial Life & Accident Insurance coverage provides a number of kinds of life insurance coverage in addition to different kinds of insurance coverage. Listed below are the kinds of insurance policies obtainable.
Time period Life
Time period life insurance coverage insurance policies are essentially the most reasonably priced sort of life insurance coverage coverage that this firm provides. The 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 straightforward to buy and are an excellent 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 tip of their time period life insurance coverage coverage to coincide with their youngsters turning into financially impartial or paying a mortgage off.
Colonial Life & Accident additionally provides 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 have to 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. It’s also possible to 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 needed.
Incapacity Insurance coverage
This firm additionally provides incapacity insurance coverage, which may substitute your revenue for those who change into disabled and can’t work at any level. Relying on what sort of coverage you may 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 prefer to, and you may specify the frequency of the payouts. The sort of insurance coverage can be utilized for any medical situation that might render you unable to work, together with severe accidents, main surgical procedures, diseases, and even sophisticated pregnancies and delivery.
Accident Insurance coverage
Accident insurance coverage provides protection for sudden accidents that trigger severe harm. The sort of protection will pay for medical payments, misplaced wages, and different sudden bills which will pop up after an accident. In case 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. The sort of protection might be useful for individuals who take part in athletic or out of doors actions with some bodily threat.
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 further 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 simply want.
Essential Sickness Insurance coverage
If you’re recognized with a crucial sickness, the sort of insurance coverage may also help cowl among the sudden bills that include that. Essential sickness insurance coverage may also help with medical payments in addition to misplaced wages, further rehabilitation prices, journey to and from remedy, and extra. Colonial Life & Accident additionally provides an identical sort of insurance coverage for people recognized with most cancers.
Dental & Imaginative and prescient Insurance coverage
Sadly, most conventional medical health 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 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, typically with out warning. Utilizing dental and imaginative and prescient insurance coverage to complement your current medical health insurance plan ensures that it is possible for you to to get the care you want whenever you want it.
What Type of Riders does Colonial Life & Accident Insurance coverage Supply?
Many life insurance coverage corporations provide riders that can assist 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 have to to speak to an agent on to be taught 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 commonplace medical health insurance protection in america might be very restricted. Colonial Life & Accident Insurance coverage obtained 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 in case you are involved about these further medical bills.
Some of the vital issues to contemplate when deciding on an insurance coverage firm is its monetary scores. You wish to be fully assured that your insurer will likely 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 repute for being very financially secure. They at present 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 just isn’t the very best ranking 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. Greatest is arguably essentially 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 ranking from Moody’s, an A- from Fitch, and an A from Commonplace & Poor’s.
Opinions 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 opinions from earlier prospects. Whereas everybody’s expertise is completely different, opinions may give you a common thought of what you possibly can count on from this insurance coverage firm.
Colonial Life & Accident Insurance coverage Firm Appears to get Combined Opinions From Their Clients.
They aren’t at present accredited by the Higher Enterprise Bureau. On-line opinions for this firm typically complain about tough customer support experiences in addition to gradual fee processing occasions.
Nonetheless, the NAIC Criticism 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 essentially the most formal complaints from their prospects.
What’s the Utility Course of for Colonial Life & Accident Insurance coverage Firm?
Colonial Life & Accident Insurance coverage Firm sells their insurance policies via 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 at present doesn’t provide a straightforward method to apply via their web site. Whereas their web site does have details about every sort of coverage they provide, they don’t have a fast method to get a quote.
As an alternative, you’ll need to 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 can even name their customer support staff instantly.
Many individuals like having a dependable insurance coverage agent they’ll name anytime points come up with their coverage. Nonetheless, for those who want to deal with your coverage on-line, this could possibly be irritating.
When you’ve discovered an agent, they may also help you discover the proper coverage on your wants. After getting a coverage in place, the corporate does give the power to file a declare and get different policyholder assist on-line.
The web declare submitting system that Colonial Life provides is pretty easy. 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 via, you possibly can monitor it and they’ll deposit the funds instantly into your checking account.
In case you would like to not file a declare on-line, Colonial Life does additionally mean you can file claims via 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 authentic 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 prospects about gradual 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 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 fashionable selection for employers who want to present life insurance coverage protection for his or her workers.