Colonial Life Insurance was established in 1937 and it offers different types of coverage and employee benefits. The company focuses on life insurance and is a very respected name in the market. With many decades of experience and multiple types of coverage, Colonial life enjoys a stronghold in the industry.
Some of the company’s insurance policies offer guaranteed coverage and they also allow you to transfer the policy when you switch jobs, which is a good benefit. Some policies need a medical exam before getting approved. An independent insurance agent can help you find more about the right product for your needs. Colonial life insurance does not offer its term life insurance plan in Montana, Maine, New York, Vermont, or Massachusetts. It only issues new policies until the age of 75 but if you already own a policy, you can renew it until the age of 90.
Types of life insurance
The company focuses on life insurance and employee benefits. Their coverage offerings include:
- Term life/whole life and universal life insurance
- Dental insurance
- Accident insurance
- Disability insurance
- Critical illness insurance
- Cancer insurance
- Hospital confinement indemnity insurance
Deals and offers
Colonial Life insurance does not make information about the offers or deals easily available on the website. But there are some common discounts that you can consider when buying a policy.
Young applicant discount
Whenever you sign up for life insurance, you will be awarded a discount if you are young, such as in your 20s or 30s. This is offered to encourage young individuals to purchase life insurance.
Annual premium discount
The company awards discounts to customers to pay the premium annually instead of monthly.
Healthy family history discount
The company rewards applicants who have a good family health history and healthy genetics.
Safe hobbies discount
Most life insurance companies award customers who practice safe hobbies and offer cheaper premiums to them.
Nontobacco user discount
Customers who do not consume tobacco products are often rewarded with cheaper premiums.
Benefits on term life and whole life insurance
When you purchase term life insurance from Colonial life insurance, it will have a low premium and death benefit. The death benefit is payable if you pass away within the selected term period. The premium amount will remain the same throughout the term and it has a long tenure ranging from 10 years to 30 years. In whole life insurance, you enjoy permanent coverage that remains the same up to 100 years of age. It is a guaranteed cover which is why the cost is slightly higher.
The company will collect your gender, age, and location and will assign you a unit of coverage. The coverage available per unit will be based on your risk profile. The death benefit remains the same as long as you make premium payments. The premium also remains the same until the end and the cash value is set when you purchase the policy.
Colonial life insurance allows the customers to file their claims online. They also offer services of fax claims reporting, online claims reporting, snail mail contact, and general contact inquiries on the form through their website.
Colonial life insurance has a financial strength rating of A- (Excellent) from A.M. Best. It has many resources on hand to pay the claims. Customers often give positive feedback with regard to their quick and hassle-free claims process.