Colonial Life Insurance Reviews For Employees And Individual Policyholders

Colonial life insurance reviews help you to consider this insurer when your employer offers it as a voluntary benefits package. Truthfully, you can purchase it alone by calling or visiting the official office in all U.S states except New York and the District of Columbia. The carrier will offer suitable life insurance based on your need.

At glance information on Colonial Life, it is founded in 1937 with kinds of policies such as term and whole life plans. However, the applicants can add available riders to their insurance. Colonial Life is the pioneer of voluntary benefits through payroll deduction and it is a subsidiary of Unum Group.

Colonial Life Insurance Plans Offer

There are two kinds of life insurance plans in Colonial Life including term life and whole life. Both will be explained in detail below!

Term Life Insurance In Colonial Life Insurer

Colonial life insurer provides the term life insurance policy with affordable coverage and it lasts for a predetermined period. The policyholder can purchase starting of $10,000 coverage amounts in the term life with the long period of 10, 15, 20, and 30 years.

The term coverage is designed with the premiums to stay level for the term. It is provided to protect the family or beneficiary if the applicants die before certain financial obligations are paid off. Exactly, the death benefit is useful to cover your mortgage or send children to college.

Whole Life Insurance From Colonial Life Insurer

A whole life policy is a permanent life product that will be paid the death benefit whenever the policyholder dies. The coverage amount in whole life insurance is guaranteed as long as the premiums are paid. Colonial life insurance reviews add the policy can be elected up to 70 or up to 100.

However, the premium rates are more expensive than the term life insurance. Nonetheless, it is normal as most life insurers applied more expensive costs for permanent life than the term life policies. Moreover, the cash value component can be borrowed against.

Colonial Life Available Riders

Colonial Life Company provides a lot of available riders to access the death benefits. It allows for withdrawing coverage when the policyholders are diagnosed with a chronic illness.

Accelerated Death Benefit

Accelerated Death Benefit (ADB) is designed for policyholders with critical illnesses. This available rider is useful to cover the medical bills as the insurer will pay a lump sum.

Spouse Term Rider

The term life insurance in Colonial Life provides a spouse term rider to be added. Applicants may add it for their spouses with a coverage term of 10 or 20 years.

Children’s Term Rider

Besides providing an optional rider for the spouse, the term life insurance also offers it for children. The name is children’s term rider to cover all eligible children for one monthly cost in the family.

Waiver of Premium Rider

Next, Colonial Life insurer offers a waiver for a premium rider to pause premium payments after being disabled. Even though, it typically needs requirements to meet and a waiting period.

Is Colonial Life Insurance a Good Company?

Colonial life insurance belongs to a reputable insurer based on AM Best and the BBB (Better Business Bureau) ratings. AM Best gives high marks with an “A” or excellent rating while BBB gives “A+” (excellent). Both ratings focus on the strong financial stability in the life insurance market.

Pros And Cons of Colonial Life Insurer

Colonial life insurance reviews will reveal the pros and cons of the life policies such as below!

Pros

The insurer provides customizable coverage such as additional term coverage, pause premium ability, and living benefits. It provides portable term and whole-life policies and you quite change your payment method when you leave your employer.

Policyholders can purchase the coverage available without passing a medical exam. Besides no medical exam, it does not need guaranteed-issue coverage and health questions.

Cons

Colonial life insurer cons just show two points of no direct online quotes and limited policy detail available online. The meaning of no direct online quotes is you have to go to your employer for a pricing estimation.

Besides cannot get online pricing estimation, the available online policy is limited and has less detail. You also need to call your benefits counselor to know a detailed specific plan or how the rider works.

In addition, Colonial Life had slightly fewer complaints from consumers over the last three years than expected. It is proven with the average complaint index of 0.89 for the life insurance business.

Colonial Life Insurance Discount

Colonial life insurer does not detail the life insurance discount yet, but it is equal to most insurance companies. You will get some discount options such as below!

Young Application Discount

Typically, a young application discount is offered for the applicants are the 20s or 30s when they purchase life insurance. They may receive 8% to 10% discounts as an award for the applicants.

Annual Premium Discount

Customers with routine premium payments according to the rule often get annual premium discounts. It is an award with a discount of up to 10% for the applicants with annual payments not monthly.

Health Family History Discount

Colonial life insurance reviews describe the health family history discount as a reward for a specific percentage. Even though, it prefers the applicants with a good family health history or healthy genetics.

Safe Hobby Discount

The safe hobby discount also does not describe how much percent of the discount is in detail. It is often given to the customers with non-life-threatening or safe hobbies. For example, people who like doing skydiving or others. Usually, this kind of applicant may get cheaper premiums.

Non-Tobacco User Discount

Life insurance companies also tend to discount applicants with non-tobacco users or smokers with cheaper premiums.

For more information, please call your insurance agent or through Colonial Life Insurance Company directly. This way is more effective to do and surely more save money.

Customer Services

Colonial Life comes with easy servicing through the local agent, online, and some phone numbers. The applicants can dial 1-800-325-4368 or 1-800-880-9325 on weekdays from Monday to Friday between 8 am and 8 pm.  The insurance with headquartered in Columbia, S.C., and still provides online service on https://www.coloniallife.com/.

By dialing or using the contact phones, the applicants will get a lot of benefits. They can file claims online, fax claims, and snail-mail contact options. Alongside that, the Colonial Life website provides contact inquiries forms.

How To File Claims In Colonial Life Insurer

Colonial Life Insurer gives several ways to file claims for the customers both through online and fax reports. The insurer does not list its official claims process on its website indeed. Colonial life insurance reviews see it to generate the applicants call the carrier to ask for further questions.

Do not worry the claim process is a piece of cake as the form is available on the website. After filling, use the website to log into the account and check the claim’s status. Once more, the claim filling can be undergone by contacting their insurance agent directly.

Colonial Life creates a user-friendly experience for customers

Colonial life sounds limits online information but it should not be a problem. Overall, it has given the best service with a user-friendly experience for each policyholder.

Dependent Coverage of Colonial Life Insurer

In addition, the carrier does not merely offer terms, whole, and the available rider. The coverage is also provided for accident insurance, cancer insurance, dental insurance, hospital confinement indemnity insurance, critical insurance, and disability insurance.

Accident Insurance

The insurer provides accident insurance to cover unexpected expenses after a dislocation, fracture, or another covered accident injury. Applicants can use the coverage to pay for initial care or surgery, transportation, lodging, and follow-up care.

This policy is provided in several coverage levels and it can be employee-paid with no direct cost to the employer. Additionally, the policyholder may purchase a family or stand-alone policy.

Cancer Insurance

Colonial life insurance provides a cancer insurance policy designed as a complement to medical insurance. The policy is intended to offset other unexpected expenses like deductibles, lodging, co-pays, child care, and loss of income. Colonial life insurance reviews add the cancer insurance policy also covers certain cancer screening tests.

Dental Insurance

Next, a dental insurance policy offers four plan levels individual and family plans. The coverage is available as immediate benefits to cover some expenses. It is such as dental wellness visits and x-rays.

The applicants allow using the benefits for no deductibles, co-insurance, or coordinated coverage and discounted services using in-network dentists. There is also an optional rider for an additional cost and vision care and orthodontic.

Hospital Confinement Indemnity Insurance

Colonial Life offers the hospital confinement indemnity insurance also complements traditional medical coverage. Colonial provides a lump sum to cover outpatient surgery or hospital confinements. Alongside that, this policy can cover doctors’ appointments, diagnostic tests, emergency room tests, and other hospital expenses.

Unluckily, the customers cannot find detailed information on the hospital confinement indemnity insurance rates or pricing on the website. The company does not connect to the individual consumer directly as it works through employers. Vice versa, Colonial life urges employees to talk to their employers about this product if they are interested to make an account.

Critical Insurance

Equal to critical illness insurance, critical insurance is offered as a complement to traditional medical insurance and it is paid as a lump sum. This product is aimed at the affected employees to cover direct and indirect expenses. It means the coverage can cover some critical illnesses like heart attack, stroke, end-stage renal failure, major organ failure, and coronary.

Disability Insurance

Disability insurance policies replace a portion of an employee’s income when they become disabled from a covered sickness or accident. Colonial life insurance reviews allow the employer to select benefits period and offer an on/off-job plan, and an off-job only plan.

Canceling Colonial Life Insurance Policy

Colonial Life allows you to withdraw cash policy by filling out a request for service form. Then, send it to the specified address by email and Colonial will withdraw the maximum available without you specifying an amount before.

Besides withdrawing, you can surrender or cancel your life insurance policy. You quite file out a request for service form and follow the appropriate instructions. Feel free to consult with your financial advisor or the local agent to ensure your decision.

Final Words

Colonial Life Insurer comes with a voluntary benefits package offered by an employer to the employee. Even though, it keeps being offered to the individual by purchasing directly through the local agent and online. The applicants can purchase term life, whole life, available rider, and dependent coverage.

Learn all information provided by Colonial life insurance reviews and consider whether you are interested to buy or not.  Then, call customer service to get detailed information directly from the carrier. Feel free to compare it to other insurers if you still have much time.