Is Colonial Life Insurance Legit? Overview, Contact Information, Products, Financial Strength And  BBB Ratings

Is Colonial Life Insurance Legit? A Comprehensive Review

Colonial Life has a longstanding reputation in supplemental benefits.

They offer life, accident, and illness policies.

These policies complement your health insurance coverage.

They act as a protective layer in times of illness, injury, or limited life expectancy.

Is Colonial Life Insurance Legit
Is Colonial Life Insurance Legit: Photo(Quote)

Colonial Life Insurance History

Established in 1937 as Mutual Accident Company, later rebranded as Colonial Life & Accident Insurance.

The company’s mission was to offer financial assistance to employees in unforeseen situations.

The fear of financial instability due to accidents or illnesses is still prevalent, with over 500,000 families annually filing for bankruptcy post-illness.

Colonial Life, now a subsidiary of Unum Group, has adapted to changing needs, introducing new products and pioneering technology.

Since 1955, the company has been a leader, offering payroll deduction.

With over 10,000 sales representatives, Colonial Life serves benefits through 90,000 U.S. companies.

The company, with a core unchanged philosophy, has 3.7 million policyholders, contributing to an annual premium exceeding $1.5 billion.

Colonial Life Insurance Contact Information

Customer Support: Monday through Friday, 8 a.m. to 8 p.m. ET

Live chat Phone Number: 800-325-4368

 Claims Fax No: 800-880-9325 (allow 14 days for processing)

Mailing address: P.O. Box 1365 Columbia, SC 29202

Website: www.coloniallife.com

Also Read: Is Paw Protect Insurance Legit? A Comprehensive Guide

Is Colonial Life Insurance Legit? Pros and Cons 

Pros:

  1. Convenient online claim filing and policy access.
  2. Demonstrates strong financial stability.
  3. Offers various policy options for life insurance, accidents, and illness.
  4. Allows portability of your policy if you change employment.

Cons:

  1. Lack of an online quoting system.
  2. Requirement for a medical exam for certain policies.
  3. Challenges in canceling policies based on customer reviews.
  4. Employer-sponsored life insurance might be pricier than individual coverage.
  5. Universal life insurance is not offered.
  6. No listed availability of life insurance riders on their website.

Is Colonial Life Insurance Legit? Products

Colonial Life provides two main types of life insurance products: term life and whole life.

The key distinction between the two lies in the duration of coverage; term life lasts for a specific period, whereas whole life insurance offers permanent coverage.

Additionally, Colonial Life offers various policies beyond life insurance, including:

Is Colonial Life Insurance Legit? Financial Strength And  BBB Ratings

Colonial Life boasts robust financial stability, ensuring a reliable capacity to fulfill claims.

This strength signifies a low likelihood of defaulting on obligations or undergoing bankruptcy.

Check out the ratings from prominent agencies for Colonial Life:

  • Better Business Bureau: A+
  • Fitch Ratings: A-
  • Moody’s Rating: A3
  • A.M Best Rating: A

Conclusion

Colonial Life, with over a century of experience, is a voluntary benefits company providing life insurance and supplemental plans for life, accident, and illness coverage.

Their strong financial standing instills confidence, and they maintain a low complaint index with the National Association of Insurance Commissioners.

Colonial Life, a subsidiary of the Unum Group since the 1990s, is committed to providing competitive supplemental benefits through employers at group rates.

Despite consumer concerns, the company remains dedicated to addressing issues related to claim payout duration, paperwork, and plan cancellation challenges.

These benefits aim to safeguard employees and their families financially in the face of sickness, injury, or loss.

Spread the love