Colonial Life & Accident Insurance Company specializes in providing supplemental insurance coverage plans and has operations in all states, with the exception of New York, and in Puerto Rico. Colonial Life has more than 2 million policies in force and services more than 45,000 businesses and organizations. By offering both competitively priced insurance coverage and excellent service, Colonial Life proves their commitment to helping working Americans minimize risk and gain protection for the future.
Colonial Life and Accident's Life Insurance Plans
Level Term Life Insurance: Colonial’s Level Term Life Insurance is an easy and affordable life insurance plan for supplementing an existing policy or for the first time buyer. Level Term provides a higher level of coverage for more affordable premiums, accelerated death benefits, an immediate cash payment and is convertible to cash value life insurance. Two policy options are available with Colonial’s Level Term Life plan:
Plan One: Plan One has a coverage amount of up to $150,000 and consists of two consecutive 10-year periods. The first 10 years has a guaranteed level premium, which is based on your age and the second 10-year period has a level premium based on your age at the 11th year.
Plan Two: Plan Two has a coverage amount of up to $500,000 and is comprised of one 10-year guaranteed level premium period, which is based on your age at the date of issue. At the start of the 11 th year premium rates begin to increase annually and will also be based on age.
Whole Life Insurance: Colonial Life’s Whole Life Insurance policy is an individual plan that offers both permanent protection that builds cash value and a guaranteed level premium. This plan also comes with death benefits and an immediate cash payment to your beneficiary while your claim is being processed. For some individuals a medical exam may be required but the policyholder has a guaranteed option to purchase more insurance if under the age of 55 at date of issue. Additional riders are also attainable.
Group Term Life Insurance: Colonial’s Group Term Life Insurance offers higher coverage amounts at more affordable premiums based on a group rate, the option to convert to individual life insurance and an optional accidental death and dismemberment coverage. Group term life insurance is the simplest and most affordable type of life insurance available, comes with accelerated death benefits and a waiver of premiums if you were to become disabled. The employer generally selects group term coverage options and riders are available with additional cost.
Universal Life Insurance: Colonial’s Universal Life Insurance policy is an individual coverage plan that offers flexible premiums, an adjustable death benefit and cash values that accumulate at current interest rates. Universal Life Insurance can be purchased for your family and is suitable to complement an existing term or group coverage plan. Riders are also available with additional cost.
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Key Fact:
Less than half (47%) of U.S. households own individual life insurance. Don't be one of them. Safeguard your assets and protect your loved ones by finding a life insurance policy that fits your needs.
