Orlando Harmon
Colonial Life & Accident Insurance Company is an American insurance company based in Columbia, South Carolina, that offers various insurance plans, including life insurance. The company was founded in 1939 by Edwin Averyt and has since become a well-established carrier with a strong financial stability rating and a wide range of coverage options. Life insurance is one of the key offerings of Colonial Life, and interested individuals can learn more about their plans and benefits on their official website. The website provides resources and tools for customers to manage their policies and file claims online or via fax.
| Characteristics | Values |
|---|---|
| Company Name | Colonial Life & Accident Insurance Company |
| Website | coloniallife.com |
| Life Insurance Type | Supplemental health benefits for life insurance |
| Other Insurance Types | Accident insurance, disability insurance, cancer insurance, critical illness insurance, hospital confinement insurance |
| Area Served | 49 US states |
| Number of Policyholders | 3 million+ |
| Amount of Insurance in Force | $1.5 billion |
| Number of Employers Using Colonial Life | 90,000 |
| Number of Public Sector Employees Protected | 500,000+ |
| Number of Schools Covered | 3,000 |
| Number of Local Governments Covered | 5,000 |
| Number of Life Insurance Policies | 810,000+ (Colonial Penn) |
| Life Insurance Coverage | Coverage amounts based on age, gender, and state of residence |
| Life Insurance Benefits | Financial security for loved ones, e.g., funeral costs, bills, living expenses, debts, future needs, retirement plans |
| Life Insurance Payouts | Typically paid tax-free |
| Life Insurance Coverage Retention | Coverage can be kept if changing jobs or retiring |
| Life Insurance Qualification | No medical questions or exams required for some plans |
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What You'll Learn
Life insurance coverage options
Term Life Insurance
Term life insurance is a popular option that provides coverage for a pre-agreed period, such as 30 years. It is often taken out to cover loans, mortgages, or ongoing financial obligations like raising children. The duration of the policy length can be chosen by the applicant, and the coverage amount may be adjusted as needed. Term life insurance is typically more affordable than whole life insurance, as the coverage is only for a set period.
Whole Life Insurance
Whole life insurance, also known as life assurance, provides coverage for your entire life. This type of insurance is usually more expensive than term life insurance for the same payout, as there is no defined period for the coverage. However, it offers peace of mind, knowing that your beneficiaries will receive a payout whenever you pass away. Whole life insurance is a good choice for long-term financial planning and can be useful for leaving gifts for children or grandchildren.
Decreasing Life Insurance
Decreasing life insurance is designed to protect repayment mortgages. The cash sum decreases roughly in line with the way a repayment mortgage decreases, while the premiums remain the same unless changes are made to the policy. This type of insurance is often the most affordable option for those looking to cover their mortgages.
Critical Illness Cover
Critical illness cover provides financial protection in the event of a critical or terminal illness. It can be included as part of your life insurance policy or taken out as a separate cover. This type of insurance pays a lump sum if you are diagnosed with a critical illness or an illness that will likely lead to death within a year, easing financial worries during a difficult time.
Children's Cover
Children's cover pays out if an insured child becomes seriously ill, usually as a lump sum. This can help cover expenses like medical bills and taking time off work to care for the child.
When considering life insurance coverage options, it's important to evaluate your personal circumstances, financial situation, and future goals. The right plan will provide peace of mind and ensure your loved ones are financially secure.
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Accident insurance
Colonial Life offers supplemental health benefits for life insurance, accident insurance, disability insurance and more. The Colonial Life for Policyholders portal provides a quick and intuitive way for employees to view and manage their benefits online. Workers can log in to view their benefits, file a claim, view in-process claims and update their communication and payment preferences.
You own your Colonial Life accident insurance policy, so you can keep it if you leave your job. When your current employment ends, you will receive a Continuation of Coverage letter from Colonial Life with instructions on next steps. You will need to change your payment method to direct bill, which means you pay Colonial Life directly instead of through your employer.
To start the claims process, log in to your account. The fastest way to receive benefits is to file a claim online and set up direct deposit.
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Disability insurance
Colonial Life offers disability insurance to protect your income in the event that you are injured, fall sick, or face an accident and can't work. This insurance is designed to protect you from the financial stress of missing work due to a covered disability. If you stop earning because of your inability to work, disability insurance replaces a part of your lost income. The coverage amount depends on the contract you purchase and is generally between 50% and 80% of your regular salary.
Colonial Life's disability insurance offers short-term disability benefits, providing financial support for up to two years, allowing you to focus on recovery and returning to work. This insurance also includes flexible income protection options that supplement state Paid Medical Leave (PML) programs, also called Temporary Disability Insurance (TDI) in New Jersey. These state programs may not offer adequate coverage or duration, and Colonial Life's insurance fills those gaps.
Colonial Life's disability insurance is payable monthly and can be used for various expenses, including rent, house payments, car payments, utilities, credit card bills, and travel expenses. It can also be potentially available if you return to work part-time. You can discuss your specific needs with a Colonial Life benefits counsellor to pick the right plan for you.
Colonial Life has served America's workers for over 75 years, providing benefits that help retain skilled workers and grow businesses. They protect over 500,000 public sector employees across 42 states, 3,000 schools, and 5,000 local governments. Their intuitive online portal allows employees to easily view and manage their benefits, file claims, and update their preferences.
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Cancer insurance
Colonial Life offers a range of insurance services, including life insurance, accident insurance, and disability insurance. The company provides a digital platform called Gathr, which combines HR and benefits management, making it easier for employees to manage their benefits.
Colonial Life also offers cancer insurance, which is a supplemental insurance policy designed to help individuals and families financially during cancer treatment and recovery. Cancer insurance covers expenses that may not be included in a person's medical insurance, such as inpatient or outpatient treatment, surgery, travel, and recovery care. It also covers annual cancer screening tests to promote early diagnosis, which can be crucial in cancer treatment.
Cancer treatment can be expensive, and often, primary insurance may not be sufficient to cover all the expenses. Cancer insurance provides a financial safety net to ease the burden of these costs, so patients can focus on their recovery. This includes covering day-to-day bills, treatment costs, and travel expenses for receiving a second opinion.
Colonial Life's cancer insurance offers over 20 benefits, and the specific plan details can be discussed with a benefits counselor. The company has served America's workers for over 75 years, and its cancer insurance is designed to provide peace of mind and financial protection during a challenging time.
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Critical illness insurance
Life insurance is a crucial step in planning for you and your family's future. Colonial Penn offers affordable coverage options no matter where you are in life. Whether you're planning ahead or haven't planned enough, Colonial Penn has options to meet your needs. Their popular guaranteed acceptance whole life insurance coverage rates are offered in units, with each unit corresponding to the life insurance benefit amount an individual can purchase. Coverage amounts are based on age, gender, and state of residence, and the price per unit is fixed.
Colonial Penn also offers a Critical Illness Rider, an optional add-on to your life insurance policy that provides financial security if you're diagnosed with a severe medical condition covered under the rider's terms. This rider supplements your existing life insurance policy, giving you financial support to focus on recovery. If you develop a covered illness, you file a claim with your life insurance carrier and provide medical paperwork to show you meet the requirements. Once your claim is approved, you receive a lump sum, typically a percentage of your policy's death benefit, which can be used to cover medical expenses, daily living costs, or alternative treatments.
Qualifying events for the Critical Illness Rider include a heart attack, stroke, terminal illness, or cancer. The diagnosis must be certified by a licensed physician while the rider is in force. For heart attacks, this certification includes corroboration from electrocardiographic or blood enzyme findings, while strokes require corroboration from electroencephalograms, imaging tests, or blood flow tests. Cancer, meanwhile, is defined as a malignant tumour or the invasion of body tissue by malignant cells, with specific types including carcinoma in-situ, melanoma, and nonmelanoma.
It's important to note that the specific illnesses covered by the rider may vary between insurance carriers and policies, so be sure to confirm the covered illnesses with your insurer to ensure the rider meets your needs. Adding this rider to your existing life insurance coverage may be less expensive than purchasing an additional standalone policy, and it doesn't disqualify you from obtaining standalone critical illness insurance if desired.
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Frequently asked questions
coloniallife.com
Colonial Life Insurance is an American insurance company based in Columbia, South Carolina. It offers disability, accident, life, cancer, critical illness, and hospital confinement insurance plans in 49 states.
Customers can file claims through the official website or via fax at any time.
Colonial Penn Life Insurance is a subsidiary of Colonial Life Insurance that offers affordable coverage options no matter where you are in life.
Gathr is an HR technology platform offered by Colonial Life Insurance that digitizes manual processes and elevates HR and employee experiences.
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