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Colonial Life insurance review 2020

Last updated:  

Get coverage through your employer — and take it with you if you change jobs.

finder.com’s rating: 2.5 / 5.0

★★★★★

  • Get a quote if your employer offers Colonial Life benefits.
  • Pick something else if you want to sign up for coverage on your own.

18 to 70

Issue Age

Not listed to Not listed

Coverage

No

Medical Exam Required

Details

Free quote Online, Phone.
Policy options Term, Whole Life
Term lengths 10, 15, 20 or 30-year option
Monthly cost Not listed
Claim methods Online, Phone
Ratings BBB: A+
Available states Not listed
Customer support Phone: 800-325-4368
Riders No

Expert review

Katia Iervasi

Review by


Katia Iervasi is a writer from sunny Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls chaotic, creative New York home. With a journalistic eye for detail, she navigates insurance, mortgages and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

Expert review

Colonial Life offers portable life insurance plans through the workplace — which means you can access subsidizes premiums and take your coverage with you if you switch jobs. And if you want to avoid answering questions about your health and family medical history, you may be able to purchase a guaranteed issue policy.

But if you’re looking for an individual policy that can be customized with riders, compare life insurance companies.

What types of life insurance coverage does Colonial Life offer?

Colonial Life offers two types of policies:

  • Term life. Colonial Life’s least expensive life insurance option, this policy is available in 10-, 15-, 20- or 30-year term lengths. The premiums stay the same for the life of the policy, and your beneficiaries will get a guaranteed death benefit if you die during the term.
  • Whole life. This permanent policy offers lifelong coverage and builds cash value at a fixed rate set by the insurer. You can choose between two payment plans: paid-up at age 70 or age 100.

Can I add riders to my policy?

No. But that’s not unusual — and your policy may include riders chosen by your employer.

Pros and cons of Colonial Life

Pros

  • Portable policies. You can take your life insurance policy with you when you leave your job or retire.
  • No medical exam options. Colonial Life offers guaranteed coverage to some applicants, which skips both the medical exam and health questionnaire.
  • Ability to choose your coverage amount. You can tailor your policy’s face value — and death benefit — to best suit your needs.
  • Financial strength. The insurer has an A (Excellent) rating with AM Best, pointing to its ability to pay claims.

Cons

  • Exclusively offered through the workplace. You can’t sign up for coverage independently — only through an employer.
  • No online quotes. Potential policyholders can’t explore their options or get a quote online.

Compare alternatives to Colonial Life

Name Product Issue Ages Minimum Coverage Maximum Coverage Medical Exam Required
Bestow
21 - 54 years old
$50,000
$1,000,000
No
Affordable 10- and 20-year term life insurance policies with instant quotes and no medical exams.
LadderLife™ Life Insurance
20 - 60 years old
$100,000
$8,000,000
No
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
Policygenius
18 - 85 years old
$10,000
$10,000,000+
Depends on provider and policy
Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
Fabric
25 - 60 years old
$100,000
$5,000,000
No
Get affordable term life insurance with accelerated underwriting or no-exam coverage up to $1,000,000. Available in all states except CA, NY and MT.
Haven Life
18 - 64 years old
$100,000
$3,000,000
No
Customized term life insurance policies up to $3 million, no medical exam for certain applicants.
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Compare up to 4 providers

Colonial Life insurance reviews and complaints

Colonial Life isn’t accredited with the Better Business Bureau (BBB), it has an A+ rating for its customer interaction. The BBB hasn’t recorded any reviews or complaints to date, and the insurer doesn’t have a presence on TrustPilot, either.

How do I sign up for Colonial Life insurance?

If your employer offers policies as part of your benefits, you’ll be able to apply for coverage. Your HR team will guide you through the process.

I’m in HR. What type of insurance products are offered to employees through Colonial Life?

Colonial Life offers a range of insurance products that allow you to provide your employees with a complete benefits package, including:

  • Life insurance
  • Disability insurance
  • Accident insurance
  • Hospital indemnity insurance
  • Critical illness insurance
  • Cancer insurance
  • Dental and vision insurance

Frequently asked questions about Colonial Life

Life insurance ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.

Learn more about our methodology here.

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