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Colonial Life insurance review 2021

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

finder.com's rating: 3.5 / 5

★★★★★

  • 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

Policies Term, Whole Life
Coverage maximum Not listed
Term lengths 10, 15, 20 or 30-year option
Medical exam required No
Available states Not listed
Issue age Not listed

Pros

  • Portable policies
  • No medical exam options
  • Ability to choose your coverage amount
  • Financial strength

Cons

  • Exclusively offered through the workplace
  • No online quotes
Riders No info available
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Review by


Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics 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.

How to get a quote from 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.

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.

What riders can I add to my policy?

You cannot add, but that’s not unusual — and your policy may include riders chosen by your employer.

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.

AM Best financial rating A
BBB accredited No
BBB rating A+
Customer reviews verified as of 19 January 2021

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Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
Sproutt
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Get a quote in less than 10 minutes with on-the-spot approval and no medical exam.
Everyday Life
20 - 75 years old
$100,000
$10,000,000
10, 15, 20, 25, 30, 35 and 40 years.
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Ladder multiple life insurance policies to save on the coverage you need for all your debts.
Ladder
20 - 60 years old
$100,000
$8,000,000
10, 15, 20, 25 or 30 years
No, for coverage up to $3M
Apply for term life insurance online without the medical exam. Get an instant decision and adjust your coverage at no charge.
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I’m in HR. What type of insurance can I give my employees with 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 insurance

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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