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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
Review by
Katia Iervasi
katia.iervasi@finder.comKatia 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
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.