Colonial Life insurance review March 2019 | finder.com

Colonial Life insurance review

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Colonial Life
Colonial Life
  • Portable coverage
  • Highly customizable
  • Guaranteed coverage options

Get customized, portable life insurance — but only through an employer.

30-second take

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

What types of life insurance coverage does Colonial Life offer?

Colonial Life offers all of the standard coverages, including:

  • Term life.
    Colonial Life’s least expensive life insurance option, term life is payable if you pass away during the selected term period. Payments don’t increase during the term.
  • Universal life.
    This flexible policy allows you to increase or decrease your death benefit as needed. Premium payments also increase or decrease with the death benefit amount and credited interest rates.
  • Whole life.
    With a whole life policy, the death benefit amount and monthly premiums don’t change, and the coverage is permanent. This is the most expensive type of policy.

How much does Colonial Life cost?

Colonial Life offers affordable options. The exact cost is determined by your age and the amount of coverage you want to purchase.

Pros and cons

Pros

  • Portable policies. You can take your life insurance policy with you when you leave your job or retire.
  • Guaranteed coverage. Some plans offer guaranteed coverage, so there’s no medical exam or medical questions.
  • Customizable. You can tailor your policy’s death benefits and coverage amount to best suit your needs.

Cons

  • Coverage through work only. You can’t sign up for coverage independently — only through an employer.
  • No online quote. Potential policyholders can’t explore their options or get a quote online.

Compare other life insurance companies

Name Product Issue Ages Coverage Range Medical Exam Required
18 - 85 years old
$10,000 to $10,000,000+
Depends on provider and policy
Compare quotes from 16 life insurance companies side by side.
Leap Life
Leap Life
18 - 75 years old
$100,000 to $5,000,000
Depends on provider and policy
Apply for a simple instant-decision policy free of charge. Compare quotes from multiple A-rated carriers.
21 - 54 years old
$50,000 to $1,000,000
No
Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.
18 - 80 years old
$50,000 to $25,000,000
Depends on provider and policy
Get a quote within minutes from more than a dozen insurers.
18 to 80 years old
$25,000 to $10,000,000
Depends on provider and policy
Compare quotes from over 40 highly rated carriers and get coverage shortly after approval.
20 - 80 years old
$25,000 to $10,000,000
No
Quickly get a quote for coverage with this marketplace, which compares term life insurance policies from 45+ carriers.
20 to 60 years old
$100,000 to $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.
18 - 75 years old
$25,000 to $10,000,000
Yes, for policies over $1 million
Term life insurance with no medical exams for $1 million of coverage or less. Online application gets you a decision in 10 minutes.

Compare up to 4 providers

Colonial Life reviews and complaints

Although Colonial Life isn’t accredited with the BBB, its parent company, Unum, receives an A- rating from the organization. But reviews tell a different story. Out of two reviews, only one gave a 5 star, with the rest only giving 1 star. However, the majority of those reviews apply to short-term disability insurance, not life insurance.

Colonial Life & Accident Insurance Company — the underwriting arm of Colonial Life — receives an A+ from the BBB, with only one review about short-term disability.

Over at A.M. Best, Colonial Life has maintained an A or A- rating since 2014, with a current rating of A.

How does Colonial Life protect my data?

Colonial Life is dedicated to keeping your personal information private. The company is HIPPA compliant and takes a multilayer approach to safeguarding your information with physical, electronic and procedural protections.

How do I sign up?

You’ll sign up for Colonial Life insurance through your employer. HR will help guide you through the process.

I’ve signed up. What happens next?

Once you’ve signed up for life insurance with Colonial Life, register your account online so you can file a claim, review your policy and change beneficiary information.

More about Colonial Life

Colonial Life has been providing its services to employers and their employees for more than 75 years. In addition to life insurance, Colonial Life provides disability, accident, hospital indemnity, critical illness, cancer and dental and vision insurance.

Colonial Life was recently in the news for its partnership with FutureFuel.io, a program designed to help clients reduce the life of their student loan debt.

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

Bottom line

Colonial life offers customizable life insurance plans, some with guaranteed-issue coverage. But you must sign up for coverage through your employer.

If your company doesn’t offer Colonial Life benefits, check out your other options for life insurance that you can sign up for on your own.

Frequently asked questions

Julia Cameron

Julia Cameron is a writer and editor at finder.com who has experience writing in a variety of fields, including finance, mergers and acquisitions, content marketing and immigration law. She has a passion for interior design and an affinity for Old Florida, where she lives with her family.

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