Founded in 1939 in South Carolina, Colonial Life Insurance Company now offers its insurance schemes in forty nine states in US. With one thousand employees and over 2.5 million policies in force, Colonial aims at sharing financial loads of American individuals, families, and businesses, reducing their financial risks, and providing voluntary benefits via group insurance schemes. Colonial Life Insurance policies vary from term insurance to whole life and universal life insurance, and voluntary group term life insurance.
Term Life Insurance Policy
Term insurance is a kind of Colonial Life Insurance policy that is ideal for someone purchasing an insurance policy for the first time and also for people who need to manage financial needs within a limited budget. The death benefits covered by term insurance policies are mostly tax-free and retain their value over time. For each term, the policy buyer pays level (fixed premiums) that may be increased optionally upon a renewal of the term. The policy also allows the buyer to claim 75% of the death benefit if he/she gets a life-threatening medical condition.
Whole Life Insurance Policy
The whole life insurance policy, offered by the Colonial Life Insurance Company, is also known as permanent life insurance policy. It covers death benefits for the whole of the insured person’s life. In addition it has the special saving scheme of ‘cash value accumulation’; part of the premium paid goes into the saving that can be accessed by the insured at any time per his/her needs. In case the policy holder retires or changes a job, he/she can carry the policy over to the new workplace or the status of retirement without reducing the benefits.
Universal Life Insurance Policy
The Colonial Life Insurance Company offers a universal life insurance policy with more flexible premium options and a cash vale accumulation scheme that increases in amount by the prevailing rates of interest. Universal life insurance policies are also portable (stay valid in case of retirement or job replacement) and can be bought for one’s family without buying it necessarily for oneself. A term insurance can also be added for one’s family within the universal life insurance policy.
Voluntary Group Term Life Insurance
The special feature of a voluntary group term life (VGTL) insurance, offered by the Colonial Life Insurance Company, is its availability at low group rates and the option to convert the policy into an individual life insurance policy. The insured person can claim an ‘accelerated death benefit’ in case of a life-threatening illness. Also remarkable about the VGTL insurance policy is the feature called ‘waiver of premium’ that allows the premium to be waived in case of a period of disability.
Term Life Insurance Policy
Term insurance is a kind of Colonial Life Insurance policy that is ideal for someone purchasing an insurance policy for the first time and also for people who need to manage financial needs within a limited budget. The death benefits covered by term insurance policies are mostly tax-free and retain their value over time. For each term, the policy buyer pays level (fixed premiums) that may be increased optionally upon a renewal of the term. The policy also allows the buyer to claim 75% of the death benefit if he/she gets a life-threatening medical condition.
Whole Life Insurance Policy
The whole life insurance policy, offered by the Colonial Life Insurance Company, is also known as permanent life insurance policy. It covers death benefits for the whole of the insured person’s life. In addition it has the special saving scheme of ‘cash value accumulation’; part of the premium paid goes into the saving that can be accessed by the insured at any time per his/her needs. In case the policy holder retires or changes a job, he/she can carry the policy over to the new workplace or the status of retirement without reducing the benefits.
Universal Life Insurance Policy
The Colonial Life Insurance Company offers a universal life insurance policy with more flexible premium options and a cash vale accumulation scheme that increases in amount by the prevailing rates of interest. Universal life insurance policies are also portable (stay valid in case of retirement or job replacement) and can be bought for one’s family without buying it necessarily for oneself. A term insurance can also be added for one’s family within the universal life insurance policy.
Voluntary Group Term Life Insurance
The special feature of a voluntary group term life (VGTL) insurance, offered by the Colonial Life Insurance Company, is its availability at low group rates and the option to convert the policy into an individual life insurance policy. The insured person can claim an ‘accelerated death benefit’ in case of a life-threatening illness. Also remarkable about the VGTL insurance policy is the feature called ‘waiver of premium’ that allows the premium to be waived in case of a period of disability.
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