Colonial Life Insurance Review (2024)

After some extensive research, we found out that the Colonial Life Insurance Company provides insurance for employers. Therefore, you can buy Colonial Life insurance as a business owner or organization.

So what exactly does Colonial Life provide? Does Colonial Life encounter the top 10 insurance complaints?

Our Colonial Life insurance review explains what coverage options are available, its third-party ratings, and Colonial Life’s market share in the employer life insurance market. We’ll be looking into all the business info for you, because your time is valuable.

Since Colonial Life insurance quotes are private, use our free comparison tool to compare multiple companies in your area and find the best option for your situation.

What insurance products does Colonial Life Insurance Company offer?

Colonial Life has nine insurance products. Although they vary, the products are considered health and life insurance policies.

Here’s the list of products:

• Disability Insurance
• Life Insurance
• Accident Insurance
• Hospital Indemnity Insurance
• Critical Illness Insurance
• Cancer Insurance
• Dental & Vision

Under Colonial Life, employers can buy term life insurance and whole life insurance. Colonial Life has term life policies up to 30 years. Meanwhile, policyholders can keep their Colonial Life whole life insurance policies up to 100 years old. Having insurance benefits for that long can be seen as quite the investment.

Compare Quotes From Top Companies and Save

Auto Home Health Life Business Motorcycle Pet Medicare Rental

 Secured with SHA-256 Encryption

How much can you expect to pay for Colonial Life insurance rates?

We researched Colonial Life’s third-party calculator tool, but it didn’t necessarily give a specific quote for Colonial Life insurance. The best way to obtain Colonial Life insurance quotes would be to contact the company’s agents or their customer service.

If you manage to buy Colonial Life insurance from one of the company’s agents, you can manage your account online with a Colonial Life login. Or simply contact them at 1-800-325-4638. There are a lot of people who think that being face to face makes for a more positive experience, so if you don’t want to do everything online, you’re not alone.

Does Colonial Life have any discounts?

Sometimes, we worry about our monthly payments and how to keep them at the bare minimum. If you’re concerned about affordable Colonial Life insurance rates, start looking into the company discounts. We found a few deals that Colonial Life provides. Let’s examine them below:

Colonial Life Discounts

Qualifying for more than one discount could save a policyholder or employer a lot of money per month. It’s uncertain how much you’ll ultimately pay, but 20 percent off your policy would help.

What are the customer service satisfaction and financial strength ratings of Colonial life insurance?

Although Colonial Life doesn’t appear to be a strong company, it has good ratings from some of the world’s top rating agencies. Let’s look at the financial strength, credit ratings, and customer satisfaction grades below.

• A.M. Best – A (Excellent)
• Fitch – A (Strong)
• S&P – A (Strong)
• Better Business Bureau – A+
• NAIC Complaint Index – 0.62 (Below Average)

Colonial Life’s A.M. Best rating stems from Unum Group. How come? Unum Group is the parent organization of Colonial Life. Therefore, Colonial Life shares Unum Group’s rating.

The NAIC Complaint Index reports the rate of customer complaints that occur during the year. The average ratio is 1.00, but Colonial Life has a ratio of 0.62, meaning it gets fewer complaints than the average company of its size.

Compare Quotes From Top Companies and Save

Auto Home Health Life Business Motorcycle Pet Medicare Rental

 Secured with SHA-256 Encryption

What are some of Colonial Life’s pros and cons?

Before we talk about Colonial Life’s history, let’s go over a few advantages and disadvantages that you may face with a Colonial Life policy. Compare the pros and cons below.

Comparing Colonial Life Pros & Cons

The pros and cons balance out the company, which may make it challenging to decide. However, consider other options before you decide on buying a policy.

What is the history behind Colonial Life insurance?

The Colonial Life & Accident Insurance Company was established in 1937 by Edwin F. Averyt and J. Clifton Judy. The company was initially called Mutual Accident Company.

By 1939, the Mutual Accident Company was renamed the Colonial Life & Accident Insurance Company. Today, it remains in its hometown—Columbia, South Carolina.

Sometime in the 2000s, Colonial Life was acquired by Unum Group. Colonial Life now serves as an Unum Group subsidiary, but it maintains an identity and unique service to customers. And thanks to Unum’s influence, Colonial Life can compete with significant competitors.

Effortless Claims Handling With Colonial Life Insurance

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Colonial Life Insurance Company offers a streamlined claims process for its policyholders. Claims can be filed conveniently through their online portal, over the phone, or via their mobile apps.

The online platform allows users to initiate claims, track their status, and upload necessary documents with ease. Customers appreciate the user-friendly interface that simplifies the entire claims submission process.

Average Claim Processing Time

Colonial Life Insurance prides itself on its efficient claim processing system. On average, the company processes claims in a timely manner, ensuring that policyholders receive prompt responses. The company’s dedication to swift claim resolutions is reflected in its commitment to customer satisfaction.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback on Colonial Life Insurance’s claim resolutions and payouts has been overwhelmingly positive. Policyholders commend the company for its transparency, fairness, and quick response to claims. The prompt and hassle-free payouts have established trust among customers, making Colonial Life a reliable choice for insurance needs.

Compare Quotes From Top Companies and Save

Auto Home Health Life Business Motorcycle Pet Medicare Rental

 Secured with SHA-256 Encryption

Exploring Digital and Technological Advancements of Colonial Life Insurance

Mobile App Features and Functionality

Colonial Life’s mobile app offers a range of features designed to enhance user experience. Policyholders can manage their accounts, view policy details, and track claims directly from the app. The intuitive interface ensures easy navigation, allowing users to access important information at their fingertips.

Additionally, the app provides notifications and updates, keeping users informed about their policies and claims in real-time.

Online Account Management Capabilities

The online account management system provided by Colonial Life Insurance is comprehensive and user-friendly. Policyholders can log in to their accounts securely, allowing them to review policy documents, update personal information, and check claim statuses.

The platform also facilitates premium payments, enabling seamless transactions. The company’s commitment to data security ensures that customers can manage their accounts online with confidence.

Digital Tools and Resources

Colonial Life Insurance offers a range of digital tools and resources to educate and assist policyholders. These resources include informative articles, calculators, and guides to help customers make informed decisions about their insurance coverage.

Additionally, the company’s online portal provides access to policy-related documents and forms, making it convenient for users to find the information they need.

Colonial Life Insurance: What’s the bottom line?

There’s plenty of information on Colonial Life insurance company, but you have to jump through hoops to find a reliable quote. Waiting days or weeks for a quote could discourage you from buying from Colonial Life. However, if you have the patience and are willing to wait in order to be put under their care, we go over a few more questions down below.

Now that you know a little more about Colonial Life insurance, enter your ZIP code to compare multiple companies in your local area to locate a cheap and reliable insurance policy.

Frequently Asked Questions: Colonial Life Insurance

#1 – Is Colonial Life a good insurance company?

The short answer is yes. According to the financial strength and customer complaint ratings, Colonial Life appears to be a good company. You might have to be a little more patient with them, which can sometimes be considered to be less than a professional experience. Though some people might find that they are worth the wait.

#2 – How do you file a Colonial Life insurance claim?

Colonial Life insists that you file a claim using your Colonial Life login.

Once you’re logged in, click on the “Claims Center.” The following webpage should show you a link labeled “File an Online Claim” – when you see it, click on it. Next, click the claim type. Download the claim form you need and follow the instructions.

#3 – Is Colonial Life a pyramid scheme?

No. Colonial Life is a well-rated insurance company under the Unum Group.

#4 – Is Colonial Life a Fortune 500 company?

Yes. The Unum Group is Fortune 500 company, and Colonial Life is its subsidiary.

#5 – Who owns Colonial Life?

The Unum Group.

Compare Quotes From Top Companies and Save

Auto Home Health Life Business Motorcycle Pet Medicare Rental

 Secured with SHA-256 Encryption