Regardless of whether you have someone counting on you for their financial support, you could still leave your loved ones in a state of financial hardship if they don’t have the funds that are needed for your final expenses.
Today, the cost of a funeral and other related expenses, such as a memorial service, transportation, flowers, a head stone, and burial plot, could cost more than $10,000 – a significant amount of money that many families just simply do not have. But they could access the necessary funds through a burial insurance policy.
Burial insurance, which is also often also referred to as funeral insurance or final expense coverage, is designed specifically for paying an insured’s final expenses. Typically, these policies will provide between $5,000 and $25,000 in coverage – which means that other potential debts may also be paid for using these proceeds, such as credit card balances, uninsured hospital costs, and the expenses incurred from hospice care.
When you are considering the purchase of a burial insurance policy, it is important that you make sure that you have the proper type and amount of protection, and that you also purchase this coverage from a reputable insurance carrier. In doing so, reviewing the financial strength and stability, as well as claims payment history, of a carrier can be helpful. One insurer that offers burial insurance coverage – and that meets the criteria of financial strength and stability – is Colonial Life Insurance Company.
The History of Colonial Life Insurance Company
Colonial Life Insurance Company has had one primary mission throughout its 80+ year history. That is to help America’s workers to preserve and protect the essential things that they have worked so hard to build.
The company was formed back in 1937 when its founders – Edwin F. Averyt and J. Clifton Judy – started the Mutual Accident Company in Columbia, South Carolina. The initial product offered by this insurer was accidental death benefit coverage – and over the years, the company has grown and expanded to provide a wide array of products and services to its policy holders.
Over time, Colonial Life has also earned a long list of awards and accolades: the first company to introduce worksite marketing of voluntary benefits via payroll deduction (in 1955), the first to implement computer technology in its insurance business (during the 1970s), marketing the company’s products via Section 125 plans (in the 1980s), and offering online enrollment systems for employee benefit plans.
Also, for eight consecutive years in a row, Colonial Life Insurance Company won 34 first place awards from brokers for products, service, and innovation via the Benefits Selling magazine Readers’ Choice Awards.
Colonial Life Insurance Company Review
Today, Colonial Life Insurance Company has more than 3 million policy holders, primarily via roughly 80,000 company benefit plans. The company’s products are offered through more than 10,000 sales reps and are supported by more than 1,000 home office professionals.
Colonial Life is secure and stable from a financial standpoint, with more than $1.3 billion of insurance coverage in force, and sales of more than $361 million annually. The company consistently receives strong industry ratings, due in large part to its strong investment portfolio, as well as its long term profitable growth.
Today, Colonial Life Insurance Company is a wholly owned subsidiary of UNUM – a giant insurer that offers supplemental insurance via the workplace. The company is still headquartered in Columbia, SC.
Insurer Ratings and Better Business Bureau Grade
Based on its strong financial foundation, along with its timely payments of policy holder claims, Colonial Life Insurance Company has received high ratings from the insurer rating agencies. These include:
- A from A.M. Best Company
- A from S&P
- A2 from Moody’s Ratings
- A from Fitch Ratings
At this time, Colonial Life Insurance Company is not currently an accredited company through the Better Business Bureau (BBB), nor has the BBB provided this insurer with a grade of between A+ and F based on customer complaints, financial stability, or quality of service that is provided.
The parent company of Colonial Life Insurance Company, UNUM Group, has a Better Business Bureau grade of A-. UNUM, over the past three years, has closed out 80 customer complaints through the BBB (and of these, 33 complaints were closed over the previous 12 months).
Of the 80 customer complaints, 66 had to do with problems with the company’s product and service, 11 were related to billing and collection issues, two had to do with advertising and sales issues, and one was related to delivery issues.
Life Insurance Coverage Offered by Colonial Life Insurance Company
Colonial Life Insurance Company offers life insurance coverage that can be tailored to the needs of its policy holders. In doing so, this can help to provide the necessary financial security that an insured’s family may need in case of the unexpected.
There are also life insurance coverage options available for an employee/policy holder’s spouse and children – which in turn, can help to provide even more financial protection for a family’s needs during difficult times.
As an insured’s needs change, he may also be able to update their life insurance coverage through Colonial Life to best fit their new situation, such as getting married or divorced, buying or selling a home, having or adopting a child, retiring, and buying or selling a business.
To help its customers in better understanding the overall value that life insurance coverage can provide, Colonial Life Insurance Company works in conjunction with Life Happens. Just one of the many benefits here includes helping consumers to determine how much life insurance coverage they need, based on their specific situations.
Colonial Life Insurance Company’s life insurance products can be purchased as an individual’s primary coverage, or it may also be obtained as supplemental coverage for a personal insurance policy and an employer provided plan.
The company makes it easy to file a life insurance claim by offering online claims filing. There is also a way to download life insurance claim forms directly via the company’s website, and to then either return to the company by fax or to mail the paperwork in. Life insurance policy holders can also make updates to their account directly via the Colonial Life Insurance Company website.
Other Products and Services Offered
In addition to life insurance coverage, Colonial Life Insurance Company also provides other forms of insurance, as well as financial related products and services. For example, when regular medical insurance does not pay for certain items, insureds can experience high out-of-pocket costs, such as copayments, deductibles, and coinsurance, as well as the cost of necessary prescription medications.
The company also offers an extensive list of voluntary benefits that can be accessed via employee benefit plans. These include a full range of protection that includes:
- Wellness – Colonial Life Insurance Company promotes healthy lifestyles and preventive measures via offering benefits for various wellness and health screening tests.
- Medical – The medical benefits that is provided by Colonial Life can help insureds with getting the help they need with the direct medical costs that are associated with qualifying illnesses and accidents.
- Financial – Colonial Life Insurance Company also assists with the indirect, out-of-pocket expenses that can accompany illnesses and accidents, such as the expenses that major medical insurance coverage often does not provide.
Because insurance can often be somewhat confusing, Colonial Life Insurance Company also offers services that can help people with better understanding their benefits. The company has experienced benefits counselors on staff who can help policy holders with simplifying the entire benefits process. Counselors are available to answer questions and to walk individuals through the whole process of benefits enrollment.
Other products and services that are provided through Colonial Life include the following:
- Accident Insurance – Accident insurance can provide for a broad range of advantages, including initial care that is required, as well as surgery, transportation, and lodging, and follow up care.
- Cancer Insurance – If an individual is diagnosed with cancer, the bills can start to add up. But with a cancer insurance policy, an insured will receive a cash benefit that may be used for any number of needs, such as loss of income, lodging, and meals, child care, or even for copayments and deductibles on other insurance coverage.
- Critical Illness Insurance – Critical illness insurance can help to compliment other health insurance coverage by providing funds if an individual has been diagnosed with conditions such as stroke, heart attack, end stage renal failure, major organ failure, and coronary artery bypass issues. The money that is paid out from critical illness coverage may be used for paying everyday living expenses, and other costs that are related to the insured’s condition.
- Dental Insurance – Dental insurance can help to provide an insured (and also his or her family members) with coverage that is needed for both routine and more costly dental procedures, such as cleanings, fillings, sealants, tooth removal, crowns, and dentures. Also, dental insurance coverage can also provide benefits for regular dental appointments, which in turn can help to prevent other, more costly dental needs from occurring.
- Disability Insurance – For many people, the ability to earn an income is their most valuable asset. That is because other assets would not be possible to acquire without it. If an insured becomes ill or injured and is not able to work, then having a disability insurance policy can help them to continue paying everyday living expenses like rent or mortgage, utilities, groceries, and other bills.
- Hospital Confinement Insurance – When an individual is in the hospital, there can be far more costs than those that are covered by regular medical insurance. With a hospital confinement insurance policy through Colonial Life Insurance Company, an insured may be able to cover the expenses that are associated with situations like diagnostic tests, outpatient surgery, doctor appointments, and trips to the ER.
How to Get the Best Premium Rate on Life Insurance Coverage from Colonial Life Insurance Company
If you are seeking the best premium rates on life insurance coverage through Colonial Life Insurance Company – or any other insurer – is recommended that you first consult with an independent life insurance agency or brokerage. That way, you will be better able to compare – in an unbiased manner – the plans and the premiums that are available to you.
When you are ready to begin this life insurance comparison process, we can help. We are an independent insurance broker, and we work with many of the top life insurance providers that are in the coverage market place today. We can work with you to determine which policy would best suit your coverage needs, as well as your budget.
We can do this for you very easily – all from your computer – and without you having to meet with a life insurance agent in person. If you are ready to get started, all you have to do is just simply fill out our short quote form.
If you have any questions at all regarding life insurance coverage, and premium prices, please feel free to reach out to us directly by phone. Our experts here are happy to assist you. We can be reached toll-free by calling 888-836-7071.
We know that it can sometimes be difficult to determine just how much life insurance protection that you need. There are many variables here to consider. But the process can be so much easier when you are working together with an ally on your side. So, contact us today – we’re here to help.
