Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jan 20, 2021

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from top life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

Company Details
Address: P.O. Box 1365
City: Columbia
State: SC
ZIP Code: 29202-1365
Phone Number: 800-325-4368
Year Founded: 1937
Company Rating 0 (0 reviews)

Colonial Life Insurance at a Glance
Colonial Life Insurance HighlightsDetails
Year Founded1937
A.M. Best Rating“A” (excellent)
Better Business Bureau Rating“A+” (excellent)
SpecialtyLife insurance is their specialty, though multiple types of coverage offered
Accessibility Easy to set up account, online claims reporting, online life insurance management

Benefits for EmployeesEmployee benefits that can’t be beat
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The last thing you want to happen after you pass away is to leave your family with a financial burden. Colonial Life insurance not only helps to pay the cost of funerals and burials, but it also helps to keep your dependents financially afloat for many years to come. Advanced planning will save you money and help you provide a positive future for your loved ones.

The first step to providing a good future for your loved ones is to shop around for life insurance quotes so you can get a better idea of how much you’ll need to pay and how much will be covered. Enter your ZIP code in the box above to check out competitors near you so you can make sure you’re getting the best deal.

There are many life insurance companies in the market today. Sometimes it can be difficult to know what each offers. Let’s take a closer look at Colonial Life to get a better idea of what they’re all about and if its affordable life insurance rates are for you.

What are the pros and cons of Colonial Life Insurance?

Colonial Life is a trusted insurance provider. There are multiple pros of buying life insurance from them and very minor cons to consider. Though it’s always a good idea to review them to put your mind at ease.

Pros and Cons of Colonial Life Insurance
ProsCons
Top rated with positive scores from A.M. Best and BBBUnable to receive instant quote online
Offers multiple types of insurance coverageNot BBB accredited
The company is financially stable and strongDoesn't offer a timeframe for response to claims
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It may seem confusing at first when you dive into the life insurance game. It really isn’t as bad as it seems. There are three basic life insurance policies that cover a considerable amount of issues. Choosing the right policy for you is easier than you might think.

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Types of Life Insurance Explained

There are multiple types of life insurance. Term, whole, and universal life insurance may be the most popular choices, but there are other policies that may be a better fit for your needs.

Compare Term vs. Whole vs. Universal Life Insurance Policies
DetailsTerm lifeWhole lifeUniversal life
Policy durationBuyer's ChoicePermanentPermanent
Cash value interest calculationNo cash accountFixed interest rate, non-guaranteed dividendsBond interest rates
Flexible premiumsNoNoYes
Cash account value can declineN/ANoYes, if rates are low and fees high
Flexible death benefitsNoNoYes
Out of pocket costLeastModerateMost (Depending on Coverage Choices)
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Life insurance policies may seem a bit confusing at first, but really they’re rather simple. Below is a more detailed breakdown of the most popular policy – term life insurance.

Average Monthly 20-Year Term Life Insurance Rates by Age, Gender, and Coverage Value
Age and Gender$250,000 Policy Average Monthly Life Insurance Rates$500,000 Policy Average Monthly Life Insurance Rates$750,000 Policy Average Monthly Life Insurance Rates$1 Million Policy Average Monthly Life Insurance Rates$2 Million Policy Average Monthly Life Insurance Rates
20-Year-Old Male$18$29$40$47$86
20-Year-Old Female$15$22$30$35$64
25-Year-Old Male$17$28$39$46$86
25-Year-Old Female$15$22$30$35$65
30-Year-Old Male$18$29$40$47$89
30-Year-Old Female$15$23$31$37$69
35-Year-Old Male$19$31$44$52$99
35-Year-Old Female$17$26$36$43$79
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While Colonial life offers term life insurance, there is a lot more that goes into its plans. Let’s examine more closely what Colonial offers.

What types of life insurance does Colonial offer?

What kind of coverages can you get from Colonial Life Insurance?

  • Accident insurance: Provides additional coverage to your primary health insurance if you’re involved in an accident that requires expenses for ambulances, emergency room fees, follow-up care, and a variety of other costs.
  • Cancer insurance: Covers supplemental charges and expenses that your primary health insurance doesn’t in the unfortunate instance that you are diagnosed and treated for cancer.
  • Critical illness insurance: In the event that you should suffer a critical illness such as a heart attack or stroke, Colonial will provide lost income.
  • Dental insurance: Dental insurance can be tricky with regular health plans; a lot of procedures you think are covered just aren’t. Colonial Life takes care of these expenses for you so you can get your dental health back on track.
  • Disability insurance: Provides extra financial support if you suffer from a covered disability and can’t work to make an income.
  • Hospital confinement indemnity insurance: Hospitals have many costs – many are hidden. Colonial Life will help cover a lot of these costs when your primary health insurance won’t.
  • Life insurance (term, universal, and whole): When you need to make sure you and your family are well taken care of, choosing one of these plans will give you the peace of mind you deserve by providing what your dependents need.

As you can see, Colonial has most of what you could want in a life insurance company.

What discounts does Colonial Life offer?

Colonial Life offers a variety of excellent discounts that you can easily take advantage of. Let’s examine them more closely.

  • Young applicant discount: It’s always a good idea to buy life insurance. However, the younger you are, the better the deals. When you sign up for life insurance and are in your 20s or 30s, you’ll be able to save between 8 percent to 10 percent compared to older customers.
  • Annual premium discount: If you decide to pay for your premiums annually, you’ll also save compared to a monthly payment plan. In the case of Colonial, you can save up to 10 percent.
  • Healthy family history discount: Healthy genetics and family health history benefit you when purchasing life insurance. A healthy family history discount can save you a lot of money. Of course, the amount of savings varies depending on your family history – but you’ll save nonetheless.
  • Safe hobbies discount: It pays to be safe. If your lifestyle is less thrill-seeking, you’ll receive cheaper premiums and often more coverage compared to those who choose a daredevil lifestyle.
  • Non-tobacco user discount: Did you know smokers often have to pay up to 200 percent more for life insurance policies compared to non-smokers? Well, it’s true.

Life insurance companies like to reward customers who do not use tobacco products by offering them considerably less expensive premiums.

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Colonial Life Reviews and Ratings

Colonial Life has been around for a long time – 1937 to be precise. They have been a trusted insurance company for millions of people throughout the years. Below is a breakdown of some of their reviews by trusted sources.

  • A.M. Best: “A” Excellent
  • Fitch: “A” Strong
  • S&P: “A” Strong

The financial stability of their future is not in question.

What does the Better Business Bureau have to say about Colonial Life?

Though Colonial is not accredited by the BBB, they still have strong ratings from them due to their parent company, Unum Group. They currently hold an “A-” rating on the BBB.

There is a profile for Colonial Life and Accident insurance on the BBB, which has an “A+” rating with no complaints and just one negative customer review on file.

Take Charge of the Future and Save Today

You never know what will happen, so it’s never a bad idea to be prepared. Taking charge of the future is by no means an easy task. There are things we can do to ensure the financial futures of ourselves and our families.

There are many things to consider when thinking about what comes after. Final expenses like burial costs and medical bills are the first your dependents will likely face. However, wouldn’t it be nice to know your family will be financially stable and happy well into the future?

Begin your path of financial stability by entering your ZIP code in the box below and instantly receive quotes from competing insurance companies in your area.

References:

  1. https://www.reuters.com/companies/UNM