Colonial Life Insurance And It's Policies

Founded in 1939 in South Carolina, Colonial Life Insurance Company offers its insurance plans in forty-nine states in the United States.  With one thousand employees and over 2.5 million policies in tact, Colonial gears at sharing financial loads of American individuals, families, and businesses.  They want to reduce their financial risks, provide voluntary benefits via group insurance plans. 

Colonial Life Insurance policies differ from term insurance to whole life and universal life insurance, and voluntary group term life insurance.

Term Life Insurance Policy

Term insurance is they type of insurance Colonial Life Insurance policy that is ideal for those who are purchasing an insurance policy for the very first time and need to manage financial needs within the confines of a budget.

The death benefits covered by term insurance policies are mostly tax-free and retain value over duration of time.  For each term, the policy buyer pays level fixed premiums that may be increased upon renewal of the policy.  The policy does allow the buyer to claim up to 75% of the death benefit if 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 entire life of the insured person’s life.  In addition to this is the special savings plan of cash value accumulation. 

This is part of the premium paid goes into the saving that can be accessed by the insured at any time he needs it.  If the policy holder retires or changes jobs, he can carry the policy with him.  This can be transferred to the new job place and won’t affect the status of retirement or reduce the benefits

Universal Life Insurance Policy

The Colonial Life Insurance Company suggests a universal life insurance policy with more flexible premium options and a cash value accumulation plan that increases in amount by its rate of interest.  Universal Life Insurance policies are also portable stay valid with retirement or job placement.  And they can also be purchased for one’s family and not just for the individual.  The term insurance can be added for one’s family within the universal life insurance policy.

Voluntary Group Term Life Insurance

Voluntary Group Life Insurance offers a special feature is its availability at low group rates and the option to convert the policy into and individual life insurance policy.  The insured ca then claim an accelerated death benefit, if a life-threatening illness comes up in the life of the insured.  The VGTL is remarkable because it allows a waiver of premium in the event of a disability.