September 23, 2019 — COLUMBIA, S.C.–(BUSINESS WIRE)–Many people just think of life insurance as something useful when there’s a death. New whole life insurance coverage from @ColonialLife’s debuts in 48 states and the District of Columbia – just in time for a busy enrollment season.
Colonial Life’s new product debuts in 48 states and the District of Columbia – just in time for a busy enrollment season and Life Insurance Awareness Month. “Life insurance should be a part of every financial protection foundation,” said Rula Kibler, a product manager for Colonial Life. “And our new whole life product offers some great new benefits that can help a policyowner while they are still living.”
Some of those accelerated death benefits include:
- A chronic care rider that provides access to benefits to help with expenses while living with a chronic illness; and
- A critical illness rider that provides access to benefits following a heart attack, stroke or renal (kidney) failure to help with immediate expenses
Earlier this year, Colonial Life launched a new individual term life coverage that also included several ways for customers to personalize coverage based on their individual needs.
The new whole life product is also flexible in other ways beyond living benefits. It also allows policyholders to personalize their coverage in meaningful ways, including:
- Multiple plan options to determine when premiums will be paid-up;
- Increased face amounts;
- Guaranteed purchase options that allow for the purchase of additional coverage without having to answer health questions;
- Options to purchase life insurance coverage for children; and
- Non-medical underwriting available for a wide range of ages and face amounts
The 2019 Life Insurance Barometer Study from Life Happens, a nonprofit partner with Colonial Life, revealed fewer than half of all Americans say they are knowledgeable about life insurance and four in 10 U.S. households without life insurance would immediately struggle to pay living expenses if a primary wage-earner died. Visit here. to learn more about your family’s life insurance needs.
“We want to make sure we have our customers’ best interests in mind,” Kibler said. “By offering products with extensive flexibility, we are able to cater to each individual’s life insurance needs.”
The coverage is underwritten by Colonial Life & Accident Insurance Company in Columbia, S.C. Policies and their provisions may vary or be unavailable in some states. Policies has exclusions and limitations which may affect any benefits payable.
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in providing financial protection benefits through the workplace, including disability, life, accident, dental, cancer, critical illness and hospital confinement indemnity insurance. The company’s benefit services and education, innovative enrollment technology and personal service support nearly 95,000 businesses and organizations, and 4.5 million of America’s workers and their families. For more information visit www.coloniallife.com or connect with the company at www.facebook.com/coloniallifebenefits, www.twitter.com/coloniallife and www.linkedin.com/company/colonial-life. Colonial Life is a registered trademark and marketing brand of Colonial Life & Accident Insurance Company.