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Colonial’s Newest Accident Insurance Plan Filling Coverage Needs for All Types of Customers, from Single Purchasers to Full Families
COLUMBIA, S.C. (November 25, 2002)
–– Accident Care, the newest accident product from Colonial Supplemental Insurance, is proving popular among single purchasers and families. In fact, the product is setting sales records, hitting $20 million in late November and swiftly approaching $25 million by the end of the year.
When the product was first introduced in April 2002, sales shot past the $2 million mark in seven weeks. Six months later, the product has been approved in 47 states and Puerto Rico and the sales numbers are staggering: nearly 600,000 policyholders and $17 million in premium.
“This quick success proves the need for an affordable family accident protection plan,” explains Monica Francis, Colonial’s product director.
Accident Care is an individual insurance plan sold through payroll deduction at the worksite. Employees buying coverage for themselves is the biggest market so far, but Francis says sales to two-parent families are on the upswing because they like the idea of covering their entire family with one affordable plan.
“Overall, we are very pleased that this product appeals to a wide range of family coverage needs” Francis adds. “It seems to strike a chord with people who want affordable accident coverage.”
Accident Care helps employees pay for covered accidental injuries by providing a variety of care and treatment benefits, including initial care, treatment and follow-up care. New benefits include coverage for catastrophic accidents*, emergency dental work, and transportation and lodging. The product also features higher benefit amounts than previous plans for hospital admission and hospital confinement. Plans are available for employees, their spouses and children, as well as blanket dependent coverage for one-parent or two-parent families.
“Most major medical insurance doesn’t cover every medical expense, sometimes leaving employees with significant out-of-pocket costs,” Francis says. “Expenses such as co-payments or coinsurance, deductibles, out-of-network amounts, travel for treatment and child care during treatment can add up quickly. This product can help families prepare for the unexpected — especially serious injuries resulting in life-changing situations.”
Colonial Supplemental Insurance is the marketing brand of Colonial Life & Accident Insurance Company. Colonial is a market leader in benefits communication, enrollment and customer service while providing supplemental insurance to employees and their families at the worksite. A subsidiary of UnumProvident Corporation, Colonial is based in Columbia, S.C. and operates in 49 states, the District of Columbia and Puerto Rico. Colonial underwrites a broad line of insurance coverages, including personal accident and sickness, disability, life, cancer and critical illness insurance policies. Similar products, if approved, are underwritten in New York by a Colonial affiliate, The Paul Revere Life Insurance Company. For more information about Colonial’s products and services or opportunities with the company, call (803) 798-7000 or visit www.coloniallife.com.
* The catastrophic benefit is not available in some states.
NOTE: Policies may vary by state. Policies have exclusions and limitations that may affect benefits payable.
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