Portability FAQs

When you purchase an individual Colonial Life policy at work, you own it. Even if you change jobs or your Colonial Life insurance premiums will no longer be deducted from your paycheck, that policy is yours for as long as you continue to pay the premium. 

 

This allows you to take advantage of any lower rates available when you first signed up. And that can save you a lot in the long run.

 

I’m not experiencing any changes to my job, payments or coverage. Is there anything I should do to keep my coverage?

There’s nothing for you to do. As long as you continue to pay your premiums as you have been, you’ll continue to receive all of the benefits of your coverage. If you’re not sure, talk to your Human Resources department, or call us at 877-721-3197 between 8am and 8pm ET, Monday – Friday.

 

What do you mean I own my policy?

If you have an individual policy (not a group policy), you own it. While you may have purchased it at work, it belongs to you for as long as you continue to pay the premiums.  This means you can take it with you as you move throughout your career, and often even into retirement.

 

If I allow my Colonial Life universal life or whole life policy to terminate, how will this impact the accumulated cash value?

If you have a whole life or universal life policy, you could be accumulating a cash value that you’d lose and buying new, replacement coverage could cost you more. Call us at 877-721-3197 to discuss any cash value accumulation on life insurance policies. We’re available from 8am-8pm ET, Monday – Friday.

 

I heard that dropping my coverage and getting a new policy later could end up costing me more money. How’s that work?

For coverage such as critical illness and life insurance, your premiums are based on your age when you bought it. If you drop your coverage, then buy a new policy later on – either with us or another company – you’d likely pay a higher rate because of the change in your age.

You could also have to deal with waiting periods, pre-existing conditions or other delays, which could cause you to be unprotected during that time.

 

How do I know if I have individual or group coverage?

To see information specific to your individual policy, please refer to your Outlines of Coverage. To view your Outlines of Coverage online, log into your account.

 

Why do I have to change my payment method to keep my coverage?

From when you first purchased your policy, we’ve been working with your employer to deduct your monthly premiums directly from your paycheck. If you change employers, or your employer changes insurance companies, we won’t be able to do that anymore.

But it’s easy to set up an automatic bank draft to keep paying your premiums. That’ll allow you to keep your coverage and enjoy the benefits of holding onto it over the long-term.

 

How easy is it to change my payment method?

It’s very easy.

Just complete this form or call us at 877-721-3197 between 8am and 8pm ET, Monday – Friday. We’ll stop the payments coming directly from your paycheck, and set up new payments to automatically come out of your checking account. It’s easy and seamless.

Or, if you’d rather, we can send you a bill every 3, 6 or 12 months.

 

I’m changing jobs. How do I keep my coverage?

It’s simple, just complete this form or call us at 877-721-3197. Our service associates are available from 8am to 8pm ET, Monday – Friday to help you change your payment method so you can keep your coverage. It’s easy and only takes minutes to complete.

 

My employer won’t take my premiums directly from my paycheck anymore. How do I keep my coverage?

It’s simple, just complete this form or call us at 877-721-3197. Our service associates are available from 8am to 8pm ET, Monday – Friday to help you change your payment method so you can keep your coverage. It’s easy and only takes minutes to complete.

 

My employer’s changing insurance companies. How do I keep my coverage?

It’s simple, just complete this form or call us at 877-721-3197. Our service associates are available from 8am to 8pm ET, Monday – Friday to help you change your payment method so you can keep your coverage. It’s easy and only takes minutes to complete.

 

How do I set up new payments?

Just complete this form or call us at 877-721-3197. Our service associates are available from 8am to 8pm ET, Monday – Friday to help you change your payment method so you can keep your coverage. It’s easy and only takes minutes to complete.

 

Where can I learn more?

For tools and general information about Colonial Life coverage, visit our Products page.

To see information specific to your individual policy, please refer to your Outlines of Coverage. To view your Outlines of Coverage online, log into your account.

 

How can I learn more about the coverage I own?

To access a copy of your policy/certificate, including your rights and provisions, simply log into your account online.

Or, you can call our customer service center at 877-721-3197 between 8am and 8pm ET, Monday – Friday.

 


  

Age limitations may apply on certain products.
Group coverage is not portable when the group’s master policy is being terminated.

Colonial Life insurance products are underwritten by Colonial Life & Accident Insurance Company, Columbia, SC ©2017 Colonial Life & Accident Insurance Company. All rights reserved. Colonial Life is a registered trademark and marketing brand of Colonial Life & Accident Insurance Company.

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