Life insurance helps employees take care of their loved ones

Empower your employees to protect the people who matter most

When employees have people who depend on them, life insurance is especially important. Life insurance can give your employees peace of mind and help them provide for their loved ones after they're gone.

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How life insurance works

Increase your benefit coverage portfolio without impacting your bottom line

No matter where your employees are in life, they can get coverage that’s right for them with options that can help them protect their family’s future. Life insurance pays a benefit to their loved ones in the event of their death, and certain types of coverage can also build cash value over time.

Life insurance can help an employee’s family with things like:

  • Paying medical and funeral bills
  • Replacing lost income
  • Paying off a mortgage and other debts
  • Protecting retirement plans
  • Funding college expenses

Below is an overview of the major types of life insurance offered by Colonial Life.

Almost half of U.S. households are underinsured, with the average coverage gap of $200,000.1

  Term Life Universal Life Whole Life
Key features Level

Ideal coverage for high-demand years when employees need coverage most


Flexibility to manage policy over time as needs change


Permanent coverage that remains the same

Cost $ $$ $$$
Death benefit Payable if death occurs within the selected term period May be increased or decreased to suit needs (within certain guidelines) Stays the same as long as payments are made
Premium payments Stay the same during the selected term period
Vary depending on changes to the death benefit amount or fluctuations in credited interest rates Remain the same throughout the life of the policy
Cash value Not a feature of term life Builds based on credited interest rates Values are set when policy is purchased

Our life insurance is designed with both employees and employers in mind

Employers and HR professionals

  • Provide a sound benefits package that can help attract and retain high-performing employees, without incurring additional company expenses
  • Manage the increasing costs of coverage through voluntary benefits and potential savings

Your employees and their families

  • Can gain peace of mind knowing that they can make sure loved ones are cared for when they're no longer here
  • Benefits are paid directly to the beneficiary and can be used however they'd like, regardless of any other insurance the policyholder may have
  • Customize their coverage amount to best meet their needs
  • Can keep their coverage even if they change jobs or retire

Commonly asked questions about life insurance

How much does life insurance typically cost?

Employees can start a plan of life insurance at an affordable cost. The cost will vary based on their age and the amount of coverage they purchase.

Are employees guaranteed coverage?

Depending on the plan and face amount chosen, your employees may be asked some health questions. Their answers will be used to determine whether they are eligible for coverage.

Can employees increase their coverage later?

Yes, in most cases. Depending on their plan and the amount of coverage desired, they may need to answer health questions.

My employee already has a Colonial Life life insurance policy. Where can they find a copy of their policy?

To view a copy of their policy, update contact information and manage their Colonial Life insurance, employees should log in to their account. If they don’t have an account, they can register here.

How can a beneficiary file a claim?

To notify Colonial Life about the loss of life of a life insurance policyholder, please complete the loss of life notification form.

Can employees keep their life insurance coverage if they leave their job?

Yes. They own their Colonial Life life insurance policy. Regardless of employment changes, they can take it with them. When their current employment ends, they will receive a Continuation of Coverage letter from Colonial Life with instructions on next steps. They will need to change their payment method to direct bill, which means they pay Colonial Life directly instead of paying through their employer. To learn more and begin this process, employees can download the Conversion Request Form.

1. LIMRA, “Life Insurance Ownership in Focus: U.S. Household Trends” (2016)

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