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.
Almost half of U.S. households are underinsured, with the average coverage gap of $200,000.1
|Term Life||Universal Life||Whole Life|
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
|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|
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.
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.
Yes, in most cases. Depending on their plan and the amount of coverage desired, they may need to answer health questions.
To notify Colonial Life about the loss of life of a life insurance policyholder, please complete the loss of life notification form.
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.