Voluntary Benefits from Colonial Life
Why Life Insurance?
Whether you're a breadwinner or a stay-at-home parent, you probably need life insurance to protect the people who depend on you. And in most instances, life insurance benefits are free from income tax for the beneficiary.
What if you or your spouse were suddenly out of the picture? Do your loved ones have enough financial resources to pay for child care, college and everything in between?
Taking a look at your life insurance needs every few years is important to ensure you have enough coverage. Like most people, you may not know how much coverage you need. The best way to evaluate your life insurance needs is to talk with a benefits counselor. Proper planning can guarantee a secure financial future for you and your loved ones.
The Colonial Life portfolio of life insurance offers several plans to supplement your existing life coverage.
We offer Term Life Insurance, Whole Life Insurance, Universal Life Insurance and a Group Term Life Insurance plan.
Term Life Insurance
Colonial Life's Term Life Insurance is easy and economical life insurance for the first-time buyer or someone who wants to supplement their existing coverage during the high-need years. It is available through individual sales or through worksite payroll-deduction sales.
This term life insurance plan offers:
- Level death benefits: Benefits will not decrease with time. And in most instances, life insurance benefits are free from income tax for the beneficiary.
- Level premiums: Premium levels are guaranteed for the term of your policy based on your age at policy issue. (After the end of the selected term period, premiums will increase annually at a guaranteed rate based on your age.)
- Three plan designs: 10-year, 20-year and 30-year term coverage periods.
- Accelerated Death Benefit Provision: Automatically included in your policy. If you are diagnosed with a terminal illness, you can request up to 75 percent of the policy's death benefit, not to exceed $150,000.
This life insurance plan also offers the following advantages:
- Convertible: Convert the policy to a Colonial Life cash value life insurance policy any time through age 75* with no evidence of insurability. Premiums will be based on your age at the time you convert your policy.
- Guaranteed Renewable: Enjoy a policy that is guaranteed renewable to age 95.
- Portable: Take this individually owned policy with you if you change jobs or retire.
- Optional Coverage: Available at an additional cost. Several additional coverage options are available for you and your family. Ask your benefits counselor for details. You can also supplement your term life coverage with a waiver of premium rider and an accidental death benefit rider.
Would you like to receive additional information about Colonial Life's Term Life Plan? More Info Request Form
Whole Life Insurance
Often called permanent life insurance, whole life insurance provides life-long protection for your loved ones. You can count on it to be there your whole life, to provide you and family with financial security and protection now and in the future.
Colonial Life's Whole Life Insurance provides guarantees — cash value accumulation, premium rates and death benefit — that help ensure those benefits will be there when they're needed. And it accumulates cash value while it's protecting your family's way of life.
This whole life insurance is an individual plan that offers:
- Permanent protection that accumulates cash value.
- Guaranteed level premiums and cash values.
Our whole life insurance provides coverage in small to moderate face amounts. This plan's death benefit provides your beneficiary income for six or 12 months until other optional benefits you may have from Social Security, your employer or other life insurance plans are paid.
This life insurance plan also offers the following advantages.
Immediate Cash Payment: Your policy will pay an immediate cash payment of $1,000, $2,500 or $3,000 to your beneficiary. This amount is paid before the remainder of the death benefit and can be used to help pay for final expenses, while your other insurance claims are being processed. This cash payment amount is based on the policy face amount.
Guaranteed Purchase Option: You may increase your life coverage without providing proof of good health at the second and fifth policy years if you're age 55 or younger at date of issue. This extra coverage can be purchased without answering any health questions if your original policy is purchased before age 55.
Portable: If you change jobs or retire, you can take this coverage with you. Coverage is also available for your spouse and your children through term life riders.
Optional Coverage: Riders are available at an additional cost. Several additional coverage options are available for you and your family. Ask your benefits representative for details.
Would you like to receive additional information about Colonial Life's Whole Life Plan? More Info Request Form
Universal Life Insurance
Colonial Life's Universal Life Insurance is an individual plan that offers:
- Protection that accumulates cash value that can grow at current interest rates.
- Flexible premiums and an adjustable death benefit.
Universal life insurance is a nice complement to term or group life insurance protection. This plan offers you the flexibility to change face amounts and premiums as your needs change. Your premium payment can build cash value at current interest rates.
Coverage is also available for your family.
- You can purchase a universal life policy for your spouse, your children or your grandchildren with the same flexible benefits that are available to you, even if you don't purchase a policy for yourself.
- You can add a term insurance rider for your spouse or your children to your universal life policy.
This life insurance plan also offers the following advantages:
Portable: If you change jobs or retire, you can take this coverage with you. Coverage is also available for your spouse and your children through term life riders.
Optional Coverage: Available at an additional cost. Several additional coverage options are available for you and your family. Ask your benefits counselor for details. You can also supplement your universal life coverage with a waiver of premium rider and an accidental death benefit rider.
Would you like to receive additional information about Colonial Life's Universal Life Plan? More Info Request Form
Voluntary Group Term Life Insurance (VGTL)
With group life insurance, many coverage options are selected by the employer.
This group term life insurance plan offers:
- Higher coverage amounts at more affordable premiums based on group rates.
- The option to convert to individual life insurance. If you retire, reduce your hours or leave your employer, you can still keep your VGTL coverage at the same affordable group rates if you qualify.
- Optional accidental death and dismemberment coverage.
Group term life insurance is available at low group rates and paid for with convenient payroll deduction.
Colonial Life's VGTL Insurance offers the following benefits:
Accelerated Death Benefit: You may receive a percentage of your life insurance benefit if you are diagnosed with a terminal illness. This feature also applies to your spouse and dependent children covered under this plan.
Waiver of Premium: If you become disabled, this allows your premium payments, including those for your covered spouse and dependent children, to be waived during the period of disability. Available as an employer option on some plans.
Optional Coverage: Riders are available at an additional cost. Several additional coverage options are available for you and your family. Ask your benefits representative for details. You can also supplement your group term life coverage with an accidental death and dismemberment rider.
Would you like to receive additional information about Colonial Life's Group Term Life Plan? More Info Request Form
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