Individual term life insurance plan offers enhancements including
new benefit periods and living benefit options
COLUMBIA, S.C.–(BUSINESS WIRE)–Workers have new options to customize their financial protection
benefits, thanks to an enhanced term life insurance plan introduced
today by Colonial Life & Accident Insurance Company.
Key additional options for Colonial Life’s individual term life coverage
include:
- A new 15-year benefit period;
-
Living benefit options through two new riders: chronic care and
critical illness; and -
A new plan for high face amounts (more than $250,000) with
gender-distinct rates.
“Today’s consumers want their financial protection to fit their unique
needs and situation,” said Pam Jenkins, assistant vice president for
product and market development. “Consumers aren’t one-size-fits-all, and
our products should reflect the need for flexibility.”
Colonial Life’s term life policy now offers:
- Four plan options: 10-year, 15-year, 20-year and 30-year term;
- Face amounts ranging from $10,000 to unlimited, based on underwriting;
- Terminal illness accelerated death benefit included;
- Same coverage for employee and/or spouse;
- Tobacco-distinct/unisex rates for amounts up to $250,000; and
-
Gender-distinct rates for amounts over $250,000, with preferred rating
based on health; and -
Six optional riders: 10-year or 20-year spouse term rider, children’s
term rider, accidental death benefit rider, chronic care accelerated
death benefit rider, critical illness accelerated death benefit rider,
and waiver of premium benefit rider.
The need for life insurance can vary greatly depending on a variety of
factors, including family situation, current income, short- and
long-term debts and other savings. An April report from LIMRA and Life
Happens, a nonprofit educational organization, found 66% of consumers
say they need life insurance, but only 57% own it.
To help consumers determine their needs, Colonial Life has partnered
with Life Happens to offer a free life
insurance needs calculator on its website at http://worklife.coloniallife.com/calculator/.
The policy or its provisions may vary or be unavailable in some
states. The policy has exclusions and limitations which may
affect any benefits payable.
In New York similar products, if approved, are underwritten by The
Paul Revere Life Insurance Company
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in
providing financial protection benefits through the workplace, including
disability, life, accident, dental, cancer, critical illness and
hospital confinement indemnity insurance. The company’s benefit services
and education, innovative enrollment technology and personal service
support nearly 95,000 businesses and organizations, and 4.5 million of
America’s workers and their families. For more information visit www.coloniallife.com
or connect with the company at www.facebook.com/coloniallifebenefits,
www.twitter.com/coloniallife
and www.linkedin.com/company/colonial-life.
Colonial Life is a registered trademark and marketing brand of Colonial
Life & Accident Insurance Company.
Contacts
Chris Winston
803-678-6997
[email protected]
