Colonial Life Insurance: Is it Worth it? [Employer Review]

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Colonial Life Insurance: Is it Worth it? [Employer Review]

It’s no secret that a happy workforce is a more productive workforce. Therefore, employers should ensure that they offer their team a range of competitive benefits. One of the most important benefits you should consider offering is life insurance. But with many life insurance providers, it can be difficult to choose the right one, so let’s dive into Colonial Life.

A recent article published on Benefits Pro states that 71% of Americans believe their employer should offer life insurance. The same article shows that more people have life insurance through their employer than those with individual plans. 

Colonial Life Insurance is one of the most popular life insurance providers among employers, but how to evaluate if it is worth it for your business?

This review will dive into everything you need to know about Colonial Life and reveal the pros and cons of including it in your benefits package. 

Colonial Life Insurance Overview

Founded almost a century ago, Colonial Life has been trusted by many employers up to this point. As one of the original companies to offer accident and cancer insurance through pre-tax dollars, Colonial Life has a degree of reputability that newer companies lack. 

In 1993, Unum acquired Colonial Life, making it a subsidiary of one of the world’s most extensive benefit providers. If you’re looking for a that takes corporate responsibility, then Colonial Life is worth exploring. 

Social Responsibility 

Colonial Life participates in numerous social projects and partners with charitable foundations. There’s proof that millennials prefer to work for businesses that have a strong sense of ethics, so pairing up with a that takes social responsibility can improve your corporate image.

The decided to celebrate its 75th anniversary by completing a Habitat for Humanity project. While it’s nice to know that a takes an ethical stance, it’s not enough to put your trust in them as a life insurance provider. So, let’s explore the operational side of the and understand where they stand amongst competition.

What Products Do They Offer?

As a conscientious employer, you want to ensure that you’re choosing an insurance that offers competitive privileges for your workforce. The fact is, a comprehensive benefits package can boost employee morale in the workplace, and increase your employee retention rates. 

Many companies are turning to specialist benefits providers to ensure they can compete with other employers and decrease the costs of employee disengagement. ’s what Colonial Life can offer: 

Colonial Life & Accident Insurance Cover

Colonial offers a range of life and accident insurance policies, which are tailored to suit businesses of all sizes. Also, there are life insurance coverage options for employees in every circumstance. 

Premiums are deductible from payroll, which increases the efficiency of your business operations. There are plenty of coverage options, including universal, whole life insurance, and term insurance. 

The ’s accident insurance can ease the financial burden of hospital visits, emergency treatment, or for long-term conditions. Colonial Life offers a variety of coverage options, and employees can purchase accident cover as a standalone package. 

Colonial supplemental insurance is an excellent option for employees that have only basic insurance packages. Supplemental insurance can help with unforeseen costs and give your workforce peace of mind that they can receive coverage for a range of circumstances. 

Cancer & Disability Insurance 

Cancer treatment is expensive, and in the USA, many people find they cannot afford the best healthcare. Colonial Life offers cancer insurance, which also covers some screening tests. Opting for the additional disability policy means an employee can receive a portion of their income back if they have to leave work due to long-term sickness. 

Hospital Confinement Indemnity Insurance 

This plan offers additional coverage for hospital bills, including deductibles and co-payments. If the original health care plan you offer your employees doesn’t cover these things, then you should consider this add-on. 

Dental Insurance 

Most dental insurance cover standard treatments but don’t offer compensation for cleaning, tooth removal, fillings, and crowns. Adding Colonial Life dental insurance can help your employees afford these specialist treatments for themselves and their family members. 

What Do The Experts Say?

So far, we’ve seen that Colonial Life offers excellent coverage options, and it’s clear to see why they’re one of the top life insurance providers for employers. However, it’s crucial to find out whether the experts rate them highly. 

To get a comprehensive view of how Colonial Life performs, we looked at reviews and ratings from top business and finance reviewers. 

Better Business Bureau ()

The Better Business Bureau is a trusted authority when it comes to insurance companies. They work on a rating scale, which ranges from A+ to F. The bureau rates Colonial Life as an A, which shows that they are highly regarded and receive very few complaints in comparison to other companies. 

A.M. Best 

A.M. Best rates Colonial Life under its umbrella organization Unum. The is rated as an A, so you can rest assured that Colonial Life is a trusted . 

Pros 

Colonial Life Insurance has many benefits, as we’ve mentioned earlier. These include: 

  • A variety of coverage options — including universal, whole, and term life insurance. 
  • Comprehensive coverage for groups, which makes it easy for employers to offer supplemental insurance packages. 
  • Payroll deductions, which makes tailoring individual packages easier. 
  • Electronic enrollment, which allows employees to access the help they need with little effort. 

The Bottom Line 

So is Colonial Life Insurance worth it? 

The fact is: there are more pros than cons in choosing Colonial Life as an insurance provider. If you are still wondering if it’s worth it or not to even provide your employees with life insurance, keep in mind that it can significantly improve your staff retention rates.

There are many life insurance companies, but with 80 years of experience, Colonial Life has a degree of reputability, which means you can trust them to provide your team with life insurance to suit their needs.