COLUMBIA, S.C. — Employees have new choices to customise their monetary safety advantages, due to an enhanced time period life insurance coverage plan launched right this moment by Colonial Life & Accident Insurance coverage Firm.
Key further choices for Colonial Life’s particular person time period life protection embody:
A brand new 15-year profit interval;
Dwelling profit choices by two new riders: power care and important sickness; and
A brand new plan for top face quantities (greater than $250,000) with gender-distinct charges.
“At the moment’s customers need their monetary safety to suit their distinctive wants and state of affairs,” stated Pam Jenkins, assistant vp for product and market growth. “Shoppers aren’t one-size-fits-all, and our merchandise ought to replicate the necessity for flexibility.”
Colonial Life’s time period life coverage now provides:
4 plan choices: 10-year, 15-year, 20-year and 30-year time period;
Face quantities starting from $10,000 to limitless, based mostly on underwriting;
Terminal sickness accelerated dying profit included;
Identical protection for worker and/or partner;
Tobacco-distinct/unisex charges for quantities as much as $250,000; and
Gender-distinct charges for quantities over $250,000, with most popular score based mostly on well being; and
Six optionally available riders: 10-year or 20-year partner time period rider, kids’s time period rider, unintended dying profit rider, power care accelerated dying profit rider, essential sickness accelerated dying profit rider, and waiver of premium profit rider.
The necessity for all times insurance coverage can range enormously relying on a wide range of elements, together with household state of affairs, present earnings, short- and long-term money owed and different financial savings. An April report from LIMRA and Life Occurs, a nonprofit academic group, discovered 66% of customers say they want life insurance coverage, however solely 57% personal it.
To assist customers decide their wants, Colonial Life has partnered with Life Occurs to supply a free life insurance coverage wants calculator on its web site at http://worklife.coloniallife.com/calculator/.
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