Colonial Life & Accident Insurance Company
Colonial Life & Accident Insurance Company is an American insurance company based in Columbia, South Carolina. Colonial Life offers disability, accident, life, cancer, critical illness and hospital confinement insurance plans in 49 states. Colonial Life was founded in 1939 by Edwin Averyt and be…
Full Answer
What is the best critical illness policy?
Best for High-Dollar Coverage : AIG Direct. Why We Chose It: AIG offers lump-sum critical illness coverage up to $500,000. AIG Direct (AIG) offers Critical Illness Insurance for a lump sum value up to $500,000. This was one of the highest-value policies of all the companies reviewed.
What is critical illness insurance and what does it cover?
Critical illness insurance provides additional coverage for medical emergencies like heart attacks, strokes, or cancer. Because these emergencies or illnesses often incur greater-than-average medical costs, these policies pay out cash to help cover those overruns when traditional health insurance may fall short.
How much does critical illness insurance cost?
We customize your insurance so you only pay for what you need. How much does critical illness insurance cost? Critical illness coverage from Liberty Mutual can be as low as $12 per month 1, a fraction of the expenses that could add up over the course of an illness.
What is a critical illness policy?
Most critical insurance policies pay out a lump sum that the policyholder can use to replace lost wages or pay for treatment-related costs. The payout can also be used for specialty medications and non-medical expenses, including mortgages and groceries.
What illnesses are covered by critical illness insurance?
Get cover for these 36 illnesses with a Critical illness InsuranceHeart attack.Heart valve replacement due to defects or abnormalities.Coronary artery diseases requiring a bypass or other surgery.Aorta surgery via thoracotomy or laparotomy.Stroke.Cancer.Kidney failure.More items...
What is Colonial Life critical illness?
Colonial Life critical illness insurance helps supplement your major medical coverage by providing a lump-sum benefit that you may use to pay direct and indirect costs related to the most prevalent critical illnesses. Some of the covered conditions include: Heart attack. Stroke.
What does critical illness payout for?
How much does critical illness insurance pay out? Critical illness insurance pays out a lump sum benefit and policies usually max out at $50,000. There are no more benefits after you receive your payout.
What are the 34 critical illnesses?
List of 34 Critical Illnesses CoveredCancer of Specified Severity. A malignant tumour characterised by the uncontrolled growth & spread of malignant cells with invasion & destruction of normal tissues. ... Angioplasty# ... Heart Attack. ... Heart Valve Surgery. ... Surgery to Aorta. ... Cardiomyopathy. ... Primary Pulmonary hypertension. ... CABG.More items...
What are the 36 critical illnesses?
The following are widely considered 36 critical illnesses:1. Cancer19. Hepatitis (Fulminant Viral)3. Stroke21. Encephalitis4. Kidney Failure22. Head Trauma5. Multiple Sclerosis23. Medullary Cystic Disease6. Parkinson's Disease24. Brain Surgery13 more rows
Is a stroke considered a critical illness?
Strokes fall into the category of covered health conditions in most critical illness insurance policies. Strokes along with cancer and heart attack are the most common types of claims for this type of insurance.
What are the three most common claims for a critical illness policy?
Critical Illness Insurance claims are predominantly dominated by the “big three;” namely stroke, heart attack and cancer. There are also many other conditions that can be covered under CIC, such as children's coverage, multiple sclerosis and Parkinson's disease.
How long does it take for critical illness insurance to pay out?
How long does a critical illness claim take? The payout term varies, but it's usually at least 14 days after you get your diagnosis. This is because many critical illness insurance policies only pay if you survive for two weeks. Otherwise, you need life insurance.
How often does critical illness pay out?
onceCritical illness insurance will pay out if you get one of the specific medical conditions or injuries listed in the policy. It only pays out once, after which the policy ends. The conditions and illnesses covered can vary significantly between different insurers.
What qualifies as critical illness?
Critical-illness plans often cover diseases like cancer, organ transplant, heart attack, stroke, renal failure, and paralysis, among others. There is no coverage if you're diagnosed with a disease that isn't on the specific list for your plan, and the list of covered illnesses varies from one plan to another.
Is High Blood Pressure a critical illness?
High blood pressure, if untreated, can lead to serious cardiovascular diseases such as an aneurysm, embolism, heart attack and/or stroke.
What is the maximum term for a critical illness cover?
50 yearsImportant information Your policy must last for at least 5 years (our minimum term), and can't last for longer than 50 years (our maximum term). The policy must end before any person insured reaches the age of 80.
Is Colonial Life legit?
Colonial Life has earned a reputation as being one of the most respected insurance companies offering life insurance in the US. The carrier has received high ratings through A.M. Best and the BBB and has demonstrated consistent financial strength.
What is critical illness and accident insurance?
Accident and critical illness coverage protects you and your family from costs resulting from emergencies and unexpected illnesses. These plans act as an additional layer of protection and help with expenses that your health insurance may not cover, including deductibles and copays, as well as personal bills.
What is Colonial Life group accident?
ColonialLife.com. GAC4000 – PREFERRED PLAN. Group accident insurance can help with medical or other costs associated with a covered accident or injury that your health insurance may not cover. With this coverage you may not need to use your savings or secure a loan to help pay those unexpected out-of-pocket expenses.
What is a critical illness According to Allstate?
Critical Illness Insurance provides benefits when a covered person is diagnosed with an eligible condition like heart attack, stroke, major organ transplant, end stage renal failure or coronary artery bypass surgery.
What is covered by a family plan?
The base plan usually provides coverage for a set group of cancer screening tests, such as Pap smear, mammography, PSA (blood test for prostate cancer) and colonoscopy.
What does cancer insurance cover?
It can help pay for expenses that your health plan isn't designed to cover, such as deductibles, coinsurance, and travel to and from cancer treatment centers.
What are some examples of life insurance benefits that would not be paid out?
Exclusions depend on your policy. However, an example of when life insurance benefits would not be paid out would be if the death was caused by suicide.
What is disability benefits?
From maternity leave to a back injury or recovery time from a serious illness, disability benefits protect you through a range of different life events. The length of time the benefit covers will vary by policy, so make sure you get the full details when signing up. What it costs.
What are the expenses of life insurance?
These expenses may include final medical expenses, funeral costs, utilities, college tuition, mortgage payments and much more. Some plans also include "living benefits," which enable you to receive benefits if you face a terminal illness.
What is the base plan for health insurance?
The base plan usually provides coverage for a set group of illnesses, such as a heart attack or stroke. Additional coverage for cancer and other illness may be available to purchase. The benefit can be used to cover a variety of expenses, including things such as rehabilitation costs, wellness insurance co-pays and deductibles, experimental and/or optional medicine, out-of-network expenses, child care costs, or simply helping to replace a portion of lost income.
What is disability insurance?
Disability. What it is. Disability insurance is protection for the thing that matters most—your ability to earn an income. Sometimes referred to as income protection, this insurance can replace a portion of your income if you are unable to work for a few weeks or months because of an illness, injury or childbirth.
What is the benefit of optional health screening?
The optional health screening benefit can help you reduce the risk of serious illness through early detection.
Does Colonial Life cover critical illness?
If you’re diagnosed with a covered critical illness, group critical illness insurance* from Colonial Life can help with your expenses, so you can concentrate on what’s most important – your treatment, care and recovery.
Where to send a health insurance claim in Columbia SC?
Fax/mail: 1-800-880-9325 / P.O. Box 100195 , Columbia SC 29202 Write your name, address, Social Security number and/or policy/ certificate number on your bill and indicate “Wellness Test.” You can download the claims forms to fax/mail here: File a doctor’s office visit or wellness claim
Does Colonial Life pay for wellness?
With many Colonial Life policies, you could receive a payment simply for having certain types of wellness screenings and exams.
What Is Critical Illness Insurance?
Critical illness insurance is a type of supplemental insurance plan. Like other supplemental insurance plans, critical illness insurance can help pay the expenses left by your health insurance coverage in the event of an unexpected medical event.
What can a licensed agent do for critical illness?
A licensed agent can help you identify a benefit amount for your financial needs and provide an accurate quote for that benefit amount. Or, if you would like to learn more about critical illness insurance plans first, visit our website here.
Does critical illness pay out lump sum?
If you experience a qualifying illness, critical illness insurance policies pay out lump-sum cash benefits directly to you. Qualifying events can include:*. Because you get the benefits paid directly to you, you can use your benefit amount in whatever way you need (out-of-pocket medical costs, mortgage payments, or even transportation expenses).
Does critical illness insurance cover all in one?
A critical illness insurance plan can cover many medical events. However, that doesn’t mean it offers “ all-in-one” coverage. Before we move on, let’s talk about what a critical illness plan is not.
Is cancer only covered by critical illness insurance?
A Cancer Insurance Only Plan— certain types of cancers are often included in critical illness plans. However, that is not all they cover. Strokes, heart attacks, and other illnesses can also be covered by critical illness insurance plans since they are more comprehensive. A Life Insurance Plan— although life insurance is also a type ...
Can you get critical illness insurance after an illness has been diagnosed?
Because you get the benefits paid directly to you, you can use your benefit amount in whatever way you need (out-of-pocket medical costs, mortgage payments, or even transportation expenses). But don’t wait for an illness to strike before getting critical illness insurance. You cannot purchase this type of plan after an illness has been diagnosed. In order to receive the cash benefit of a policy, you must be first diagnosed after the waiting period of your policy.
Is critical illness insurance a type of life insurance?
A Life Insurance Plan— although life insurance is also a type of supplemental coverage, critical illness insurance is not a type of life insurance.