Colonial Life began as an accidental death insurance company called Mutual Accident Company. The company officially became Colonial Life in 1939 and has continued to grow since.
Now part of the Unum Group, a Fortune 500 and publicly traded company (UNM), Colonial Life acts as an independent subsidiary, continuing with business as usual.
Accident insurance claims can be made from anywhere in the world. This allows for stress-free travel without needing to worry about what could happen in a different country. Since claims are paid out in cash or direct deposit, paying for services not covered by health insurance is easy.
Even when facilitated by an employer, the insured owns the accident policy. This means that in the event of a lay-off or switch of employers, the accident policy will still be in the name of the insured.
Colonial Life will ask for a Continuation of Coverage form to be filled out and direct payment to be established. Then accident coverage can continue seamlessly.
Some customers have complained that the claims process is tedious and long and that the time it takes to receive the cash benefit is longer than expected.
This is a complaint from clients of most insurance companies. Some clients do state that they received timely payments, so it may depend on the type of claim or complexity of the case.
There is a lack of specific coverage information as well as pricing available on the website. Potential customers are instructed to speak with their employer regarding specifics on policies.
There is no clear way to cancel an existing policy online; a call to a representative is required. The company may want to consider adding this feature to its website as many customers prefer the convenience of conducting business online.
Customers have complained that the paperwork required for a claim is lengthy, redundant and paperwork often gets lost in the shuffle. This is a common complaint in the insurance sector. Double checking all information before submission and calling to check up on claim are good ideas.