Compensation Disclosure Information
Colonial Life’s Policy Regarding Producer Compensation Disclosure
Colonial Life’s mission is to help working Americans and their families minimize personal financial risk with a comprehensive offering of voluntary benefits through the workplace. A trusted benefits advisor can offer you advice and guidance as you select the insurance programs and services most appropriate for your company’s needs.
At Colonial Life, we recognize the important role these benefits advisors play, and we compensate our producers to facilitate the sale and delivery of these valuable benefits. The compensation may include commissions as well as various incentives and awards.
In recent months, parts of the benefits industry have come under scrutiny regarding disclosure of compensation payments to insurance producers. Colonial Life recently completed a review of our producer compensation practices.
Colonial Life’s Compensation Processes Support Our Customer Focus
We believe our compensation arrangements with our producers have been conducted with honesty, fairness and integrity. In addition, we realize having trusted relationships between our producers and our customers is essential to all involved. To ensure this trust continues and to address any concerns within the industry, we recently outlined our policy on producer compensation disclosure.
Simply, the policy states that we support full disclosure of advisor compensation to our customers and prospective customers. In addition, we have put controls in place to facilitate this disclosure. We are confident that our compensation disclosure policy is a positive move for our valued clients and their trusted benefits advisors.
Clients and Potential Clients...Find Out More
If you are a Colonial Life client or the decision-maker of a potential Colonial Life client and have questions regarding producer compensation related to your organization’s insurance plans, please contact your insurance advisor. You may also learn additional information about Colonial Life’s compensation programs by contacting our Plan Administrator Service Center at 1.800.256.7004.