Life insurance helps employees take care of their loved ones

Empower your employees to protect the people who matter most

When employees have people who depend on them, life insurance is especially important. You can help provide your employees with peace of mind by offering Life insurance that will help them provide for their loved ones after they're gone.

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How life insurance works

Increase your benefit coverage portfolio without impacting your bottom line

No matter where your employees are in life, they can get coverage that’s right for them with options that can help them protect their family’s future. Life insurance pays a benefit to their loved ones in the event of their death, and certain types of coverage can also build cash value over time.

Life insurance can help an employee’s family with things like:

Paying medical and funeral bills¹
Replacing lost income
Paying off a mortgage and other debts
Protecting retirement plans
Funding college expenses

Below is an overview of the major types of life insurance offered by Colonial Life.

	Term Life	Whole Life
Key features	Level Term Guarantees a stated death benefit during the specified term and is ideal for the high-demand years.	Level Premium Coverage that remains the same to age 100
Cost	$	$$
Death benefit	Payable if you pass away within the term period you select	Stays the same as long as you make payments
Plan options	10-, 15-, 20- or 30-year option	Paid-Up at Age 70 or Paid-Up at Age 100
Premium payments	Stay the same during the selected term period	Remain the same and end at paid-up age
Cash value	Not a feature of term life	Values are set when you purchase the policy

Our life insurance is designed with both employees and employers in mind

Employers and HR professionals

Provide a sound benefits package that can help attract and retain high-performing employees, without incurring additional company expenses
Manage the increasing costs of coverage through voluntary benefits and potential savings

Your employees and their families

Can gain peace of mind knowing that they can help make sure loved ones are cared for when they're no longer here
Benefits are paid directly to the beneficiary and can be used however they'd like, regardless of any other insurance the policyholder may have
Customize their coverage amount to best meet their needs
Can keep their coverage even if they change jobs or retire

Commonly asked questions about life insurance

How much does life insurance typically cost?

Are employees guaranteed coverage?

Can employees increase their coverage later?

My employee already has a Colonial Life life insurance policy. Where can they find a copy of their policy?

How can a beneficiary file a claim?

Can employees keep their life insurance coverage if they leave their job?

Yes, for Whole Life and Individual Term Life policies. They own their Colonial Life life insurance policy. Regardless of employment changes, they can take it with them. When their current employment ends, they will receive a Continuation of Coverage letter from Colonial Life with instructions on next steps. They will need to change their payment method to direct bill, which means they pay Colonial Life directly instead of paying through their employer. To learn more and begin this process, employees can download the Conversion Request Form.

Term Life (ITL5000): Applicable policy forms ICC18-ITL5000, ITL5000.

Whole Life Plus (IWL5000): Applicable policy forms ICC19-IWL5000-70, IWL5000-70, ICC19-IWL5000-100, IWL5000-100, ICC19-IWL5000J, IWL5000J.

Group Term Life: Applicable policy form GTL1.0-P.

1. This life insurance does not specifically cover funeral goods or services and may not cover the entire cost of your funeral at the time of your death. The beneficiary of this life insurance may use the proceeds for any purpose, unless otherwise directed.

Insurance products are underwritten by Colonial Life & Accident Insurance Company, Columbia, SC. This information is not intended to be a complete description of the insurance coverage available. The insurance or its provisions may vary or be unavailable in some states. The insurance has exclusions and limitations which may affect any benefits payable. For cost and complete details of coverage, call or write your Colonial Life benefits representative or the company.