COLUMBIA, S.C. — Workers have new options to customize their financial protection benefits, thanks to an enhanced term life insurance plan introduced today by Colonial Life & Accident Insurance Company.
Key additional options for Colonial Life’s individual term life coverage include:
- A new 15-year benefit period;
- Living benefit options through two new riders: chronic care and critical illness; and
- A new plan for high face amounts (more than $250,000) with gender-distinct rates.
“Today’s consumers want their financial protection to fit their unique needs and situation,” said Pam Jenkins, assistant vice president for product and market development. “Consumers aren’t one-size-fits-all, and our products should reflect the need for flexibility.”
Colonial Life’s term life policy now offers:
- Four plan options: 10-year, 15-year, 20-year and 30-year term;
- Face amounts ranging from $10,000 to unlimited, based on underwriting;
- Terminal illness accelerated death benefit included;
- Same coverage for employee and/or spouse;
- Tobacco-distinct/unisex rates for amounts up to $250,000; and
- Gender-distinct rates for amounts over $250,000, with preferred rating based on health; and
- Six optional riders: 10-year or 20-year spouse term rider, children’s term rider, accidental death benefit rider, chronic care accelerated death benefit rider, critical illness accelerated death benefit rider, and waiver of premium benefit rider.
The need for life insurance can vary greatly depending on a variety of factors, including family situation, current income, short- and long-term debts and other savings. An April report from LIMRA and Life Happens, a nonprofit educational organization, found 66% of consumers say they need life insurance, but only 57% own it.