Colonial Life’s new life coverage helps customers personalize benefits

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    Individual term life insurance plan offers enhancements including
    new benefit periods and living benefit options

    COLUMBIA, S.C.–(BUSINESS WIRE)–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.

    To help consumers determine their needs, Colonial Life has partnered
    with Life Happens to offer a free life
    insurance needs calculator
    on its website at http://worklife.coloniallife.com/calculator/.

    The policy or its provisions may vary or be unavailable in some
    states.
    The policy has exclusions and limitations which may
    affect any benefits payable.

    In New York similar products, if approved, are underwritten by The
    Paul Revere Life Insurance Company

    About Colonial Life

    Colonial Life & Accident Insurance Company is a market leader in
    providing financial protection benefits through the workplace, including
    disability, life, accident, dental, cancer, critical illness and
    hospital confinement indemnity insurance. The company’s benefit services
    and education, innovative enrollment technology and personal service
    support nearly 95,000 businesses and organizations, and 4.5 million of
    America’s workers and their families. For more information visit www.coloniallife.com
    or connect with the company at www.facebook.com/coloniallifebenefits,
    www.twitter.com/coloniallife
    and www.linkedin.com/company/colonial-life.
    Colonial Life is a registered trademark and marketing brand of Colonial
    Life & Accident Insurance Company.

    Contacts

    Chris Winston
    803-678-6997
    [email protected]