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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. By offering life insurance to your employees, you will help them provide extra financial security for their loved ones after they're gone.

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 provides 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
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Individual Life Insurance: Term vs. Whole

Below is an overview of the key features of individual life insurance offered by Colonial Life.
  Individual Term Life Individual Whole Life
Cost $ $$
Death benefit Payable if you pass away within the term period you select Stays the same as long as you make payments2
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 provide your employees' loved ones with more financial security after they pass away
  • Receive benefits paid directly to the beneficiary, which 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

Employees can get a life insurance plan at a competitive rate. The cost will vary based on their age and the amount of coverage they purchase.
Depending on the plan and face amount chosen, your employees may be asked some health questions. Their answers will be used to determine whether they are eligible for coverage.
Yes, in most cases. Depending on their plan and the amount of coverage desired, they may need to answer health questions.

To view a copy of their policy, update contact information and manage their Colonial Life insurance, employees should log in to their account. If they don’t have an account, they can register here.

To notify Colonial Life about the loss of life of an insured, please complete the loss of life notification form.

In most cases, employees can keep their coverage if they change jobs or retire.

Take the next step

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.

2 Any loans on the policy are required to be fully repaid.

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.

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.

Underwritten by Colonial Life & Accident Insurance Company, Columbia, SC.