Term Life 1000 Insurance

The following information highlights the benefits of the current Term Life policy available through your benefits package. If you enrolled in a Term Life Plan prior to this year, you may have different benefits and features than those shown here. You should refer to your personal policy for your exact benefits and features. Your Benefits Representative can provide you with further information on which plan you have, and assist with any questions. Please meet with your Benefits Representative during your open enrollment period for any assistance.

If the unexpected happened to you, would your family's quality of life be secure? Ask yourself...
...Would my family be able to meet immediate expenses such as funeral costs and outstanding medical bills?
...Would my spouse have enough money for our children's education? Mortgage payments? Other outstanding debts?

Term Life Insurance from Colonial Life offers a predictable way to provide peace of mind for you and your family. You can help protect your loved ones from unpaid debts, secure your children's education and goals, and ensure financial stability during high-need years.

Advantages of term life insurance

• Economical – Purchase the full amount of coverage you need at a low initial cost (compared to cash value insurance)—for when your need for protection is the greatest.
• Not Taxable to Beneficiaries – Provide a life insurance benefit that, in most instances, is free from income tax for the beneficiary.
• Pure and Simple – Provide protection for short-term obligations, such as a car loan or mortgage.

Key features of Colonial's Term Life Insurance

• Flexible Term Periods
  Three term coverage periods are available to fit your needs during more financially demanding years.
• Level Death Benefit and Guaranteed Premiums
  For the term of the policy, your premiums will not increase and your death benefit will not decrease, unless you receive an accelerated death benefit. After the end of the selected term period, premiums will increase annually at a guaranteed rate based on your age.
• Guaranteed Renewable
  Your policy is guaranteed renewable to age 95.
• Convertible to Cash Value Plan
  You can convert your policy to a Colonial cash-value life insurance policy any time through age 75 (unless you have used the Accelerated Death Benefit Provision or Waiver of Premium Benefit Rider) with no evidence of insurability. Premiums will be based on your age at the time you convert your policy.
• Accelerated Death Benefit Provision
  This benefit is automatically included in your policy. If you are diagnosed with a terminal illness (condition), you can request up to 75 percent of the policy's death benefit, to a maximum of $150,000. This benefit is included at no additional premium. We deduct a fee only if you use the benefit, and your death benefit will then be reduced by the amount you receive. In addition, there may be tax consequences for receiving the accelerated benefit; ask your tax advisor for advice.
  (State variations exist for this benefit. Please refer to your policy for details.)
• Portability
  Your policy is portable, which means you can take it with you at the same premium if you change jobs or retire.

Plan options

Available for you and your spouse
Choice of three plan options depending on the insured's age and the term period needed.

• 10-year level term: Provides coverage for 10 years with guaranteed level premiums and may be renewed annually thereafter without evidence of insurability.
• 20-year level term: Provides coverage for 20 years with guaranteed level premiums and may be renewed annually thereafter without evidence of insurability.
• 30-year term: Provides coverage for 30 years with guaranteed level premiums and may be renewed annually thereafter without evidence of insurability.

Optional coverage for your spouse and dependent children

Available at an additional cost

Your Spouse – Two Options

• Term life policy: Cover your spouse with a term life insurance policy that offers guaranteed premiums and level death benefits equivalent to those available to you—whether or not you buy a policy for yourself.
• Term life rider: Add a term life rider for your spouse to your policy, up to a maximum death benefit of $50,000. Two term period options are available: 10-year and 20-year (20-year rider available with a 20 or 30 year term policy only).
  

Your Dependent Children

• Children's term life rider: Add a term rider to your policy and cover all of your dependent children with up to $10,000 in coverage each—for one low premium.

Added protection with optional riders

Create a plan that meets your individual needs by adding one or more of these benefits riders to your term life insurance coverage for an additional cost:

• Waiver of Premium Benefit Rider - Waives all premiums (for the policy and any riders) if you become totally and permanently disabled before the age of 65. To be considered permanent, your total disability must continue with no interruptions for at least six consecutive months. Premiums waived by this rider do not have to be repaid.
• Accidental Death Benefit Rider - This rider provides an additional benefit to the beneficiary if the insured dies as a result of an accident before age 70. Benefit doubles if death occurs while insured is a fare-paying passenger on a public conveyance such as a commercial aircraft or taxicab. An additional seatbelt benefit is also payable.

See your Colonial representative for additional information specific for your state.

For the Term Life Insurance Worksheet (PDF), please click here.