Colonial Life has made changes to its whole life insurance plan. The plan is designed to enable employees to purchase a greater amount of coverage and makes it easier for them to qualify for the coverage.
Colonial says it increased the cash value of its plan to comply with regulations that require many insurers to increase the cash value of their whole life policies in 2014. The company’s revised Whole Life 1000 insurance plan allows employees to purchase up to $300,000 in coverage.
Colonial adds that employers with 50 or more employees also can offer the plan to their workers without answering any health questions, making it easier for more people to qualify for coverage. The plan includes choice of coverage amounts; predictable premiums; choice of plan designs; tax-free benefits; opportunities to purchase additional coverage; an accelerated death benefit; immediate partial claims payment; and optional benefits that offer expanded coverage.
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