Our review of Columbus life insurance is here to help you get a better feel for the company and the rates they offer. They did not make our list of 10 best life insurance companies, but their ratings are superb and we have no problem recommending them when they offer the best rates.
Life insurance can be one of the most important purchases a person can make. This is not only because it can help in ensuring that your loved ones won’t need to worry about paying for final expenses or other large debts such as a mortgage balance or credit card debt, but also it can help you to make sure that your long-term savings will remain in-tact for the things that they were originally intended for.
When buying life insurance, there are many criteria that a person needs to consider. Certainly, the type and the amount of coverage will be key. But there are other factors, too, such as the company that you purchase the coverage from. This is because you will want to ensure that the insurer is strong and stable enough financially and that it has a good solid reputation for paying out claims to its policyholders. This is so that you know that your loved ones will receive the funds they are counting on in order to move forward. One company that is well known in the industry for doing just that is Columbus Life Insurance Company.
History of Columbus Life Insurance Company
Columbus Life Insurance Company has been in the business of offering insurance coverage products to its customers since 1906. The company provides a wide array of growth and protection products so that clients can enhance and protect their wealth, as well as that of future generations.
The firm was founded by Channing Webster Brandon in Columbus, Ohio – still the primary headquarters of Columbus Life Insurance Company today. Originally named The Columbus Mutual Life Insurance Company, Brandon wanted to offer the best insurance for the least amount of money to his policyholders.
Columbus quickly grew, adding policyholders and in-force premium. However, throughout the years, the firm continued to be known as a low-cost, high-value insurer. In the 1970s, the company began to issue individual life insurance companies via computer, using a system known as the Automated Life Insurance System, or ALIS. And, between 1968 and 1972, the insurer doubled in size and achieved $2 billion of insurance in force.
Just a short eight years later, by 1980, the company had again doubled and had achieved $4 billion of insurance in force. And, in 1982, The Western and Southern Life Insurance Company of Cincinnati acquired Columbus Mutual.
Ever the technology based company, in 1996, Columbus Life became the first of the Western and Southern Life Insurance affiliates to launch a marketing website. The company also began to offer agent’s continuing education credits online – making it very convenient to achieve the education that is needed to keep their licenses current.
Throughout the next several years, Columbus Life added insurers as strategic partners to its mix. It also continued to add to its array of online offerings and resources for both agents and consumers.
Reviewing Columbus Life
Because of its strong financial standing, along with its reputation for paying out claims to its policyholders, Columbus Life Insurance Company has received some of the highest possible ratings from the insurer rating agencies. These include the following:
- A+, Superior, from A.M. Best. This is the second highest out of a possible 16 ratings. This rating has been held by Columbus Life Insurance Company since June 2009.
- AA, Very Strong, from Standard & Poor’s. This is the third highest out of a possible 21 ratings. This rating has been held by Columbus Life Insurance Company since July 2013.
- AA, Very Strong, from Fitch. This is the third highest rating out of a possible 21 total. This rating has been held by Columbus Life Insurance Company since June 2009.
- AA3, Excellent, from Moody’s. This is the fourth highest out of a possible 21 total ratings. This rating has been held by Columbus Life Insurance Company since February 2009.
In addition, Columbus Life Insurance has been given a Comdex Ranking of 96 out of 100, which far outranks Primerica and is on par with companies like Globe Life. The Comdex Ranking is considered to be a composite of all of the ratings that a company has received from the major insurer ratings agencies. This ranking will rank an insurance company on a scale of between 1 to 100, with 1 representing the lowest.
Columbus Life Insurance Company has also been an accredited company with the Better Business Bureau (BBB) since November 2009, and the insurer has been given a grade of A+ through the BBB (on a grading scale of between A+ to F).
Throughout the past three years, Columbus Life has only had three complaints closed through the Better Business Bureau. Of these three complaints, two focused on issues with the company’s products/services, and one focused on issues with billing/collections.
In addition to its financial and claims paying strength, there are other positive factors that make Columbus Life Insurance Company a positive insurer to work with. This company provides a great deal of education for consumers directly on its website. This includes details about insurance basics, as well as more in-depth information about various insurance products, as well as information regarding how to transfer or replace insurance policies, how insurance underwriting works, and other important topics.
Locating a customer service representative to discuss an issue is also made easy with Columbus Life Insurance Company. Reps can be found via email, toll-free telephone, and by filling out a detailed form online and providing a callback number.
Products Offered By Columbus Life Insurance Company
Columbus Life Insurance Company offers a variety of life insurance and annuity products. These can help its customers to build and protect their wealth, as well as to ensure that they will have an ongoing lifetime income in retirement.
The life insurance plans that are offered through the company include:
Term Life Insurance Coverage
Term life insurance is considered to be the most basic of life insurance coverage. This is because if provides death benefit protection only. With term insurance, an insured has coverage for a set period of time. Therefore, this type of life insurance is good if you are covering certain “temporary” needs, such as a home mortgage balance or if you need very inexpensive coverage, such as life insurance for smokers or people on a limited budget.
A term life insurance plan is often less expensive for those who are young and in good health. Therefore, it can provide a way to obtain a great deal of death benefit protection for a low premium outlay. They also work well for those with high risk conditions. Finding affordable life insurance for diabetics can be difficult, but a term policy that will get the best premiums.
Permanent Life Insurance Coverage
Permanent life insurance offers both death benefit protection, as well as cash value, build up. Therefore, the policyholder has the opportunity to create additional wealth, while at the same time ensuring that loved ones are covered. The funds that are within the cash portion of the policy are allowed to grow on a tax-deferred basis.
Columbus Life Insurance Company offers several different forms of permanent life insurance policies, including:
- Universal Life Insurance – With universal life, the policyholder has a death benefit, as well as cash value. These types of policies allow the policyholder to, within certain guidelines, decide how much of the premium to place towards the death benefit, and how much to place towards the cash portion of the plan. Therefore, these policies are oftentimes thought to be more flexible than a whole life insurance policy.
- Variable Universal Life Insurance – Variable Universal Life Insurance policies cover death benefit needs and also offer the growth potential of equity investing. Therefore, the policyholder has the opportunity to grow the assets that are in the cash portion of the policy based upon market performance.
- Indexed Universal Life Insurance – With an indexed universal life insurance policy, the policyholder will have growth potential via indexed interest credits. They will also have protection of principal should there be a downturn in the market – essentially providing them with a “best of both worlds” scenario.
- Survivorship Life Insurance – A survivorship life insurance policy will coverage two lives under just one policy. Columbus Life Insurance company offers several different survivorship life insurance policy options.
How and Where to Get the Best Life Insurance Premium Quotes
When seeking the best premium quotes on life insurance coverage, it is typically wise to work with a company or agency that has access to more than just one insurance carrier. With that in mind, we can help. We work with many of the top life insurers in the marketplace today – and we can assist you in accessing all of the information that you need to make a well-informed purchase decision. In order to get started, all you need to do is just use the form on this page.
If you should still have any questions, please feel free to contact us directly, toll-free, by calling 888-229-7522. Our experts will be happy to take your call. You have many options available to you today when it comes to life insurance coverage – so it is important to ensure that you take a look at several prior to moving forward. So, contact us today – we’re here to help.