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Colonial Life Adds Whole Life Product

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Weird shelves (Image: Allison Bell/TA) (Image: Allison Bell/TA)

Unum Group’s Colonial Life & Accident Insurance Company unit is celebrating Life Insurance Awareness Month by introducing a whole life insurance policy.

Colonial Life will be selling the policy at the worksite in 48 states and the District of Columbia.

(Related: Northwestern Mutual and Knights of Columbus Add Whole Life Policies)

Policy options include a chronic care rider and a critical illness rider. The critical illness rider is designed to pay benefits if an insured suffers a heart attack, a stroke or kidney failure.

The policy itself offers guaranteed purchase options. Policyholders can use those options to buy more coverage later, even if they suffer from bad health and become difficult to insure.

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