Colonial Life Insurance Company
In 1939, Colonial's predecessor, the Mutual Accident Company, was established in Columbia, South Carolina, with $5,000 in capital and a commitment to providing insurance protection to the everyday working man and his family. In two short years, the company's assets had increased twofold, allowing conversion to a stock company, Colonial Life & Accident Insurance Company. In 1955, Colonial pioneered the concept of selling to individuals at their place of employment through payroll deduction.
Colonial Life & Accident Insurance specializes in providing supplemental insurance (coverage that complements an employer's benefits program). The company, which markets its products under the Colonial Supplemental Insurance brand, has more than 2 million policies in force with more than 45,000 business and organizational clients. It has operations in all states except New York, and in Washington DC and Puerto Rico. Colonial Life & Accident Insurance also provides third-party administration services. It is a subsidiary of Colonial Companies, which is was acquired in 1993 by Unum Corporation, now UnumProvident.
Colonial Life & Accident Insurance Company provides benefits communication, enrollment and customer service in addition to providing supplemental insurance to employees and their families at the worksite. Colonial was founded in 1939, and offers insurance products including disability, accident, life, cancer, critical illness and hospital confinement.
According to the Colonial Life Insurance website: “We are a company of people who understand people. People are at the heart of our company and it is the employees that make Colonial what it is today. Colonial cares about its customers and is committed to their long-term financial security. A concerned and responsible supplemental insurance provider, we stand apart from other supplemental insurance companies through our benefits communication, service standards and supplemental insurance portfolio.”
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