First Colony Life Insurance Company
A Firm Policy of Rate Integrity
Founded in 1955, First Colony Life Insurance Company has offered competitive life insurance products to customers all over the US. This company is sound financially. Total assets are over $7 billion, with net life insurance policies worth $492 billion. First Colony Life is a subsidiary of Genworth Financial, a member of the GE family of companies. It has sister companies, American Mayflower Life Insurance Company of New York, and Genworth Life Insurance Company. The three companies are leaders in offering term life insurance.
First Colony Life Insurance Products
First Colony offers the Colony Series, composed of 5, 10, 15, 20 or 30 year terms. They have level premiums for a selected period, with annual increases for the remainder of the policy. Death benefit coverage extends to age 97. There is a conversion provision, and a variety of riders, including, a waiver premium, an accelerated death benefit, and a children’s insurance rider.
The company also offers the VantagePoint SM Series, which offers initial level premium periods of 15, 20 or 30-year terms. These premiums then increase annually to age 95. Optional riders include a waiver of premium rider, a children’s insurance rider, and an accelerated death benefit rider, and also a cash value rider which offers a return. If the insured survives the term period, he receives a sum equal to all the premiums paid, minus any flat extra premium and outstanding loan amounts. Only the policy face value is paid at the insured’s death. There different cash value rider options. The enhanced cash value rider costs more than the basic rider but pays larger values. Both allow the option to take policy loans. If the loan balance becomes larger than the rider cash value, the policy ends.
A third product is CorporateTerm SM, a product that is specifically formulated for the workplace. This product insures key personnel. It has a unique pricing structure only available through this company.
First Colony ratings
A.M. Best: A+
Standard and Poor’s: AA-
Moody’s: Aa3
The financial strength of a company and potential for prolonged survival are represented by the above ratings.
First Colony Life InsuranCE Company Information
700 Main Street
Lynchburg, VA 24504
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Last Updated: June 16, 2009
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