Our review of Columbus Life Insurance Company

When purchasing life insurance, there are some important factors to consider, such as the type of policy you desire and the life insurance coverage amount your situation requires.

Additionally, it’s also important to know the company’s financial strength and stability.  In the event that your family wishes to file a claim following your passing, you’ll want to ensure that the insurance carrier is able pay on that claim both now and in the future.  A leading insurance provider with a consistently positive reputation is Columbia Life Insurance Company.

About Columbus Life

With over 110 years in the insurance industry, Columbus Life Insurance Company offers an extensive line of insurance products that assists their consumers increase and secure their wealth.

Founded in 1906 by Channing Webster Brandon, the company initially known as Columbus Mutual Life Insurance Company got its start in Columbus, Ohio.  The mission of the company was clear – offer the best coverage at the lowest price.

As a result of the company’s commitment to its policyholders, producers, advances in technology, and the company’s products over the past 30 years, Columbus Life’s assets have increased substantially from $3.7 billion to $45 billion.  Presently, the company has over 3,000 employees and producers located in offices nationwide.  Columbus Life Insurance Company is licensed to sell both annuities and insurance in all states except New York.

While most of their products, especially estate planning, are targeted towards affluent and middle income markets, the company does offer affordable insurance options.  Many factors are considered when choosing the right insurance company – Columbus Life is a great option.

Considered one of the most tenacious insurance companies worldwide, Western & Southern Life Insurance Company is the parent company to Columbus Life Insurance Company.  This firm currently claims six different insurance subsidiaries.

Ratings and The BBB

Columbus Life currently holds some of the highest ratings provided by the leading insurance rating agencies.  These ratings are indicative of the company’s reputation of being both a financially sound and strong company, as well as their ability to pay on its customer’s claims.

Let’s take a look at the company’s ratings according to the leading rating agencies:

A.M. Best – A+ (Superior)

Held since June 2009, this rating is the second highest out of a possible 16 ratings.  This rating indicates the company’s superior ability to meet its policyholders’ insurance needs.

Moody’s – AA3 (Excellent)
Finally, this rating was awarded to the company back in February 2009 and also reflects Columbus Life’s excellent financial security.

Standard & Poor’s – AA (Very Strong)

This rating has been held by Columbus Life since July 2013 and it reflects the company’s strong financial security components.

Columbus Life Insurance Company was accredited by the Better Business Bureau (BBB) in November 2009 and has been awarded an A+ grade courtesy of the BBB (according to their A+ to F scale).

Columbus Life Insurance Company Products

The company provides several forms of life insurance policies that allows its policyholders to devise the best coverage for their particular needs.  Let’s take a look at the products currently offered:

 

Term Life Insurance

This policy provides the policyholder a death benefit only, which makes it quite affordable.  Policyholders are able to choose from 10, 15, 20, and 30-year terms.  Unfortunately, there is no cash value component available with this type of coverage but the term policy can be converted to a permanent policy.

Riders can also be added in order to augment the selected policy.  Additionally, some of these term life policies can converted into permanent coverage at a later time, without the need to prove insurability again.

Permanent Life Insurance

This type of policy that’s offered by Columbus Life includes a death benefit and a cash value component.  Let’s examine the different permanent life insurance policies available through Columbus Life Insurance Company:

Universal Life Insurance

Providing both a death benefit and cash value, the universal life insurance policy offers the consumer flexibility.  The policyholder has the ability to designate how much of their premium goes toward the death benefit, as well as how much goes towards the cash value.  Additionally, the policyholder has the ability to change their due date as needed.

Survivorship Universal Life Insurance

With this form of permanent coverage, two individuals are listed on the same policy.  This most often more affordable instead of purchasing two separate policies.  The benefit is paid once the second named insured passes away.

Indexed Universal Life Insurance

The gains possible with these policies is determined by the performance of the selected market index.  If the index performs well, the cash value will grow, and if the index does poorly, the principal is protected.

Columbus life Annuities

Columbus Life Insurance Company doesn’t just offer life insurance policies, they also offer annuities.  Retirement preparation is a huge concern for retirees today, including the possibility of using up all of their savings.  An annuity has the ability to provide a lifetime stream of income, which certainly helps to alleviate much of the concern.

Columbus Life currently offers numerous types of annuities for retirement, including Single Premium Immediate Annuities, Single Premium Deferred Annuities, and Single Premium Deferred Fixed Indexed Annuities.

In Conclusion…

The fact of the matter is that no one insurance company fits every consumers’ needs – this is why comparison shopping is wise.  Your current situation, your pre-existing health conditions, and your future financial needs are all to be considered when deciding on the appropriate life insurance company.  The only way to know for sure that a specific company is the best choice is to compare all of your other options.

If you are searching for investment or retirement products, Columbus Life Insurance Company is an excellent source.  Unfortunately, the company only offers one term life insurance policy.  In order to get the best coverage for your particular needs, while maintaining affordable rates, consider all available options before deciding.

When shopping for life insurance quotes, consult a reputable life insurance agency or agent that has connections to multiple insurance carriers.  This allows you to compare companies and policies more easily in a neutral manner.  From there, you should be able to find the appropriate plan that works best for your circumstances.

Ogletree Financial  can help you with quotes when you call at 1-800-712-8519.

About Doug Mitchell
About Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, home and auto insurance.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table.  He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award.  Later in his career with New York Life he was an Executive Council Member.  Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents.  Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of www.insurancequotes2day.com.

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