An Unbiased Columbus Life Insurance Review
As part of our commitment to excellent customer service, we strive to provide our customers with unbiased life insurance reviews that help them get the best coverage at the most affordable rates. Here we provide a Columbus Life Insurance review, which covers company information, the types of life insurance they sell, financial ratings, and more.
Let’s dig right in.
About Columbus Life Insurance Company
Columbus Life Insurance Company has been in business for more than a century. The company was founded by Channing Webster “Pop” Brandon as Columbus Mutual in 1906.
Brandon had a simple vision…
Provide real value to both policyholders and independent producers, and set an example to the insurance industry by following the Golden Rule, “Do unto others, insofar as you are capable, as you would have them do unto you.”
This business concept was forward thinking for the day and benefitted both clients and agents, called producers. It was the foundation on which the company was built and enabled the company to survive the Great Depression, enjoy steady growth after World War II, achieved $4 billion of life insurance in force by 1980, and enjoy record annuity sales during the 2008 financial crisis.
Due to their commitment to their policyholders, products, producers, and commitment to technology, in the past thirty years, their assets have grown from $3.7 billion to $45 billion
Currently, they have more than 3,000 employees and producers located throughout the United States. They are licensed to sell insurance and annuities in the District of Columbia, and in all states except New York.
They are a member of Western & Southern Financial Group, a worldwide industry leader in life insurance, annuities, retirement planning, mutual funds investment management and financial services whose owned and managed assets totaled more than $67 billion in December 2016.
Their products are designed for the upper middle income and affluent markets, with an emphasis on estate planning. However, they do have affordable life insurance options. Since many factors go into finding the right company, no one should overlook them as a great option.
The Pros…
Columbus Life is proud of their “Heritage of Strength,” and has worked hard to preserve it. That means they are very concerned about providing financial protection to their clients and their beneficiaries.
To meet their client’s needs, they offer a wide range of products and services. Their life insurance options include six universal life policies, one term life policy, and one death benefit rider.
What is the difference between a universal life and a term life policy?
Term life is a simple pay on death policy that usually costs less than universal life. It is typically purchased by younger people, however, Columbus Life’s Nautical Term Life policy will issue coverage to ages 18 – 75.
As its name indicates, it is insurance purchased for a set term. The monthly premiums and death benefit amounts are locked in for the duration of the policy. For example, you can buy coverage for 10, 20, or 30 years for a set rate.
The purpose of term life insurance is to pay off debts and financially provide for the policy holder’s beneficiaries. However, the drawback is that the policy expires after the term is up and it does not provide the investment options that universal life does.
Columbus Universal Life Policies
Universal life is a flexible life insurance policy that pays a death benefit similar to term life. However, it also includes a savings element, in which the money is invested to grow over time. An advantage of universal life is that the coverage can be reviewed and modified as life circumstances change.
Columbus Life offers a wide variety of universal life policies, so there are many options available. Finding the right one for you will depend on your budget, lifestyle, and anticipated financial needs. For instance, some people may prefer to purchase a term life policy and invest their savings separately.
Their Accelerated Death Benefit Rider is available on all policies and provides access to partial death benefits when certain medical conditions are met, such as a terminal illness or chronic disease.
Columbus Life is also very committed to securing their client’s financial futures with estate planning services. They offer a variety of annuities that provide long-term investment options and retirement income.
Columbus Life Insurance Policy Lineup
- Indexed Explorer Plus Universal Life
- Voyager Universal Life
- Explorer Plus Universal Life
- Legacy G Survivorship Universal Life
- Legacy Plus Survivorship Universal Life
- Nautical Term Life
- Life Plus Accelerated Death Benefit Rider
Columbus Life Insurance Annuity Lineup
- Advantage Fixed Index Annuity
- Passport Single Premium Deferred Annuity
- AccountMax Market Value Adjusted Annuity
- LifeSource Plus Single Premium Immediate Annuity
When reviewing the different policy options, it is important to recognize that the only way to know if you’re getting the best coverage is to factor in your unique circumstances and understand how underwriters will view your situation.
For example, Columbus Life sells insurance to a few niche markets, including marijuana users, but perhaps they don’t sell to someone with a certain preexisting health condition. We are familiar with the underwriting guidelines at dozens of companies so we can help make it easy to narrow down your options and know where to apply.
Columbus Life Insurance Financial Ratings
Columbus Life is financially strong and has steadily grown, even during tough economic times. Today, they are one of the largest life insurance companies in business. In 2016, their total assets reached $44.7 billion, with total assets under management at $67 billion.
Independent rating agencies have rated them excellent, so you can be assured that they will be around to pay out on death claims and provide investment income far into the future.
All independent rating agencies have similar yet different rating explanations. An AA at one company might be a A+ at another. To simplify things, the Comdex created a standard rating from 1 – 100. Columbus Life has a Comdex score of 96, which places them in the top 4% of all life insurance companies.
Their additional independent scores are:
- M. Best: A+, Superior (rating held since June 2009)
- Standard and Poor’s: AA, Very Strong (rating held since July 2013)
- Fitch: AA, Very Strong (rating held since June 2009)
- Moody’s: Aa3, Excellent (rating held since February 2009)
You can find detailed financial information on their 2016 Annual Report.
In addition to their great financial ratings, they also have an A+ rating from the Better Business Bureau.
Leading in Technology Solutions
As we said before, they are committed to making things easy for their clients and producers. They attribute much of their success by delivering faster service through the latest technology innovations. They do this through:
Electronic Applications:
Their electronic application system ensures that once an application has been filed, it is checked for accuracy which prevents processing delays and speeds up acceptance times.
Accelerated Underwriting:
Their accelerated underwriting program uses a predictive analysis to quickly identify individuals who qualify for policies without intensive data collection and without the need for a medical exam. They can notify qualifying individuals of underwriting decisions in as little as 72 hours.
Electronic Policy Delivery:
Payments and documents are processed faster through their DocFast electronic solution, which allows for the sharing, signing, and delivery of documents.
They also offer two mobile apps, CLIC Mobile and the Tax Guide App.
The Cons…
Columbus Life Insurance Company is a great company that sells life insurance products to individuals and has a heaving leaning toward universal life insurance policies, annuities, and estate planning.
If you’re only interested in Term Life, there is only one option plus a rider to choose from.
Their focus on the more affluent and upper middle markets might give some people the impression that they may not be affordable but that is not the case. They offer some very competitive policies and should not be overlooked.
How to Choose the Best Life Insurance Company
Since there is no such thing as a one size fits all life insurance company, and underwriting guidelines vary greatly from company to company, we can help you decide if they might be right for you.
For example, underlying health conditions, future financial needs, and your current situation are all factored into finding the right company for your needs and budget.
The only way to know if a company is the best choice is to compare your options so you can make the best decision.
There are many factors that go into how much you’ll pay for insurance. For example, perhaps you want a no exam policy. Or, you’re willing to undergo a health exam and be assigned to a rate class. The common classes are determined by your age, health status, and lifestyle. They include:
- Best Class/Preferred Plus
- Preferred
- Standard Plus
- Standard
- Table Ratings
For example, let’s say you have controlled high blood pressure and are on medication. Company A may assign you to their standard plus rate class and Company B may assign you to their preferred rate class and save you a lot of money.
What is Needed to Apply for Life Insurance
We can help you apply to the right companies all you have to do is contact us. What you can expect to be asked are questions, such as:
- Age
- Height/weight
- Preexisting health conditions
- Medications
- Lifestyle habits (smoke, drink, fitness level)
- Financial information (income/net worth)
The bottom line…
Columbus Life Insurance Company is an excellent company, especially for those looking for investment and retirement services, however, they only offer one term life policy. No matter what type of coverage you need, to make sure you get the best-individualized coverage, at the best rates, all your options should be considered.
As an independent agent, we will compare more than 60 insurance companies to ensure you find the best plan, at the lowest rate, and get answers to all your questions. There is no cost or obligation for this service. To begin, fill out the quote form on our site, and we can get started right away.
The opinions in this article are based on our knowledge of Columbus Life Insurance Company at this time. Guidelines and information are subject to change at any time. We are not an employee of Columbia Life Insurance Company. Their corporate headquarters are located at 400 East Fourth Street, Cincinnati, Ohio. Their phone number is 866-299-8715.
