Term Insurance

 

Term life insurance provides insurance coverage for a specific period or term resulting in payment of the Sum Assured only if the person insured dies within the timeframe specified in the policy. Colonial Life’s Term plans provide coverage for periods of 5, 10, 20 years OR coverage up to age 65 or age 85. This type of policy does not provide a cash value.

 

Permanent Life Insurance

 

Whole Life. This is a type of insurance that provides lifetime insurance coverage as well as a cash value upon earlier surrender. This cash value is available to you only after a specified period of time.

 

Lifetime Advantage (LTA). This plan also offers accumulation of cash and lifetime insurance coverage. Unlike Whole Life, the LTA allows you to access your accumulated cash from day one, offers flexible premiums and flexible coverage amounts. This type of policy allows you to increase the amount of coverage as your insurance needs change.

 

Endowment Insurance

 

Endowment plan. This type of insurance provides a policy benefit payable either when the person insured dies or on a stated date if the insured is still alive on that date (the maturity date). That is, it pays a fixed benefit whether the insured survives to the maturity date or dies before that maturity date.

 

Critical Illness

 

Life Choices. This is a critical illness plan which provides a lump sum payment if you are diagnosed with a critical illness. It frees you from worrying about finances, allowing you to focus on getting well.

 

Retirement Plans

 

Flexible Premium Annuity (FPA). This policy is a deferred annuity. What this means is that it is a type of long-term personal retirement account, which allows you to save and invest now, with an option to receive a stream of income at a later date (at retirement). The plan is registered with the Board Of Inland Revenue as a tool which allows you to reduce the amount of income tax you have to pay now. Our FPA offers benefits unmatched by similar plans on the market. Learn more about this policy here.

 

Unregistered Flexible Premium Annuity. This policy is similar to the FPA (above) but is not registered with the Board of Inland Revenue. It can be used to save for retirement or any other long-term savings goal.

 

Multiflex and Corporate Multiflex. These plans are registered retirement products created for groups of 5 or more employees. These portable plans allow employees to continue to save for retirement even if they change jobs.

 

Single Premium Immediate Annuity (SPIA). This type of annuity provides periodic income payments and guarantees a lifetime income after retirement, all for a single lump-sum premium investment.