Colonial Life, with headquarters in Columbus, SC, offers a broad line of insurance services and products that aim to provide benefits to both employees and employers. The wide range of insurance packages include life, accident, medical, and even disability benefits that can help with peace of mind among workers and their families.
Selecting an employee insurance policy or benefits package with Colonial Life is a very important decision for any employer because it will enable the employer to build loyal and satisfied—and therefore efficient—human resources, and ultimately, a strong and stable business.
Selecting an insurance package is a tedious task, but maps that guide the decision-making process can be outlined. The most important step in selecting an insurance package is to determine the needs of the business and its people. Health insurance is an attractive benefit for an employer to offer since employees usually consider health care and coverage as an essential part of any employment package. This benefit is usually second in importance only to monetary compensation from allowances and the salary itself. Also, the cost of health care benefits is oftentimes tax deductible, and can be an attractive way for businesses to provide some form of tax shield to its employees. In addition, offering health insurance has been shown in surveys to increase employee retention, improve recruitment of new hires, and lower absenteeism.
Colonial Life also offers disability insurance that protects an employee’s earning capacity in the event of a disability. The insurance company’s Healthcare Confinement Indemnity provides assistance and coverage for hospitalizations arising from any medical or surgical condition. Fair lump sum settlements are also available for accidents, either on-the-job or off-the-job, family or individual coverages, which are ideal for risky and hazardous occupations.
While disability, accident and hospital confinement insurance packages may be considered as sufficient benefits for most businesses, Colonial Life additionally offers packages for the treatment of cancer and other critical illnesses. Colonial Life’s Cancer and Critical Illness Benefit Package offers lump-sum settlements to help employees pay for out-of-pocket expenses resulting from the treatment of these illnesses.
More modest health care plans are also available. The Limited Benefit Medical Plan provides limited benefits to employees' immediate family members to help pay for medical fees, like visits to the emergency room, confinement, surgery and even preventive care. While the coverage of this plan is not as extensive as the other regular plans, it also costs substantially less.
After determining employer and employee needs, the next step in selecting the right policy is to look at the cost of the benefits package. Is the cost affordable enough to allow the company to pay for it on its own? Or, does the company need to share the cost with its employees? How much would the employees need to pay monthly and can they afford it based on their salary? Colonial Life is known for offering extensive coverage at very affordable prices.
Finally, it is important to investigate the security of the insurance firm and its willingness to pay claims. Colonial Life is a sturdy insurer, established since 1939, with a loyal following. Further, it has a history of timely and reliable settlements for insurance claims. Whatever the need, a good insurance package should be able to offer employers versatile benefits packages that will keep both them and their employees satisfied and feeling secure.
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