Columbus Life Insurance Company Review 2020
by Jim Tobin, CFP
Life Insurance Help Desk Rating
Columbus Life Insurance is a member of the Western & Southern financial services family.
This Columbus life insurance review will address company history, financial ratings, and the positives and negatives of the Company.
Additionally, unlike many Columbus life Insurance reviews, it it will address some specific situations where it may make more sense to go outside the Western & Southern family of products.
The goal is to make sure that you get the policy that provides you the most value.
Columbus Life Insurance Company History
Founded in 1906 Columbus Life Insurance has grown to be part of a multi- Billion dollar enterprise. Columbus Life Insurance itself, accounts for approximately $261,000,000 a year in US premiums or well less than 1.0 % of the overall U.S. market.
While the carrier offers term life insurance (the focus of this site), the primary focus of Columbia Life been permanent whole life insurance used for asset accumulation and estate planning.
The success in the cash value life insurance world has evolved into annuity sales as well.
That said, Columbus Life knows that convertible term insurance is inventory for whole life conversions and prices term somewhat competitively.
Columbus Life Insurance Company Ratings
- A.M. Best Company: Columbus Life rating given by A.M. Best was an A+ (Excellent).
- Fitch Ratings: Columbus Life rating given by Fitch was an AA (Excellent).
- S&P Ratings- Columbus Insurance rating given by Moody's was an AA- (Strong).
- Comdex Score- 96/100
Columbus Life Term Insurance
Columbus Life offers traditional term life insurance. The policies offered are 10,20, and 30 year terms like many of the best life insurance companies.
Columbus Life term policies have conversion privileges to Columbus Life Insurance permanent products. Note that conversion privileges are policy specific.
While most carriers offer conversions, Columbus Life is a little special in that the conversion is to one of the market's better performing whole life products.
Other Carrier Products
In addition to it's term life insurance product, Columbus Life Insurance also offers it's flagship permanent insurance products.
Columbus Life is known for a strong whole life product with a powerful paid up addition (PUA) rider and strong dividend history.
In addition to whole life permanent products, Columbus Life offers indexed universal life products.
Additionally, Columbus Life/Western & Southern is an active participant in the annuity marketplace.
Columbus Life Insurance Term Rates and Quotes
Columbus Life Insurance markets it's products through Columbus Life agents and through some Independent brokers.
Because Columbus Life Insurance is not carried by many independents at this time , you may have to go to the Columbus Life Insurance website and contact an agent to get a quote as there is no available quote path..
Once you obtain a quote, you can compare with the major carriers quotes that are available by using the convenient quote tool on this site.
Are Columbus Life Insurance rates competitive?
Sometimes....but not often.
Probably not the answer you were looking for, I know. It is however, the truth.
Because Columbus Life Insurance is often not available in comparison quoters, it is difficult to make apples to apples comparisons.
While it has been our experience that companies (even good ones like Columbus Life), that are not conveniently comparable with other carriers are seldom the price leaders.
Cases where Columbus is not a great choice
While Columbus Life may be competitive with major carriers for some circumstances, the fact remains that different carriers have differing appetites for specific health risks.
Is Columbus Life Insurance competitive on all of them? Absolutely not.
If you have a specific condition, you are best off speaking with an independent agent to find out which carrier will give you the best chance to get approved at a great rate.
That being said, if you are using Western & Southern for other financial services, like annuities, it may make sense to keep everything in house.
Columbus Life Suicide Exclusions
The 2 year suicide clause that is part of all life insurance policies in the United States, is the same. (Note that a few states use a 1 year exclusion)
Columbus Life Insurance Customer Service
The National Association of Insurance Commissioners reports a 2018 complaint index of .11 for Securian. This is well below the national average of 1 percent
While Columbus Life Insurance is not rated by by JD Power & Assoc., it has a Better Business Bureau rating of A-.
Columbus Life Insurance Contact Info:
Address: 1 Columbus Plaza
New Haven, CT 06510
The Columbus life insurance review final Verdict
Is Columbus Life Insurance Company right for you? It really all depends on your situation.
If you have notable health impairment(s), you will likely be better suited by shopping around on the open market where it is convenient to make apples to apple comparisons.
Moreover, having the use of an independent expert who can send your application to a carrier that is likely to view you in the best possible light has value that Columbus Life can't offer.
However, if you happy with other services being being provided by Western & Southern, it may be convenient to keep things "in house".
Thank you for choosing the Life Insurance Help Desk to shop for life insurance.
The time to get covered is now!