Columbus Life Insurance Company Review 2020

by Jim Tobin, CFP

Company Highlights

  • A.M. Best Rating :  A+
  • Term , UL and  Whole Life Offered
  • Highly Rated Permanent Products  
  • Term Pricing Inconvenient to Compare
columbus life insurance review

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

Columbus Life Insurance received strong ratings for financial stability. This indicates that the company is in strong position to meet its obligations going forward.  

  1. A.M. Best Company:  Columbus Life rating given by A.M. Best was an A+ (Excellent).
  2. Fitch Ratings:  Columbus Life  rating given by Fitch was an AA (Excellent). 
  3. S&P Ratings- Columbus Insurance rating given by Moody's was an AA- (Strong).
  4. 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. 

Price busters, like Banner Life, Protective and Lincoln are likely to be  less expensive. Whereas impaired risk carriers like Prudential may be a little  more.

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

Phone:(203) 752-4000


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.

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James P. Tobin, CFP