InsuredBetter's Columbus Life Insurance Company Score
3.5 Stars
We award Columbus Life Insurance Company a final rating of 3.5 out of 5 stars. The insurance company has been in business for well over a century and has high ratings through both AM Best and the Better Business Bureau (BBB). The carrier also has a low number of complaints filed against it, especially relative to how long it's been in the industry.
The carrier does lose some points for not offering 24/7 claims reporting or online filing, which is a service provided by many modern insurance companies today. However, being part of Western & Southern Financial Group, a leader in life insurance, annuities, financial services, and more across the globe, aids Columbus Life’s credibility and makes it more appealing as a dependable option for prospective customers.
Columbus Life Insurance Company was founded in 1906 under the name Columbus Mutual. Today, the carrier works with more than 7,000 independent financial service representatives nationwide, offering coverage in all states except New York. If you’re looking into life insurance or annuities, consider looking into Columbus Life as an option to meet your coverage needs with your independent insurance agent.
Columbus Life Insurance Company Pros and Cons:
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Longstanding carrier
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No 24/7 claims reporting
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Coverage available in most states
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No online claims reporting
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Offers term and universal life insurance
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Coverage not available in New York
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Also offers annuities
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“A+” (superior) rating by AM Best
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“A+” (excellent) rating by Better Business Bureau
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Works with a wide network of independent insurance agents
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A member of Western & Southern Financial Group
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A member of a leader in life insurance products worldwide
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Strong financial stability
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Columbus Life Insurance Products by Type
Columbus Life is a specialized insurance company with a focus on life insurance. Its products include:
Life Insurance:
- Universal life insurance
- Indexed universal life insurance
- Term life insurance
- Accelerated death benefit riders
- Annuities
Columbus Life Term Life Insurance
Columbus Life's term life insurance policies offer tax-free death benefits to chosen beneficiaries if the policyholder passes away during the life of their policy. Policies are available for applicants between ages 18 and 75, and terms of 10, 15, 20, or 30 years are offered. Face coverage amounts up to $100,000 or $150,000 are available for term life policies from Columbus Life.
Coverage types, features, and benefits:
Level premiums
Columbus Life's term life insurance policyholders enjoy a consistent premium throughout the length of the term.
Policy conversion
Columbus Life's term life insurance policies can be converted into permanent life insurance policies once the term ends or until the policyholder reaches age 70.
Accelerated death benefit rider
Columbus Life offers an accelerated death benefit rider on all of its life insurance policies. This rider allows policyholders to access part of their death benefit while they're still living.
Columbus Life Term Life Insurance Average Prices
Columbus Life's term life insurance policies tend to be a bit more expensive than many other carriers' coverage. On average, 25-year-old Columbus Life policyholders in average health pay nearly $31 more per month for a 20-year term life insurance policy with $250,000 in coverage than policyholders with a comparable policy from a different carrier.
Here's an overview of the average premium rates a Columbus Life policyholder pays for term life insurance by age. These premium rates are based on a 20-year term life insurance policy with $250,000 in coverage.
Columbus Life Term Life Insurance Average Rates by Policyholder Age
| Policyholder Age | Females | Males |
|---|---|---|
| 25 | $25.93/month | $30.82/month |
| 30 | $26.99/month | $31.67/month |
| 35 | $29.75/month | $35.70/month |
| 40 | $37.62/month | $45.69/month |
| 50 | $67.58/month | $92.02/month |
Methodology
To gather these sample premium rates, we based our 20-year term life insurance policy with a $250,000 coverage limit on a customer who is in good health and a non-smoker. The sample customer also resides in Ohio.
What Discounts Does Columbus Life Offer?
Columbus Life does not make information about its specific discounts readily available. An independent insurance agent can provide better discount information and premium quotes for coverage through Columbus Life. When it comes to coverage, independent insurance agents work hard to help get you the most for your money.
Columbus Life Customer Service
Columbus Life does not offer 24/7 or online claims reporting. The carrier does provide the following customer service options:
- Phone
- Snail mail
- Customer service and claims phone department has the following hours restrictions:
| Days | Hours (EST) |
| Monday-Friday | 8 a.m. - 4:45 p.m. |
| Saturday | CLOSED |
| Sunday | CLOSED |
To ensure a great customer service experience, work together with an independent insurance agent. These agents can help handle claims and other matters for you so you can relax and enjoy your coverage.
Columbus Life Insurance FAQs
What is Columbus Life's average claim response time frame?
Columbus Life only allows claims to be filed via snail mail or phone, which slows the process down considerably compared to other modern insurance companies. The carrier’s official website states that if a customer submits a claim request form through the website, they will mail the necessary forms within seven business days. The website also states that if a claim is reported via phone, it will be started immediately.
What is Columbus Life's customer service availability?
Columbus Life offers one phone line for claims reporting and customer service inquiries which is available during restricted hours, Monday though Friday. The insurance company also has a presence on social media on Facebook, YouTube, and LinkedIn, which makes it a bit more accessible to customers.
What is Columbus Life's claims process?
Columbus Life only accepts claims filed through snail mail or over the phone. Customers can begin the process online, but cannot completely file through the website. The carrier breaks down the process of filing a claim for customers, but does not provide a detailed overview of its own claims process.
Does Columbus Life create a user-friendly experience for customers?
Columbus Life’s official website isn’t the best among other modern insurance companies, but it’s also far from the worst. Pertinent information is easy enough to find, but web pages could be a bit lengthier to provide more satisfying, in-depth responses.
While the insurance company’s official website does offer some helpful customer service options, such as finding an independent agent, it fails to offer other options that today’s insurance customers have come to expect, such as online claims reporting. The carrier also has a more limited social media presence than many other modern carriers. Overall, Columbus Life falls a bit short in the user-friendliness department.
Does Columbus Life have good life insurance?
Columbus Life offers term life insurance to customers ages 18-75. Terms available include 10, 15, 20, and 30 years. Policies also come with a built-in accelerated death benefit rider to be used in the event the policyholder is diagnosed with a terminal illness.
Columbus Life also offers several universal life insurance options. Policies can be purchased for newborns or those over the age of 75, and everyone in between. Coverage options include guaranteed death benefits, growth accumulation, and asset preservation.
Is Columbus Life a good insurance company?
In terms of offering dependable coverage from a trustworthy carrier, Columbus Life seems to deliver. The company has been consistently awarded high ratings for financial strength. Coverage is also available practically nationwide thanks to a large network of independent insurance agents.
Who are Columbus Life's insurance products right for?
Columbus Life's insurance products may be right for customers in search of either term or universal life insurance. Prospective customers who live in any state but New York may find the coverage they're seeking from Columbus Life.
Sources
https://www.westernsouthern.com/columbuslife/products
https://news.ambest.com/PR/PressContent.aspx?altsrc=3&RefNum=32936&URatingId=-1
https://www.bbb.org/us/oh/cincinnati/profile/life-insurance/columbus-life-insurance-company-0292-23000790
https://www.businessinsider.com/personal-finance/life-insurance/columbus-life-insurance-review#cost
