A Life insurance company that’s not bannered all over commercials and other methods of marketing? Can a company I don’t see 20 times a day on television be worth my time?
Columbus Life Insurance Company although smaller still packs some punch depending on your circumstances. It doesn’t crack our top 10 list for best life insurance companies but it’s still a very good company.
Out of over 50 of the life insurance companies we work with, Columbus Life Insurance Company is one of the lesser known companies on the list. Don’t worry we review all life insurance companies if you are needing to compare and contrast between other options.
Choosing a top life insurance company is a priority all consumers have. However, that’s not all they want. You want the lowest rates backed by solid guarantees and clean customer service. Columbus Life is a company that can check the box for all these criteria.
You should know…
A Company that invests big dollars in commercials is not all you should care about.
In fact, it’s one of the primary reasons we always recommend that you compare rates with an independent life insurance agency. Use tools such as the instant quote tool below to compare rates with over 50 of the top rated life insurance companies in the marketplace.
It takes roughly 10 seconds and allows you to see the best and most affordable options you can choose to pursue.
Otherwise, let’s dive into this Columbus Life Insurance review. For the record, this was recently updated (June 2019) so it’s likely the best source you can find currently about Columbus Life Insurance.
Columbus Life Insurance Reviews 2019
You need to understand what niches they favor with underwriting and who can ultimately solve your problem with the most efficient and provide you the most bang for your buck.
That’s why we are here. We take the time to complete the reviews for you. This ensures you don’t have to spend countless hours surfing the internet. We attempt to answer all the questions we have encountered when it comes to an individual life insurance company.
The good, the bad and the ugly.
This doesn’t mean you have to take our word for it. We can, however, tell you a few essential behind the scenes tips and tricks about Columbus Life to help further you along in your search for life insurance.
Columbus Life doesn’t allocate the outrageous budgets towards advertising and commercials that many other life insurance companies do.
They do however strong products at decent pricing.
Is pricing the best or most competitive? Not necessarily. The point is, Columbus Life Insurance is a stable life insurance company and for the value given, it’s a fair and good price compared to overall competition for the said products being offered.
Let’s dive into a full review and show you the behind the scenes information about Columbus life insurance company.
Columbus Life Insurance History
Let’s first cover the basics about Columbus life insurance company before getting too deep into the nitty-gritty side of things.
Columbus life began its journey in 1906. It was initially named Columbus Mutual.
At this exact moment Columbus life has more than 3,000 independent life insurance agents and financial services representatives and is going into year 113 of being an established and well-respected life insurance company in America.
A pride point Columbus life prefers to take is not just the initial application process and pricing but the continued service. Not only in the life insurance market but also with financial services products.
Columbus life currently offers products in every state except New York
Fun Fact- Many life insurance companies choose not to provide products in New York.
More on that in another post in the future because that would overrun this review quickly as to the reasons why no one wants to operate or provide coverage to those in New York.
Columbus Life belongs to the Western and Southern Financial Group
Channing Webster “pop” Brandon has a vision for excellent continued service in all areas of the business and Columbus Life takes pride in honoring that vision that he created.
One of our favorite things to mention about Columbus Life that makes them unique is that they were built for the independent agent model which goes to show he really did care about the customers and so does the company.
An independent agent always has the clients best interest mind. Always keep that in mind.
Brandon’s vision also always had the best products for the lowest price theme behind it.
Reminds me a lot of Sam Walton and the Walmart beginnings.
After meeting with the State of Ohio who didn’t play around much with the requirement the requirements necessary to launch an Insurance Agency Company.
They needed 100,000 in idle money to launch the company which ultimately happened, and Columbus, the life insurance company, was born. 3 years and 3 agents later.
Columbus life was able to sell its first ever life insurance policy for 5,000 in coverage on an ordinary life insurance policy.
Columbus Life Insurance Rating, Financial Strength and the BBB
Columbus life over the course of time has grown steadily. It’s not a mega powerhouse life insurance company, but it’s survived some of the toughest economic pitfalls this country has seen.
Not just survived either but continued to grow. Columbus Life is still a huge life insurance company.
They operate at over 67 Billion dollars of total assets under management and have roughly 44.7 in total assets combined as a company.
Columbus life hasn’t needed to be worried about individual ratings from the leading rating agencies. They have held solid ratings and overall Comdex scores over time.
The Comdex score ranges from 1-100 in which Columbus life insurance stands at a 96.
This places them up with the elites such as the Mass Mutual, New York Life and State Farms of the Life Insurance Industry.
Here’s a breakdown of the current independent rating agency scores that Columbus Life was awarded.
|Moody’s||Fitch||Standard & Poor’s||A.M. Best|
Moody’s- Aa3- Excellent- Been Holding this Rating For 10 Years
Fitch- AA- Very Strong- Holding the Same Rating for 10 Years
Standard and Poor- AA- Very Strong- Been Holding this Rating for 5 Years
AM Best- A+- Been Holding this Rating for 10 Years
Columbus Life Insurance Reviews and Life Insurance Products Offered
Columbus Life Prides themselves on the service and security they can offer for clients. Not just now but over the long, rich history, the company has had to date.
With Columbus Life, It’s Universal Life Heavy. Nothing wrong with this. At Good Life Protection We recommend Universal Life over whole life about 95% of the time.
Columbus Life Insurance Universal Life Insurance
- Indexed Explorer Plus Universal Life
- Legacy Plus Survivorship Universal Life
- Legacy G Survivorship Universal Life
- Explorer Plus Universal Life
- Voyager Universal Life
What is Universal Life Insurance anyways?
In a nutshell, Universal Life is a life insurance policy that comes with flexibility. It still pays death benefits in the same fashion as other life insurance options your considering.
Universal Life does include a cash value or savings element that begins to compound and grow over the years of owning the policy.
At Good Life Protection we recommend Universal Life over whole life because it can grow and provide flexibility at the same time at a much lower cost.
Universal Life creates an opportunity for change if need be or when times get tough.
Overall, it’s not wrong to see a company like Columbus Life that holds a lineup that heavy in Universal Life. It’s the products they know and prefer to offer.
They can be great policies with the right companies.
Columbus Life Insurance Reviews of Term Life Insurance Products
As shown before, Columbus life offers one term life insurance product as well.
The Nautical Term Life Plan.
It comes in the standard level term durations of 10-30 years.
All though Universal Life can be a great purchase, at Good Life Protection we still believe that for 80% of individuals needing life insurance.
Term Life insurance is the answer.
Columbus Life Insurance Reviews of Annuity Options
We figured some of you might be interested in knowing the annuity options with Columbus Life, so we wanted to make sure to deliver that below and to illustrate that companies like Columbus Life Insurance typically offer more than just life insurance solutions.
In the case of Columbus Life Insurance, you have the following options for term life insurance coverage.
Columbus Life Insurance Annuity Options
- Life Source Plus Single Premium Immediate Annuity
- Account Max Market Value Adjusted Annuity
- Passport Single Premium Deferred Annuity
- Advantage Fixed Index Annuity
Reviewing the Negatives With Columbus Life Insurance Co.
Options are minimal. It’s clear based on the product lineups we have shown that they lean toward Universal Life Insurance and are geared for more advanced levels of planning.
This isn’t necessarily a con, but if you need some coverage to protect your family, you have other options that you can choose from.
Oher companies like Prudential, AIG, Protective will have lower term cost and have a very robust lineup of options including riders, and additional perks built into the term life policies.
Columbus Life Insurance Transitions Into the Digital Era.
Columbus life continues to improve in many areas of the life insurance business.
They are trying to stay up to date with technology and strive to make things as easy as possible for the clients. New electronic technology is doing just that.
Columbus life is now offering electronic applications. Once it’s completed, it’s doubled checked using electronic verification methods. This dramatically reduces the clients wait time for final approval.
Columbus Life now offers accelerated underwriting which uses electronic analysis to identify clients who can qualify for coverage without a full exam. This can reduce your final approval timeline to 2-5 days.
Electronic Delivery for Columbus Life Insurance Applications and Policies
This is not that much of game-changing technology, and many companies are now offering electronic policy delivery, but it is still time-saving and hassle-free.
Once your documents are completed and ready to sign, you can download and have them immediately.
This works out great for situations when life insurance is needed quickly such as divorce decrees.
Mobile Apps– You can access your client portal as well with Columbus life using the CLIC Mobile app or Tax Guide App.
Reviewing What Columbus Life Could Improve On In The Future
We think Columbus Life is a great life insurance company and doesn’t have any major flaws.
If they had one thing, they need to strive to provide more options for it would be the term life insurance.
They don’t have many features that make it very competitive.
Many consumers in today’s market are looking for more bang for the buck. Term Life policies that include things such as,
- Living Benefits
- Child Riders
- Disability Waiver of Premium Riders
Columbus Life just hasn’t added or adapted to the term coverage needs of America Yet.
With the history they have and past reputation for being a crowd pleaser, I wouldn’t doubt if they added some of these options and features very soon.
Columbus Life Vs. The Rest of The Options Available
Not necessarily. No need to jump the gun. It depends what you’re looking for.
If you are searching for term life insurance than yes, Columbus Life is not the company of choice for you.
If, however, you fall into the Columbus Life Wheelhouse of the consumer searching for Universal Life Insurance, then they may be the best option.
Speak to an Independent Agent who represents not only Columbus Life but over 50 other life insurance companies before making that final judgment call.
Columbus Life Insurance Underwriting Niche’s or Guidelines
The most significant Niche that Columbus Life serves for underwriting and pre-existing medical condition purposes is the marijuana users.
Columbus life will still offer coverage if you fall into this category.
Besides that, they don’t have any significant strengths that make them stand out over the competition.
Depending on your health background, they may ensure you, and they may not.
We know the underwriting guides pretty darn good, so if you need to know your chances, fill out the quote form on the left or give us a call, we would love to help.
Columbus Life Company Contact
As always, we recommend working with a broker or independent agent/agency.
However, sometimes consumers end up reading or review when all they needed was Columbus Life paperwork or additional forms such as a change of beneficiary form. if you need to get in contact quickly with Columbus Life, here’s the companies contact information.
Applying For Columbus Life Insurance Policies
The application process doesn’t have to be overwhelming. Give us a call today to get the ball rolling.
We walk you through how much coverage you may or may not need and try to examine your overall risk from a health standpoint to ensure we are applying with the right life insurance company.
Nothing to fret.
Final Word, Columbus Life Is A Great Option But Always Compare and Shop
We feel good about Columbus Life. They are a great company with a long history and a strong financial background.
We don’t have any complaints so to speak. We would prefer they extend their product lineup a bit more to open themselves to markets of all ages and wealth.
As far as technology, service, and history we give them an A+. If you are looking for Universal Life, you can’t go wrong with them. That’s for sure.
We would love to know. Drop a comment below.
FILED UNDER – INSURANCE COMPANY REVIEWS