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.
You need to understand what niches they favor with underwriting and who can ultimately solve your problem with the most efficiency 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 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 the pricing the best? Not necessarily. The point is, it’s 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.
The Columbus life timeline explained and Company 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 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 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, 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 Financial Ratings, Financial Strength Overview (AM Best Ratings)
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 a solid Ratings and overall Comdex scores over time.
The Comdex score ranges from 1-100 in which Columbus life 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
Now Let’s Dive into the Product Lineup Offered by Columbus Life
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 offers the following options for Universal Life Insurance
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 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 Term 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 is the answer.
Columbus Life Insurance Annuity Options-
We figured some of you might interested in knowing the annuity options with Columbus Life, so we wanted to make sure to deliver!
Columbus Life offers four options in the Annuity Arena.
What Don’t we like about Columbus Life Insurance
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.
The Digital Age Evolves and Emerges- The Application Process
Columbus life continues to improve on 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.
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.
Overall, what can Columbus Life Improve on?
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,
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.
Should I choose a different company instead of Columbus Life?
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 insure 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.
How do I contact Columbus Life? What’s the Address and contact information?
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.
How do I apply? What’s the process?
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.
So How do all of us Feel about Columbus Life
We feel good about Columbus Life. They are a great company with a long history and 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.
How do you feel about Columbus Life Insurance after reading this blog post? Good, bad, neutral?
We would love to know. Drop a comment below.
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.