Columbus Life Insurance| All you need to know

columbus life insurance review
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Don’t you believe that having your life insured provides you with a lot of advantages and peace of mind? If you do, Columbus Life Insurance should be your next stop when it comes to purchasing life insurance.

When you initially start out in your career, life insurance is usually the last thing on your mind. As a young adult, there is less cause for it, but as you get older, you tend to take on more responsibility.

Then, it will be difficult to even start. There will be a variety of options and companies to choose from.

To establish themselves apart from the competition, each organization offers a variety of policies with unique features.

This comprehensive guide will give you a complete overview of Columbus Life and preview their policies to help you make the important decision of which life insurance is best for you.

What is Columbus Life Insurance?

Columbus Mutual was founded in 1906 in Columbus, Ohio, as Columbus Life Insurance Company. The company moved its headquarters to Cincinnati, where it remains today, and changed its name to Columbus Life Insurance Company in 1989, with Channing Webster Brandon as the founder.

Columbus Life is licensed to sell life insurance and annuities in the District of Columbia and all states except New York as a member of Western & Southern Financial Group.

Columbus Life Insurance Company offers life insurance and annuity products to assist you in achieving your retirement, estate, and business planning objectives. They collaborate directly with independent agents to provide you with competitive financial products for your future as well as in-person support when you need it most.

Columbus Term Insurance

When most people think of life insurance, they think of term coverage. In the case of your death, term insurance protects your family’s financial future.

These policies provide coverage for the insured’s death for a specified period of time and are particularly affordable while you are young.

If you are young and in good health, term life insurance might be relatively affordable. A medical exam is required for medically underwritten term life insurance.

Getting a medical exam can assist those who are in generally good health save money on insurance rates.

What type of life term coverage does Columbus Insurance offer?

Columbus Life offers one type of life term insurance and three universal policy options.

  • Nautical Life Term Insurance
  • Voyager Universal Life
  • Columbus Life’s ExplorerPlus
  • Indexed Explorer Plus

Columbus Nautical term life insurance:

This policy gives full life insurance coverage for a specific period of time, with plans ranging from 10, 15, 20, and 30 years.

Term insurance from Columbus Life can be switched to a more permanent life insurance plan at any time up to the age of 70 or when the term expires.

The Life Plus accelerated death benefit Rider is automatically included in the policy if you qualify. In the event of chronic disease, terminal illness, or other specified medical conditions, this rider allows you to get advances on your death benefit.

State-by-state availability of their optional riders varies. Children’s Term, Other Insured, Return of Premium, and a Waiver of Premium Rider are among them.

Rider

The Life Plus Accelerated Death Benefit Rider, offered by Columbus Life Insurance, gives you the flexibility to access part of your policy’s death benefit while you’re still living.

This money can then be used to help pay medical bills, mortgage, and home maintenance costs, or even the trip of a lifetime.

What does Columbus Universal Life Policy look like?

Universal life insurance is a type of permanent life insurance that covers the insured for the rest of his or her life.

In addition to providing financial benefits throughout the policyholder’s lifetime, universal or permanent life insurance can serve as a foundation for long-term financial security by conserving retirement funds.

Columbus Life offers three universal policies.

All three universal life products offered by Columbus Life allow for withdrawals from the cash value and they include;

Voyager Universal Life:

This is the firm’s primary permanent life insurance policy. This policy’s cash value grows at a current interest rate with tax-deferred earnings.

Although the present interest rate is not guaranteed, the policy does guarantee a minimum return of 3%.

The insurance payment amount is rather variable, and after your first policy year, you can borrow against the cash worth of your policy.

ExplorerPlus from Columbus Life

It is a universal coverage that does more than just provide financial security for your family.

You can use the cumulative policy value to supplement your retirement income if your needs change over time.

You can also add coverage for other family members with Columbus Life. If you choose to prefund your life insurance, the flexibility in premium payments can be used to lower your retirement income demands.

In addition to the benefits of the Life Explorer Plus plan, Columbus Life’s Indexed Explorer Plus policy offers growth potential with the ability to earn indexed interest credits tied.

Does Columbus Life Insurance also offer annuities?

Many of us will live longer lives, which raises an important question: how will you live in the future? Annuities can help you answer that question by offering a long-term solution that protects you from outliving your income.

You may be able to receive a guaranteed stream of retirement income from an annuity, allowing you to maintain a comfortable lifestyle for the rest of your life.

The type of annuity you choose depends on your goals. Do you require money that will begin immediately or in the future? A financial representative from Columbus Life can assist you in making the best decision depending on how your demands match up with the features of each annuity.

Columbus Life Insurance provides the following types of annuities:

Fixed Annuities

Fixed annuities allow you to achieve a higher rate of return on your money by locking in a competitive interest rate.

Indexed annuities, a type of fixed annuity, offer both guarantees and the possibility of earning interest based on changes in a market index or indices.

Advantage Single Premium Fixed Indexed Annuity:

The Advantage Single Premium Fixed Indexed Annuity offers a Guaranteed Lifetime Withdrawal Benefit (GLWB) with four allocation options and growth possibilities.

Columbus Life’s AccountMax Single Premium Deferred Annuity with Market Value Adjustment combines growth potential and flexibility in one plan.

Single Premium Deferred Annuity:

A single premium deferred annuity allows you to make a single lump-sum contribution.

Until you withdraw it or start getting a stream of income payments, your money grows tax-deferred.

Passport Single Premium Deferred Annuity:

The Passport Single Premium Deferred Annuity guarantees a fixed rate of interest for a set period of time. Until you remove your money, it grows tax-free.

Single Premium Immediate Annuity:

Unlike a delayed annuity, an immediate annuity turns a lump sum payment into monthly income payments immediately after purchase.

With a one-time, lump-sum commitment that can last as long as you live, single premium instant annuities allow you to establish an immediate, continuous income stream.

LifeSource Plus Single Premium Immediate Annuity:

With a single premium immediate annuity, you can make a one-time payment into your annuity to receive a guaranteed income stream for life.

What are the pros and cons of purchasing insurance for Columbus Life Insurance?

No one insurance company is a match for every customer. Weighing the costs and benefits and comparing companies is a smart approach.

What are the pros of Columbus Life Insurance

  • The company has been in business for over 100 years and is backed by powerhouse Western and Southern Financial Group.
  • Top ratings testify to Columbus Life’s financial strength and stable outlook.
  • It’s an excellent source of investment or retirement products.

What are the Cons of Columbus Life Insurance?

  • Only one term policy is offered.
  • The focus on agents sometimes overshadows customer service from the company itself.

Why choose Columbus Life Insurance over others?

Their independent financial advisors are excellent in and of themselves, but when combined with Columbus Life, they reach new heights of success through a next-level partnership.

They work with some of the industry’s most successful people at Columbus Life, creating programs and solutions to help them succeed and rewarding them for their hard work.

They provide individual service while providing competitive compensation, allowing you to preserve your independence.

Some of these programs and services include;

Strong Product Portfolio

Competitive life insurance and annuity products, including potential cash accumulation UL and IUL, guaranteed universal life and term products, all with living benefits

Deferred Compensation Program

Provides a company match for high-producing agents to help supplement your retirement income

Sales Support Team

A service model that supports independent producers with personalized, one-on-one service with underwriters, Advanced Markets, and other key personnel when you need it

Robust Agent Platform

An online interface that helps you stay up-to-date on pending and in-force business, run illustrations, download marketing materials, and attend training

Training Programs

Online and in-person training programs that help you learn best practices and help grow your business

Responsive & Dedicated Sales Desk

Columbus Life offers a dedicated Sales Desk with personal wholesalers that provide quick service and useful information.

You can contact them as a contracted producer for product information, marketing support, illustrations, and anything else you would need to make doing business easier.

Columbus Life Insurance Company

Contact information

Address: 400 E 4TH St Cincinnati, OH, 45202-3302 United States See other locations

Phone: (513) 361-6700

Website: Columbus Life Insurance  

Conclusion

Columbus Life has competitive financial strength and integrity, and there is a lot to like about this organization, especially if you are looking for investment opportunities or planning for retirement.

Although Columbus Life only offers one term insurance, if you are looking for long-term coverage from a reputable firm, Columbus Life could be the right fit for you.

You may trust their financial soundness, the value of their products, and the opportunity to develop a constructive connection with a financial expert.

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