If you’ve ever shopped for an insurance policy, especially a life insurance policy, you know there are more than enough options.
It’s easy to feel like you’re drowning when you wade out into the insurance company sea. There are thousands of companies.
We are here to be a lifesaving device to help you get through all of the companies. To help you understand the options and pinpoint the best one, we’ve taken the time to get a full view of the carriers.
We’ve reviewed the best carries out there (and some of the not-so-best companies). In this article, we took a deep dive into Columbian Mutual Life also known as Columbian Financial Group (CFG).
Columbian is not one of the more well-known companies out there, but just because you haven’t heard of them before doesn’t mean you shouldn’t include them on your list of potential carriers.
History of Columbian
To get to the roots of Columbian, you need to look all the way back to 1882, when they were established as American Protective Association. In 1907, they changed their name to Columbian Protective Association. It was at this point, they moved their main office to Binghamton, New York.
Almost 50 years later, they decided to become “mutualized,” and it was renamed once again to Columbian Mutual Life Insurance Company.
Through the years, they’ve expanded to every state, bought and merged with several other carriers, and continued to offer insurance plans to millions of customers. They have over 100 years of rich history, but as a customer today, what they’ve done in the past is not as important as the plans and prices they are offering now.
For years, they’ve held some high grades from A.M. Best. For the most part, they’ve had an A- rating, but they recently went down a peg. In 2015, they went down to a B++.
While the thought of an insurance company being downgraded is scary, a B++ is still a respectable grade and considered very stable.
If you want to know more about CFG’s A.M. Best rating, here is a statement from the rating company,
“While CFG’s capital position has declined by over 30% from year-end 2013 to March 31, 2015, the group still remains adequately capitalized for its current business and investment risks. The organization maintains a relatively creditworthy liability profile of primarily low face amount ordinary life insurance policies, as well as a generally conservative investment portfolio.”
Life Insurance Products Sold By Columbian Financial Group
If you go to the Columbian Financial Group website, you’ll see a handful of insurance plans on their products page. Some of them are self-explanatory, while others are less simple.
Dignified Choice Final Expense
This is their “uncomplicated way to provide for your final expense needs,” and it’s just that. It’s a basic plan with a few riders you can add.
With the Dignified Choice plan, you’re going to get a guaranteed premium which will never increase and a death benefit which will never go down. Also, you’re going to get some cash value to build up with this policy.
If you want some bells and whistles, you can add any of the three riders they offer with this plan:
One of the interesting parts of this whole life policy is the length you can get coverage, up to 121 years old. You’ll have guaranteed level monthly rates until 90.
According to their product page, you’ll have high guaranteed cash values.
Unlike the Dignified Choice option, the Flagship policy has several more riders. This plan gives you plenty of choices to add on to your protection.
You’ll be able to buy the same three as the plan above, but you can also get riders like,
Guaranteed Issue Whole Life
This plan is built for those applicants who are suffering from several health problems and would struggle to get accepted for a more traditional policy. Let’s look at the dirty details of the guaranteed issue whole life plans.
First of all, anyone from the ages of 25 – 80 can purchase one of these policies (if you live in New York, the ages change to 50 – 75).
Depending on your age, the amount of coverage you can buy is going to change. If you’re under 44, then you can be up to $10,000. If you’re 45 – 80, then the coverage limit goes from $2,500 – $25,000.
What about the application process? Well, it couldn’t be easier. It’s as simple as signing up for a social media site.
You give them basic info, name, age, zip code, and then you make your payments. In less than 30 minutes, you can have insurance.
You’ll get level rates and lifetime coverage as long as you want to pay the premiums.
There are a few unique caveats to their guaranteed plans. If you pass away within three years of buying the plan, your beneficiary won’t receive the payout from the plan, they would only get a return of the premiums paid plus 6% interest.
After the third year, then the beneficiaries will receive the full payout from the plan. This is a common technique for guaranteed issue plans, it’s called “graded death benefit.”
These policies are quick and easy to get, but they shouldn’t be your first choice for coverage.
New Century Classic Whole LIfe
This plan is a permanent plan which offers a large amount of coverage. You’ll get the same level premiums and death benefit up until age 121.
Here is the unique factor of this plan, You can get a plan anywhere from $25,000 to $10,000,000 is life insurance.
These policies are an excellent investment for anyone who wants more than just a temporary plan and might need more than other carriers offer. Columbian Life sells much larger plans than most other companies out there.
Preneed insurance is a little different than other kinds of plans, and it’s not as common. Here is how they work, basically you plan out your funeral beforehand with a funeral home, and then you can either pay the money up front, or you can start making payments.
There are a few advantages to using one of these plans. First of all, your family won’t have to worry about paying for a funeral or burial expenses. This will make the situation easier on them.
If you decide to pre-plan with a Columbian Preneed policy, most funeral homes will lock in the price of your funeral. It doesn’t matter how long you have the plan, the price of the funeral will not go up.
There is an emotional benefit to these policies as well. If you invest money into one of these preneed plans, the money can go straight to the funeral home, and your family won’t have to be responsible for paying for your funeral, making it simpler on them.
Stellar Solutions Universal Life
Universal life offers some interesting benefits you aren’t going to get with other types of policies. Universal life insurance plans will allow you to have some flexible premiums and change your life insurance protection as your life changes.
Universal life plans let you change how much you pay every month for the premiums, and you can increase or decrease the payout of the plan.
Another unique aspect of universal life plans is the partial surrender feature. With partial surrender, you can get a portion of the policy’s cash value while still have the coverage from the policy.
TermLife Simplified issue Term
The TermLife Simplified line of plans gives you several options for getting coverage at a reasonable rate. With the Term life policies, you can get life insurance for 15, 20, or 30 years in initial term lengths. The TermLife Plus offers 20 or 30-year options and 50% return on policy premiums to date at the end of the initial term. It’s a subset of a return of premium policy.
With all of the TermLife policies, you’ll have the change to renew the policy at an annual premium until age 95.
The simplified issue plans don’t require you to take the medical exam. These are no exam policies with no questions asked.
All of these plans are sold at policy sizes from $25,000 to $250,000.
These policies are their standard insurance policies. It’s term insurance. You get a plan for a certain time, and you get affordable rates. It’s simple.
Columbian sells policies in 10 years, 15 years, and 20 years. After the initial term has passed, you have the ability to continue your coverage or to purchase another plan.
Because you have to take the medical exam and answer the questions, you will be able to buy more coverage. The limits are much higher at $200,000 all the way to $10,000,000.
The Verdict on Columbian Mutual Life
Through the years, Columbian has served thousands of happy customers. Aside from the choices, a lot of customers were very pleased with the customer service they received.
While they may not have the best rating from A.M. Best, they have an A+ rating from the BBB. Through the years, they have a long track record of
Columbian Financial offers plenty of options for insurance coverage, but they aren’t necessarily the best.
In our experience, Columbian doesn’t always have the best prices for their coverage. In most cases, there are several carriers which come in cheaper.
Getting The Best Life Insurance Policy
CFG is only one single company out there. Every applicant is different, each of them has various needs. For some people, CFG may not be the best choice, but for you, they might be perfect.
At InsuranceScored, we want to get to know you and find out exactly what your insurance needs are. We don’t want to sell you an expensive policy with inadequate coverage.
We are going to spend some time to do the work and find the cheapest plan with the best company.
The joy of working with one of our agents is the ability to get a ton of quotes without having to call a ton of companies. We can give you quotes, advice, and options in minutes. Do the work yourself or you can let someone do the work for you, seems like an easy pick.
To get started, you have two options, you can call or us you can use the form on the side.