The company said that it has increased the cash value of its plan to comply with new interest rate regulations and also made additional changes.
The revised insurance plan, Whole Life 1000, will allow employees to purchase up to $300,000 in coverage.
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In addition, the product offers the traditional benefits of whole life insurance such as guaranteed level premiums, guaranteed cash value and a guaranteed death benefit, according to Colonial Life.
The enhanced whole life insurance plan will offer financial protection to workers, including choice of coverage amounts; stable, predictable premiums; choice of plan designs; tax-free benefits; opportunities to purchase additional coverage; accelerated death benefit; and immediate partial claims payment.
Commenting on the enhancement, Colonial Life assistant vice president of product development, Steven Johnson, said: "Whole life insurance, which features guaranteed stable premiums and builds cash value, does more than just cover final expenses.
"It can be used to provide for a family’s loss of income, mortgage costs and educational needs."
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