The new products comprise an employer-paid group term life plan and a long-term care benefit rider on whole life insurance policies.

Colonial Life stated that the new group term life insurance product allows employers to conveniently offer a popular benefit to employees.

Designed as an affordable product, term life insurance assists employees and their families replace lost income in case of a death and is guaranteed-issue, meaning no health questions for employees.

The employer-paid option works on a composite rate structure, which means the same rate for all employees, irrespective of age or tobacco use.

Ideal to be provided as an employee-paid basis, the group term life insurance coverage gives options tailored for both large and small accounts.

Colonial Life product development vice president Steven Johnson said: "Life insurance is the one policy everyone needs.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"We know employees are interested in purchasing life insurance benefits at work, yet only 25 percent of small businesses offer life insurance to their employees (LIMRA, 2014).

"Our group term life plan offers employers an easy, affordable way to help offset the financial risk for uninsured employees."

Colonial Life said that addition of a long-term care benefit rider is also available on a whole life policy, which can help protect the insured during his or her lifetime by offering a "living benefit" should long-term care become a necessity.

The rider offers all or part of the death benefit to be given in advanced for long-term care expenses, such as a long-term care facility, assisted living facility, home health care services or adult day care.