A lesser known company within the United States, Columbus Life Insurance Company actually has a few excellent target markets within the industry.
As consumers come across different road blocks and hurdles when obtaining life insurance, they’re always looking for the best life insurance companies for their particular situation, both in product and price. Columbus fits the mold in several capacities.
Though you may not have heard of them, since they don’t advertise nearly as much on a national scale, you can expect a great product at a fair price. Below is our Columbus Life Insurance Company review, which you should treat as a supplement to your research before buying a policy. This review is our own opinion, and is based on all the factors you’ll read about below.
Our Columbus Life Insurance Company Review for 2017
For almost 110 years now, Columbus Life, who initially started out in 1906 as Columbus Mutual, has provided top notch life insurance products to the masses. Combine that with the safety and security of their brand, and you have yourself an excellent choice for a life insurance company to represent you, your family, and your future.
The Santa Maria adorns the Columbus Life logo, representing perseverance, dedication, and freedom of choice, all three of which represent their history, their 3,000 financial representative who do business in 49 states, and their loyal customers who can choose between whatever life insurance or annuity products fit their need.
Today, more than 3,000 employees call Columbus Life home, which resides in Cincinnati, Ohio. Though, they are operating nationwide, including D.C., with the lone exception of New York.
Columbus Life’s Financial Status
Columbus Life Insurance Company is just under $43 billion in total assets, $400 million in net income, and a capital-to-asset ratio of 17.5, extraordinarily high for any life insurance company (nearly 2x the average of the top 10 companies).
If these weren’t impressive enough, their top tier financial ratings will surely help. With a Comdex score of 96, putting Columbus Life in the top 4% of all carriers, they boast an “A+” from A.M. Best, an “AA” from Standard & Poor’s and Fitch, and, finally, a “Aa3” from Moody’s. Their parent company, Western and Southern Financial Group, also holds excellent financial security ratings.
Part of recent growth has been their adoption to technology. With a focus on consumer ease and producer aid, they’ve added electronic applications, mobile apps, and advanced consumer online portals. This is a big thorn in the side for several other life insurance companies we’ve reviewed, but Columbus holds steadfast on their push for a more modern operation.
As with most life insurance companies, there is a range of products, of which both life insurance and annuities are available. Among them are:
- Term Life
- Universal Life
- Survivorship Life
- Deferred Annuitites
- Immediate Annuities
Of course, for the purpose of this review alone, we’ll go over the life insurance portion only.
If you need a basic term policy, meaning a simple level premium and level death benefit, check out the Nautical Term® from Columbus Life Insurance Company. You get everything you need from a simple term life insurance policy, like:
- Issue ages from 18 up to 75
- 10, 15, 20 and 30-year level duration
- Included Accelerated Death Benefit Rider
- Other optional riders
Other optional riders, which vary from state to state, include Accidental Death, Children’s Term, Other Insured, Return of Premium, and a Waiver of Premium Rider.
The universal life insurance product lineup is the most robust one from Columbus Life Insurance Company. These are your choices:
- Explorer Plus®
- Voyager Universal Life®
- Indexed Explorer Plus®
- Legacy G Survivorship
- Legacy Plus Survivorship
Whether you’re looking for a permanent policy for a newborn, or need a policy on yourself or a parent who is 85, Columbus Life has a permanent life insurance solution for you.
In addition, they offer something for all situations, whether it’s a guaranteed death benefit, growth accumulation, or some type of asset preservation. If you think you might need one of these types of features from your life insurance, contact us and we can walk you through a viable product.
Columbus Life Insurance Company is a forward moving company. While not massive or overly branded as many other carriers, this will likely position them higher among their competitors as they grow and evolve.
They do have special underwriting capabilities for those seeking life insurance as a marijuana user, as well as a few other niche markets.
They also offer annuity type products for those in pre-retirement or retirement, which can be effective in long term financial planning side-by-side to a life insurance product. But, if term is all you need, we might suggest Banner, Protective, or SBLI for lower rates.
In any case, you can trust the strength of the carrier, their value in products, and the service you can expect as a client.
|Company Name (and Subsidiaries)||Columbus Life Insurance Company
Western and Southern Financial Group (Parent)
|Company Ratings||A.M. Best (A+)
Moody’s Investors Services (Aa3)
Standard & Poor’s (AA)
|Headquarters (Address, Phone, Web)||400 East Fourth Street
Cincinnati, Ohio 45202
|Policy Types Available||Term