What Is The Columbian Financial Group?
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in…
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Written by
Rachael Brennan
Licensed Insurance Agent
Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.
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Reviewed by
Benji Carr
Former Licensed Life Insurance Agent
UPDATED: Mar 15, 2022
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Quick Facts
The Columbian Financial Group was established in 1882
A.M. Best recently downgraded the Columbian Financial Group from B++ to B
Columbian Financial Group offers both term and whole life insurance policies
When it comes to life insurance, there are many options out there, so you may be wondering what the Columbian Financial Group is all about.
First, you should understand that the company is known by several different names, including:
Columbian Financial Group
Columbia Life Insurance
Columbian Mutual Life Insurance Company
Secondly, A.M. Best downgraded the company’s financial stability ratings from B++ (Good) to B (Fair) in March 2021. Moreover, Columbian Life Insurance reviews reveal that the company doesn’t have all the features that other life insurance companies typically provide.
Still, suppose you are looking for a term or permanent policy with attractive riders. In that case, the Columbian Life Insurance Company may be worth considering. Of course, it’s essential to make an informed decision when choosing a life insurance company with whom you want to do business.
To help you decide whether the Columbian Financial Group is right for you, we looked into the company’s financial strength, policy options, online tools, and customer satisfaction. That way, you can easily compare Columbian Financial Group products with their competitors.
Columbian Financial Group: Company Overview
Columbian Financial Group is a company that has been providing life insurance policies to customers since 1882. It is headquartered in Chicago and specializes in term, whole life, and final expense policies.
The company is a small player and holds less than 0.05% of the life insurance market. Nevertheless, it does business in 46 states, excluding Alaska, Maine, New York, and North Dakota.
Something to consider here is that policies are not uniform across all states. You also cannot go online to examine differences between policy variations, get an online quote, or fill out an application. Additionally, the Columbian Life Insurance address for its headquarters is not fully provided anywhere on its company website.
What this means is you’ll need to go to the company’s contact page or call the number displayed on its website’s footer. These are the only options available if you wish to speak with an agent, investigate prices, or inquire about policy details.
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Columbian Life Insurance Plans Available
The Columbian Financial Group has insurance options for younger adults but specializes in seniors’ plans and final expense policies. It has both term and whole life policies.
They offer term policies with 50% of your premiums returned if you happen to outlive the term. The limits are generally lower than at other life insurance companies.
Term Life
Term life insurance provides temporary coverage and is typically the most affordable.
Columbian’s SafeShield Simplified Issue Term policy offers $25,000 to $250,000 in coverage. It comes with an additional seven rider options so that you can choose the amount of protection that best suits your needs.
The classic plan from Columbian Financial Group is available in 15, 20, and 30-year terms and refunds half of base policy premiums already paid at the end of the original term. During the initial term, the policy’s face amount will go to your beneficiaries if you pass away.
Whole Life
Whole life insurance is intended to provide coverage for the entire duration of your life, as opposed to term life insurance that covers you for only a certain time.
With Columbian Financial Group, your policy won’t expire as long as your premiums are paid. Moreover, your life insurance policy will build cash value as time goes by.
The company sells three forms of whole life insurance. Let’s take a closer look at what Columbian Financial Group has to offer in this regard.
Dignified Choice Final Expense
With this whole life policy, a medical exam isn’t usually necessary. However, your eligibility is decided by the answers you provide to health questions. Additionally, your premiums won’t ever increase, and the benefit will never decrease.
This policy offers up to $35,000 in coverage for final expenses and is available to applicants ages 25-85. It requires a telephone interview and may review your prescription drug use and motor vehicle reports. It also comes with three riders.
Life’s Solutions Whole Life
This policy is Columbian Financial Group’s most comprehensive life insurance policy. Coverage ranges from $20,000-$500,000 with the option to add up to seven riders. Plus, the policy comes with guaranteed cash values, level premiums, and a level death benefit.
Premiums are payable until the age of 90, or you can set things up to pay off the policy in just 20 years through various payment options.
Simple Security Whole Life
This is Columbian Life Insurance’s most basic whole life insurance plan. It’s intended for those who need only a minimum in coverage to cover burial expenses.
Face amounts are between $5,000-$15,000, premiums are paid for life, and six riders are available.
Preneed
Columbian Life Insurance Company has a preneed policy that pays explicitly for burial costs at the funeral home of your choice. If you move to another location while your policy is in effect, you’ll be able to make arrangements with a local funeral home.
The company’s preneed coverage also allows policyholders to prepay for funeral expenses. You can either make monthly payments, which are spread out over the time period of your choice with a limit of 10 years, or you can pay it all in one lump sum.
Suppose a funeral home participates with Columbian’s preneed policy. In that case, you could be able to lock in the benefit amount, which would guarantee today’s rates no matter what happens down the road.
Available Columbian Life Insurance Riders
Columbian Life Insurance Company has a wide variety of riders or endorsements from which to choose. A riser is an add-on to an insurance policy, which gives more benefits or protections than the core policy.
You should realize that not all riders are available with every plan offered by the Columbian Financial Group. With that said, there are many customizable options for those that are offered.
Accelerated Death Benefit Rider: If you are diagnosed with a terminal illness, you may be able to exercise some of your policy’s death benefit while you’re still living.
Accidental Death: Your beneficiaries will receive a greater death benefit if you die in a covered accident.
Children’s Term: With this rider, you can add level term insurance for your children, grandchildren, or great-grandchildren.
Guaranteed Purchase: This allows you to increase coverage at specific times without having to go through additional health questions even though your health status may have changed.
Living Benefits Riders: If you are diagnosed with a chronic, critical, or terminal illness, this rider’s package allows you to obtain up to 95% of your benefit amount.
Waiver of Premium: If you become permanently disabled, the Columbian Financial Group will waive all premiums after six months.
Customer Service
Columbian Financial Group offers a variety of policies that are sold exclusively through partnering agents, who can only be contacted through the company.
There is no online customer portal at Columbian Mutual Life Insurance. Pay online options are not available, and customers cannot make claims.
The only ways that customers can contact the company are through an email contact form or a toll-free phone number between 8 a.m. and 4:30 p.m. (Eastern), Monday-Friday.
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Customer Complaints
Columbian Financial Group reviews show that the complaint ratio is higher than the industry average. This is according to the National Association of Insurance Commissioners.
The Columbian Financial Group’s complaint ratio was 1.42 in 2020. The ratio standard is 1.0. This means that the company received a higher number of complaints than anticipated.
Common complaints against the company included policyholder service and claim delays.
Columbia Financial Group’s Financial Strength
In recent years, the financial standing of Columbia Life Insurance was downgraded by A.M. Best, a credit rating agency that focuses on the insurance industry.
A.M. Best evaluated the Columbian Financial Group’s operating performance, financials, and business outlook to establish the company’s Financial Strength Ratings (FSRs).
While any downgrade is significant, the fact that A.M. Best believes Columbia is financially vulnerable and at risk of future operating losses is cause for concern.
Cancelation Policy
There is almost no policy information to be found on the Columbian Financial Group’s website, including information on cancelations. With that said, most life insurance companies handle cancelations differently depending on the type of policy in question.
Regardless, according to the law, all insurance companies must give customers a minimum, 10-day free-look period. Some states have expanded that period to 30 days. Because of that, it’s become standard practice for many companies to provide a 30-day cancelation policy.
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Columbian Financial Group’s Prices
Contacting an insurance agent is the best way to get personalized information about Columbian Life Insurance prices since it doesn’t publicly list its rates.
Remember that shopping around for life insurance is the best way to ensure you’re getting a good deal. By comparing rates from several different companies, you can be sure that you’re getting the coverage you need at a price you can pay.
Columbian Financial Group: The Final Word
All in all, Columbian Mutual Life Insurance is a viable option for people looking for individual life insurance policies. However, most people will find similar policies at more reliable insurance companies.
Additionally, the Columbian Financial Group may not be a good fit for people accustomed to online transactions since there aren’t any website tools for applicants or policyholders.
