In 1906, an Ohio businessman founded the Columbus Life Insurance Company. Over a century later, the same enterprise is regarded as one of the nation's top life insurance companies. Currently, Columbus Life Insurance is part of the Western & Southern Financial Group. It's licensed in every state except New York, and it partners with 7,000 independent representatives around the country.
We compared Columbus Life Insurance to the best life insurance companies and found it to offer comprehensive and reliable universal and term life insurance. However, note that life insurance premiums are generally higher than average.
Columbus Life Insurance Overview
Columbus Life Insurance is a comprehensive insurance provider that stands out by offering a wide range of policies. The company offers both term life insurance and universal life insurance, including indexed universal life insurance.
There's also a Survivorship plan that's specifically designed to insure two people. Along with its child rider, that will insure your child until they're 23, Columbus can be a decent choice if you're looking for family life insurance.
Columbus Life Insurance offers several additional coverage riders, including an Accelerated Death Benefit Rider. With so many plans and riders to choose from, Columbus Life Insurance customers can fine-tune their policies to get the exact coverage they need.
While Columbus Life Insurance costs more than some competitors, the positive customer experience means a policy can still be considered a good value.
However, not every aspect of getting a plan from Columbus Life Insurance is as easy as it could be. There's no way to get a quote online, and most plans require a medical exam. Still, the combination of flexible plan options and exceptional customer service makes Columbus Life Insurance an excellent choice for most consumers.
Columbus Life Insurance Pros and Cons
Columbus Life Insurance Pros
- The company has a long-standing strong reputation. Columbus Life Insurance has earned an A+ Superior rating from A.M. Best since 2009. The Better Business Bureau (BBB) also gives Columbus Life Insurance an A+ grade.
- There's a plan for everyone. Columbus Life Insurance offers term life insurance, universal life insurance, and indexed universal life insurance.
- There are a lot of optional riders. This allows you to customize your policy and get the personalized coverage you need.
Columbus Life Insurance Cons
- Most plans require a medical exam. The Indexed Explorer Now plan is a notable exception.
- You can't get an online quote. To learn how much you might have to pay in premiums, you have to talk with a representative on the phone.
- The company isn't licensed in New York. Residents of the Empire State should look elsewhere for life insurance.
Columbus Life Insurance Plans Available
Columbus Life Insurance offers three categories of life insurance plans:
- Universal life insurance – These plans are permanent, meaning they'll last your whole life. You'll get a fixed amount of coverage and a cash accumulation account that will grow according to the current interest rates.
- Indexed universal life (IUL) insurance – With these permanent life insurance plans, the cash value is tied to a stock index like the S&P 500.
- Term life insurance – These plans provide coverage for a set time period, and there are policies available for 10, 15, 20, or 30 years.
Within each category, Columbus Life Insurance offers a variety of specific plans (except for the term life insurance category, which only has one plan option).
Here's a breakdown of the specific plans that Columbus Life Insurance offers.
Universal life insurance plans
- Voyager Universal Life Insurance. This plan gives you the option of a lifetime No-Lapse Guarantee, which means you'll maintain access to the Death Benefit as long as you keep paying your premiums.
- Explorer Plus Universal Life Insurance. This plan also offers the No-Lapse Guarantee – plus you can access the value of your policy through withdrawals and loans.
Indexed universal life insurance plans
- Indexed Explorer Plus Flexible Premium Universal Life Insurance. Your cash account will be linked to the performance of the S&P 500 Index or the J.P. Morgan Balanced Growth Index (and the minimum interest rates will protect you from losses).
- Indexed Explorer Now Rapidly Issued Universal Life Insurance. With no medical exam required, this plan gives you Columbus Life Insurance's quickest possible application process.
- Expedition Survivorship Indexed Universal Life (SIUL) Insurance. This plan insures the lives of two people, and it's designed for maximum flexibility.
Term life insurance plans
- Nautical Term Life Insurance. This plan will provide an income tax-free death benefit for the duration of the selected term. Possible term lengths are 10, 15, 20, or 30 years.
Additional Coverage Options offered by Columbus Life Insurance (Riders)
A rider is an optional provision added to a life insurance plan. These add-ons usually bring an extra cost, but they can help give you the coverage you need.
Here are some popular riders offered by Columbus Life Insurance:
- Life Plus Accelerated Death Benefit Rider. This allows you to access a portion of your death benefit while still living. It's included in most Columbus Life Insurance plans.
- Enhanced Cash Value Rider. This eliminates the surrender charge on the base level of coverage.
- Accidental Death Benefit Rider. If you die in an accident, an additional amount will be added to the death benefit.
- Children's Term Rider. You can add a child to your life insurance policy, from when they're 15-days old until they're 18. Coverage ends when your child turns 23.
- Disability Credit Rider. You'll receive a monthly premium credit after six months of disability.
- Waiver of Premiums Rider. If you become disabled, all your premiums will be waived. Term policies with active waiver of premium riders will automatically be converted to permanent policies once initial term ends or when insured turns 70.
- Insured Insurability Rider. This gives you the ability to purchase additional insurance without undergoing a medical exam.
- Supplemental Coverage Rider. You can buy additional permanent coverage alongside your base coverage.
- Premium Deposit Account. This allows you to boost your policy with future premium payments.
Not all riders are available with every plan. Each Columbus Life Insurance plan has its own set of available riders.
How Much Does Columbus Life Insurance Cost?
Columbus Life Insurance costs slightly more than average. For example, a 25-year-old man in average health can expect to pay $30.82 per month for a 20-year, $250,000 term life insurance policy. That's higher than the cost of most life insurance companies.
Despite these higher premiums, Columbus Life Insurance can still provide considerable value. Many policies come with the Life Plus Accelerated Death Benefit Rider, which could allow you to access a portion of your death benefit while you're still alive. Depending on your values and priorities, this could make the higher premium worth paying.
Here's a breakdown of the estimated monthly premiums for a 20-year, $250,000 term life insurance policy for a healthy non-smoker in Ohio:
Age | Women | Men |
25 | $25.93 / month | $30.82 / month |
30 | $26.99 / month | $31.67 / month |
35 | $29.75 / month | $35.70 / month |
40 | $37.62 / month | $45.69 / month |
50 | $67.58 / month | $92.02 / month |
How to Purchase and Manage a Columbus Life Insurance Policy
You can purchase a Columbus Life Insurance policy through an independent agent in your area, or you can submit an online request for an agent to call you with a quote.
Here's how to buy a Columbus Life Insurance policy through an independent agent:
- Go to the Columbus Life Insurance page on the Western & Southern website.
- Scroll down to "Find a Columbus Life Independent Agent Near ___."
- Enter your location or zip code.
- Select an independent agent.
- Contact the agent by phone, email, or visit their office location.
From there, you can discuss your situation with the agent, and they can help you find a Columbus Life Insurance plan that works for you.
Here's what the online request process looks like for Columbus Life Insurance:
- Go to the "Get a Free Quote" page of the Western & Southern website.
- Enter your name and phone number.
- Wait for a phone call from a Western & Southern representative.
- Discuss your plan options over the phone.
Once you've chosen a plan, you'll receive an email where you can sign your application. From there, the application will be sent to the company's underwriting department.
In most cases, you'll have to take a medical exam to complete the purchase of your life insurance policy.
How to file a claim with Columbus Life Insurance
Filing a claim with Columbus Life Insurance is a simple three-step process:
- You contact Columbus Life Insurance. You can call 800-677-9595 (available Monday-Friday, 8:00 a.m. to 4:45 p.m. EST) or complete the Claims Request Form online. You can also contact your Columbus Life financial representative and ask them to start the claims process for you.
- You receive, complete, and submit the claim forms by mail. Once they've received the completed documents, Columbus Life Insurance will let you know if they need more information.
- Columbus Life Insurance reviews the claim. Once the claim is approved, the company will contact the plan's beneficiary and send the funds (by mail) within seven business days.
To speed the process along, try to be as thorough as possible when completing the original forms. Requests for additional information are common, but they extend the time frame for the process, which can cause the beneficiary to receive the money later.
Columbus Life Insurance Customer Service and Support Experience
Columbus Life Insurance is generally well-regarded by customers. It has an A+ rating with the Better Business Bureau (BBB) and an A+ Superior Financial Strength rating from AM Best.
The Western & Southern Financial Group, which is Columbus Life Insurance's parent company, also gets an A+ from the BBB.
The only customer review for Columbus Life Insurance on the BBB's website is negative, with a customer complaining that their coverage was considered "lapsed" after just a single mailed notice. This would be concerning if it were commonplace – but the fact that there's only one negative review suggests this isn't a common issue.
Columbus Life Insurance Alternatives
Columbus Life Insurance vs. Mutual of Omaha Life Insurance
Columbus Life Insurance and Mutual of Omaha Life Insurance are both reputable providers that offer a variety of term and permanent life insurance policies. While they're both excellent options, Columbus Life Insurance is better for term life insurance because it comes with the Life Plus Accelerated Death Benefit Rider. This rider means you could receive a portion of your death benefit while you're still alive (if certain medical conditions are met).
Read our Mutual of Omaha life insurance review.
Columbus Life Insurance vs. Allianz Life Insurance
Allianz Life Insurance only offers indexed universal life insurance, meaning you can't use it for term life insurance or regular (non-indexed) universal life insurance. That makes Columbus Life Insurance a better choice for most people because it offers a wider selection of term and permanent life insurance policies.
Read our Allianz life insurance review.
Columbus Life Insurance FAQ
Columbus Life Insurance offers several types of universal life insurance, but it does not offer whole life insurance.
No, you cannot purchase Columbus Life Insurance online. You must speak directly with a Columbus agent over the phone to buy life insurance.
Yes, Columbus offers a wide array of additional riders, including child riders, waiver of premium riders, and enhanced cash value riders.
Columbus Life Insurance is a trustworthy company that gets consistently high ratings from outside agencies. The Better Business Bureau (BBB) gives it an A+ grade, and it also received an A+ rating for Financial Strength from AM Best.
To cancel your Columbus Life Insurance policy, call Columbus Life at 800-677-9595. A representative can help you through the cancellation process.
Why You Should Trust Us: What Went into Our Columbus Life Insurance Review
Business Insider's personal finance team relies on various resources to craft insurance reviews, including ratings from third-party agencies like AM Best and JD Power, user-generated reviews, and resources offered through the company's website.
From the research, we score the company based on its coverage options, reputation, availability, cost, exclusions, and limitations. We then evaluate the company to competitors in the industry to compare how the insurer stacks up in those categories.
Learn more about how Business Insider rates life insurance.
