Colonial Life & Accident Insurance Company

Colonial Life & Accident Insurance Company is an American insurance company based in Columbia, South Carolina. The company offers disability, accident, life, cancer, critical illness, and hospital confinement insurance plans in 49 states. Colonial Life was founded in 1939 by Edwin Averyt and became a wholly owned subsidiary of Unum in 1993. The company’s history traces back to 1929 when company founder Edwin Averyt was working as a bond salesman. The company was originally named Mutual Accident Company and sold $1,000 accident policies for $3 annually. It was converted to a stockholder company in 1939 and was later renamed as Colonial Life & Accident Insurance Company. The company began offering accident and cancer insurance policies to employees using pre-tax dollars in 1985. These policies accounted for half of all new policies issued by the company by 1990. Colonial Life is wholly owned by Unum, but operates as an independent subsidiary. The company sells voluntary insurance products for employees and its products are marketed by independent insurance agents and brokers.