Colonial Security Life Insurance Company is the topic of this Colonial Security health insurance company review. This company is based in Dallas, Texas and has a history dating back to 1954. Several business information websites indicate that Colonial Security is a well-known Texas provider of auto, home, life, and health insurance products. However, a thorough Internet search on the company name only turns up their address and their last recorded financial filings.
Enter your zip code in the search tool below to see health insurance rates you can afford.
It is unclear whether Colonial Security Life Insurance Company is a regional insurance carrier or merely an agency representing other carriers. The financial reports we found suggest that they may be a small, regional carrier, yet the lack of an independent web presence casts some doubt on that speculation. Another possibility, and the most likely scenario, is that Colonial Security is a subsidiary of a larger insurance provider and does not do business under its own name.
If they do operate as an independent agency, they might represent several different carriers in each of the lines of insurance they provide. Such a business model is not that unusual for health insurance. In fact, it is even quite common for auto, home, and life.
Colonial Security Life Insurance Company Locations
We were only able to uncover a single address for Colonial Security, located in Texas. Information is as follows:
Colonial Security Life Insurance
4308 Avondale Ave.
Dallas, TX 75219
Phone: (214) 252-0313
Due to the apparent lack of public information about this company, it can probably be safely assumed that they do not sell their insurance products through local agents. Otherwise, typing their name into an Internet search would have returned information on at least a handful of agents. For the purposes of this review, we will assume that Colonial Security operates as a subsidiary of a larger provider, thereby mitigating the need for local agent representation.
Colonial Security Life Insurance Company Health Insurance
Assuming Colonial Security is a subsidiary of a larger provider, the health insurance they offer is probably in a group setting through employers rather than policies written directly for individual consumers. Furthermore, the insurance may work through what’s known as a preferred provider network (PPN), wherein doctors and healthcare facilities who join the network agreed to provide reduced prices in exchange for a more efficient and cost-effective insurance process.
If these assumptions are correct, health insurance from Colonial Security probably works based on third-party billing. With this type of billing, the individual consumer is responsible for all incurred medical charges. He or she will make payment at the time service is rendered, unless other arrangements have been made, and then follow up by filing a claim for reimbursement with Colonial Security. After a view of the claim for its legitimacy, a check will be issued to reimburse the consumer.
Colonial Security Life Insurance Company Ratings
Despite our best efforts, we were unable to find financial ratings for Colonial Security among the nation’s most well-known financial services ratings companies. Their name did not appear with A.M. Best, Fitch, Standard & Poor’s, or Moody’s. This further muddies in the waters regarding how Colonial Security does business, especially when you consider that it would be normal to find ratings of a company like this even if they operated as a subsidiary. One possible explanation is that the company operates as a private entity and has not signed up for financial strength reviews.
On a positive note, we were able to uncover some details about the company’s financial status through their last filing. According to reports we found, the very last filing for Colonial Security indicated a company with total assets of approximately $3 million, a policy surplus of approximately $1.8 million, and working capital of about $100,000. Such small numbers are a small indication that Colonial Security might be an agency or a small, regional carrier.
Colonial Security Life Insurance Company Careers
You will not find any job posting announcements from this company by simply typing their name into a search engine. Any job openings that do exist are probably made available through local advertising, dedicated Internet advertising, or simple word-of-mouth. Job seekers who might be interested in applying with Colonial Security are urged to contact the company using the information provided above. There is no way to say if there any job postings currently available or how you can find out about them.
Start your search for affordable health insurance rates by entering your zip code now.