Planning for tomorrow is the wisest thing to do while living for today!
Though most people find this difficult, Colonial Penn Life Insurance makes it easier. With their variety of life insurance options, you can benefit a lot especially if you have been denied life insurance in the past due to your health. The insurance company provides a hassle-free insurance purchase process with essay buying processes.
This article provides a detailed review of the company and its policies. By reading this Colonial Pen life insurance review, you can be sure of getting all the information you need to know about the company.
About Colonial Penn Life Insurance
Colonial Penn Life Insurance is a Philadelphia-based insurance firm. The company first entered the insurance market in 1968, and the Guaranteed Acceptance Life Insurance Plan was one of the first to give life insurance to persons over the age of 50.
The company offers a variety of life insurance plans, including term, permanent whole, and guaranteed acceptance policies that are available in most states across the country. Colonial Penn is a subsidiary of CNO Financial Group, a holding firm that has over 4 million customers in the United States.
The Bankers Conseco Life Insurance Company underwrites all Colonial Penn Life Insurance Company insurance policies in New York.
The company is well-known for its no-medical-exam policy as well as its television advertising efforts. It’s also known for its user-friendly practices like early payout and easy-issue.
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Why Should I Choose Colonial Penn Life Insurance?
The following are some of the reasons why Colonial Penn is a fantastic choice:
Colonial Penn may not be the best insurer for you if you want to shop for insurance in one place. While some life insurers offer coverage for your car, home, and business, Colonial Penn keeps things simple by focusing solely on life and supplemental health insurance.
Moreso, the death benefit limits on Colonial Penn insurance are also quite low. In fact, their term and whole life insurance both have a $50,000 maximum death payout, which is significantly less than many other life insurers’ plans.
Colonial Penn, on the other hand, is a wonderful choice for consumers seeking whole life coverage. If you have a previous condition that could prevent you from getting life insurance from another company, Colonial Penn’s Guaranteed Acceptance Plan could be the answer.
The term life plans offered by Colonial Penn have a few advantages over those offered by several of its competitors. They don’t require a medical checkup, and if you keep your term life insurance policy renewed, it may accumulate cash value. Colonial Penn also extends coverage until age 90, when many insurers only offer term life plans that cover you until you reach the age of 85.
A 30-day trial period is included with all Colonial Penn policies. The insurer will return your premium in full if you cancel or change your insurance within the first 30 days of coverage.
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Where Can I Get Colonial Penn Life Insurance?
Colonial Penn Life Insurance operates in 49 states, the District of Columbia, Puerto Rico, and the Virgin Islands.
The Bankers Conseco Life Insurance Firm in New York is where the company offers insurance. However, not all of the company’s plans are offered in every location.
Term insurance is available in every state except Montana, New York, and the Virgin Islands. In all states except the Virgin Islands and New York, Guaranteed Acceptance Life Insurance is offered, and Whole Life Insurance is accessible in all states except the Virgin Islands and New York.
Colonial Penn Life insurance Pros
- Colonial Penn Life Insurance is a big American insurance firm with two subsidiaries:
- Family Heritage Life Insurance Liberty National Life Insurance
- A.M. Best has given them an A– rating, and S&P has given them a BBB+ rating.
- They provide both term and whole life insurance.
- For term insurance, they do have a policy that does not require a medical exam.
Colonial Penn Life insurance Cons
- Only Colonial Penn products are available through Colonial Penn Life Insurance. There isn’t any diversity.
- There aren’t many options.
- Universal Life Insurance is not available from them.
- The minimum age is 18 years old. The term policy’s maximum age is 75.
- The minimum age is 40 years old. The full life policy has a maximum age of 75.
- When compared to other insurance firms, the cost can be quite high.
- Term insurance is only available for 10, 20, or 30 years.
- For all term and whole life policies, the maximum coverage amount is $50,000.
- The minimum amount of coverage is $10,000.
What Is The Price of Colonial Penn Life Insurance?
Colonial Penn Life Insurance’s coverage starts at $9.95 per month. In fact, if you get term life insurance at the age of 18, you may acquire $50,000 in coverage, which is the company’s highest coverage limit, for roughly $13.96. The monthly premiums for the renewable term policy for males and females are shown in the coverage tables below.
Other types of insurance coverage, such as assured acceptance and permanent whole life insurance, have different premiums. The insurance policy terms and conditions for Guaranteed Acceptance vary by state.
Colonial Penn prices for permanent whole life insurance are primarily determined by the policyholder’s age and gender, with a monthly premium computed depending on the policyholder’s age and gender. With Colonial Penn, you get a fixed premium for as long as you have coverage, no matter how much your premium is.
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How Is Colonial Penn Life Insurance Service To Customers Like?
Colonial Penn is a direct-to-consumer insurance provider, which means you won’t be able to meet with an insurance agent or a financial professional to discuss your insurance needs.
You can, however, obtain a quote for Colonial Penn’s insurance via the internet. If you’d like to contact a person from Colonial Penn’s sales department, you may dial 877-877-8052. Customer assistance is available Monday through Friday, 8:30 a.m. to 10:00 p.m. ET, and Saturdays, 9:00 a.m. to 5:00 p.m. ET.
What Are The Available Colonial Penn Life Insurance Discounts?
The company does not offer any bundle and save discounts or discounted pricing for military veterans. The cost of a Colonial Penn varies depending on the person’s age, location, and health.
However, if you want to receive a decent deal, we recommend purchasing life insurance coverage when you are young. Your premium rate will be lower if you purchase the policy sooner rather than later.
All persons aged 18 and up are eligible for Colonial Penn’s term renewal policy, which is renewable for up to 90 years. If you choose to pay your premium annually, you will receive a discount equivalent to roughly one month’s premium. The reduction is worth 8.3%, making the policy even more accessible to everyone.
Colonial Penn Life Insurance Policies
Colonial Penn offers two life insurance policies: term and whole life. No medical exam is required for any of their life insurance products, but you must answer a few health questions to discover whether you are qualified for coverage.
Based on your current age at renewal, their renewable term life insurance coverage allows you to renew up to the age of 90. People over 40 are eligible for Living Insurance, which is an entire life insurance with the option of an early payout. For individuals over 50, Colonial Penn also offers a guaranteed acceptance of whole life insurance with no medical questionnaire.
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Term life insurance
Colonial Penn has a one-year-level term life insurance policy available. Every year, you begin a new plan. A term life policy’s death benefit is limited, with a maximum value of $50,000 that can be split between one or two beneficiaries.
Customers between the ages of 18 and 75 can get term life insurance. Although a medical exam is not required, the application does include some health-related questions. The policyholder’s age and gender determine the cost of this coverage. It is renewable until you reach the age of 90.
Colonial Penn’s Guaranteed Plan
In most states, Colonial Penn’s Guaranteed Plan is available to persons aged 50 to 85. This whole life insurance policy does not require a medical exam, but it does have a two-year limited benefit period, which means your policy will not pay you a death benefit for the first two years. After the first year of coverage, the policy generates a cash value, and you can set the death benefit limit.
If you continue to pay the premium, a Colonial Penn Guaranteed Acceptance Plan will cover you for the rest of your life. It has a fixed rate, which means you’ll pay the same premium for the duration of the policy.
Whole life insurance
The guaranteed acceptance policy from Colonial Penn Insurance Company is a whole life insurance plan with a limited death benefit that is typically sold to senior adults who want to relieve their families of financial burdens when they die. Applicants between the ages of 50 and 85 are eligible to apply and will be approved. There are no health-related questions or a medical examination.
The individual determines the quantity of coverage. However, if they die during the first two years, you will not receive the whole amount you paid. For life insurance, some firms need an exam. This one, though, is different. They don’t need to know anything about your medical history. Other firms may offer you a lower price if they consider more information, such as your health and age.
You can purchase life insurance with a rider that will assist you if you become unwell. It’s also not available for insurance with assured acceptance. You can get Living Benefits Insurance coverage for some medical diseases or illnesses. You can get a portion of the death benefit while you’re still living if you develop one of these disorders or if you’re classified as terminally ill (with a life expectancy of 12 months or fewer).
Note, all Colonial Penn plans come with various payment options, including monthly, quarterly, six-monthly, and 12-monthly payments.
In a Nutshell
With a maximum benefit of just $50,000, Colonial Penn’s plans will unlikely cover more than your final expenses. If you’ve struggled to get life insurance because of your health or age, Colonial can be a good option to give you some coverage and peace of mind.
FAQs On Colonial Penn Life Insurance
Colonial Penn’s life insurance premiums vary depending on your age, gender, policy type, and location. As a middle-aged human, you can get charges as little as $9.95 per month. You can acquire coverage at significantly lower rates if you buy the policy when you’re young.
The number of benefits available in your policy is the unit of coverage. It varies by age, gender, location, coverage type, and other factors.
It’s an excellent option for individuals searching for a quick and easy life insurance policy.
The charges differ depending on age, gender, insurance plan, and location.
Yes, there is a two-year waiting time before the guaranteed acceptance life insurance policy pays out.
References
- https://www.valuepenguin.com/life-insurance/colonial-penn-review
- https://www.nerdwallet.com/blog/insurance/reviews/colonial-penn-life-insurance/
- https://www.investopedia.com/colonial-penn-life-insurance-review-5075429
- https://choicemutual.com/colonial-penn-life-insurance-review/
- https://www.annuityexpertadvice.com/life-insurance/colonial-penn/
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