Colonial Penn Life Insurance coverage Overview


Colonial Penn is a life insurance coverage firm based mostly in Philadelphia, Pennsylvania. They had been based in 1968 and have a wide range of life insurance coverage choices accessible. They’re identified for catering to clients over the age of fifty. Nonetheless, they do provide life insurance coverage protection for youthful adults as nicely.

Colonial Penn Life Insurance coverage has been a subsidiary of CNO Monetary Group since 1997. They at the moment provide protection in all 50 states, though their protection in New York is obtainable by means of a separate subsidiary.

With so many various life insurance coverage firms available on the market, it may be tough to decide on the one that’s finest to your wants. On this article, we’ll check out Colonial Penn Life Insurance coverage and the insurance policies they provide to see if they’re the suitable match to your wants.

Sorts of Life Insurance coverage Supplied

Colonial Penn has just a few several types of life insurance coverage insurance policies to select from. Listed below are the choices that they supply.

Assured Acceptance Complete Life

That is Colonial Penn’s hottest insurance coverage coverage available on the market. It has attracted a whole lot of consideration due to how reasonably priced it’s – their insurance policies begin at $9.95 per thirty days.

Assured problem life insurance coverage gives protection from the difficulty date till the top of your life. It differs from a conventional complete life insurance coverage coverage in that you simply wouldn’t have to take a medical examination or reply any well being questions with the intention to qualify.

Nonetheless, the advantages usually are not as intensive as they might be for a conventional complete life insurance coverage coverage. The precise profit quantity goes to rely in your particular person state of affairs. These insurance policies are often used simply to cowl funeral bills quite than repay debt or assist relations.

Colonial Penn’s assured acceptance life insurance coverage coverage is out there for individuals between the ages of fifty and 85. They do have a two-year restricted profit interval for this coverage. Which means if the insured particular person passes away throughout the first two years of buying the coverage, their beneficiaries gained’t obtain the complete insurance coverage quantity.

These insurance policies do include a money worth element as nicely. You possibly can determine how typically you need to make your premium funds – they provide month-to-month, quarterly, semi-annual, and annual cost plans.

Everlasting Complete Life Insurance coverage

Colonial Penn additionally gives everlasting complete life insurance coverage for purchasers between the ages of 40 and 75. It is a nice choice for anybody who desires extra intensive protection for the remainder of their life.

Whilst you gained’t should take a medical examination with the intention to qualify for this protection, you’ll have to reply some well being questions as a part of your software. This protection is just not assured problem, which implies that Colonial Penn might theoretically deny you protection in case your well being is poor sufficient.

This plan gives a most advantage of $50,000. Your charges might be decided when you’re initially accredited for the plan and they’re going to keep the identical all through the lifetime of the coverage. After the primary 12 months, this coverage does include a money worth element which you can borrow towards if it’s good to.

Time period Life

Whereas Colonial Penn doesn’t at the moment provide time period life insurance coverage, they’ve supplied it prior to now for patrons between the ages of 18 and 75. If that is one thing you have an interest in, you could need to discuss to their gross sales staff to see what choices they’ve. Their time period life plans had been the one ones to accommodate youthful clients. Time period life plans are sometimes extra reasonably priced than complete life plans and final for a particular variety of years quite than your total life.

As with Colonial Penn’s complete life insurance policies, their time period life choices offered advantages of as much as $50,000 every. They didn’t require medical exams however did require you to reply well being questions as a part of the appliance course of. The worth for this coverage can improve over time relative to the client’s age.

Riders Out there

Colonial Penn has just a few riders accessible for his or her life insurance coverage insurance policies. Riders can assist you customise your coverage to offer protection that higher fits your wants. For those who’re in search of a particular rider that isn’t listed right here, it could be value speaking to Colonial Penn’s gross sales staff to see if they’ll accommodate you.

Residing Insurance coverage Accelerated Demise Profit

Colonial Penn gives their Residing Insurance coverage rider for his or her complete life insurance coverage insurance policies. The Residing Insurance coverage rider gives an early 50 % payout if you’re recognized with a sure medical situation earlier than you die.

Once you join the coverage, you’ll choose the medical situation that you desire to protection for. They at the moment provide the Residing Insurance coverage rider for many cancers, coronary heart assault, stroke, and lots of debilitating persistent situations. The Residing Insurance coverage rider may even kick in if you’re recognized as terminally sick and have a life expectancy of lower than one 12 months.

This rider is just not accessible for assured acceptance insurance policies. The rider additionally gives restricted advantages for candidates over the age of 65 – for instance, you gained’t have the ability to use the persistent sickness side of the rider previous this age.

Unintentional Demise Profit

This rider is out there for patrons between the ages of 40 and 65 and is out there for his or her complete life insurance coverage insurance policies. This profit is out there in quantities starting from $10,000 to $50,000. This rider will present an extra payout for those who die on account of an unintentional bodily harm. Nonetheless, there are specific exclusions to this protection – you’ll not obtain a payout in case your loss of life is brought on by actions like mountaineering, racecar driving, bungee leaping, or skydiving.

Distinctive Options of Colonial Penn Life Insurance coverage

Colonial Penn is a really distinctive life insurance coverage firm in that they’ve such a heavy give attention to assured acceptance life insurance coverage. Their assured acceptance insurance policies begin at lower than $10 per thirty days, and though they don’t present intensive protection, they’ll nonetheless be an incredible choice in case your major concern is overlaying funeral bills.

Colonial Penn can be a wonderful choice for patrons who wrestle with well being points. Many different life insurance coverage firms require their clients to take a well being examination earlier than they’ll get accredited for protection. Clients ill are sometimes charged very excessive charges and even denied protection. Colonial Penn’s assured acceptance program makes it simpler for these individuals to acquire the life insurance coverage protection they want. Moreover, their conventional complete life insurance coverage insurance policies solely require clients to finish a questionnaire quite than an in-person well being examination.

The draw back of Colonial Penn Life Insurance coverage, when in comparison with its rivals, is that its protection quantities are comparatively small. The very best coverage quantity that they provide proper now could be $50,000. Whereas that is sometimes sufficient to assist cowl funeral bills, this isn’t going to be sufficient to switch your revenue and assist your residing relations after your loss of life.

Monetary Scores

When taking a look at any life insurance coverage firm, you’ll need to be sure that they’re financially secure sufficient to pay their claims, even throughout robust financial occasions. One strategy to examine that is by wanting on the firm’s monetary scores. Organizations like A.M Finest consider and fee insurance coverage firms based mostly on their present monetary standing and stability.

Colonial Penn at the moment has a monetary power ranking of A- from A.M. Finest. Whereas this isn’t the best ranking accessible, it does point out that Colonial Penn has loads of monetary assets accessible and pays their insurance coverage claims.

Critiques of Colonial Penn Life Insurance coverage

Taking a look at evaluations is one other good strategy to decide if an insurance coverage firm goes to be a great match for you. Whereas everybody’s expertise is totally different, evaluations may give you a good suggestion of what to anticipate from the insurance coverage firm transferring ahead.

In response to the Nationwide Affiliation of Insurance coverage Commissioners, Colonial Penn receives extra complaints than common for a corporation of its measurement. Nonetheless, they do have an A+ ranking from the Higher Enterprise Bureau and in addition just lately obtained a BBB accreditation.

Critiques of Colonial Penn Life Insurance coverage are usually blended. Many shoppers have famous that it’s straightforward to buy a coverage and file a declare. Nonetheless, others have famous that their gross sales techniques will be complicated and overwhelming, and their staff doesn’t all the time assist their clients perceive the life insurance coverage merchandise they’re shopping for beforehand.

Colonial Penn Software Course of

Making use of for a life insurance coverage coverage from Colonial Penn is a reasonably simple course of. Their web site is pretty straightforward to navigate and gives useful details about the several types of insurance policies they provide. For those who’re , you may simply get a quote by means of their web site. You have to to reply some fundamental demographic questions in addition to questions on the kind of protection you want.

If you’re proud of the quote they supply, there are two methods to maneuver ahead with the appliance course of. You possibly can decide to finish the appliance on-line or you may print it out and mail it in. You have to to offer private info and billing info, and additionally, you will be requested to call your beneficiaries. For some insurance policies, additionally, you will must fill out a medical questionnaire.

As soon as your coverage is in place, you may handle it by means of the Colonial Penn web site. It’s pretty straightforward to make funds or file claims on-line, however in addition they have a customer support telephone quantity and internet chat characteristic.

Is Colonial Penn Life Insurance coverage Legit?

Colonial Penn Life Insurance coverage is a official life insurance coverage firm. They’re very financially secure and have a protracted historical past of paying their claims. It’s additionally pretty straightforward to buy a coverage and file claims, they usually usually pay their claims rapidly.

This life insurance coverage firm is finest for individuals who need reasonably priced premiums and fundamental protection. In case your important concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn could possibly be a great choice for you. Their insurance coverage insurance policies present sufficient cash to cowl your funeral prices with no trouble. They do additionally provide a small money worth element for individuals who choose to have that.

Nonetheless, if you’re in search of extra intensive protection that you may use to repay a mortgage or assist your loved ones, Colonial Penn’s merchandise doubtless aren’t going to be sufficient. Their low coverage quantities could possibly be limiting for some clients. Finally, the best choice is often to get quotes from a number of insurers to see which of them are going to be the suitable match for you.


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