colonial penn life insurance review

Colonial Penn Life Insurance: Colonial Penn offers a range of life insurance products that combine simplified underwriting with a limited death benefit.

Colonial penn life insurance primarily aims at the old people who have acquired the age of 50 or above but not more than 85. This insurance company focuses on guaranteed acceptance and also on whole life insurance. Those who subscribe for  life insurance by colonial penn policy do not have to undergo any medical examination and are not queried about health related questions. They just have to pay $9.95 per month for guaranteed acceptance.

Most of the other life insurance companies appoint underwriters to collect medical information. If you are aged between 50 and 85 you can avail guaranteed acceptance of colonial penn life insurance and that too without any physical examination or health related questions. The policy has two-year limited benefit period.

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There are several other benefits of this life insurance like it has fixed lock in rate which never increases. The coverage of this policy can never be cancelled until you regularly pay your premiums. Just a year after the coverage of this life insurance policy your cash value starts building. If the holder of the policy is not satisfied then he can just return his insurance documents in a 30 day period and he will get full reimbursement of the premiums that he has paid.

It  has been more than fifty years that the life insurance by colonial penn has been serving its customers with dedication. This life insurance company is located at Philadelphia in Pennsylvania. All the operations of the company are fully computerized and policies are customer friendly. No doubts, it is a market leader in providing life insurance coverage. This life insurance policy is also available for young people who have acquired the age of 18.

They are best suited to buyers who don’t necessarily want a large payment , perhaps enough to cover the expenses associated with their passing, and would typically have trouble obtaining coverage elsewhere due to their age or medical history.

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Life insurance covers your loved ones and family after you are gone. If your spouse couldn’t pay the mortgage without your income, a life insurance policy payment could be used to pay for the house.

If a parent’s co-signer on a student loan struggles after you’ve left, policy may be able to help. Buying life insurance is not about you, but about your loved ones.

Although life insurance is often marketed to the young, Colonial Penn knows that even people in their 50s, 60s, and older want to buy life insurance.

They have been selling to older age group customers for over 60 years when other companies may not cover it.

Where is Colonial Penn offered?

Colonial Penn is available in all 50 states, the District of Columbia , Puerto Rico , and the US Virgin Islands . However, plan features and restrictions may differ by state.

For example, in New York , Colonial Penn is underwritten by Bankers Conseco Life Insurance Company . Also, your renewable term life insurance plan is not offered in Montana, New York, or the US Virgin Islands.

Pros and cons of Colonial Penn

Advantages

  • No medical exam is required
  • Potential ability to borrow against cash value
  • Guaranteed rate

Disadvantages

  • Maximum insurance payment of $ 50,000
  • Two-year limited benefit period

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Colonial Penn Life Insurance Products

Depending on your financial needs, Colonial Penn offers 3 types of life insurance policies:

 Term of life insuranceGuaranteed acceptance programWhole life insurance
Monthly premium range$ 12.49 – $ 56.46$ 9.95 – $ 79.60$ 29.65 – $ 133.24
Changes in Premium?Yes, premiums increase with ageNoNo
Death benefit$ 10,000 – $ 50,000Approx. $ 400 – $ 17,000 XNUMX$ 10,000 – $ 50,000
SubscriptionApplication with health questions, without medical examNo health questions, no medical examApplication with health questions, without medical exam

The sample premiums are for men age 50, and the range represents the difference between the minimum and maximum coverage offered.

colonial penn life insurance customer service : 1-800-523-9100 8:30 AM to 5:30 PM (ET), Monday-Friday.

colonial penn life insurance provider phone number:(800) 523-9100  between 8:30 a.m. and 5:30 p.m. EST.Monday through Friday

Colonial Penn Guaranteed Acceptance Life Insurance

Guaranteed issue products generally do not have coverage above $ 25,000 and also have a graduated benefits clause, which means that the insurer will not pay full benefits if you die within 2 years of purchasing the policy. You may be entitled to 10-15% interest depending on the company.

With Colonial Penn Life, the guaranteed policy is a little different. They do not have benefits of up to $ 25,000 like the others; what they have are the “coverage units”.

These represent the face amount or amount of a benefit that we are all familiar with when purchasing a life insurance policy. This is permanent life insurance with a cash saving component that requires no health questions or exams. Issuance ages are 50 to 85 years in most states.

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Colonial Penn Term Life Insurance

Term life is the easiest policy to understand. You pay monthly for coverage that lasts for a specified amount of time or contract.

If you die within this period, your beneficiaries will collect the face value you purchased. There are no cash benefits and the premium is lower than with other types of policies such as whole life.

It’s a very different case with Penn’s Colonial Life . The initial premium is based on your age at which your coverage becomes effective and will increase as you enter a new “age band.” Let me explain: Let’s say you bought a policy when you were 42 for 35 per month.

When you turn 46, the same policy will cost you $ 45 per month, and when you turn 51, it will be $ 57. Coverage can only be renewed through age 90.

You are not buying a “level premium policy”; you are buying a policy that changes every 5 years. How good is that?

The ages issued are from 18 to 75 years (renewable up to 90). There is no required physical exam , but they do ask health questions. The benefit amounts are only $ 10,000, $ 20,000, $ 30,000, $ 40,000, and $ 50,000.

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