Colonial Penn is a life insurance coverage firm primarily based in Philadelphia, Pennsylvania. They had been based in 1968 and have a wide range of life insurance coverage choices out there. They’re identified for catering to prospects over the age of fifty. Nevertheless, they do provide life insurance coverage protection for youthful adults as properly.
Colonial Penn Life Insurance has been a subsidiary of CNO Monetary Group since 1997. They at present provide protection in all 50 states, though their protection in New York is obtainable by a separate subsidiary.
With so many alternative life insurance coverage firms available on the market, it may be tough to decide on the one that’s greatest on 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 correct match on your wants.
Forms of Life Insurance coverage Provided
Colonial Penn has a couple of various kinds of life insurance coverage insurance policies to select from. Listed here 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 loads of consideration due to how reasonably priced it’s – their insurance policies begin at $9.95 monthly.
Guaranteed issue life insurance gives protection from the problem date till the top of your life. It differs from a standard complete life insurance coverage coverage in that you simply would not have to take a medical examination or reply any well being questions as a way to qualify.
Nevertheless, the advantages should not as in depth as they might be for a standard complete life insurance coverage coverage. The precise profit quantity goes to rely in your particular person scenario. These insurance policies are often used simply to cowl funeral bills reasonably than repay debt or help relations.
Colonial Penn’s assured acceptance life insurance coverage coverage is accessible for folks between the ages of fifty and 85. They do have a two-year restricted profit interval for this coverage. Because of this if the insured individual passes away inside 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 part as properly. You possibly can determine how usually you wish to make your premium funds – they provide month-to-month, quarterly, semi-annual, and annual fee plans.
Everlasting Complete Life Insurance coverage
Colonial Penn additionally presents everlasting whole life insurance for shoppers between the ages of 40 and 75. This can be a nice possibility for anybody who desires extra in depth protection for the remainder of their life.
Whilst you gained’t need to take a medical examination as a way to qualify for this protection, you’ll have to reply some well being questions as a part of your utility. This protection shouldn’t be assured problem, which implies that Colonial Penn may theoretically deny you protection in case your well being is poor sufficient.
This plan presents a most advantage of $50,000. Your charges can be decided when you find yourself initially permitted 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 part which you can borrow in opposition to if you have to.
Time period Life
Whereas Colonial Penn doesn’t at present provide term life insurance, they’ve supplied it up to now for patrons between the ages of 18 and 75. If that is one thing you have an interest in, it’s possible you’ll wish to discuss to their gross sales workforce to see what choices they’ve. Their time period life plans had been the one ones to accommodate youthful prospects. Term life plans are typically more affordable than whole life plans and final for a selected variety of years reasonably than your total life.
As with Colonial Penn’s complete life insurance policies, their time period life choices supplied 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 value for this coverage can improve over time relative to the shopper’s age.
Riders Obtainable
Colonial Penn has a couple of riders out there for his or her life insurance coverage insurance policies. Riders can assist you customise your coverage to offer protection that higher fits your wants. When you’re searching for a selected rider that isn’t listed right here, it might be value speaking to Colonial Penn’s gross sales workforce to see if they’ll accommodate you.
Residing Insurance coverage Accelerated Dying Profit
Colonial Penn presents 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.
While you join the coverage, you’ll choose the medical situation that you desire to protection for. They at present provide the Residing Insurance coverage rider for many cancers, coronary heart assault, stroke, and plenty of debilitating continual situations. The Residing Insurance coverage rider may even kick in if you’re recognized as terminally unwell and have a life expectancy of lower than one 12 months.
This rider shouldn’t be out there for assured acceptance insurance policies. The rider additionally presents restricted advantages for candidates over the age of 65 – for instance, you gained’t have the ability to use the continual sickness facet of the rider previous this age.
Unintentional Dying Profit
This rider is accessible for patrons between the ages of 40 and 65 and is accessible for his or her complete life insurance coverage insurance policies. This profit is accessible in quantities starting from $10,000 to $50,000. This rider will present a further payout for those who die on account of an unintentional bodily damage. Nevertheless, 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 deal with assured acceptance life insurance coverage. Their assured acceptance insurance policies begin at lower than $10 monthly, and though they don’t present in depth protection, they’ll nonetheless be a fantastic possibility in case your major concern is masking funeral bills.
Colonial Penn can also be a wonderful possibility for patrons who wrestle with well being points. Many different life insurance coverage firms require their prospects to take a well being examination earlier than they’ll get permitted 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 folks to acquire the life insurance coverage protection they want. Moreover, their conventional complete life insurance coverage insurance policies solely require prospects to finish a questionnaire reasonably than an in-person well being examination.
The draw back of Colonial Penn Life Insurance coverage, when in comparison with its opponents, is that its protection quantities are comparatively small. The best coverage quantity that they provide proper now’s $50,000. Whereas that is sometimes sufficient to assist cowl funeral bills, this isn’t going to be sufficient to switch your revenue and help your dwelling relations after your loss of life.
Monetary Scores
When any life insurance coverage firm, you’ll wish to guarantee that they’re financially secure sufficient to pay their claims, even throughout robust financial occasions. One strategy to verify that is by wanting on the firm’s monetary scores. Organizations like A.M Greatest consider and charge insurance coverage firms primarily based on their present monetary standing and stability.
Colonial Penn at present has a monetary energy score of A- from A.M. Greatest. Whereas this isn’t the best score out there, it does point out that Colonial Penn has loads of monetary assets out there and pays their insurance coverage claims.
Opinions of Colonial Penn Life Insurance coverage
Taking a look at opinions is one other good strategy to decide if an insurance coverage firm goes to be an excellent match for you. Whereas everybody’s expertise is completely different, opinions can provide you a good suggestion of what to anticipate from the insurance coverage firm transferring ahead.
In line with the National Association of Insurance Commissioners, Colonial Penn receives more complaints than common for a corporation of its dimension. Nevertheless, they do have an A+ score from the Higher Enterprise Bureau and in addition lately acquired a BBB accreditation.
Opinions of Colonial Penn Life Insurance coverage are typically blended. Many purchasers have famous that it’s straightforward to buy a coverage and file a declare. Nevertheless, others have famous that their gross sales ways might be complicated and overwhelming, and their workforce doesn’t at all times assist their prospects 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 various kinds of insurance policies they provide. When you’re , you’ll be able to simply get a quote by their web site. You will have to reply some fundamental demographic questions in addition to questions on the kind of protection you want.
In case you are proud of the quote they supply, there are two methods to maneuver ahead with the appliance course of. You possibly can choose to finish the appliance on-line or you’ll be able to print it out and mail it in. You will have to offer private data and billing data, 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’ll be able to handle it by the Colonial Penn web site. It’s pretty straightforward to make funds or file claims on-line, however additionally they have a customer support telephone quantity and net chat function.
Is Colonial Penn Life Insurance coverage Legit?
Colonial Penn Life Insurance coverage is a reputable 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, and so they typically pay their claims shortly.
This life insurance coverage firm is greatest for individuals who need reasonably priced premiums and fundamental protection. In case your predominant concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn could possibly be an excellent possibility for you. Their insurance coverage insurance policies present sufficient cash to cowl your funeral prices with no problem. They do additionally provide a small money worth part for many who favor to have that.
Nevertheless, if you’re searching for extra in depth protection that you could possibly use to repay a mortgage or help your loved ones, Colonial Penn’s merchandise seemingly aren’t going to be sufficient. Their low coverage quantities could possibly be limiting for some prospects. In the end, the most suitable choice is often to get quotes from a number of insurers to see which of them are going to be the correct match for you.
