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 obtainable. They’re identified for catering to prospects over the age of fifty. Nevertheless, 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 present provide protection in all 50 states, though their protection in New York is obtainable by way of a separate subsidiary.
With so many various life insurance coverage corporations 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 proper match on your wants.
Kinds of Life Insurance coverage Supplied
Colonial Penn has just a few several types 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 lots of consideration due to how reasonably priced it’s – their insurance policies begin at $9.95 monthly.
Assured problem life insurance coverage supplies protection from the problem date till the top of your life. It differs from a conventional complete life insurance coverage coverage in that you just do not need to take a medical examination or reply any well being questions with a view to qualify.
Nevertheless, the advantages usually are not as in depth as they’d 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 relatively than repay debt or assist relations.
Colonial Penn’s assured acceptance life insurance coverage coverage is obtainable for folks 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 inside the first two years of buying the coverage, their beneficiaries received’t obtain the total insurance coverage quantity.
These insurance policies do include a money worth element as nicely. You possibly can determine how usually you wish 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 affords everlasting complete life insurance coverage for purchasers between the ages of 40 and 75. This can be a nice choice for anybody who desires extra in depth protection for the remainder of their life.
When you received’t should take a medical examination with a view to qualify for this protection, you’ll have to reply some well being questions as a part of your software. 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 affords a most good thing about $50,000. Your charges will likely be decided if 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 element you could borrow in opposition to if it is advisable.
Time period Life
Whereas Colonial Penn doesn’t at present 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, chances are you’ll wish to speak to their gross sales crew to see what choices they’ve. Their time period life plans had been the one ones to accommodate youthful prospects. Time period life plans are usually extra reasonably priced than complete life plans and final for a particular variety of years relatively than your complete 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 applying course of. The value for this coverage can enhance over time relative to the client’s age.
Riders Accessible
Colonial Penn has just a few riders obtainable for his or her life insurance coverage insurance policies. Riders may help you customise your coverage to supply protection that higher fits your wants. Should you’re searching for a particular rider that isn’t listed right here, it might be value speaking to Colonial Penn’s gross sales crew to see if they will accommodate you.
Dwelling Insurance coverage Accelerated Demise Profit
Colonial Penn affords their Dwelling Insurance coverage rider for his or her complete life insurance coverage insurance policies. The Dwelling Insurance coverage rider supplies an early 50 % payout if you’re identified with a sure medical situation earlier than you die.
If you join the coverage, you’ll choose the medical situation that you want to protection for. They at present provide the Dwelling Insurance coverage rider for many cancers, coronary heart assault, stroke, and lots of debilitating power circumstances. The Dwelling Insurance coverage rider may also kick in if you’re identified as terminally in poor health and have a life expectancy of lower than one 12 months.
This rider shouldn’t be obtainable for assured acceptance insurance policies. The rider additionally affords restricted advantages for candidates over the age of 65 – for instance, you received’t be capable to use the power sickness side of the rider previous this age.
Unintended Demise Profit
This rider is obtainable for patrons between the ages of 40 and 65 and is obtainable for his or her complete life insurance coverage insurance policies. This profit is obtainable in quantities starting from $10,000 to $50,000. This rider will present an extra payout when you 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 dying 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 concentrate on 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 will nonetheless be an important choice in case your major concern is masking funeral bills.
Colonial Penn can also be a superb choice for patrons who wrestle with well being points. Many different life insurance coverage corporations require their prospects to take a well being examination earlier than they will get permitted for protection. Prospects sick 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 relatively 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 very best coverage quantity that they provide proper now’s $50,000. Whereas that is usually sufficient to assist cowl funeral bills, this isn’t going to be sufficient to switch your earnings and assist your residing relations after your dying.
Monetary Scores
When taking a look at any life insurance coverage firm, you’ll wish to guarantee that they’re financially secure sufficient to pay their claims, even throughout powerful financial occasions. One option to verify that is by trying on the firm’s monetary scores. Organizations like A.M Greatest consider and charge insurance coverage corporations primarily based on their present monetary standing and stability.
Colonial Penn at present has a monetary power score of A- from A.M. Greatest. Whereas this isn’t the very best score obtainable, it does point out that Colonial Penn has loads of monetary assets obtainable and will pay their insurance coverage claims.
Critiques of Colonial Penn Life Insurance coverage
Taking a look at evaluations is one other good option to decide if an insurance coverage firm goes to be an excellent match for you. Whereas everybody’s expertise is completely different, evaluations may give you a good suggestion of what to anticipate from the insurance coverage firm shifting ahead.
In keeping with the Nationwide Affiliation of Insurance coverage Commissioners, Colonial Penn receives extra complaints than common for an organization of its dimension. Nevertheless, they do have an A+ score from the Higher Enterprise Bureau and likewise not too long ago acquired a BBB accreditation.
Critiques of Colonial Penn Life Insurance coverage are typically combined. 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 will be complicated and overwhelming, and their crew 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 easy course of. Their web site is pretty straightforward to navigate and supplies useful details about the several types of insurance policies they provide. Should you’re , you possibly can simply get a quote by way of 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 pleased with the quote they supply, there are two methods to maneuver ahead with the applying course of. You possibly can choose to finish the applying on-line or you possibly can print it out and mail it in. You will have to supply 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 possibly can handle it by way of the Colonial Penn web site. It’s pretty straightforward to make funds or file claims on-line, however additionally they have a customer support cellphone quantity and net chat characteristic.
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 an extended historical past of paying their claims. It’s additionally pretty straightforward to buy a coverage and file claims, they usually typically pay their claims rapidly.
This life insurance coverage firm is greatest for individuals who need reasonably priced premiums and fundamental protection. In case your primary concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn may very well be an excellent choice 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 element for many who desire to have that.
Nevertheless, if you’re searching for extra in depth protection that you might use to repay a mortgage or assist your loved ones, Colonial Penn’s merchandise seemingly aren’t going to be sufficient. Their low coverage quantities may very well 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 proper match for you.
