Our Verdict 4.7
Colonial Penn even gives protection with out medical examinations. Glorious promoting apart, is Colonial Penn a good selection for all times insurance coverage? Let’s discover out!
On this Colonial Penn Life Insurance coverage overview, we’ll present every part you’ll want to know to find out in the event that they’re the appropriate possibility best for you.
Execs
- Quick, free quotes
- Lenient well being protection
- No medical exams
- Time period insurance policies cowl as much as age 90
Cons
- Complicated protection terminology
- Beneath-average customer support
- Comparatively excessive premiums
Who Is Colonial Penn?
Colonial Penn Life Insurance coverage is the brainchild of Leonard Davis, co-founder of AARP, who began the corporate in 1968 in Philadelphia.
Davis used Colonial Penn to provide life insurance coverage by way of AARP, which isn’t an insurance coverage supplier. The corporate primarily targets individuals ages 50 to 85, together with current retirees.
A number of firms have bought Colonial Penn since its founding, most lately CNO Monetary Group in 1997.
CNO Monetary Group made $4.1 billion in income and $333.7 million in earnings earlier than losses in 2019, with Colonial Penn making up 6% of these income. Colonial Penn has a number of awards in its trophy case, together with a Pega 2012 Buyer Expertise Award and the Nationwide Enterprise Group’s Greatest Employers: Excellence in Well being & Effectively-being. It additionally has an A+ ranking from the Higher Enterprise Bureau. Credit score bureaus price Colonial Penn as “wonderful,” together with:
- A.M. Greatest: A-
- Fitch: A-
- Normal & Poor’s: A-
What Makes Colonial Penn Totally different?
Colonial Penn deserves consideration no matter age. The corporate makes life insurance coverage accessible for anybody age 18 to 90. That features no-exam coverage choices.
Colonial Penn has time period and entire life insurance coverage with early payout riders, which let policyholders entry a part of the dying profit throughout continual or extreme sickness.
For example, Colonial Penn will write a examine when you have most cancers, Alzheimer’s, or dementia. Assured life insurance coverage insurance policies aren’t eligible for riders, and you’ll’t be over the age of 65.
Options & Advantages
Assured Life Insurance coverage
Individuals between the ages of fifty and 85 can apply for assured life insurance coverage. The appliance doesn’t embody well being questions.
Nevertheless, Colonial Penn does have a caveat the place policyholders can’t entry the dying profit till two years after the issuing date.
The coverage comes with a 30-day free look interval, which lets you cancel inside the first month with no penalty payment.
Insurance policies peak round $25,000, although Colonial Penn makes use of items of protection, as an alternative of greenback values to signify costs. It’s probably deceptive for individuals unfamiliar with life insurance coverage.
Complete Life Insurance coverage
Complete life insurance coverage insurance policies can be found for individuals ages 40 to 75. The appliance requires some health-related questions, however you don’t should take a medical examination.
Colonial Penn determines premiums based mostly on age and intercourse, which stays fastened for the coverage’s length.The dying profit quantity begins at $10,000 and goes as much as $50,000.
It incorporates a built-in money worth that begins to build up the primary yr after the coverage begins.
Whereas entire life insurance coverage covers all of the significant bases, it is usually costlier.
Time period Life Insurance coverage
Time period life insurance coverage is out there beginning at age 18. Most insurance coverage firms terminate the coverage after a set time, although Colonial Penn makes use of a special method.
The primary premium corresponds with the policyholder’s age on the time of protection and goes by way of “age bands.” For example, when you open the coverage at 42 years previous, your price stays the identical till you flip 46.
Whereas the terminology is complicated, the applying just isn’t. It is much like the entire life utility and doesn’t ask for a medical examination.
You possibly can renew your coverage as much as age 90.
Colonial Penn Availability
Colonial Penn is out there in 49 states, together with Washington, D.C., Puerto Rico, and the Virgin Islands.
The corporate is not licensed in New York. New Yorkers want to go to Banker’s Conseco Life Insurance coverage Firm to entry an utility.
When you’re elsewhere within the US, you may get a quote on-line or by telephone to get began with the applying course of at Colonial Penn.
Colonial Penn gives life insurance coverage merchandise to customers between the ages of 18 and 90.
Candidates have to be no less than 50 to qualify for the Assured Acceptance Life Insurance coverage coverage.
Phrases and availability are topic to alter with out discover.
Claims Course of & Assure
Beneficiaries can name 1-800-523-9100 (1-800-323-4542 in New York) to get began with a declare. Most often, a claimant’s assertion, and a licensed dying certificates, have to be mailed to:
Colonial Penn Life Insurance coverage Firm
Life Claims DeptPO Field 1918Carmel, IN 46082-1918
NY Residents:Bankers Conseco Life Insurance coverage CompanyLife Claims DeptPO Field 1918Carmel, IN 46082-1918
A claimant’s assertion type might be discovered on Colonial Penn’s web site, however there isn’t any choice to file a declare on-line. If protection is in impact, the dying profit payable can be launched much less any coverage loans or premium changes.
Taking Motion
Whereas Colonial Penn has operated for greater than 50 years and has celebrities like Alex Trebek endorsing them, their life insurance coverage merchandise are center of the pack. The protection construction is complicated, and rivals provide decrease premiums for comparable insurance policies. Earlier than transferring ahead with a coverage from them I’d click on on any button above to match charges.
