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 coverage has been a subsidiary of CNO Monetary Group since 1997. They presently provide protection in all 50 states, though their protection in New York is obtainable via a separate subsidiary.
With so many alternative 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 appropriate match on your wants.
Varieties of Life Insurance coverage Supplied
Colonial Penn has just a few various kinds 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 variety of consideration due to how reasonably priced it’s – their insurance policies begin at $9.95 per 30 days.
Assured difficulty life insurance coverage gives protection from the difficulty date till the top of your life. It differs from a standard entire life insurance coverage coverage in that you just don’t have to take a medical examination or reply any well being questions with the intention to qualify.
Nevertheless, the advantages will not be as intensive as they might be for a standard entire 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 relatively than repay debt or assist members of the family.
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 that if the insured individual passes away inside the first two years of buying the coverage, their beneficiaries received’t obtain the complete insurance coverage quantity.
These insurance policies do include a money worth element as properly. You’ll be able to resolve how typically 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 presents everlasting entire life insurance coverage for shoppers between the ages of 40 and 75. It is a nice choice for anybody who needs extra intensive protection for the remainder of their life.
Whilst you received’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 isn’t assured difficulty, which signifies that Colonial Penn might theoretically deny you protection in case your well being is poor sufficient.
This plan presents a most good thing about $50,000. Your charges will likely be decided when you’re initially accepted 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 towards if it is advisable.
Time period Life
Whereas Colonial Penn doesn’t presently provide time period life insurance coverage, they’ve supplied it prior to now for purchasers between the ages of 18 and 75. If that is one thing you have an interest in, you might wish to discuss 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 entire life plans and final for a selected variety of years relatively than your total life.
As with Colonial Penn’s entire 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 Obtainable
Colonial Penn has just a few 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 crew to see if they will accommodate you.
Residing Insurance coverage Accelerated Loss of life Profit
Colonial Penn presents their Residing Insurance coverage rider for his or her entire 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.
Whenever you join the coverage, you’ll choose the medical situation that you want to protection for. They presently provide the Residing Insurance coverage rider for many cancers, coronary heart assault, stroke, and plenty of debilitating persistent situations. The Residing Insurance coverage rider may also kick in if you’re recognized as terminally ailing and have a life expectancy of lower than one 12 months.
This rider isn’t out there for assured acceptance insurance policies. The rider additionally presents restricted advantages for candidates over the age of 65 – for instance, you received’t be capable of use the persistent sickness facet of the rider previous this age.
Unintentional Loss of life Profit
This rider is obtainable for purchasers between the ages of 40 and 65 and is obtainable for his or her entire life insurance coverage insurance policies. This profit is obtainable in quantities starting from $10,000 to $50,000. This rider will present a further payout when you die because of an unintended bodily damage. Nevertheless, there are specific exclusions to this protection – you’ll not obtain a payout in case your dying is attributable to actions like mountain climbing, 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 per 30 days, and though they don’t present intensive protection, they will nonetheless be an amazing choice in case your main concern is masking funeral bills.
Colonial Penn can also be a wonderful choice for purchasers 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 accepted 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 entire 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 best coverage quantity that they provide proper now could be $50,000. Whereas that is usually sufficient to assist cowl funeral bills, this isn’t going to be sufficient to exchange your earnings and assist your dwelling members of the family after your dying.
Monetary Scores
When taking a look at any life insurance coverage firm, you’ll wish to make it possible for 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 corporations primarily based on their present monetary standing and stability.
Colonial Penn presently 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 sources out there and pays their insurance coverage claims.
Critiques of Colonial Penn Life Insurance coverage
evaluations is one other good strategy to decide if an insurance coverage firm goes to be 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 transferring ahead.
Based on the Nationwide Affiliation of Insurance coverage Commissioners, Colonial Penn receives extra complaints than common for a corporation of its dimension. Nevertheless, they do have an A+ score from the Higher Enterprise Bureau and likewise just lately obtained a BBB accreditation.
Critiques of Colonial Penn Life Insurance coverage are usually 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 crew doesn’t all the time assist their prospects perceive the life insurance coverage merchandise they’re shopping for beforehand.
Colonial Penn Utility 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 via their web site. You’ll need 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 applying course of. You’ll be able to choose to finish the applying on-line or you’ll be able to print it out and mail it in. You’ll need 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 via 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 function.
Is Colonial Penn Life Insurance coverage Legit?
Colonial Penn Life Insurance coverage is a authentic 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 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 might be 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.
Nevertheless, if you’re searching for extra intensive protection that you can use to repay a mortgage or assist your loved ones, Colonial Penn’s merchandise possible aren’t going to be sufficient. Their low coverage quantities might be limiting for some prospects. In the end, the best choice is often to get quotes from a number of insurers to see which of them are going to be the appropriate match for you.
