Colonial Penn is a life insurance coverage firm based mostly in Philadelphia, Pennsylvania. They had been based in 1968 and have quite a lot of life insurance coverage choices out there. They’re recognized 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 at the moment provide protection in all 50 states, though their protection in New York is obtainable via a separate subsidiary.
With so many various life insurance coverage corporations available on the market, it may be troublesome to decide on the one that’s finest 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 best match on your wants.
Kinds of Life Insurance coverage Provided
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 Entire 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 per 30 days.
Assured problem life insurance coverage gives protection from the difficulty date till the tip of your life. It differs from a conventional entire life insurance coverage coverage in that you just shouldn’t have to take a medical examination or reply any well being questions with a view to qualify.
Nevertheless, the advantages should not as intensive as they might be for a conventional entire life insurance coverage coverage. The precise profit quantity goes to rely in your particular person state of affairs. These insurance policies are normally used simply to cowl funeral bills reasonably than repay debt or help relations.
Colonial Penn’s assured acceptance life insurance coverage coverage is out there 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 throughout 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 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 cost plans.
Everlasting Entire Life Insurance coverage
Colonial Penn additionally provides everlasting entire life insurance coverage for shoppers between the ages of 40 and 75. This can be a nice choice for anybody who desires extra intensive protection for the remainder of their life.
Whilst you received’t must 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 utility. This protection is just not assured problem, which signifies that Colonial Penn might theoretically deny you protection in case your well being is poor sufficient.
This plan provides a most advantage of $50,000. Your charges will probably be decided when you find yourself initially accredited 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 you could borrow in opposition to if you’ll want to.
Time period Life
Whereas Colonial Penn doesn’t at the moment provide time period life insurance coverage, they’ve provided it up to now for patrons between the ages of 18 and 75. If that is one thing you have an interest in, you could 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 entire life plans and final for a selected variety of years reasonably than your complete 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.
Colonial Penn has just a few riders out there for his or her life insurance coverage insurance policies. Riders may also help you customise your coverage to supply protection that higher fits your wants. In the event you’re in search of 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’ll accommodate you.
Dwelling Insurance coverage Accelerated Demise Profit
Colonial Penn provides their Dwelling Insurance coverage rider for his or her entire life insurance coverage insurance policies. The Dwelling 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 at the moment provide the Dwelling Insurance coverage rider for many cancers, coronary heart assault, stroke, and lots of debilitating continual circumstances. The Dwelling 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 is just not out there for assured acceptance insurance policies. The rider additionally provides restricted advantages for candidates over the age of 65 – for instance, you received’t be capable of use the continual sickness side of the rider previous this age.
Unintended Demise Profit
This rider is out there for patrons between the ages of 40 and 65 and is out there for his or her entire life insurance coverage insurance policies. This profit is out there in quantities starting from $10,000 to $50,000. This rider will present a further payout in the event you die because of an unintended bodily harm. Nevertheless, there are specific exclusions to this protection – you’ll not obtain a payout in case your demise 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 per 30 days, and though they don’t present intensive protection, they’ll nonetheless be an ideal choice in case your major concern is protecting funeral bills.
Colonial Penn can also be a wonderful 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’ll get accredited 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 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 usually sufficient to assist cowl funeral bills, this isn’t going to be sufficient to interchange your earnings and help your dwelling relations after your demise.
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 powerful financial instances. One method to test that is by trying on the firm’s monetary rankings. Organizations like A.M Finest consider and price insurance coverage corporations based mostly on their present monetary standing and stability.
Colonial Penn at the moment has a monetary energy score of A- from A.M. Finest. Whereas this isn’t the best score out there, it does point out that Colonial Penn has loads of monetary sources out there and will pay their insurance coverage claims.
Opinions of Colonial Penn Life Insurance coverage
evaluations is one other good method to decide if an insurance coverage firm goes to be match for you. Whereas everybody’s expertise is totally different, evaluations may give you a good suggestion of what to anticipate from the insurance coverage firm transferring ahead.
In accordance 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 just lately acquired a BBB accreditation.
Opinions of Colonial Penn Life Insurance coverage are usually blended. Many shoppers have famous that it’s straightforward to buy a coverage and file a declare. Nevertheless, others have famous that their gross sales techniques 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 several types of insurance policies they provide. In the event you’re , you’ll be able to simply get a quote via their web site. You have to 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 possibly can choose to finish the applying on-line or you’ll be able to print it out and mail it in. You have to to supply private info and billing info, and additionally, you will be requested to call your beneficiaries. For some insurance policies, additionally, you will have to 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 cellphone quantity and net 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 an extended historical past of paying their claims. It’s additionally pretty straightforward to buy a coverage and file claims, they usually usually pay their claims shortly.
This life insurance coverage firm is finest for individuals who need reasonably priced premiums and fundamental protection. In case your foremost concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn may very well 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 part for individuals who favor to have that.
Nevertheless, if you’re in search of extra intensive protection that you possibly can use to repay a mortgage or help your loved ones, Colonial Penn’s merchandise possible aren’t going to be sufficient. Their low coverage quantities may very well be limiting for some prospects. Finally, the best choice is normally to get quotes from a number of insurers to see which of them are going to be the best match for you.