Colonial Penn is a life insurance coverage firm primarily based in Philadelphia, Pennsylvania. They have 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. Nonetheless, 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 via a separate subsidiary.
With so many alternative life insurance coverage corporations in the marketplace, it may be tough to decide on the one that’s finest to 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 precise match to your wants.
Varieties of Life Insurance coverage Supplied
Colonial Penn has a number of several types 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 in the marketplace. It has attracted a number of consideration due to how inexpensive it’s – their insurance policies begin at $9.95 per 30 days.
Assured subject life insurance coverage offers protection from the problem date till the tip of your life. It differs from a conventional entire life insurance coverage coverage in that you just wouldn’t have to take a medical examination or reply any well being questions with the intention to qualify.
Nonetheless, the advantages aren’t 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 relatively than repay debt or help members of the family.
Colonial Penn’s assured acceptance life insurance coverage coverage is on the market 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 total insurance coverage quantity.
These insurance policies do include a money worth part as nicely. You’ll be able to resolve how usually you need 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 gives everlasting entire life insurance coverage for shoppers between the ages of 40 and 75. It is a nice possibility for anybody who needs extra intensive protection for the remainder of their life.
Whilst you received’t need to 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 utility. This protection isn’t assured subject, which signifies that Colonial Penn may theoretically deny you protection in case your well being is poor sufficient.
This plan gives a most advantage of $50,000. Your charges shall be decided if you end up initially accredited for the plan and they’re going to keep the identical all through the lifetime of the coverage. After the primary yr, this coverage does include a money worth part you can borrow towards if it’s essential to.
Time period Life
Whereas Colonial Penn doesn’t at present provide time period life insurance coverage, they’ve provided it previously for patrons between the ages of 18 and 75. If that is one thing you have an interest in, you could need to speak to their gross sales staff to see what choices they’ve. Their time period life plans have been the one ones to accommodate youthful prospects. Time period life plans are usually extra inexpensive than entire life plans and final for a selected variety of years relatively than your whole 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 worth for this coverage can improve over time relative to the shopper’s age.
Colonial Penn has a number of riders out there for his or her life insurance coverage insurance policies. Riders can assist you customise your coverage to supply protection that higher fits your wants. Should you’re searching for a selected rider that isn’t listed right here, it could be price speaking to Colonial Penn’s gross sales staff to see if they’ll accommodate you.
Dwelling Insurance coverage Accelerated Loss of life Profit
Colonial Penn gives their Dwelling Insurance coverage rider for his or her entire life insurance coverage insurance policies. The Dwelling Insurance coverage rider offers an early 50 p.c payout in case you are recognized with a sure medical situation earlier than you die.
While 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 plenty of debilitating continual situations. The Dwelling Insurance coverage rider can even kick in in case you are recognized as terminally ailing and have a life expectancy of lower than one yr.
This rider isn’t out there for assured acceptance insurance policies. The rider additionally gives restricted advantages for candidates over the age of 65 – for instance, you received’t be capable to use the continual sickness side of the rider previous this age.
Unintentional Loss of life Profit
This rider is on the market for patrons between the ages of 40 and 65 and is on the market for his or her entire life insurance coverage insurance policies. This profit is on the market in quantities starting from $10,000 to $50,000. This rider will present an extra payout in case you die because of an unintended bodily damage. Nonetheless, there are specific exclusions to this protection – you’ll not obtain a payout in case your loss of life is attributable to 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 per 30 days, and though they don’t present intensive protection, they’ll nonetheless be a fantastic possibility in case your major concern is overlaying funeral bills.
Colonial Penn can also be a superb possibility for patrons who battle 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. 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 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 revenue and help your dwelling members of the family after your loss of life.
When any life insurance coverage firm, you’ll need to be sure that they’re financially steady sufficient to pay their claims, even throughout powerful financial instances. One method to test that is by wanting on the firm’s monetary rankings. 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 energy score of A- from A.M. Greatest. Whereas this isn’t the very best score out there, it does point out that Colonial Penn has loads of monetary assets out there and will pay their insurance coverage claims.
Opinions of Colonial Penn Life Insurance coverage
Taking a look at opinions is one other good method to decide if an insurance coverage firm goes to be a very good 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 keeping with the Nationwide Affiliation of Insurance coverage Commissioners, Colonial Penn receives extra complaints than common for a corporation of its measurement. Nonetheless, they do have an A+ score from the Higher Enterprise Bureau and likewise not too long ago obtained a BBB accreditation.
Opinions of Colonial Penn Life Insurance coverage are typically blended. Many shoppers have famous that it’s simple to buy a coverage and file a declare. Nonetheless, others have famous that their gross sales ways will be complicated and overwhelming, and their staff 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 simple to navigate and offers useful details about the several types of insurance policies they provide. Should you’re , you possibly can 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 pleased with the quote they supply, there are two methods to maneuver ahead with the applying course of. You’ll be able to decide to finish the applying on-line or you possibly can print it out and mail it in. You’ll need to supply private data and billing data, 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 possibly can handle it via the Colonial Penn web site. It’s pretty simple 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 professional life insurance coverage firm. They’re very financially steady and have an extended historical past of paying their claims. It’s additionally pretty simple to buy a coverage and file claims, they usually typically pay their claims rapidly.
This life insurance coverage firm is finest for individuals who need inexpensive premiums and fundamental protection. In case your essential concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn might be a very good 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 choose to have that.
Nonetheless, in case you are searching for extra intensive protection that you possibly can 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 might 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 precise match for you.