Colonial Penn is a life insurance coverage firm primarily based in Philadelphia, Pennsylvania. They have been based in 1968 and have quite a lot of life insurance coverage choices obtainable. They’re identified for catering to clients over the age of fifty. Nevertheless, they do supply life insurance coverage protection for youthful adults as effectively.
Colonial Penn Life Insurance coverage has been a subsidiary of CNO Monetary Group since 1997. They presently supply 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 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 fitting match to your wants.
Forms of Life Insurance coverage Provided
Colonial Penn has a couple 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 lots of consideration due to how inexpensive 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 standard complete 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 standard 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 quite than repay debt or assist members of the family.
Colonial Penn’s assured acceptance life insurance coverage coverage is offered for individuals between the ages of fifty and 85. They do have a two-year restricted profit interval for this coverage. Because of this if the insured particular person passes away throughout the first two years of buying the coverage, their beneficiaries gained’t obtain the total insurance coverage quantity.
These insurance policies do include a money worth element as effectively. You possibly can resolve how typically 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 affords everlasting complete 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 gained’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 software. This protection shouldn’t be assured problem, which implies that Colonial Penn might theoretically deny you protection in case your well being is poor sufficient.
This plan affords a most advantage of $50,000. Your charges will probably be decided if you find yourself initially authorized for the plan and they’ll keep the identical all through the lifetime of the coverage. After the primary 12 months, this coverage does include a money worth element you can borrow in opposition to if that you must.
Time period Life
Whereas Colonial Penn doesn’t presently supply 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, chances are you’ll need to speak to their gross sales workforce to see what choices they’ve. Their time period life plans have been the one ones to accommodate youthful clients. Time period life plans are usually extra inexpensive than complete life plans and final for a particular variety of years quite than your whole 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 appliance course of. The worth for this coverage can enhance over time relative to the client’s age.
Riders Obtainable
Colonial Penn has a couple of 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. If you happen to’re on the lookout for a particular rider that isn’t listed right here, it could be value speaking to Colonial Penn’s gross sales workforce to see if they will accommodate you.
Dwelling Insurance coverage Accelerated Dying 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 p.c payout in case you are identified with a sure medical situation earlier than you die.
If you join the coverage, you’ll choose the medical situation that you desire to protection for. They presently supply the Dwelling Insurance coverage rider for many cancers, coronary heart assault, stroke, and plenty of debilitating continual circumstances. The Dwelling Insurance coverage rider may also kick in in case you are 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 gained’t be capable of use the continual sickness facet of the rider previous this age.
Unintended Dying Profit
This rider is offered for purchasers between the ages of 40 and 65 and is offered for his or her complete life insurance coverage insurance policies. This profit is offered in quantities starting from $10,000 to $50,000. This rider will present a further payout should you die on account of an unintentional bodily harm. Nevertheless, there are particular exclusions to this protection – you’ll not obtain a payout in case your loss of life 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 deal with assured acceptance life insurance coverage. Their assured acceptance insurance policies begin at lower than $10 monthly, and though they don’t present intensive protection, they will nonetheless be a terrific choice in case your main concern is masking funeral bills.
Colonial Penn can be a superb choice for purchasers who wrestle with well being points. Many different life insurance coverage corporations require their clients to take a well being examination earlier than they will get authorized for protection. Prospects unwell are sometimes charged very excessive charges and even denied protection. Colonial Penn’s assured acceptance program makes it simpler for these individuals to acquire the life insurance coverage protection they want. Moreover, their conventional complete life insurance coverage insurance policies solely require clients to finish a questionnaire quite 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 loss of life.
Monetary Rankings
When taking a look at any life insurance coverage firm, you’ll need to ensure that they’re financially steady sufficient to pay their claims, even throughout robust financial instances. One solution to verify that is by trying on the firm’s monetary rankings. Organizations like A.M Greatest consider and price insurance coverage corporations primarily based on their present monetary standing and stability.
Colonial Penn presently 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 sources obtainable and will pay their insurance coverage claims.
Opinions of Colonial Penn Life Insurance coverage
Taking a look at opinions is one other good solution to decide if an insurance coverage firm goes to be a very good match for you. Whereas everybody’s expertise is totally different, opinions 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 lately acquired a BBB accreditation.
Opinions of Colonial Penn Life Insurance coverage are usually blended. Many purchasers have famous that it’s simple to buy a coverage and file a declare. Nevertheless, others have famous that their gross sales techniques will be complicated and overwhelming, and their workforce doesn’t at all times assist their clients 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 supplies useful details about the several types of insurance policies they provide. If you happen to’re , you may simply get a quote via their web site. You will want to reply some primary demographic questions in addition to questions on the kind of protection you want.
If you’re proud of the quote they supply, there are two methods to maneuver ahead with the appliance course of. You possibly can decide to finish the appliance on-line or you may print it out and mail it in. You will want 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 may 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 cellphone 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 steady and have a protracted historical past of paying their claims. It’s additionally pretty simple 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 inexpensive premiums and primary protection. In case your most important concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn might be a very good choice for you. Their insurance coverage insurance policies present sufficient cash to cowl your funeral prices with no problem. They do additionally supply a small money worth element for individuals who desire to have that.
Nevertheless, in case you are on the lookout for extra intensive protection that you could possibly use to repay a mortgage or assist your loved ones, Colonial Penn’s merchandise doubtless aren’t going to be sufficient. Their low coverage quantities might be limiting for some clients. 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 fitting match for you.
