Colonial Penn is a life insurance coverage firm based mostly in Philadelphia, Pennsylvania. They had been based in 1968 and have a wide range of life insurance coverage choices obtainable. They’re recognized for catering to prospects over the age of fifty. Nonetheless, 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 alternative life insurance coverage firms available on the market, it may be tough to decide on the one that’s greatest 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 best match to 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 quite a lot of consideration due to how reasonably priced it’s – their insurance policies begin at $9.95 per thirty days.
Assured difficulty life insurance coverage supplies protection from the problem date till the top of your life. It differs from a standard entire life insurance coverage coverage in that you just shouldn’t have to take a medical examination or reply any well being questions with the intention to qualify.
Nonetheless, the advantages should not as in depth as they might be for a standard 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 somewhat than repay debt or help members of the family.
Colonial Penn’s assured acceptance life insurance coverage coverage is offered 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 total insurance coverage quantity.
These insurance policies do include a money worth element as properly. You possibly can determine how typically you need to make your premium funds – they provide month-to-month, quarterly, semi-annual, and annual fee plans.
Everlasting Complete Life Insurance coverage
Colonial Penn additionally provides everlasting entire life insurance coverage for purchasers between the ages of 40 and 75. This can be a nice possibility for anybody who needs extra in depth protection for the remainder of their life.
When you received’t must 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 implies that Colonial Penn may theoretically deny you protection in case your well being is poor sufficient.
This plan provides a most good thing about $50,000. Your charges shall be decided when you find yourself initially authorised for the plan and they’ll keep the identical all through the lifetime of the coverage. After the primary yr, this coverage does include a money worth element you could borrow in opposition to if you must.
Time period Life
Whereas Colonial Penn doesn’t at the moment 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 need to discuss to their gross sales staff 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 sometimes extra reasonably priced than entire life plans and final for a selected variety of years somewhat than your whole life.
As with Colonial Penn’s entire life insurance policies, their time period life choices supplied 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 shopper’s age.
Riders Obtainable
Colonial Penn has just a few riders obtainable for his or her life insurance coverage insurance policies. Riders might help you customise your coverage to offer protection that higher fits your wants. When you’re on the lookout for a selected rider that isn’t listed right here, it might be price speaking to Colonial Penn’s gross sales staff to see if they’ll accommodate you.
Residing Insurance coverage Accelerated Demise Profit
Colonial Penn provides their Residing Insurance coverage rider for his or her entire life insurance coverage insurance policies. The Residing Insurance coverage rider supplies an early 50 % payout if you’re identified with a sure medical situation earlier than you die.
Once you join the coverage, you’ll choose the medical situation that you prefer to protection for. They at the moment provide the Residing Insurance coverage rider for many cancers, coronary heart assault, stroke, and lots of debilitating power situations. The Residing Insurance coverage rider can even kick in if you’re identified as terminally unwell and have a life expectancy of lower than one yr.
This rider isn’t obtainable 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 to use the power sickness side of the rider previous this age.
Unintended Demise Profit
This rider is offered for purchasers between the ages of 40 and 65 and is offered for his or her entire 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 in case you die on account of an unintentional 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 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 thirty days, and though they don’t present in depth protection, they’ll nonetheless be an important possibility in case your major concern is overlaying funeral bills.
Colonial Penn can be a superb possibility for purchasers who wrestle with well being points. Many different life insurance coverage firms require their prospects to take a well being examination earlier than they’ll get authorised for protection. Prospects 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 somewhat than an in-person well being examination.
The draw back of Colonial Penn Life Insurance coverage, when in comparison with its rivals, is that its protection quantities are comparatively small. The very best coverage quantity that they provide proper now’s $50,000. Whereas that is sometimes sufficient to assist cowl funeral bills, this isn’t going to be sufficient to switch your revenue and help your dwelling members of the family after your loss of life.
Monetary Scores
When any life insurance coverage firm, you’ll need to be sure that they’re financially steady sufficient to pay their claims, even throughout robust financial instances. One option to examine that is by trying on the firm’s monetary rankings. Organizations like A.M Finest consider and charge insurance coverage firms 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 very best score obtainable, it does point out that Colonial Penn has loads of monetary assets obtainable and pays their insurance coverage claims.
Evaluations of Colonial Penn Life Insurance coverage
Taking a look at critiques is one other good option to decide if an insurance coverage firm goes to be match for you. Whereas everybody’s expertise is completely different, critiques may give you a good suggestion of what to anticipate from the insurance coverage firm transferring ahead.
In line with the Nationwide Affiliation of Insurance coverage Commissioners, Colonial Penn receives extra complaints than common for an organization of its dimension. Nonetheless, they do have an A+ score from the Higher Enterprise Bureau and likewise lately acquired a BBB accreditation.
Evaluations 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. Nonetheless, others have famous that their gross sales techniques could 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 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 supplies useful details about the various kinds of insurance policies they provide. When 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.
If you’re pleased with the quote they supply, there are two methods to maneuver ahead with the applying course of. You possibly can decide to finish the applying on-line or you possibly can 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 possibly can handle it via the Colonial Penn web site. It’s pretty straightforward to make funds or file claims on-line, however additionally 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 reliable life insurance coverage firm. They’re very financially steady and have a protracted historical past of paying their claims. It’s additionally pretty straightforward to buy a coverage and file claims, and so they 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 fundamental concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn may very well be 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 element for individuals who desire to have that.
Nonetheless, if you’re on the lookout for extra in depth protection that you 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 may very well be limiting for some prospects. In the end, 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.
