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 accessible. They’re recognized for catering to clients over the age of fifty. Nonetheless, they do supply 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 supply 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 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 numerous consideration due to how reasonably priced it’s – their insurance policies begin at $9.95 per 30 days.
Assured difficulty life insurance coverage supplies protection from the problem date till the tip of your life. It differs from a conventional complete life insurance coverage coverage in that you simply shouldn’t have to take a medical examination or reply any well being questions with a purpose to qualify.
Nonetheless, the advantages usually are not as intensive as they might be for a conventional complete 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 out there for individuals between the ages of fifty and 85. They do have a two-year restricted profit interval for this coverage. Which means if the insured individual passes away inside 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 part as nicely. You may determine how typically you wish 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 complete life insurance coverage for purchasers 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.
When you gained’t must take a medical examination with a purpose 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 difficulty, which signifies that Colonial Penn might 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 if you find yourself initially accepted 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 part that you may borrow in opposition to if you want to.
Time period Life
Whereas Colonial Penn doesn’t at present 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, you could wish to discuss to their gross sales group to see what choices they’ve. Their time period life plans had been the one ones to accommodate youthful clients. Time period life plans are sometimes extra reasonably priced than complete life plans and final for a selected variety of years somewhat than your total life.
As with Colonial Penn’s complete 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 appliance course of. The worth for this coverage can improve over time relative to the shopper’s age.
Riders Obtainable
Colonial Penn has a couple of riders accessible for his or her life insurance coverage insurance policies. Riders might help 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 might be price speaking to Colonial Penn’s gross sales group 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 complete life insurance coverage insurance policies. The Dwelling Insurance coverage rider supplies an early 50 % payout in case you are recognized with a sure medical situation earlier than you die.
Whenever you join the coverage, you’ll choose the medical situation that you prefer to protection for. They at present supply the Dwelling Insurance coverage rider for many cancers, coronary heart assault, stroke, and plenty of debilitating power situations. The Dwelling Insurance coverage rider can even kick in in case you are recognized as terminally unwell and have a life expectancy of lower than one yr.
This rider shouldn’t be accessible for assured acceptance insurance policies. The rider additionally provides restricted advantages for candidates over the age of 65 – for instance, you gained’t have the ability to use the power sickness facet of the rider previous this age.
Unintentional Demise Profit
This rider is out there for purchasers between the ages of 40 and 65 and is out there for his or her complete life insurance coverage insurance policies. This profit is out there in quantities starting from $10,000 to $50,000. This rider will present an extra payout in case you die on account of an unintended bodily damage. Nonetheless, 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 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’ll nonetheless be an incredible possibility in case your major concern is overlaying funeral bills.
Colonial Penn can be a wonderful possibility 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’ll get accepted for protection. Clients sick 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 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 best coverage quantity that they provide proper now could be $50,000. Whereas that is sometimes sufficient to assist cowl funeral bills, this isn’t going to be sufficient to interchange your revenue and help your residing members of the family after your loss of life.
Monetary Rankings
When any life insurance coverage firm, you’ll wish to guarantee that they’re financially secure sufficient to pay their claims, even throughout powerful financial occasions. One strategy to verify that is by wanting on the firm’s monetary scores. Organizations like A.M Greatest consider and fee insurance coverage corporations primarily based on their present monetary standing and stability.
Colonial Penn at present has a monetary power score of A- from A.M. Greatest. Whereas this isn’t the very best score accessible, it does point out that Colonial Penn has loads of monetary assets accessible and pays their insurance coverage claims.
Evaluations of Colonial Penn Life Insurance coverage
Taking a look at evaluations is one other good strategy to decide if an insurance coverage firm goes to be a superb 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.
In line with the Nationwide Affiliation of Insurance coverage Commissioners, Colonial Penn receives extra complaints than common for a corporation of its dimension. Nonetheless, they do have an A+ score from the Higher Enterprise Bureau and likewise lately obtained a BBB accreditation.
Evaluations of Colonial Penn Life Insurance coverage are typically blended. Many shoppers 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 group 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 simple course of. Their web site is pretty straightforward to navigate and supplies useful details about the several types of insurance policies they provide. Should you’re , you’ll be able to simply get a quote via their web site. You’ll need to reply some primary 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 appliance course of. You may choose to finish the appliance on-line or you’ll be able to 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 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 characteristic.
Is Colonial Penn Life Insurance coverage Legit?
Colonial Penn Life Insurance coverage is a professional 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, and so they typically pay their claims shortly.
This life insurance coverage firm is finest for individuals who need reasonably priced premiums and primary 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 a superb possibility 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 part for individuals who want to have that.
Nonetheless, in case you are searching for extra intensive protection that you could possibly use to repay a mortgage or help your loved ones, Colonial Penn’s merchandise probably aren’t going to be sufficient. Their low coverage quantities may very well be limiting for some clients. 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 precise match for you.