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 accessible. They’re identified for catering to clients over the age of fifty. Nonetheless, they do supply 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 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 firms available on the market, it may be tough to decide on the one that’s greatest in 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 suitable match in your wants.

Kinds of Life Insurance coverage Supplied

Colonial Penn has just a few several types of life insurance coverage insurance policies to select from. Listed below 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 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 gives protection from the problem date till the tip of your life. It differs from a standard entire life insurance coverage coverage in that you simply shouldn’t have to take a medical examination or reply any well being questions with the intention to qualify.

Nonetheless, the advantages usually are not as intensive as they’d be for a standard entire life insurance coverage coverage. The precise profit quantity goes to rely in your particular person scenario. These insurance policies are often used simply to cowl funeral bills fairly than repay debt or help relations.

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. Which means that 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 properly. You’ll be able to determine how usually you need to make your premium funds – they provide month-to-month, quarterly, semi-annual, and annual fee plans.

Everlasting Entire Life Insurance coverage

Colonial Penn additionally gives 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 intensive protection for the remainder of their life.

Whilst you gained’t should 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 shouldn’t be 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 might be decided when you’re initially authorized 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 should.

Time period Life

Whereas Colonial Penn doesn’t at the moment 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 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 clients. Time period life plans are sometimes extra inexpensive than entire life plans and final for a particular variety of years fairly 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 appliance course of. The worth for this coverage can enhance over time relative to the client’s age.

Riders Accessible

Colonial Penn has just a few riders accessible 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 in search of a particular rider that isn’t listed right here, it could be value speaking to Colonial Penn’s gross sales staff to see if they will accommodate you.

Residing Insurance coverage Accelerated Demise Profit

Colonial Penn gives their Residing Insurance coverage rider for his or her entire life insurance coverage insurance policies. The Residing Insurance coverage rider gives 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 the moment supply the Residing Insurance coverage rider for many cancers, coronary heart assault, stroke, and lots of debilitating continual circumstances. The Residing Insurance coverage rider may even kick in in case you are recognized as terminally unwell and have a life expectancy of lower than one 12 months.

This rider shouldn’t be accessible for assured acceptance insurance policies. The rider additionally gives restricted advantages for candidates over the age of 65 – for instance, you gained’t be capable of use the continual 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 when you die because of an unintentional bodily harm. 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 give attention to 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 will nonetheless be an important possibility in case your main concern is protecting funeral bills.

Colonial Penn can also be a wonderful possibility for purchasers who wrestle with well being points. Many different life insurance coverage firms require their clients to take a well being examination earlier than they will get authorized 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 entire life insurance coverage insurance policies solely require clients to finish a questionnaire fairly 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 relations after your loss of life.

Monetary Scores

When taking a look at any life insurance coverage firm, you’ll need to make it possible for they’re financially secure sufficient to pay their claims, even throughout robust financial occasions. One technique to verify that is by trying on the firm’s monetary scores. Organizations like A.M Greatest consider and price insurance coverage firms based mostly on their present monetary standing and stability.

Colonial Penn at the moment has a monetary power ranking of A- from A.M. Greatest. Whereas this isn’t the best ranking accessible, it does point out that Colonial Penn has loads of monetary sources accessible and pays their insurance coverage claims.

Opinions of Colonial Penn Life Insurance coverage

Taking a look at critiques is one other good technique to decide if an insurance coverage firm goes to be a superb 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 shifting ahead.

Based on 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+ ranking from the Higher Enterprise Bureau and in addition not too long ago acquired a BBB accreditation.

Opinions of Colonial Penn Life Insurance coverage are typically combined. Many purchasers have famous that it’s simple to buy a coverage and file a declare. Nonetheless, others have famous that their gross sales techniques will be complicated and overwhelming, and their staff doesn’t at all times assist their clients 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 simple to navigate and gives useful details about the several types of insurance policies they provide. When you’re , you’ll be able to 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 pleased with the quote they supply, there are two methods to maneuver ahead with the appliance course of. You’ll be able to choose to finish the appliance on-line or you’ll be able to print it out and mail it in. You will want to offer 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’ll be able to 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 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 a protracted historical past of paying their claims. It’s additionally pretty simple to buy a coverage and file claims, they usually typically pay their claims shortly.

This life insurance coverage firm is greatest for individuals who need inexpensive premiums and primary protection. In case your primary concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn might be a superb possibility for you. Their insurance coverage insurance policies present sufficient cash to cowl your funeral prices with no trouble. They do additionally supply a small money worth part for many who want to have that.

Nonetheless, in case you are 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 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 suitable match for you.