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Colonial Penn Life Insurance Reviews 2022: Everything You Need to Know

Planning for tomorrow is the wisest thing to do while living today!

Although most people find it difficult, Colonial Penn Life Insurance makes it easy. With its variety of life insurance options, you can benefit greatly, especially if you have been denied life insurance in the past due to your health. The insurance company provides a hassle-free insurance buying process with trial buying processes.

This article provides a detailed review of the company and its policies. By reading this Colonial Pen life insurance review, you can be sure to get all the information you need to know about the company.

About Colonial Penn Life Insurance

Colonial Penn Life Insurance is an insurance company based in Philadelphia. The company first entered the insurance market in 1968, and the Guaranteed Acceptance Life Insurance Plan was one of the first to provide life insurance to people over 50 years of age.

The company offers a variety of life insurance plans, including term, total permanent, and guaranteed acceptance policies that are available in most states across the country. Colonial Penn is a subsidiary of CNO Financial Group, a holding company that has more than 4 million customers in the United States.

The Bankers Conseco Life Insurance Company underwrites all insurance policies of Colonial Penn Life Insurance Company in New York.

The company is known for its policy of not conducting medical tests, as well as its television advertising efforts. It is also known for its user-friendly practices, such as early payment and easy issuance.

Why should I choose life insurance from Colonial Penn?

The following are some of the reasons Colonial Penn is a fantastic choice:

Colonial Penn may not be the best insurer for you if you want to shop for insurance in one place. While some life insurers offer coverage for your auto, home, and business, Colonial Penn keeps things simple by focusing solely on life and supplemental health insurance.

Additionally, the death benefit limits on Colonial Penn insurance are also quite low. In fact, their term and whole life insurance have a maximum death payout of $50,000, which is significantly less than the plans of many other life insurers.

Colonial Penn, on the other hand, is a great option for consumers looking for lifetime coverage. If you have a pre-existing condition that might prevent you from getting life insurance from another company, Colonial Penn’s Guaranteed Acceptance Plan could be the answer.

The term life plans offered by Colonial Penn have some advantages over those offered by several of its competitors. They don’t require a medical checkup, and if you keep your term life insurance policy renewed, you can build cash value. Colonial Penn also extends coverage to age 90, when many insurers only offer term life plans that cover you until you reach age 85.

All Colonial Penn policies include a 30-day trial period. The insurer will refund your premium in full if you cancel or change your insurance within the first 30 days of coverage.

Where can I get Colonial Penn life insurance?

Colonial Penn Life Insurance operates in 49 states, the District of Columbia, Puerto Rico, and the Virgin Islands.

Bankers Conseco Life Insurance Firm in New York is where the company offers insurance. However, not all of the company’s plans are offered everywhere.

Term insurance is available in all states except Montana, New York, and the Virgin Islands. Guaranteed Acceptance Life Insurance is offered in all states except the Virgin Islands and New York, and Whole Life Insurance is available in all states except the Virgin Islands and New York.

Advantages of Colonial Penn Life Insurance

  • Colonial Penn Life Insurance is a large American insurance company with two subsidiaries:
  • Family Heirloom Life Insurance Liberty National Life Insurance
  • AM Best has given them an A– rating, and S&P has given them a BBB+ rating.
  • They offer term life and whole life insurance.
  • For term insurance, they have a policy that does not require a medical exam.

Colonial Penn Life Insurance  Disadvantages

  • Only Colonial Penn products are available through Colonial Penn Life Insurance. There is no diversity.
  • There are not many options.
  • Universal life insurance is not available from them.
  • The minimum age is 18 years. The maximum age of the term policy is 75 years.
  • The minimum age is 40 years. The whole life policy has a maximum age of 75 years.
  • Compared to other insurance companies, the cost can be quite high.
  • Term insurance is only available for 10, 20, or 30 years.
  • For all term and whole life policies, the maximum amount of coverage is $50,000.
  • The minimum amount of coverage is $10,000.

What is the price of Colonial Penn life insurance?

Colonial Penn Life Insurance coverage starts at $9.95 per month. In fact, if you get term life insurance at age 18, you can purchase $50,000 coverage, which is the company’s highest coverage limit, for about $13.96. Monthly renewable term policy premiums for men and women are shown in the coverage tables below.

Other types of insurance coverage, such as insured acceptance and permanent life insurance, have different premiums. Insurance policy terms and conditions for Guaranteed Acceptance vary by state.

Colonial Penn’s prices for permanent whole life insurance are determined primarily by the policyholder’s age and gender, with a monthly premium calculated based on the policyholder’s age and gender. With Colonial Penn, you get a fixed premium for as long as you’re covered, no matter what your premium amount is.

What is Colonial Penn’s life insurance service like for clients?

Colonial Penn is a direct-to-consumer insurance provider, which means you won’t be able to meet with an insurance agent or financial professional to discuss your insurance needs.

However, you can get a Colonial Penn insurance quote online. If you would like to speak with a Colonial Penn salesperson, you may do so by calling 877-877-8052. Monday through Friday from 8:30 am to 10:00 pm ET and Saturday from 9:00 am to 5:00 pm ET, customer support is available.

What discounts are available on Colonial Penn life insurance?

For military veterans, the company does not offer any package and saves discounts or reduced prices. The cost of a Colonial Penn varies depending on a person’s age, location, and health status.

However, if you want to get a decent deal, we recommend buying life insurance coverage when you’re young. Your premium rate will be lower if you buy the policy sooner rather than later.

Everyone over the age of 18 is eligible for Colonial Penn’s term renewal policy, which is renewable for up to 90 years. If you choose to pay your premium annually, you will receive a discount equal to approximately one month’s premium. The reduction is worth 8.3%, which makes the policy even more accessible to everyone.

Colonial Penn Life Insurance Policies

Colonial Penn offers two types of life insurance policies: term and whole life. No medical exam is required for any of their life insurance products, but you do need to answer a few health questions to find out if you qualify for coverage.

Based on your current age at the time of renewal, your renewable term life insurance coverage allows you to renew up to age 90. People over the age of 40 are eligible for life insurance, which is whole life insurance with the option of an advance payment. For seniors age 50 and older, Colonial Penn also offers guaranteed acceptance of whole life insurance with no medical questionnaire.

You may want to watch: Brilliant Review of Health Insurance in 2022

term life insurance

Colonial Penn has a one-year term life insurance policy available. Every year, you start a new plan. The death benefit of a term life policy is limited, with a maximum value of $50,000 that can be divided between one or two beneficiaries.

Clients between the ages of 18 and 75 can get term life insurance. Although a medical exam is not required, the application includes some health-related questions. The cost of this coverage is determined by the age and gender of the policyholder. It is renewable until the age of 90.

Colonial Penn Guaranteed Plan

Colonial Penn’s Guaranteed Plan is available to people ages 50 to 85 in most states. This whole life insurance policy doesn’t require a medical exam, but it does have a two-year limited benefit period, which means your policy won’t pay you a death benefit for the first two years. After the first year of coverage, the policy builds a cash value and may set the death benefit limit.

If you continue to pay the premium, a Colonial Penn Guaranteed Acceptance Plan will cover you for the rest of your life. It has a fixed rate, which means that you will pay the same premium for the life of the policy.

Life insurance

Colonial Penn Insurance Company’s guaranteed acceptance policy is a whole life insurance plan with a limited death benefit that is generally sold to seniors who want to ease the financial burdens on their families when they die. Applicants between the ages of 50 and 85 are eligible to apply and will be approved. There are no health-related questions or a medical exam.

The amount of coverage is determined by the individual. However, if they die during the first two years, he will not receive the full amount he paid. For life insurance, some companies require an exam. This one, however, is different. They do not need to know anything about your medical history. Other firms, on the other hand, may offer you a lower price if they consider more information, such as your health and age.

You can buy life insurance with a rider that will help you if you’re not feeling well. It is also not available for insurance with assured acceptance. For some medical illnesses or conditions, you may be able to get life benefit insurance coverage. You may be able to get a portion of the death benefit while you are still living if you develop one of these conditions or if you are classified as terminally ill (with a life expectancy of 12 months or less).

Please note that all Colonial Penn plans come with a variety of payment options, including monthly, quarterly, semi-annual, and 12-month payments.

In one word

With a maximum benefit of just $50,000, Colonial Penn’s plans are unlikely to cover more than your final expenses. If you’ve had trouble getting life insurance because of your health or age, Colonial may be a good option to give you some coverage and peace of mind.

Colonial Penn Life Insurance FAQs

What are the life insurance rates at Colonial Penn?

Colonial Penn life insurance premiums vary based on your age, gender, policy type, and location. If you’re a middle-aged human being, you can get charges as low as $9.95 per month. You can purchase coverage at significantly lower rates if you purchase the policy when you are young.

What is the cost of a Colonial Penn Life Insurance unit?

The amount of benefits available in your policy is the unit of coverage. Varies based on age, gender, location, type of coverage, and other factors.

Who can benefit from Colonial Penn Life Insurance?

It’s a great option for people looking for a quick and easy life insurance policy.

For $9.95 a month, how much life insurance do you get from Colonial Penn?

Charges differ based on factors like age, gender, insurance plan, and location.

Is there a waiting period for Colonial Penn?

Yes, there is a two-year waiting period before the guaranteed acceptance life insurance policy pays out.

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