Colonial Penn Life Insurance coverage Overview

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 out there. They’re identified for catering to prospects over the age of fifty. Nonetheless, they do provide 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 the moment provide protection in all 50 states, though their protection in New York is obtainable by way of a separate subsidiary.

With so many alternative life insurance coverage corporations available on the market, 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.

Forms of Life Insurance coverage Supplied

Colonial Penn has a couple of several types of life insurance coverage insurance policies to select from. Listed here 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 loads of consideration due to how inexpensive it’s – their insurance policies begin at $9.95 per thirty days.

Assured challenge life insurance coverage offers protection from the problem date till the tip of your life. It differs from a standard complete life insurance coverage coverage in that you just would not have to take a medical examination or reply any well being questions in an effort to qualify.

Nonetheless, the advantages will not be 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 scenario. These insurance policies are normally used simply to cowl funeral bills quite than repay debt or help relations.

Colonial Penn’s assured acceptance life insurance coverage coverage is accessible for folks between the ages of fifty and 85. They do have a two-year restricted profit interval for this coverage. Which means if the insured particular person passes away throughout 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 nicely. You’ll be able to 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 provides everlasting complete life insurance coverage for shoppers between the ages of 40 and 75. This can be a nice possibility for anybody who desires extra intensive protection for the remainder of their life.

When you received’t should take a medical examination in an effort to qualify for this protection, you’ll have to reply some well being questions as a part of your software. This protection is just not assured challenge, which signifies 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 if you find yourself initially permitted 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 which you can borrow towards if it’s worthwhile to.

Time period Life

Whereas Colonial Penn doesn’t at the moment provide time period life insurance coverage, they’ve provided it previously for patrons between the ages of 18 and 75. If that is one thing you have an interest in, it’s possible you’ll need to speak to their gross sales group 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 inexpensive than complete life plans and final for a selected variety of years quite than your complete 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 value for this coverage can enhance over time relative to the shopper’s age.

Riders Accessible

Colonial Penn has a couple of riders out there for his or her life insurance coverage insurance policies. Riders will help you customise your coverage to supply protection that higher fits your wants. In case you’re on the lookout for a selected rider that isn’t listed right here, it could be price speaking to Colonial Penn’s gross sales group to see if they’ll accommodate you.

Residing Insurance coverage Accelerated Loss of life Profit

Colonial Penn provides their Residing Insurance coverage rider for his or her complete life insurance coverage insurance policies. The Residing Insurance coverage rider offers an early 50 % payout if you’re recognized with a sure medical situation earlier than you die.

If 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 continual circumstances. The Residing Insurance coverage rider can even kick in if you’re recognized as terminally in poor health and have a life expectancy of lower than one 12 months.

This rider is just not out there 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 continual sickness side of the rider previous this age.

Unintended Loss of life Profit

This rider is accessible for patrons between the ages of 40 and 65 and is accessible for his or her complete life insurance coverage insurance policies. This profit is accessible in quantities starting from $10,000 to $50,000. This rider will present a further payout if you happen to die on account of an unintentional bodily harm. Nonetheless, there are specific exclusions to this protection – you’ll not obtain a payout in case your dying is attributable to 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 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 intensive protection, they’ll nonetheless be an ideal possibility in case your major concern is protecting funeral bills.

Colonial Penn can also be a superb possibility for patrons who battle with well being points. Many different life insurance coverage corporations require their prospects to take a well being examination earlier than they’ll get permitted 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 folks to acquire the life insurance coverage protection they want. Moreover, their conventional complete life insurance coverage insurance policies solely require prospects 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 sometimes sufficient to assist cowl funeral bills, this isn’t going to be sufficient to interchange your earnings and help your dwelling relations after your dying.

Monetary Rankings

When any life insurance coverage firm, you’ll need to guarantee that they’re financially secure sufficient to pay their claims, even throughout powerful financial occasions. One approach to test that is by wanting on the firm’s monetary rankings. Organizations like A.M Finest consider and charge insurance coverage corporations based mostly on their present monetary standing and stability.

Colonial Penn at the moment has a monetary energy ranking of A- from A.M. Finest. Whereas this isn’t the very best ranking out there, it does point out that Colonial Penn has loads of monetary sources out there and will pay their insurance coverage claims.

Evaluations of Colonial Penn Life Insurance coverage

opinions is one other good approach to decide if an insurance coverage firm goes to be a superb match for you. Whereas everybody’s expertise is completely different, opinions may give you a good suggestion of what to anticipate from the insurance coverage firm transferring ahead.

In response to the Nationwide Affiliation of Insurance coverage Commissioners, Colonial Penn receives extra complaints than common for an organization of its measurement. Nonetheless, they do have an A+ ranking from the Higher Enterprise Bureau and likewise just lately acquired a BBB accreditation.

Evaluations of Colonial Penn Life Insurance coverage are typically combined. Many shoppers 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 group doesn’t all the time 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 simple to navigate and offers useful details about the several types of insurance policies they provide. In case you’re , you possibly can simply get a quote by way of their web site. You will want to reply some fundamental 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’ll be able to choose to finish the appliance on-line or you possibly can 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 must fill out a medical questionnaire.

As soon as your coverage is in place, you possibly can handle it by way of 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 function.

Is Colonial Penn Life Insurance coverage Legit?

Colonial Penn Life Insurance coverage is a reliable 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 finest for individuals who need inexpensive 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 a superb possibility for you. Their insurance coverage insurance policies present sufficient cash to cowl your funeral prices with no trouble. They do additionally provide a small money worth element for many who desire to have that.

Nonetheless, if you’re on the lookout for extra intensive protection that you may 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 prospects. Finally, the most suitable 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.