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 obtainable. They’re identified for catering to prospects over the age of fifty. Nevertheless, 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 presently provide protection in all 50 states, though their protection in New York is obtainable by a separate subsidiary.
With so many various life insurance coverage corporations available on the market, it may be tough to decide on the one that’s greatest on 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 fitting match on your wants.
Varieties of Life Insurance coverage Provided
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 available on the market. It has attracted a variety of consideration due to how reasonably priced it’s – their insurance policies begin at $9.95 per thirty days.
Assured problem life insurance coverage offers protection from the difficulty date till the tip of your life. It differs from a conventional entire life insurance coverage coverage in that you simply would not have to take a medical examination or reply any well being questions with a view to qualify.
Nevertheless, the advantages should not as intensive as they’d be for a conventional entire 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 fairly than repay debt or assist relations.
Colonial Penn’s assured acceptance life insurance coverage coverage is out there 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 gained’t obtain the total insurance coverage quantity.
These insurance policies do include a money worth part as properly. You may determine how usually you wish 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 entire life insurance coverage for shoppers between the ages of 40 and 75. It is a nice choice for anybody who needs extra intensive protection for the remainder of their life.
Whilst you gained’t should take a medical examination with a view to qualify for this protection, you’ll have to reply some well being questions as a part of your utility. This protection shouldn’t be assured problem, 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 might be decided if you find yourself initially authorised for the plan and they’re going to keep the identical all through the lifetime of the coverage. After the primary yr, this coverage does include a money worth part that you could borrow in opposition to if you should.
Time period Life
Whereas Colonial Penn doesn’t presently provide time period life insurance coverage, they’ve provided it prior to now for patrons between the ages of 18 and 75. If that is one thing you have an interest in, you might wish 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 reasonably priced than entire life plans and final for a particular variety of years fairly than your total 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 client’s age.
Riders Out there
Colonial Penn has a couple of riders obtainable for his or her life insurance coverage insurance policies. Riders will help you customise your coverage to offer protection that higher fits your wants. For those who’re in search of a particular rider that isn’t listed right here, it could be price speaking to Colonial Penn’s gross sales group to see if they will accommodate you.
Dwelling Insurance coverage Accelerated Loss of life Profit
Colonial Penn provides their Dwelling Insurance coverage rider for his or her entire life insurance coverage insurance policies. The Dwelling Insurance coverage rider offers an early 50 % payout if you’re recognized with a sure medical situation earlier than you die.
While you join the coverage, you’ll choose the medical situation that you desire to protection for. They presently provide the Dwelling Insurance coverage rider for many cancers, coronary heart assault, stroke, and plenty of debilitating power circumstances. The Dwelling Insurance coverage rider may even kick in if you’re recognized as terminally unwell and have a life expectancy of lower than one yr.
This rider shouldn’t be obtainable for assured acceptance insurance policies. The rider additionally provides restricted advantages for candidates over the age of 65 – for instance, you gained’t be capable to use the power sickness side of the rider previous this age.
Unintentional Loss of life Profit
This rider is out there for patrons between the ages of 40 and 65 and is out there for his or her entire life insurance coverage insurance policies. This profit is out there in quantities starting from $10,000 to $50,000. This rider will present a further payout in the event you die because of an unintentional bodily damage. Nevertheless, there are specific exclusions to this protection – you’ll not obtain a payout in case your loss of life is brought on by 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 deal with 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 will nonetheless be a terrific choice in case your major concern is protecting funeral bills.
Colonial Penn can also be a wonderful choice 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 will get authorised 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 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 fairly 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 exchange your earnings and assist your dwelling relations after your loss of life.
Monetary Scores
When any life insurance coverage firm, you’ll wish to be sure that they’re financially secure sufficient to pay their claims, even throughout powerful financial occasions. One method 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 presently has a monetary power score of A- from A.M. Finest. Whereas this isn’t the best score obtainable, it does point out that Colonial Penn has loads of monetary assets obtainable and will pay their insurance coverage claims.
Critiques of Colonial Penn Life Insurance coverage
critiques is one other good method to decide if an insurance coverage firm goes to be a great match for you. Whereas everybody’s expertise is completely different, critiques can provide you a good suggestion of what to anticipate from the insurance coverage firm shifting ahead.
In response to the Nationwide Affiliation of Insurance coverage Commissioners, Colonial Penn receives extra complaints than common for an organization of its dimension. Nevertheless, they do have an A+ score from the Higher Enterprise Bureau and likewise lately acquired a BBB accreditation.
Critiques of Colonial Penn Life Insurance coverage are typically blended. Many purchasers have famous that it’s straightforward to buy a coverage and file a declare. Nevertheless, others have famous that their gross sales ways could be complicated and overwhelming, and their group doesn’t at all times assist their prospects 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 offers useful details about the several types of insurance policies they provide. For those who’re , you possibly can simply get a quote by 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 may decide to finish the applying on-line or you possibly can print it out and mail it in. You’ll need to offer private info and billing info, 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 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 cellphone quantity and net chat function.
Is Colonial Penn Life Insurance coverage Legit?
Colonial Penn Life Insurance coverage is a respectable 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, they usually typically pay their claims rapidly.
This life insurance coverage firm is greatest for individuals who need reasonably priced premiums and fundamental protection. In case your important concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn may very well be a great choice 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 part for many who choose to have that.
Nevertheless, if you’re in search of extra intensive protection that you might use to repay a mortgage or assist your loved ones, Colonial Penn’s merchandise doubtless 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 fitting match for you.
