Colonial Penn is a life insurance coverage firm primarily based in Philadelphia, Pennsylvania. They have been based in 1968 and have quite a lot of life insurance coverage choices accessible. They’re recognized for catering to clients 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 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 various life insurance coverage firms available on the market, it may be troublesome 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 number of various kinds of life insurance coverage insurance policies to select from. Listed here 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 plenty of consideration due to how inexpensive it’s – their insurance policies begin at $9.95 per thirty days.
Assured challenge life insurance coverage gives protection from the problem date till the top of your life. It differs from a conventional entire life insurance coverage coverage in that you just don’t have to take a medical examination or reply any well being questions so as to qualify.
Nevertheless, the advantages will not be as in depth 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 reasonably than repay debt or help members of the family.
Colonial Penn’s assured acceptance life insurance coverage coverage is accessible 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 throughout the first two years of buying the coverage, their beneficiaries gained’t obtain the complete insurance coverage quantity.
These insurance policies do include a money worth part as properly. You’ll be able to resolve how typically you wish 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. It is a nice possibility for anybody who needs extra in depth protection for the remainder of their life.
Whilst you gained’t should take a medical examination so as 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 implies that Colonial Penn might 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’ll keep the identical all through the lifetime of the coverage. After the primary yr, this coverage does include a money worth part you could borrow towards if that you must.
Time period Life
Whereas Colonial Penn doesn’t at the moment provide time period life insurance coverage, they’ve provided it previously 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 have been the one ones to accommodate youthful clients. Time period life plans are usually extra inexpensive than entire life plans and final for a particular variety of years reasonably than your total life.
As with Colonial Penn’s entire life insurance policies, their time period life choices offered 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 worth for this coverage can improve over time relative to the client’s age.
Riders Accessible
Colonial Penn has a number of riders accessible for his or her life insurance coverage insurance policies. Riders will help you customise your coverage to offer protection that higher fits your wants. Should you’re on the lookout for a particular rider that isn’t listed right here, it could be value speaking to Colonial Penn’s gross sales group 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 identified with a sure medical situation earlier than you die.
Once you join the coverage, you’ll choose the medical situation that you desire to protection for. They at the moment provide the Residing Insurance coverage rider for many cancers, coronary heart assault, stroke, and plenty of debilitating continual situations. The Residing Insurance coverage rider may also kick in in case you are identified as terminally sick and have a life expectancy of lower than one yr.
This rider is just not 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 to use the continual sickness facet of the rider previous this age.
Unintentional Demise Profit
This rider is accessible for purchasers between the ages of 40 and 65 and is accessible for his or her entire 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 in case you die on account of an unintentional bodily damage. Nevertheless, there are particular exclusions to this protection – you’ll not obtain a payout in case your loss of life 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 give attention to assured acceptance life insurance coverage. Their assured acceptance insurance policies begin at lower than $10 per thirty days, and though they don’t present in depth protection, they will nonetheless be a fantastic possibility in case your major concern is protecting funeral bills.
Colonial Penn can also be a superb possibility for purchasers who battle 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 unwell 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 reasonably 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’s $50,000. Whereas that is usually sufficient to assist cowl funeral bills, this isn’t going to be sufficient to switch your earnings and help your dwelling members of the family after your loss of life.
Monetary Scores
When any life insurance coverage firm, you’ll wish to be sure that they’re financially steady sufficient to pay their claims, even throughout powerful financial instances. One strategy to verify that is by trying on the firm’s monetary scores. Organizations like A.M Greatest consider and price insurance coverage firms primarily based on their present monetary standing and stability.
Colonial Penn at the moment has a monetary energy 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 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 shifting ahead.
In response to the Nationwide Affiliation of Insurance coverage Commissioners, Colonial Penn receives extra complaints than common for a corporation of its measurement. Nevertheless, they do have an A+ ranking from the Higher Enterprise Bureau and in addition not too long ago obtained a BBB accreditation.
Evaluations of Colonial Penn Life Insurance coverage are usually blended. Many shoppers have famous that it’s simple to buy a coverage and file a declare. Nevertheless, others have famous that their gross sales techniques could be complicated and overwhelming, and their group doesn’t all the time 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 easy course of. Their web site is pretty simple to navigate and gives useful details about the various kinds of insurance policies they provide. Should you’re , you’ll be able to simply get a quote by way of their web site. You’ll need to reply some fundamental demographic questions in addition to questions on the kind of protection you want.
In case you are pleased with the quote they supply, there are two methods to maneuver ahead with the applying course of. You’ll be able to decide to finish the applying on-line or you’ll be able to print it out and mail it in. You’ll need to offer 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 by way of the Colonial Penn web site. It’s pretty simple to make funds or file claims on-line, however in addition they have a customer support telephone quantity and net chat function.
Is Colonial Penn Life Insurance coverage Legit?
Colonial Penn Life Insurance coverage is a professional life insurance coverage firm. They’re very financially steady and have an extended historical past of paying their claims. It’s additionally pretty simple to buy a coverage and file claims, they usually usually pay their claims rapidly.
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 could possibly 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 part for many who desire to have that.
Nevertheless, in case you are on the lookout for extra in depth protection that you can 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 could possibly 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.