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 out there. They’re recognized for catering to prospects 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 presently supply protection in all 50 states, though their protection in New York is obtainable by a separate subsidiary.
With so many various life insurance coverage firms in the marketplace, 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 suitable match to your wants.
Kinds of Life Insurance coverage Supplied
Colonial Penn has a number of several types 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 in the marketplace. It has attracted a whole lot of consideration due to how inexpensive it’s – their insurance policies begin at $9.95 monthly.
Assured situation life insurance coverage offers protection from the problem date till the tip of your life. It differs from a conventional entire life insurance coverage coverage in that you just should not have to take a medical examination or reply any well being questions as a way to qualify.
Nonetheless, 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 state of affairs. These insurance policies are normally used simply to cowl funeral bills fairly than repay debt or assist 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. Because of this 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 element as properly. You possibly can resolve how typically 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 affords 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 need to take a medical examination as a way 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 situation, which implies that Colonial Penn may theoretically deny you protection in case your well being is poor sufficient.
This plan affords a most good thing about $50,000. Your charges will likely be decided if you end up initially accepted 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 element which you can borrow in opposition to if it’s essential to.
Time period Life
Whereas Colonial Penn doesn’t presently supply time period life insurance coverage, they’ve supplied it previously for purchasers between the ages of 18 and 75. If that is one thing you have an interest in, you could need to discuss to their gross sales crew 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 usually extra inexpensive 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 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 appliance course of. The value for this coverage can improve over time relative to the shopper’s age.
Riders Out there
Colonial Penn has a number of riders out there for his or her life insurance coverage insurance policies. Riders might help you customise your coverage to supply protection that higher fits your wants. Should 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 crew to see if they’ll accommodate you.
Dwelling Insurance coverage Accelerated Loss of life Profit
Colonial Penn affords their Dwelling Insurance coverage rider for his or her entire life insurance coverage insurance policies. The Dwelling Insurance coverage rider offers an early 50 p.c payout if you’re recognized with a sure medical situation earlier than you die.
Whenever you join the coverage, you’ll choose the medical situation that you desire to protection for. They presently supply the Dwelling Insurance coverage rider for many cancers, coronary heart assault, stroke, and lots of debilitating persistent 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 12 months.
This rider shouldn’t be out there for assured acceptance insurance policies. The rider additionally affords restricted advantages for candidates over the age of 65 – for instance, you gained’t be capable of use the persistent sickness side of the rider previous this age.
Unintentional Loss of life 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 the event you die on account of an unintended bodily harm. Nonetheless, there are particular exclusions to this protection – you’ll not obtain a payout in case your dying is brought on by 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 deal with assured acceptance life insurance coverage. Their assured acceptance insurance policies begin at lower than $10 monthly, and though they don’t present in depth protection, they’ll nonetheless be an incredible possibility in case your main concern is protecting funeral bills.
Colonial Penn can be a superb possibility for purchasers who wrestle with well being points. Many different life insurance coverage firms require their prospects to take a well being examination earlier than they’ll get accepted 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 individuals 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 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 assist your dwelling members of the family after your dying.
When any life insurance coverage firm, you’ll need to make it possible for they’re financially secure sufficient to pay their claims, even throughout powerful financial instances. One strategy to test that is by wanting on the firm’s monetary scores. Organizations like A.M Finest consider and charge insurance coverage firms 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 out there, it does point out that Colonial Penn has loads of monetary assets out there 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 very good match for you. Whereas everybody’s expertise is completely different, evaluations can provide you a good suggestion of what to anticipate from the insurance coverage firm transferring ahead.
In line with 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+ score from the Higher Enterprise Bureau and likewise lately obtained a BBB accreditation.
Evaluations 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 ways will be complicated and overwhelming, and their crew 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 simple to navigate and offers useful details about the several types of insurance policies they provide. Should you’re , you’ll be able to simply get a quote by their web site. You will have 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 possibly can decide to finish the appliance on-line or you’ll be able to print it out and mail it in. You will have 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’ll be able to handle it by 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 cellphone 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 secure and have a protracted historical past of paying their claims. It’s additionally pretty simple to buy a coverage and file claims, and so they typically pay their claims shortly.
This life insurance coverage firm is finest for individuals who need inexpensive premiums and fundamental protection. In case your principal concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn might be a very good possibility for you. Their insurance coverage insurance policies present sufficient cash to cowl your funeral prices with no problem. They do additionally supply a small money worth element for many who desire to have that.
Nonetheless, if you’re in search of extra in depth protection that you can 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 might 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 suitable match for you.