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 sales person, 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 save 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 lowered 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.
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.
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).
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.