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 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 means of a separate subsidiary.
With so many various life insurance coverage corporations in the marketplace, it may be tough to decide on the one that’s greatest 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 correct match to your wants.
Forms of Life Insurance coverage Provided
Colonial Penn has just a few various kinds 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 in the marketplace. It has attracted numerous consideration due to how reasonably priced it’s – their insurance policies begin at $9.95 per 30 days.
Assured subject life insurance coverage gives protection from the difficulty date till the tip of your life. It differs from a standard entire life insurance coverage coverage in that you simply wouldn’t have to take a medical examination or reply any well being questions as a way to qualify.
Nonetheless, the advantages aren’t as in depth as they might be for a standard 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 slightly than repay debt or help relations.
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 total insurance coverage quantity.
These insurance policies do include a money worth part as nicely. You possibly can resolve how typically 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 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.
When 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 will not be assured subject, which implies that Colonial Penn may theoretically deny you protection in case your well being is poor sufficient.
This plan provides a most advantage of $50,000. Your charges will likely be decided if you find yourself initially authorised 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 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 might 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 prospects. Time period life plans are sometimes extra reasonably priced than entire life plans and final for a selected variety of years slightly 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 worth for this coverage can enhance over time relative to the client’s age.
Riders Accessible
Colonial Penn has just a few riders accessible for his or her life insurance coverage insurance policies. Riders can assist you customise your coverage to supply protection that higher fits your wants. When you’re in search of 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 Dying Profit
Colonial Penn provides 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 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 at the moment provide the Residing Insurance coverage rider for many cancers, coronary heart assault, stroke, and lots of debilitating persistent situations. The Residing Insurance coverage rider can even kick in in case you are recognized as terminally in poor health and have a life expectancy of lower than one 12 months.
This rider will not be accessible 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 persistent sickness side of the rider previous this age.
Unintentional Dying 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 unintended bodily harm. Nonetheless, there are particular 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 give attention to assured acceptance life insurance coverage. Their assured acceptance insurance policies begin at lower than $10 per 30 days, and though they don’t present in depth protection, they’ll nonetheless be an important possibility in case your main concern is overlaying funeral bills.
Colonial Penn can also be a superb possibility for purchasers 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 authorised for protection. Prospects ill 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 slightly 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’s $50,000. Whereas that is sometimes sufficient to assist cowl funeral bills, this isn’t going to be sufficient to switch your revenue and help your dwelling relations after your dying.
Monetary Rankings
When any life insurance coverage firm, you’ll wish to guarantee that they’re financially secure sufficient to pay their claims, even throughout robust financial instances. One solution to test that is by wanting on the firm’s monetary rankings. Organizations like A.M Greatest consider and fee insurance coverage corporations 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 solution to decide if an insurance coverage firm goes to be a great 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 transferring ahead.
In accordance with the Nationwide Affiliation of Insurance coverage Commissioners, Colonial Penn receives extra complaints than common for a corporation of its measurement. Nonetheless, they do have an A+ ranking from the Higher Enterprise Bureau and likewise not too long ago obtained a BBB accreditation.
Evaluations of Colonial Penn Life Insurance coverage are typically blended. Many shoppers have famous that it’s straightforward to buy a coverage and file a declare. Nonetheless, others have famous that their gross sales ways 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 straightforward to navigate and gives useful details about the various kinds of insurance policies they provide. When you’re , you may simply get a quote by means 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 applying course of. You possibly can choose to finish the applying on-line or you may print it out and mail it in. You will want to supply 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 may handle it by means of 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 telephone quantity and net chat function.
Is Colonial Penn Life Insurance coverage Legit?
Colonial Penn Life Insurance coverage is a legit 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 shortly.
This life insurance coverage firm is greatest for individuals who need reasonably priced premiums and fundamental protection. In case your foremost concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn may very well be a great possibility 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 individuals who choose to have that.
Nonetheless, in case you are in search of extra in depth 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 best choice is normally to get quotes from a number of insurers to see which of them are going to be the correct match for you.
