Colonial Penn is a life insurance coverage firm primarily based in Philadelphia, Pennsylvania. They had been based in 1968 and have a wide range of life insurance coverage choices accessible. They’re recognized for catering to clients over the age of fifty. Nevertheless, they do supply 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 supply protection in all 50 states, though their protection in New York is obtainable by way of a separate subsidiary.
With so many alternative life insurance coverage firms in the marketplace, it may be troublesome 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 suitable match to your wants.
Kinds 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 in the marketplace. It has attracted quite a lot of consideration due to how reasonably priced it’s – their insurance policies begin at $9.95 monthly.
Assured concern life insurance coverage gives protection from the difficulty date till the tip of your life. It differs from a conventional complete life insurance coverage coverage in that you simply would not have to take a medical examination or reply any well being questions with the intention to qualify.
Nevertheless, the advantages aren’t as in depth as they’d be for a conventional complete life insurance coverage coverage. The precise profit quantity goes to rely in your particular person scenario. These insurance policies are often used simply to cowl funeral bills quite than repay debt or help relations.
Colonial Penn’s assured acceptance life insurance coverage coverage is on the market 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 particular person 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 element as nicely. You possibly can determine how usually 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 complete 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 must take a medical examination with the intention 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 concern, which implies that Colonial Penn may theoretically deny you protection in case your well being is poor sufficient.
This plan gives a most good thing about $50,000. Your charges shall be decided when you’re initially accepted 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 element that you would be able to borrow towards if you have to.
Time period Life
Whereas Colonial Penn doesn’t at the moment supply time period life insurance coverage, they’ve supplied it up to now for purchasers 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 staff to see what choices they’ve. Their time period life plans had been the one ones to accommodate youthful clients. Time period life plans are sometimes extra reasonably priced than complete life plans and final for a particular variety of years quite than your whole life.
As with Colonial Penn’s complete 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 shopper’s age.
Riders Obtainable
Colonial Penn has a number of riders accessible for his or her life insurance coverage insurance policies. Riders may help you customise your coverage to supply protection that higher fits your wants. Should you’re searching for a particular rider that isn’t listed right here, it might be value speaking to Colonial Penn’s gross sales staff to see if they will accommodate you.
Residing Insurance coverage Accelerated Loss of life Profit
Colonial Penn gives their Residing Insurance coverage rider for his or her complete life insurance coverage insurance policies. The Residing Insurance coverage rider gives an early 50 p.c payout if you’re identified with a sure medical situation earlier than you die.
While you join the coverage, you’ll choose the medical situation that you want to protection for. They at the moment supply the Residing Insurance coverage rider for many cancers, coronary heart assault, stroke, and lots of debilitating continual circumstances. The Residing Insurance coverage rider may even kick in if you’re identified as terminally sick and have a life expectancy of lower than one yr.
This rider shouldn’t be 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 of use the continual sickness facet of the rider previous this age.
Unintentional Loss of life Profit
This rider is on the market for purchasers between the ages of 40 and 65 and is on the market for his or her complete life insurance coverage insurance policies. This profit is on the market in quantities starting from $10,000 to $50,000. This rider will present an extra 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 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 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 will nonetheless be an incredible possibility in case your major concern is protecting funeral bills.
Colonial Penn can also be a wonderful possibility for purchasers who wrestle with well being points. Many different life insurance coverage firms require their clients to take a well being examination earlier than they will get accepted 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 complete life insurance coverage insurance policies solely require clients to finish a questionnaire quite 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 residing relations after your loss of life.
Monetary Scores
When taking a look at any life insurance coverage firm, you’ll wish to guarantee that they’re financially steady sufficient to pay their claims, even throughout powerful financial occasions. One solution to verify that is by wanting on the firm’s monetary scores. Organizations like A.M Finest consider and charge insurance coverage firms primarily based on their present monetary standing and stability.
Colonial Penn at the moment has a monetary energy score of A- from A.M. Finest. Whereas this isn’t the very best score accessible, it does point out that Colonial Penn has loads of monetary sources accessible and pays their insurance coverage claims.
Critiques of Colonial Penn Life Insurance coverage
evaluations is one other good solution to decide if an insurance coverage firm goes to be an excellent 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 line with the Nationwide Affiliation of Insurance coverage Commissioners, Colonial Penn receives extra complaints than common for a corporation of its dimension. Nevertheless, they do have an A+ score from the Higher Enterprise Bureau and in addition lately obtained a BBB accreditation.
Critiques of Colonial Penn Life Insurance coverage are usually 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 might be complicated and overwhelming, and their staff 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 simple course of. Their web site is pretty straightforward to navigate and gives useful details about the various kinds of insurance policies they provide. Should you’re , you possibly can simply get a quote by way of their web site. You have to 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 possibly can decide to finish the applying on-line or you possibly can print it out and mail it in. You have to to supply private data and billing data, and additionally, you will be requested to call your beneficiaries. For some insurance policies, additionally, you will have to fill out a medical questionnaire.
As soon as your coverage is in place, you possibly can handle it by way of the Colonial Penn web site. It’s pretty straightforward to make funds or file claims on-line, however additionally they have a customer support cellphone quantity and net chat characteristic.
Is Colonial Penn Life Insurance coverage Legit?
Colonial Penn Life Insurance coverage is a official life insurance coverage firm. They’re very financially steady and have a protracted historical past of paying their claims. It’s additionally pretty straightforward to buy a coverage and file claims, they usually usually pay their claims shortly.
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 could possibly be an excellent possibility for you. Their insurance coverage insurance policies present sufficient cash to cowl your funeral prices with no trouble. They do additionally supply a small money worth element for many who desire to have that.
Nevertheless, if you’re searching for extra in depth protection that you may use to repay a mortgage or help your loved ones, Colonial Penn’s merchandise seemingly aren’t going to be sufficient. Their low coverage quantities could possibly be limiting for some clients. In the end, the most suitable choice is often to get quotes from a number of insurers to see which of them are going to be the suitable match for you.
