Colonial Penn is a life insurance coverage firm primarily based in Philadelphia, Pennsylvania. They have been based in 1968 and have a wide range of life insurance coverage choices obtainable. They’re recognized for catering to clients over the age of fifty. Nevertheless, 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 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 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 precise match to your wants.
Forms 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 variety of consideration due to how reasonably priced it’s – their insurance policies begin at $9.95 monthly.
Assured difficulty life insurance coverage offers 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 should not have to take a medical examination or reply any well being questions with a purpose to qualify.
Nevertheless, the advantages should not 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 often used simply to cowl funeral bills fairly than repay debt or help members of the family.
Colonial Penn’s assured acceptance life insurance coverage coverage is out there for folks 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 complete insurance coverage quantity.
These insurance policies do include a money worth element as properly. You possibly can 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 presents everlasting entire life insurance coverage for shoppers between the ages of 40 and 75. It is a nice possibility for anybody who desires extra in depth protection for the remainder of their life.
Whilst you gained’t should take a medical examination with a purpose 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 difficulty, which implies that Colonial Penn may theoretically deny you protection in case your well being is poor sufficient.
This plan presents a most good thing about $50,000. Your charges shall be decided when you’re initially permitted 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 in opposition to if it’s essential.
Time period Life
Whereas Colonial Penn doesn’t at the moment supply time period life insurance coverage, they’ve provided it prior to now for purchasers between the ages of 18 and 75. If that is one thing you have an interest in, it’s possible you’ll wish to speak to their gross sales staff 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 sometimes extra reasonably priced than entire life plans and final for a selected 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 enhance over time relative to the client’s age.
Riders Out there
Colonial Penn has a number of riders obtainable for his or her life insurance coverage insurance policies. Riders may also help you customise your coverage to supply protection that higher fits your wants. Should 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 staff to see if they will accommodate you.
Dwelling Insurance coverage Accelerated Dying Profit
Colonial Penn presents their Dwelling Insurance coverage rider for his or her entire life insurance coverage insurance policies. The Dwelling Insurance coverage rider offers an early 50 % payout in case you are identified 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 supply the Dwelling Insurance coverage rider for many cancers, coronary heart assault, stroke, and plenty of debilitating power situations. The Dwelling Insurance coverage rider may even kick in in case you are identified as terminally unwell and have a life expectancy of lower than one yr.
This rider shouldn’t be obtainable for assured acceptance insurance policies. The rider additionally presents restricted advantages for candidates over the age of 65 – for instance, you gained’t be capable of use the power sickness facet of the rider previous this age.
Unintended Dying Profit
This rider is out there for purchasers between the ages of 40 and 65 and is out there for his or her entire life insurance coverage insurance policies. This profit is out there in quantities starting from $10,000 to $50,000. This rider will present a further payout if you happen to die on account 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 concentrate on 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 excellent possibility in case your major concern is overlaying funeral bills.
Colonial Penn can also be a wonderful possibility for purchasers who wrestle with well being points. Many different life insurance coverage corporations require their clients to take a well being examination earlier than they will get permitted 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 folks 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 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 sometimes sufficient to assist cowl funeral bills, this isn’t going to be sufficient to exchange your revenue and help your residing members of the family after your loss of life.
Monetary Scores
When taking a look at any life insurance coverage firm, you’ll wish to make it possible for they’re financially secure sufficient to pay their claims, even throughout robust financial occasions. One solution to verify that is by trying on the firm’s monetary scores. 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 score of A- from A.M. Greatest. Whereas this isn’t the very best score obtainable, it does point out that Colonial Penn has loads of monetary assets obtainable and pays their insurance coverage claims.
Evaluations of Colonial Penn Life Insurance coverage
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 can provide you a good suggestion of what to anticipate from the insurance coverage firm transferring ahead.
In keeping with the Nationwide Affiliation of Insurance coverage Commissioners, Colonial Penn receives extra complaints than common for an organization of its measurement. Nevertheless, they do have an A+ score from the Higher Enterprise Bureau and likewise just lately acquired 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. Nevertheless, others have famous that their gross sales techniques might be complicated and overwhelming, and their staff doesn’t at all times assist their clients 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 way of their web site. You will want to reply some fundamental demographic questions in addition to questions on the kind of protection you want.
If you’re pleased with 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 want 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’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 additionally 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 official life insurance coverage firm. They’re very financially secure and have an extended 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 rapidly.
This life insurance coverage firm is greatest for individuals who need reasonably priced premiums and fundamental protection. In case your essential concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn might 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 supply a small money worth element for many who desire to have that.
Nevertheless, in case you are in search of extra in depth protection that you might use to repay a mortgage or help your loved ones, Colonial Penn’s merchandise doubtless aren’t going to be sufficient. Their low coverage quantities might be limiting for some clients. Finally, the best choice is often to get quotes from a number of insurers to see which of them are going to be the precise match for you.