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 out there. They’re recognized for catering to clients over the age of fifty. Nonetheless, 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 various life insurance coverage firms in the marketplace, it may be tough to decide on the one that’s greatest on 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 proper match on your wants.
Forms of Life Insurance coverage Supplied
Colonial Penn has a couple of several types of life insurance coverage insurance policies to select from. Listed below 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 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 standard complete life insurance coverage coverage in that you simply do not need to take a medical examination or reply any well being questions with a view to qualify.
Nonetheless, the advantages will not be as intensive as they’d be for a standard complete life insurance coverage coverage. The precise profit quantity goes to rely in your particular person state of affairs. These insurance policies are often used simply to cowl funeral bills moderately than repay debt or assist relations.
Colonial Penn’s assured acceptance life insurance coverage coverage is on the market for folks between the ages of fifty and 85. They do have a two-year restricted profit interval for this coverage. Which means that if the insured individual passes away inside the first two years of buying the coverage, their beneficiaries received’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 need to make your premium funds – they provide month-to-month, quarterly, semi-annual, and annual fee plans.
Everlasting Complete Life Insurance coverage
Colonial Penn additionally presents everlasting complete life insurance coverage for purchasers between the ages of 40 and 75. This can be a nice choice for anybody who desires extra intensive protection for the remainder of their life.
When you received’t need to take a medical examination with a view to qualify for this protection, you’ll have to reply some well being questions as a part of your utility. 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 presents a most good thing about $50,000. Your charges will probably be decided when you’re initially authorised 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 part that you would be able to borrow towards if you should.
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 patrons between the ages of 18 and 75. If that is one thing you have an interest in, chances are you’ll need to speak to their gross sales group 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 inexpensive than complete life plans and final for a selected variety of years moderately than your complete 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 appliance course of. The worth for this coverage can improve over time relative to the client’s age.
Riders Obtainable
Colonial Penn has a couple of riders out there 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 on the lookout for a selected rider that isn’t listed right here, it might be value speaking to Colonial Penn’s gross sales group to see if they will accommodate you.
Dwelling Insurance coverage Accelerated Loss of life Profit
Colonial Penn presents their Dwelling Insurance coverage rider for his or her complete life insurance coverage insurance policies. The Dwelling Insurance coverage rider offers an early 50 % payout in case you are recognized with a sure medical situation earlier than you die.
Once you join the coverage, you’ll choose the medical situation that you want to protection for. They at the moment supply the Dwelling Insurance coverage rider for many cancers, coronary heart assault, stroke, and lots of debilitating continual circumstances. The Dwelling Insurance coverage rider may even kick in in case you are recognized as terminally sick and have a life expectancy of lower than one yr.
This rider shouldn’t be out there for assured acceptance insurance policies. The rider additionally presents restricted advantages for candidates over the age of 65 – for instance, you received’t be capable to use the continual sickness side of the rider previous this age.
Unintended Loss of life Profit
This rider is on the market for patrons 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 a further payout should you die because of an unintended bodily harm. Nonetheless, there are particular exclusions to this protection – you’ll not obtain a payout in case your demise is brought on by 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 intensive protection, they will nonetheless be an excellent choice in case your major concern is overlaying funeral bills.
Colonial Penn can also be a wonderful choice for patrons who battle with well being points. Many different life insurance coverage firms require their clients to take a well being examination earlier than they will 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 folks 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 moderately 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 could be $50,000. Whereas that is sometimes sufficient to assist cowl funeral bills, this isn’t going to be sufficient to interchange your revenue and assist your residing relations after your demise.
Monetary Rankings
When any life insurance coverage firm, you’ll need to ensure that they’re financially steady sufficient to pay their claims, even throughout robust financial instances. One option to test that is by wanting on the firm’s monetary rankings. 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 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 sources out there and will pay their insurance coverage claims.
Critiques of Colonial Penn Life Insurance coverage
Taking a look at evaluations is one other good option to decide if an insurance coverage firm goes to be an excellent match for you. Whereas everybody’s expertise is totally different, evaluations can provide you a good suggestion of what to anticipate from the insurance coverage firm shifting 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+ score from the Higher Enterprise Bureau and likewise 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. Nonetheless, others have famous that their gross sales techniques may be complicated and overwhelming, and their group 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 easy course of. Their web site is pretty straightforward to navigate and offers useful details about the several types of insurance policies they provide. When you’re , you may simply get a quote by way of their web site. You will have to reply some primary 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 may 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 have to fill out a medical questionnaire.
As soon as your coverage is in place, you may 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 internet chat function.
Is Colonial Penn Life Insurance coverage Legit?
Colonial Penn Life Insurance coverage is a reputable life insurance coverage firm. They’re very financially steady and have an extended historical past of paying their claims. It’s additionally pretty straightforward to buy a coverage and file claims, and so they usually pay their claims shortly.
This life insurance coverage firm is greatest for individuals who need inexpensive premiums and primary protection. In case your foremost concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn could possibly be an excellent choice 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 part for individuals who desire to have that.
Nonetheless, in case you are on the lookout for extra intensive protection that you possibly can use to repay a mortgage or assist your loved ones, Colonial Penn’s merchandise probably 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 proper match for you.
