Colonial Penn Life Insurance coverage Evaluate
Colonial Penn is a life insurance coverage firm primarily based in Philadelphia, Pennsylvania. They had been based in 1968 and have quite a lot of life insurance coverage choices obtainable. They’re identified for catering to prospects over the age of fifty. Nonetheless, they do provide 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 present provide protection in all 50 states, though their protection in New York is obtainable by a separate subsidiary.
With so many alternative life insurance coverage corporations available on the market, it may be tough to decide on the one that’s greatest in 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 fitting match in your wants.
Sorts of Life Insurance coverage Provided
Colonial Penn has just a few various kinds 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 available on the market. It has attracted lots of consideration due to how reasonably priced it’s – their insurance policies begin at $9.95 per 30 days.
Assured situation life insurance coverage gives protection from the difficulty date till the top 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 in an effort to qualify.
Nonetheless, the advantages should not 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 state of affairs. These insurance policies are normally used simply to cowl funeral bills somewhat than repay debt or help relations.
Colonial Penn’s assured acceptance life insurance coverage coverage is offered for individuals 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 complete insurance coverage quantity.
These insurance policies do include a money worth part as properly. You may resolve how typically you wish 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 shoppers between the ages of 40 and 75. This can be a nice choice for anybody who needs extra in depth protection for the remainder of their life.
Whilst you received’t need to take a medical examination in an effort 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 situation, which implies that Colonial Penn might 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 likely be decided when you’re initially accepted for the plan and they’ll 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 in opposition to if it’s essential to.
Time period Life
Whereas Colonial Penn doesn’t at present 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 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 prospects. Time period life plans are sometimes extra reasonably priced than complete life plans and final for a selected variety of years somewhat than your complete life.
As with Colonial Penn’s complete 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 worth for this coverage can improve over time relative to the client’s age.
Colonial Penn has just a few riders obtainable for his or her life insurance coverage insurance policies. Riders may help you customise your coverage to supply protection that higher fits your wants. If you happen to’re in search of a selected rider that isn’t listed right here, it might 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 complete life insurance coverage insurance policies. The Dwelling Insurance coverage rider gives an early 50 p.c payout if you’re recognized with a sure medical situation earlier than you die.
If you join the coverage, you’ll choose the medical situation that you want to protection for. They at present provide the Dwelling Insurance coverage rider for many cancers, coronary heart assault, stroke, and lots of debilitating persistent situations. The Dwelling Insurance coverage rider may even kick in if you’re recognized as terminally unwell and have a life expectancy of lower than one yr.
This rider will not be obtainable for assured acceptance insurance policies. The rider additionally presents restricted advantages for candidates over the age of 65 – for instance, you received’t have the ability to use the persistent sickness side of the rider previous this age.
Unintentional Dying Profit
This rider is offered for purchasers between the ages of 40 and 65 and is offered for his or her complete life insurance coverage insurance policies. This profit is offered in quantities starting from $10,000 to $50,000. This rider will present a further payout in case you die on account of an unintentional bodily damage. Nonetheless, there are particular exclusions to this protection – you’ll not obtain a payout in case your dying 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 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 will nonetheless be an excellent choice in case your main concern is protecting funeral bills.
Colonial Penn can be a wonderful choice 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 will get accepted for protection. Clients 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 complete life insurance coverage insurance policies solely require prospects to finish a questionnaire somewhat 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 very 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 switch your earnings and help your residing relations after your dying.
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 powerful financial occasions. One solution to examine that is by wanting on the firm’s monetary scores. Organizations like A.M Finest consider and charge insurance coverage corporations primarily based on their present monetary standing and stability.
Colonial Penn at present has a monetary energy ranking of A- from A.M. Finest. Whereas this isn’t the very best ranking 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
Taking a look at opinions 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, opinions can provide you a good suggestion of what to anticipate from the insurance coverage firm shifting ahead.
In response to 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 in addition lately acquired a BBB accreditation.
Evaluations of Colonial Penn Life Insurance coverage are usually blended. Many purchasers have famous that it’s simple to buy a coverage and file a declare. Nonetheless, others have famous that their gross sales ways will be complicated and overwhelming, and their staff doesn’t at all times 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 easy course of. Their web site is pretty simple to navigate and gives useful details about the various kinds of insurance policies they provide. If you happen to’re , you may simply get a quote by their web site. You have to to reply some primary 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 appliance course of. You may choose to finish the appliance on-line or you may 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 must fill out a medical questionnaire.
As soon as your coverage is in place, you may handle it by the Colonial Penn web site. It’s pretty simple to make funds or file claims on-line, however in addition they have a customer support cellphone quantity and internet 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 secure and have a protracted historical past of paying their claims. It’s additionally pretty simple to buy a coverage and file claims, they usually usually pay their claims rapidly.
This life insurance coverage firm is greatest for individuals who need reasonably priced premiums and primary protection. In case your fundamental concern is getting life insurance coverage with out having to take a medical examination, Colonial Penn might be a great choice 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 many who desire to have that.
Nonetheless, if you’re in search of extra in depth protection that you might use to repay a mortgage or help your loved ones, Colonial Penn’s merchandise possible aren’t going to be sufficient. Their low coverage quantities might be limiting for some prospects. In the end, the most suitable choice is normally to get quotes from a number of insurers to see which of them are going to be the fitting match for you.