Colonial Penn is a life insurance company based in Philadelphia, Pennsylvania. It was incorporated in 1968 and has a variety of life insurance options. They are known for catering to customers over the age of 50. However, they also offer life insurance coverage for younger adults.
Colonial Penn Life Insurance It has been a subsidiary of CNO Financial Group since 1997. It currently offers coverage in all 50 states, although its coverage in New York is offered through a separate subsidiary.
With so many different life insurance companies on the market, it can be difficult to choose the one that is best for your needs. In this article, we’ll look at Colonial Ben Life Insurance and the policies they offer to see if they’re a good fit for your needs.
Types of life insurance offered
Colonial Penn has several different types of life insurance policies to choose from. Below are the options they offer.
Guaranteed lifetime acceptance
This is the most popular Colonial Penn insurance policy on the market. It has attracted a lot of attention because of its affordability – their policies start at $9.95 per month.
Guaranteed life insurance provides coverage from the date of issue until the end of your life. It differs from a traditional whole life insurance policy in that you do not have to undergo a medical exam or answer any health questions in order to qualify.
However, the benefits are not as extensive as they would be for a traditional full life insurance policy. The exact benefit amount depends on your individual situation. These policies are usually used only to cover funeral expenses rather than to pay off debts or support family members.
Colonial Penn’s Guaranteed Acceptance Life Insurance policy is available to people between the ages of 50 and 85. They have a two-year limited interest period for this policy. This means that if the insured person dies within the first two years of purchasing the policy, his beneficiaries will not receive the full sum insured.
These policies come with a monetary value component as well. You can decide how often you want to pay your premiums – they offer monthly, quarterly, semi-annual, and yearly payment plans.
Lifetime permanent insurance
Colonial Penn also offers permanent whole life insurance to customers between the ages of 40 and 75. This is a great option for anyone who wants more comprehensive coverage for the rest of their life.
Although you will not have to undergo a medical exam in order to qualify for this coverage, you will have to answer some health questions as part of your application. This coverage isn’t a guaranteed issue, which means Colonial Ben could theoretically deny you coverage if your health is bad enough.
This plan offers a maximum benefit of $50,000. Your rates will be determined when you are initially approved for the plan and will remain the same for the duration of the policy. After the first year, this policy comes with a cash value component that you can borrow against if you need to.
Although Colonial Penn does not currently offer fixed term life insurance, it has offered it in the past to customers ages 18 to 75. If this is something you are interested in, you may want to speak to the sales team to find out what options they have. Their life plans were the only ones that accommodated the younger clients. Short term life plans are usually more affordable than whole life plans and last for a set number of years rather than your entire life.
As with Colonial Penn’s whole life policies, long-term life options offered benefits of up to $50,000 each. They did not order medical exams but did ask you to answer health questions as part of the application process. The price of this policy can increase over time in relation to the age of the customer.
Colonial Penn has a few riders available for their life insurance policies. Passengers can help you customize your policy to provide coverage that best suits your needs. If you are looking for a specific rider not listed here, it may be worth talking to Colonial Penn’s sales team to see if they can accommodate you.
Expedited Death Allowance for Life Insurance
Colonial Penn offers its own living insurance rider for whole life insurance policies. A life insurance rider provides an early 50 percent payout if you were diagnosed with a specific medical condition before your death.
When you enroll in the policy, you will choose the medical condition for which you wish to be covered. They currently offer rider live insurance for most types of cancer, heart attack, stroke, and many other debilitating chronic conditions. A live insurance rider will also start if you have been diagnosed with a terminal illness and have a life expectancy of less than one year.
This passenger is not available for guaranteed admission policies. The rider also offers limited benefits to applicants over the age of 65 – for example, you won’t be able to use the rider’s chronic illness aspect after that age.
accidental death allowance
This passenger is available to customers between the ages of 40 and 65 and is available for their life insurance policies. This feature is available for amounts ranging from $10,000 to $50,000. This passenger will provide additional compensation if she dies as a result of accidental bodily injury. However, there are some exceptions to this coverage – you will not receive compensation if your death was caused by activities such as rock climbing, racing car driving, bungee jumping or skydiving.
Unique Features of Colonial Penn Life Insurance
Colonial Penn is a unique life insurance company in that it places a strong emphasis on accepting life insurance. Their guaranteed admission policies start at less than $10 per month, and while they don’t offer comprehensive coverage, they’re still a great option if your primary concern is covering funeral expenses.
Colonial Penn is also an excellent choice for clients with health issues. Many other life insurance companies require their clients to undergo a medical examination before they are approved for coverage. Customers in poor health are often charged very high prices or even denied coverage. Colonial Penn’s Guaranteed Admissions Program makes it easy for these people to get the life insurance coverage they need. In addition, traditional whole-life insurance policies only require customers to complete a questionnaire rather than a personal health check.
The downside to Colonial Penn Life Insurance, when compared to its competitors, is that its coverage amounts are relatively small. The highest policy amount they offer now is $50,000. While this is usually enough to help cover funeral expenses, this will not be enough to replace your income and support living family members after your death.
When looking at any life insurance company, you want to make sure that it is financially stable enough to pay its claims, even in tough economic times. One way to check this is to look at the company’s financial ratings. Organizations such as A.M. Best evaluate and evaluate insurance companies based on their current financial position and stability.
Colonial Penn currently has an A- Financial Strength Rating from AM Best. While this is not the highest rating available, it does indicate that Colonial Penn has a lot of financial resources available and can pay their insurance claims.
Colonial pen life insurance reviews
Looking at reviews is another good way to determine if an insurance company would be right for you. Although everyone’s experience is different, reviews can give you a good idea of what to expect from an insurance company going forward.
according to National Association of Insurance CommissionersAnd the Colonel Ben receives more complaints It’s average for a company of its size. However, they have an A+ rating from the Better Business Bureau and recently received BBB accreditation.
Reviews of Colonial Penn Life Insurance are generally mixed. Many customers note that it is easy to purchase an insurance policy and file a claim. However, others have noted that their selling methods can be overwhelming and confusing, and their team doesn’t always help their clients understand in advance what life insurance products they are buying.
Ben Colonial Application Process
Applying for a Colonial Penn life insurance policy is a fairly straightforward process. Their website is fairly easy to navigate and provides useful information about the different types of policies they offer. If you are interested, you can easily get a quote through their website. You will need to answer some basic demographic questions as well as questions about the type of coverage you need.
If you are satisfied with their quote, there are two ways to proceed with the application process. You can choose to complete the application online or you can print and mail it. You will need to provide personal and billing information, and you will also be asked to name the beneficiaries. For some policies, you will also need to fill out a medical questionnaire.
Once you have your policy in place, you can manage it through the Colonial Penn website. It’s fairly easy to make payments or make claims online, but they also have a customer service phone number and an online chat feature.
Is Colonial Penn Life Insurance Legitimate?
Colonial Ben Life Insurance is a legitimate life insurance company. They are financially stable and have a long history of paying their claims. It’s also easy to buy a policy and file claims, and they usually pay out their claims quickly.
This life insurance company is best for people who want affordable premiums and basic coverage. If your main concern is getting life insurance without the need for a medical exam, then Colonial Penn may be a good option for you. Their insurance policies provide enough money to cover funeral costs without any hassle. It also provides a small component of the monetary value for those who prefer to have it.
However, if you’re looking for more comprehensive coverage that you can use to pay off a mortgage or support your family, Colonial Penn products probably won’t suffice. Their lower policy amounts may be limited for some clients. In the end, the best option is usually to get quotes from several insurance companies to see which will be right for you.