COLONIAL PENN LIFE AND FUNERAL INSURANCE ANALYSIS
Colonial Penn Life Insurance Company has been a leader in Guaranteed Acceptance of life insurance in the US market for half a century. The company was co-founded by Leonard Davis in 1968 and is currently based in Philadelphia as a subsidiary of CNO Financial Group Inc. This company offers many affordable life insurance plans for people of all ages. Therefore, you should consider learning more about the products Colonial Penn provides.
ABOUT YOUR TV COMMERCIALS
Colonial Penn is known for its extensive television marketing campaigns. Hosted by Alex Trebek, the commercial features a persistent message about getting Colonial Penn funeral insurance coverage for “just $9.99 a month.” Additionally, the commercial states that Colonial Penn guarantees its acceptance, and NO health questions are required. Plus, Alex Trebek explains that you can’t be turned down for any reason, and your rates are guaranteed not to go up because of age or health. We are facing a “rate lock,” he says. However, these policies have limitations and exclusions, and prices are calculated based on coverage units. Therefore, as you will see in the following table, depending on your age,
You can get a more affordable life insurance plan with better benefits if you have an average health history. Check out our funeral insurance calculator today and compare quotes from top competitors. You will be shocked.
WHY CHOOSE LIFE INSURANCE FROM COLONIAL PENN
You might want to get a Colonial Penn funeral insurance policy because of their notorious reputation or poor health. If you are undergoing dialysis, chemotherapy, heart problems, COPD, organ transplant, or other chronic illness, you may be eligible for coverage.
However, if you don’t have any of these ailments, you have many senior life insurance options on the market today. We can help you compare the rates of many reputable life insurance companies from our agency. Let’s look at the life insurance products Colonial Penn offers.
Colonial Penn Life Insurance Plans
The company offers three life insurance plans for prospective clients:
- Guaranteed Acceptance Life Insurance
- Term Life Insurance
- Comprehensive Life Insurance
Guaranteed Acceptance Life Insurance
Colonial Penn’s Guaranteed Acceptance life insurance is the company’s flagship product, designed for US citizens ages 50-85 and offers life coverage. However, they guarantee acceptance for the two-year limited benefit period for non-accidental reasons. In other words, if the insured dies naturally during the first two years of coverage, the beneficiary will receive the premiums paid, plus interest compounded annually*. But after the first two years, they pay the total face amount to beneficiaries for any cause of death.
Term life insurance
Colonial Penn’s life insurance policy is offered to US citizens between 18 and 75 who live in select states (all locations except MA, ME, NY, and VT). When contracting this policy, the insured will not undergo a medical examination. Therefore, this policy remains active until the insured turns 90, after which it must be renewed.
It is important to note that Colonial Penn term life insurance does not have a “rate lock,” Your monthly rates will increase when you enter a new age bracket or every five years. Also, term life insurance is not a product that we recommend for final expenses coverage since it expires. And once you reach a certain age, it will be so expensive that you’ll most likely cancel it when you need it most.
Comprehensive life insurance
Colonial Penn’s comprehensive life insurance policy is for US citizens between 45 and 75. This policy also offers a lifetime coverage period with a maximum insurance benefit of $50,000. Although this policy does not involve any medical examination, the applicant must answer some medical questions to qualify for it. The approach also builds cash value after the first year of coverage, which you can use to cover late payments or emergency loans. Additionally, you can apply for Colonial Penn insurance online (via the website) or by contacting the team of customer representatives. Interestingly, this product may be Colonial Penn’s best option, and for some particular reason, they don’t advertise it.
Use our FREE Whole Life Calculator today and compare Colonial Penn’s rates with top-rated life insurance companies. You may be able to save up to 30% on your monthly premiums.
Colonial Penn sells four different types of products. Its products include:
- Guaranteed acceptance of life insurance
- Whole life insurance from Colonial Penn LifeChoice
- 5-year renewable term life insurance
- 20-year term life insurance
You can get burial insurance from Colonial Penn through Guaranteed Acceptance Life Insurance.
How do I file a claim with Colonial Penn?
To make a claim with Colonial Penn, you must provide the company with a copy of the insured’s death certificate.
The process is quite simple and only two pieces of information are required, a declaration from the beneficiary and a certified copy from the insured person.
This information is sent to Colonial Penn Life Insurance Company’s claims address at 399 Market Street, Philadelphia, PA 19181-2250, along with a claim form that can be downloaded online.
You can download a Colonial Penn life insurance claim form on the Colonial Penn website.
If you can’t or don’t want to download a form, you can call Colonial Penn’s claims phone number and ask them to mail or fax one to you.
If you’re looking for cheap car insurance quotes from Colonial Penn Auto Insurance,