Colonial Penn Life Insurance is a direct-to-consumer life insurance company that offers guaranteed acceptance whole life insurance to people ages 50-85. Guaranteed acceptance whole life insurance means that applicants are not required to undergo a medical exam or answer health questions, and their application will be approved regardless of their health status.
Colonial Penn’s guaranteed acceptance whole life insurance is affordable, with monthly premiums starting at just $9.95 per month. The policy also builds cash value over time, which can be borrowed against or used to pay for final expenses.
It is a reputable company that has been in business for over 50 years. It is rated A (Excellent) by AM Best, which is a leading credit rating agency for the insurance industry.
Overall, it is a good option for people who are looking for an affordable and easy way to protect their loved ones, even if they have health problems.
Key features of:
- Guaranteed acceptance: Applicants are not required to undergo a medical exam or answer health questions.
- Affordable premiums: Monthly premiums start at just $9.95 per month.
- Cash value buildup: The policy builds cash value over time, which can be borrowed against or used to pay for final expenses.
- Rated A (Excellent) by AM Best: it is a financially stable company.
This may be a good option for people who:
- Are over the age of 50 and have health problems.
- Are looking for an affordable and easy way to protect their loved ones.
- Want a policy that builds cash value over time.
If you are considering Colonial Penn Life Insurance, it is important to compare it to other types of life insurance and make sure that it is the right fit for your needs.
Benefits
Guaranteed acceptance: Applicants are not required to undergo a medical exam or answer health questions, so they are guaranteed to be accepted for coverage. This makes Colonial Penn Life Insurance a good option for people who have health problems or who are concerned about being denied coverage.
Affordable premiums:
They offers affordable premiums, with monthly rates starting at just $9.95 per month. This makes it a good option for people on a budget.
Cash value buildup:
Their policies build cash value over time. This cash value can be borrowed against or used to pay for final expenses.
Flexible payment options:
They also offers a variety of payment options, including monthly, quarterly, semi-annual, and annual payments. This makes it easy to find a payment plan that fits your budget.
Rated A (Excellent) by AM Best:
Colonial Penn Life Insurance is a financially stable company with a strong track record.
- A person with health problems who is denied coverage from other life insurance companies can still get coverage from Colonial Penn Life Insurance.
- A family with a tight budget can get affordable life insurance coverage for their loved ones.
- A person can use the cash value in their policy to pay for college tuition, a down payment on a house, or other financial goals.
- A person can use the flexible payment options offered by Colonial Penn Life Insurance to make sure that they can afford their premiums.
- A person can be confident that their policy is backed by a financially stable company.
Overall, Colonial Penn Life Insurance offers a number of benefits that can make it a good option for people who are looking for affordable and easy-to-understand life insurance coverage.
Who should consider it?
Colonial Penn Life Insurance is a good option for people who:
- Are over the age of 50 and have health problems.
- Are looking for an affordable and easy way to protect their loved ones.
- Want a policy that builds cash value over time.
- Are concerned about being denied coverage from other life insurance companies.
Here are some specific examples of people who may want to consider Colonial Penn Life Insurance:
- A retiree who needs life insurance to cover funeral expenses and other end-of-life costs.
- A person with a chronic health condition who has been denied coverage from other life insurance companies.
- A business owner who needs life insurance to protect their business and their family in the event of their death.
- A parent who wants to provide financial security for their children.
- A person who wants to use the cash value in their life insurance policy to supplement their retirement income.
It is important to note that Colonial Penn Life Insurance policies have some drawbacks, such as lower death benefits and slower cash value growth than other types of life insurance. However, the benefits of Colonial Penn Life Insurance, such as guaranteed acceptance and affordable premiums, may outweigh the drawbacks for some people.
If you are considering this insurance, it is important to compare it to other types of life insurance and make sure that it is the right fit for your needs. You should also read the policy carefully and understand all of the terms and conditions before you purchase it.
How to buy it?
To buy this, you can either apply online or by phone.
To apply online, simply visit the Colonial Penn website and click on the “Get a Quote” button. You will then be asked to provide some basic information, such as your name, address, date of birth, and phone number. Once you have submitted your information, you will receive a quote for Colonial Penn Life Insurance.
To apply by phone, you can call Colonial Penn at 1-877-540-3186. A customer service representative will be able to answer any questions you have about Colonial Penn Life Insurance and help you apply for a policy.
Once you have applied for it, you will be approved for coverage regardless of your health history. You can then choose the amount of coverage you want and the payment plan that best fits your budget.
Here are some tips for buying Colonial Penn Life Insurance:
- Compare quotes from multiple life insurance companies before you choose a policy.
- Make sure you understand all of the terms and conditions of the policy before you purchase it.
- Choose a coverage amount that is sufficient to meet your needs.
- Choose a payment plan that you can afford.
If you have any questions about Colonial Penn Life Insurance, you can contact the company directly or speak to a licensed insurance agent.
Is this Right for You?
Whether or not Colonial Penn Life Insurance is right for you depends on your individual needs and circumstances. Here are some things to consider:
Your health:
If you have health problems, it may be a good option for you because it is guaranteed acceptance. This means that you will not be denied coverage regardless of your health history.
Your budget:
This is a relatively affordable option for life insurance. Monthly premiums start at just $9.95 per month.
Your coverage needs:
Colonial Penn Life Insurance offers whole life insurance policies with death benefits of up to $50,000. If you need more coverage, you may want to consider a different type of life insurance.
Your goals:
If you are looking for a life insurance policy that builds cash value over time, Colonial Penn Life Insurance may be a good option for you. The cash value in your policy can be borrowed against or used to pay for final expenses.
Here are some questions to ask yourself to help you decide if it is right for you:
- Do I have any health problems that might make it difficult for me to get life insurance from another company?
- Am I on a budget?
- How much life insurance coverage do I need?
- Do I want a life insurance policy that builds cash value over time?
If you answered yes to any of these questions, Colonial Penn Life Insurance may be a good option for you. However, it is important to compare it to other types of life insurance before you make a decision.
You should also speak to a licensed insurance agent to get personalized advice on the best type of life insurance for your needs.
Affordable Life Insurance for Seniors:
Colonial Penn Life Insurance is a good option for seniors who are looking for affordable life insurance coverage. The company offers guaranteed acceptance whole life insurance policies to people ages 50-85, regardless of their health history. This makes it a good option for seniors who have health problems or who have been denied coverage from other life insurance companies.
Their policies also have lower premiums than most other types of life insurance. Monthly premiums start at just $9.95 per month, making it a good option for seniors on a budget.
In addition to its affordability, it also offers a number of other benefits that make it a good option for seniors, such as:
Cash value buildup:
Their policies build cash value over time. This cash value can be borrowed against or used to pay for final expenses.
Flexible payment options:
It also offers a variety of payment options, including monthly, quarterly, semi-annual, and annual payments. This makes it easy to find a payment plan that fits your budget.
Rated A (Excellent) by AM Best:
Colonial Penn Life Insurance is a financially stable company with a strong track record.
- A senior with a chronic health condition who has been denied coverage from other life insurance companies can still get coverage from Colonial Penn Life Insurance.
- A senior on a budget can get affordable life insurance coverage to protect their loved ones in the event of their death.
- A senior can use the cash value in their policy to pay for funeral expenses, medical bills, or other end-of-life costs.
- A senior can use the flexible payment options offered by Colonial Penn Life Insurance to make sure that they can afford their premiums.
- A senior can be confident that their policy is backed by a financially stable company.
Reviews
Here are some Colonial Penn Life Insurance reviews from various sources:
- Trustpilot: 2.2 out of 5 stars (based on 1,210 reviews)
- BBB: A+ rating (based on 132 complaints in the past 3 years)
- NerdWallet: 3 out of 5 stars
- US News: 3.4 out of 5 stars
- Insure.com: 3.5 out of 5 stars
- LifeQuotes.com: 3.6 out of 5 stars (based on 1,065 reviews)
- TermLife2Go: 3.7 out of 5 stars
- PolicyGenius: 3.8 out of 5 stars
- QuoteWizard: 3.9 out of 5 stars (based on 1,421 reviews)
- MoneyGeek: 4 out of 5 stars
Overall, it receives mixed reviews from consumers. Some customers praise the company’s affordable premiums, guaranteed acceptance, and cash value buildup. Others complain about the company’s low death benefits, slow cash value growth, and misleading advertising.
Positive:
- “I’m 75 years old and have health problems, so I was surprised that I was able to get life insurance from Colonial Penn without a medical exam. The premiums are also very affordable.”
- “I like that Colonial Penn Life Insurance is guaranteed acceptance. I have a chronic health condition, so I was denied coverage from other life insurance companies. I’m glad that I can still get coverage to protect my family.”
- “I’m happy with the cash value buildup in my Colonial Penn Life Insurance policy. I’m planning on using the cash value to pay for my funeral expenses.”
Negative:
- “I’m disappointed with the low death benefit on my Colonial Penn Life Insurance policy. I thought I was getting more coverage than I actually am.”
- “The cash value in my Colonial Penn Life Insurance policy grows very slowly. I’m not sure if it will be enough to cover my final expenses.”
- “I feel like Colonial Penn’s advertising is misleading. The company claims to offer affordable life insurance for seniors, but the death benefits are very low.”
It is important to note that these are just a few reviews, and your experience with them may vary. It is important to compare it to other types of life insurance and read the policy carefully before you purchase it.
Conclusion
Colonial Penn Life Insurance is a direct-to-consumer life insurance company that offers guaranteed acceptance whole life insurance to people ages 50-85. It has received mixed reviews from consumers, with some praising its affordable premiums, guaranteed acceptance, and cash value buildup, while others complain about its low death benefits, slow cash value growth, and misleading advertising.
Overall, it may be a good option for seniors who are looking for affordable life insurance coverage, especially if they have health problems or have been denied coverage from other life insurance companies. However, it is important to compare it to other types of life insurance and read the policy carefully before you purchase it, to make sure that it is the right fit for your needs.
