Colonial Penn Life Insurance Review for October 2022 • Benzinga

Life insurance coverage offers for family members and relations after you’re gone. Shopping for life insurance coverage isn’t about you, however concerning the ones you like. Colonial Penn presents a easy software course of for its time period and whole-life insurance policies. Are one among these best for you? Be taught extra on this Colonial Penn life insurance coverage overview utilizing our information.

Colonial Penn focuses on simplified and guaranteed-issue life insurance coverage. This implies they don’t provide excessive demise profit quantities, and so they solely provide entire life and time period insurance coverage, not common life. Inside this area of interest, Colonial Penn presents just a few choices.

Assured Acceptance Life Insurance coverage

Because the title signifies, all candidates are accepted for this life insurance coverage protection. It’s accessible to these ages 50 to 85 in most states. You don’t have the complete demise profit till you’ve had the coverage for two years. Within the occasion of your demise through the first 2 years, your beneficiaries would obtain a refund of your premiums plus curiosity. 

With this entire life coverage, the premiums don’t change, and the coverage builds money worth. You possibly can borrow towards the money worth or give up the coverage and obtain the money worth in return. 

Everlasting Complete Life Insurance coverage

This entire life coverage is offered to these ages 40 to 75. It’s a simplified-issue coverage, which suggests that you’re required to reply just a few well being questions, and Colonial Penn’s underwriters will determine your eligibility primarily based on these solutions. The utmost quantity of protection accessible is $50,000. 

Renewable Time period Life Insurance coverage

Time period insurance coverage is life insurance coverage that doesn’t accumulate money worth, making it cheaper than entire life insurance coverage. Time period insurance coverage is often in place for a set time frame, and it’s possible you’ll or could not have the choice to resume your protection relying on the phrases of the corporate. For instance, if you buy 10-year time period insurance coverage, you’ve got the identical fee and the identical stage of protection for 10 years. 

Colonial Penn’s renewable time period insurance coverage works a bit in a different way. You reply just a few well being questions, and Colonial Penn decides whether or not to approve your software primarily based on these solutions. The coverage is renewable as much as age 90, and your charges enhance as you enter a brand new age band. Most of Colonial Penn’s age bands cowl 5 years. For instance, if you happen to’re male and you buy a $15,000 coverage at age 40, you’ll pay $11.61 monthly. The subsequent age band begins if you flip 41 and lasts till you flip 46. You’d pay $14.50 monthly from ages 41 to 45. 

This coverage is offered for ages 18 to 75 and has a $50,000 most demise profit. 

Residing Insurance coverage

Colonial Penn additionally presents 2 insurance coverage insurance policies with an early payout choice. It has a complete life model and a renewable time period model. You possibly can select amongst 3 early payout choices: 

• As much as 50% of your demise profit if you happen to’re identified with a disabling power sickness
• As much as 50% of your demise profit if you happen to’re identified with a coronary heart assault or stroke
• As much as 25% of your demise profit if you happen to’re identified with most cancers (aside from pores and skin most cancers)

The entire life model is offered to individuals between the ages 40 to 75, and the renewable time period model is offered to ages 18 to 75. Each have a most demise advantage of $50,000. 

Energetic Care

Colonial Penn additionally has a supplemental medical insurance coverage that pays money within the occasion of an unintentional harm or essential sickness. 

Colonial Penn’s insurance policies are designed for individuals who could not be capable of acquire a completely underwritten life insurance coverage coverage. In case you can qualify for a coverage with extra rigorous underwriting, together with a medical examination, Colonial Penn’s insurance policies can be dearer. They’re for the next danger inhabitants and so they’re priced accordingly. 

When you’ve got well being points that make acquiring a completely underwritten coverage a problem, Colonial Penn’s coverage costs are aggressive. Its guaranteed-issue coverage begins at $9.95 monthly for a small demise profit. 

You possibly can attain Colonial Penn’s customer support by way of chat on its web site and by cellphone at 800-523-9100. Its representatives can be found from 8:30 a.m. to 10 p.m. ET Monday by way of Friday and on Saturdays from 9 a.m. to five p.m.

Colonial Penn doesn’t have a cellular app. You possibly can arrange an internet account that you could entry in your cellphone’s browser. 

Colonial Penn makes the claims course of accessible. It has clear directions on its web site, and you may obtain the declare kinds from there as properly. In case you want help, you may attain out to Colonial Penn’s customer support representatives for help. 

Riders are choices to boost your insurance coverage protection. Colonial Penn’s insurance policies are streamlined, and its rider choices are restricted. The principle rider it presents is the residing profit rider mentioned above. It additionally presents an unintentional demise profit rider with a few of its insurance policies. 

Colonial Penn is an efficient selection for individuals who have extra restricted insurance coverage choices on account of their age or well being. In case you’re youthful, in comparatively good well being or want increased advantages to make sure your loved ones is protected after you’re gone, Colonial Penn will not be the only option. 

Colonial Penn Life Insurance coverage vs. Rivals

Colonial Penn units itself aside by providing life insurance coverage insurance policies with no medical exams. Different corporations provide simplified-issue insurance policies, nevertheless, and at increased profit quantities. In case you’re in search of such a protection, think about getting quotes from a number of insurance coverage corporations to seek out one of the best fee.