If you’re looking for low-cost, guaranteed coverage for a limited time period, Colonial Penn offers three basic
The most comprehensive whole or term
Additionally, the firm is receiving an unusually large amount of complaints. Within 30 days of purchase, if you are dissatisfied with Colonial Penn insurance, you will obtain a full refund of your purchase amount. However, as long as you search about and discover the best deal, you should be able to maximize your investment.
Pros and Cons of Colonial Penn
- Medical tests or appraisals of health issues are not required.
- You can rely on assured acceptance and fixed premiums when it comes to whole-life insurance.
- Payment choices include monthly, quarterly, semi-annual, and annually.
- A 30-day money-back guarantee is included.
- The coverage maximum is $50,000, far less than the industry typical of $50,000 to $500,000.
life insuranceis not authorized in Maine, New York, Vermont, or Montana, and is outlawed in Vermont due to its low usage.
- Numerous complaints have been lodged alleging pushy sales methods and clients’ inability to obtain a refund following a purchase.
life insurance rates
We were able to obtain 2021 rates for a $500,000, 20-year term
- Age 20. Male $13.96, Female $11.87
- Age 25. Male $18.96, Female $14.12
- Age 30. Male $23.96, Female $19.12
- Age 35. Male $28.92, Female $24.12
- Age 40. Male $35.21, Female $29.12
- Age 45. Male $45.12, Female $35.21
- Age 50. Male $56.46, Female $45.21
- Age 55. Male $76.46, Female $56.46
- Age 60. Male $99.79, Female $71.46
- Age 65. Male $140.12, Female $98.83
- Age 70. Male $191.53, Female $128.29
Factors that affect
life insurance rates
When establishing your insurance premiums, you will not find detailed information about these characteristics on Colonial Penn’s website, which is unfortunate because they are critical.
- Conditional on health. It is probable that death rates among wheelchair users, hospitalized patients, and home health care recipients have increased during the last three years.
- This condition, if left untreated, has the potential to be lethal. The scholarship is open to anybody over the age of five who has had surgery or diagnostic tests for a chronic condition.
- For an extended duration. You’ve been diagnosed with a chronic ailment such as diabetes, heart disease, lung disease, or liver disease during the last three years, or you’ve been diagnosed with cancer.
- It is banned to use depressants and/or intoxicants. Individuals who have used drugs or alcohol in the preceding three years have a greater risk of developing the condition.
- The blood pressure in the arteries and veins fluctuates continually. Individuals whose blood pressure has lately exceeded 150/95 may be charged at a higher rate.
How to get a quote from Colonial Penn
To receive an online quote, please contact Colonial Penn at 877-877-8052 or follow the instructions below.
- Enter your birthday and state of residence in the drop-down boxes on the Colonial Penn website, then click Get Quotation to obtain a quote.
- To begin, you must get a quote, which may be chosen from a pool of accessible quotes.
- The application requires the applicant’s full name, postal address, and email address. Please do your best to fill them to the brim. We appreciate your cooperation. To obtain a quotation, just click on the Request a quote icon located at the top of this page.
- You may extend the protection offered by your insurance by selecting additional coverage from a drop-down menu. By selecting the Apply Now button and entering the relevant information, you may begin the application process.
- Answers to health-related questions are only a click away. Complete the form once more with the recipient’s information.
- After you have viewed and electronically signed your paperwork, you will be contacted by a licensed agent to conclude the transaction.
- Following acceptance, you will have access to your account and will be able to pay your premium, change your contact information, and see your policy.
Colonial Penn offers term and permanent
Colonial Penn’s term and whole
- There’s no risk of rejection. Your health will never be considered when determining your eligibility for
life insuranceas a result of a well-thought-out approach. After you acquire insurance, your premiums will remain constant.
- It is conceivable to exist for an extended period of time. The term
life insurancepolicies offered by Colonial Penn renew every five years and can be renewed until the age of 90, depending on your age. Your insurance prices will increase as you age.
- I intend to remain here for the remainder of my years. This insurance provides lifetime coverage with the option of accumulating cash value, and your premiums are fixed at the time of purchase.
Does Colonial Penn offer burial insurance?
Yes. The guaranteed acceptance policy at Colonial Penn acts as a form of funeral insurance for the company’s workers. As is traditional, this insurance is only available to seniors aged 50 to 85, and no medical examination is required. On the other side, coverage is restricted and comes with a hefty deductible.
If you die naturally during the first two years of coverage, you will get a complete refund of all premiums paid, including annual compounded interest. This holds true regardless of the cause of death. When this time period expires, the insurer will pay the recipients the whole death benefit.
Colonial Penn only offers 2 policy add-ons
Colonial Penn is unique in that it only offers two types of riders, although the bulk of insurers offer supplemental coverage like child or disability insurance. Insurance coverage is affected by state, age, and gender.
- Rider for increased death benefit. If you have a heart attack, a stroke, cancer, or any other chronic illness, you may be entitled for a payout equal to up to half the face value of your
- Accidental death insurance is a supplemental policy. If you are killed in an accident, such as a car accident, this coverage provides compensation to your dependents.
Colonial Penn life has mixed reviews
Colonial Penn’s customer service is unmatched, earning an A+ rating from the Better Business Bureau. The Better Business Bureau received 116 complaints against
Colonial Penn life stands out for no-exam policies, but at a cost
Colonial Penn’s strengths include traditional term
While Colonial Penn offers the most economical no-exam insurance, there are several other companies that offer more coverage and plan options. The expenses of its programs vary significantly by participant age and health status.
Consider the following illustration: A 30-year-old guy in good health will pay $17 a month for a $250,000 term insurance policy with a 20-year term, which is typical in today’s market. Colonial Penn term
life insurance companies
Are you curious in how Colonial Penn stacks up against other schools and universities? You may learn more about alternative insurance providers by reading our provider reviews.