Our Verdict 4.7
Colonial Penn even affords protection with out medical examinations. Glorious promoting apart, is Colonial Penn a good selection for all times insurance coverage? Let’s discover out!
On this Colonial Penn Life Insurance coverage evaluation, we’ll present all the things it is advisable to know to find out in the event that they’re the best choice best for you.
Execs
- Quick, free quotes
- Lenient well being protection
- No medical exams
- Time period insurance policies cowl as much as age 90
Cons
- Complicated protection terminology
- Beneath-average customer support
- Comparatively excessive premiums
Who Is Colonial Penn?
Colonial Penn Life Insurance coverage is the brainchild of Leonard Davis, co-founder of AARP, who began the corporate in 1968 in Philadelphia.
Davis used Colonial Penn to provide life insurance coverage by way of AARP, which isn’t an insurance coverage supplier. The corporate primarily targets folks ages 50 to 85, together with latest retirees.
A number of firms have bought Colonial Penn since its founding, most just lately CNO Monetary Group in 1997.
CNO Monetary Group made $4.1 billion in income and $333.7 million in earnings earlier than losses in 2019, with Colonial Penn making up 6% of these income. Colonial Penn has a number of awards in its trophy case, together with a Pega 2012 Buyer Expertise Award and the Nationwide Enterprise Group’s Greatest Employers: Excellence in Well being & Nicely-being. It additionally has an A+ score from the Higher Enterprise Bureau. Credit score bureaus price Colonial Penn as “wonderful,” together with:
- A.M. Greatest: A-
- Fitch: A-
- Commonplace & Poor’s: A-
What Makes Colonial Penn Completely different?
Colonial Penn deserves consideration no matter age. The corporate makes life insurance coverage accessible for anybody age 18 to 90. That features no-exam policy options.
Colonial Penn has time period and entire life insurance coverage with early payout riders, which let policyholders entry a part of the dying profit throughout continual or extreme sickness.
As an example, Colonial Penn will write a verify if in case you have most cancers, Alzheimer’s, or dementia. Assured life insurance coverage insurance policies aren’t eligible for riders, and you’ll’t be over the age of 65.
Options & Advantages
Assured Life Insurance coverage
Folks between the ages of fifty and 85 can apply for assured life insurance coverage. The appliance doesn’t embody well being questions.
Nonetheless, Colonial Penn does have a caveat the place policyholders can’t entry the dying profit till two years after the issuing date.
The coverage comes with a 30-day free look interval, which lets you cancel throughout the first month with out a penalty charge.
Insurance policies peak round $25,000, although Colonial Penn makes use of models of protection, as an alternative of greenback values to symbolize costs. It’s doubtlessly deceptive for folks unfamiliar with life insurance coverage.
Entire Life Insurance coverage
Whole life insurance insurance policies can be found for folks ages 40 to 75. The appliance requires some health-related questions, however you don’t need to take a medical examination.
Colonial Penn determines premiums based mostly on age and intercourse, which stays mounted for the coverage’s length.The dying profit quantity begins at $10,000 and goes as much as $50,000.
It contains a built-in money worth that begins to build up the primary yr after the coverage begins.
Whereas entire life insurance coverage covers all of the significant bases, it is typically costlier.
Time period Life Insurance coverage
Time period life insurance coverage is on the market beginning at age 18. Most insurance coverage firms terminate the coverage after a set time, although Colonial Penn makes use of a special method.
The primary premium corresponds with the policyholder’s age on the time of protection and goes by way of “age bands.” As an example, if you happen to open the coverage at 42 years previous, your price stays the identical till you flip 46.
Whereas the terminology is complicated, the appliance shouldn’t be. It is much like the entire life software and doesn’t ask for a medical examination.
You’ll be able to renew your coverage as much as age 90.
Colonial Penn Availability
Colonial Penn is on the market in 49 states, together with Washington, D.C., Puerto Rico, and the Virgin Islands.
The corporate is not licensed in New York. New Yorkers want to go to Banker’s Conseco Life Insurance coverage Firm to entry an software.
In the event you’re elsewhere within the US, you may get a quote on-line or by cellphone to get began with the appliance course of at Colonial Penn.
Colonial Penn offers life insurance coverage merchandise to customers between the ages of 18 and 90.
Candidates have to be a minimum of 50 to qualify for the Assured Acceptance Life Insurance coverage coverage.
Phrases and availability are topic to vary with out discover.
Claims Course of & Assure
Beneficiaries can name 1-800-523-9100 (1-800-323-4542 in New York) to get began with a declare. Most often, a claimant’s assertion, and a licensed dying certificates, have to be mailed to:
Colonial Penn Life Insurance coverage Firm
Life Claims DeptPO Field 1918Carmel, IN 46082-1918
NY Residents:Bankers Conseco Life Insurance coverage CompanyLife Claims DeptPO Field 1918Carmel, IN 46082-1918
A claimant’s assertion type might be discovered on Colonial Penn’s web site, however there isn’t any choice to file a declare on-line. If protection is in impact, the dying profit payable will probably be launched much less any coverage loans or premium changes.
Taking Motion
Whereas Colonial Penn has operated for greater than 50 years and has celebrities like Alex Trebek endorsing them, their life insurance coverage merchandise are center of the pack. The protection construction is complicated, and rivals provide decrease premiums for comparable insurance policies. Earlier than shifting ahead with a coverage from them I’d click on on any button above to check charges.
