Colonial Penn Burial Insurance

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If you’re considering purchasing burial insurance to ensure your final expenses are covered, Colonial Penn burial insurance can provide coverage for you and your loved ones. This article will provide you with an overview of Colonial Penn burial insurance, its benefits, cost, and frequently asked questions.

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What is Colonial Penn Burial Insurance?

Colonial Penn is an insurance company that provides life insurance policies to individuals aged 50 and above. Their burial insurance policy is specifically designed to help cover funeral and burial expenses, allowing loved ones to have peace of mind during a difficult time.

The Benefits of Colonial Penn Burial Insurance

Colonial Penn burial insurance offers several benefits to policyholders, including:

  • Guaranteed acceptance: There is no medical exam required, and coverage is guaranteed for individuals aged 50-85.
  • Fixed premiums: Premiums are fixed, and will not increase as you age or if your health declines.
  • Flexible coverage options: Policyholders can choose coverage amounts from $2,000 up to $50,000.
  • Immediate coverage: Once approved, your policy will go into effect, and your beneficiaries will receive the full death benefit if you pass away within the first two years of coverage.
  • Unrestricted use of funds: There are no restrictions on how the funds can be used, allowing beneficiaries to use the money to pay for any final expenses or outstanding debts.

Overall, Colonial Penn burial insurance can provide much-needed peace of mind to individuals and their families, ensuring that final expenses are covered and loved ones are not burdened by financial stress during an already challenging time.

How Much Does Colonial Penn Burial Insurance Cost?

The cost of Colonial Penn burial insurance varies depending on several factors, including:

  • Age: The older you are, the more expensive your premiums will be.
  • Gender: Women typically pay less than men for burial insurance.
  • Health: The better your health, the lower your premiums will be.
  • Coverage amount: The higher the coverage amount, the more expensive your premiums will be.

To give you an idea of the cost of Colonial Penn burial insurance, here are some sample premiums for a policy with a $10,000 death benefit:

Age
Male
Female
50
$27.26
$22.72
60
$41.64
$33.22
70
$68.15
$48.54
80
$117.37
$82.94

Note that these premiums are based on a non-smoking individual with no health issues, and may vary depending on your individual circumstances.

Colonial Penn Burial Insurance Frequently Asked Questions

Q: Is there a waiting period for Colonial Penn burial insurance?

A: Yes, there is a two-year waiting period for Colonial Penn burial insurance. If you pass away within the first two years of coverage, your beneficiaries will receive a limited death benefit (typically the premiums paid plus interest). After the two-year waiting period, your beneficiaries will receive the full death benefit.

Q: Can anyone apply for Colonial Penn burial insurance?

A: No, Colonial Penn burial insurance is only available to individuals aged 50-85.

Q: How do I apply for Colonial Penn burial insurance?

A: You can apply for Colonial Penn burial insurance online or by calling their toll-free number. The application process is simple and should take less than 10 minutes. Once approved, your policy will go into effect, and you will begin paying premiums.

Q: Can I change my coverage amount after I purchase Colonial Penn burial insurance?

A: Yes, you can change your coverage amount at any time after you purchase Colonial Penn burial insurance. However, increasing your coverage amount may require a new application and medical exam.

Q: How do I cancel my Colonial Penn burial insurance policy?

A: You can cancel your Colonial Penn burial insurance policy at any time by calling their toll-free number. If you cancel your policy within the first 30 days, you will receive a full refund of any premiums paid. After 30 days, you may receive a pro-rated refund depending on how long you’ve had the policy.

Q: Can I borrow against my Colonial Penn burial insurance policy?

A: No, you cannot borrow against your Colonial Penn burial insurance policy. It is a term life insurance policy and does not have a cash value.

Q: How do I make a claim on my Colonial Penn burial insurance policy?

A: To make a claim on your Colonial Penn burial insurance policy, your beneficiaries should call their toll-free number and provide information about your passing. Once they receive the necessary information, they will process the claim and pay out the death benefit.

Conclusion

Overall, Colonial Penn burial insurance can provide the peace of mind knowing that your final expenses are covered and your loved ones are taken care of. With guaranteed acceptance, fixed premiums, and flexible coverage options, it’s a great choice for individuals aged 50 and above who are looking for an affordable way to protect their loved ones from financial burdens. So, consider Colonial Penn burial insurance when looking for a reliable and affordable burial insurance policy.

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