When you start planning for the future, insurance is one of the key things that come to mind. You want to make sure that you have coverage for any eventuality, so that you can protect yourself and your loved ones. One of the most popular insurance providers in the market is Colonial Penn, which has been providing life insurance services for over 60 years. In this article, we’ll take a closer look at Colonial Penn Life Insurance and review their offerings in detail.
What is Colonial Penn Life Insurance?
Colonial Penn Life Insurance is a subsidiary of CNO Financial Group, Inc., and has been in business since 1968. The company is headquartered in Philadelphia, Pennsylvania, and provides a range of insurance products, including life insurance, Medicare supplement insurance, and accidental death insurance. Colonial Penn is known for its straightforward and affordable life insurance, which is designed to provide coverage for the most important moments in life.
Types of Life Insurance Offered by Colonial Life Insurance
Colonial Penn Life Insurance offers two types of life insurance policies: term life insurance and whole life insurance. Both policies provide coverage for the policyholder’s beneficiaries in the event of their death, but there are some key differences between the two.
Term Life Insurance
Term life insurance provides coverage for a specific period of time, such as ten or twenty years, depending on the policyholder’s needs. This type of insurance is popular amongst individuals who want to provide financial protection for their loved ones during a specific period, such as when their children are young or when they have a mortgage to pay off.
Premiums for term life insurance policies are typically lower than premiums for whole life insurance policies, as the coverage period is limited. However, it’s important to note that once the policy period ends, the coverage also ends. If the policyholder wishes to continue coverage, they will need to purchase a new policy.
Whole Life Insurance
Whole life insurance provides lifelong coverage for the policyholder, as long as premiums are paid. This type of insurance typically has a higher premium than term life insurance, as the coverage is permanent.
One of the key benefits of whole life insurance is that it provides a savings component in addition to the death benefit. The policyholder can accumulate cash value over time, which they can borrow against or use to pay premiums. This makes whole life insurance an attractive option for individuals who want to build cash value over time.
Colonial Penn Life Insurance Policy Features
Colonial Penn Life Insurance offers a range of features that are designed to provide policyholders with flexibility and peace of mind. Let’s take a closer look at some of the key features offered by Colonial Penn Life Insurance.
No Medical Exam Required
One of the key features of Colonial Penn Life Insurance is that policies are available without a medical exam. This means that individuals who have pre-existing health conditions may still be able to get coverage, without having to go through a medical exam. However, it’s important to note that premiums for policies without a medical exam may be higher than premiums for policies that require a medical exam.
Affordable Premiums
Colonial Penn Life Insurance is known for its affordable premiums. The company offers a range of policy options with different coverage amounts, so individuals can choose coverage that fits their budget. Additionally, Colonial Penn offers a free quote service, which allows individuals to get an estimate of how much they can expect to pay for coverage.
Guaranteed Acceptance
Another key feature of Colonial Penn Life Insurance is that policies are available with guaranteed acceptance. This means that individuals who meet the age requirements for the policy can get coverage, regardless of their health status. This makes Colonial Penn an attractive option for individuals who are older or who have health conditions that may make it difficult to get coverage elsewhere.
Policy Options with Different Coverage Amounts
Colonial Penn Life Insurance offers a range of policy options with different coverage amounts. Policies are available with coverage amounts as low as $10,000 and as high as $50,000. Policyholders can choose the coverage amount that fits their needs and budget.
No Waiting Period
Unlike some other life insurance providers, Colonial Penn Life Insurance policies do not have a waiting period. This means that policyholders can be covered from the moment their policy is issued, without having to wait for a certain amount of time.
30-day Money-back Guarantee
Colonial Penn offers a 30-day money-back guarantee for all policies. This means that if a policyholder is not satisfied with their coverage, they can cancel their policy within the first 30 days and receive a full refund of any premiums paid.
Colonial Penn Life Insurance Pros and Cons
As with any insurance provider, there are pros and cons to Colonial Penn Life Insurance. Let’s take a look at some of the key advantages and disadvantages of choosing Colonial Penn Life Insurance for your coverage needs.
Pros
No Medical Exam Required
One of the biggest advantages of Colonial Penn Life Insurance is that policies are available without a medical exam. This means that individuals who have pre-existing health conditions may still be able to get coverage, without having to go through a medical exam.
Affordable Premiums
Colonial Penn is known for its affordable premiums. The company offers a range of policy options with different coverage amounts, so individuals can choose coverage that fits their budget.
Guaranteed Acceptance
Policies are available with guaranteed acceptance, which means that individuals who meet the age requirements for the policy can get coverage, regardless of their health status.
Cons
Low Coverage Amounts
Colonial Penn Life Insurance policies are capped at $50,000 in coverage, which may not be enough for some individuals who have greater coverage needs.
No Permanent Policy Options
Colonial Penn only offers term and whole life insurance policies. There are no permanent policy options available, which may be a disadvantage for individuals who want more flexibility in their coverage options.
Colonial Penn Life Insurance FAQ
Let’s take a look at some of the most frequently asked questions about Colonial Penn Life Insurance.
Is Colonial Penn Life Insurance a Good Choice?
Yes, Colonial Penn Life Insurance can be a good choice for individuals who are looking for affordable coverage with guaranteed acceptance. However, it’s important to carefully review the policy options and consider whether the coverage amounts are sufficient for your needs.
How Much Does Colonial Penn Life Insurance Cost?
Premiums for Colonial Penn Life Insurance policies vary depending on the coverage amount and policy type. However, the company is known for its affordable premiums, and policies start as low as $9.95 per month.
What are the Age Requirements for Colonial Penn Life Insurance?
Colonial Penn Life Insurance policies are available to individuals between the ages of 18 and 75.
Are There Any Health Restrictions for Colonial Penn Life Insurance?
No, Colonial Penn Life Insurance policies are available without a medical exam, and there are no health restrictions for guaranteed acceptance policies.
Conclusion
Colonial Penn Life Insurance is a popular insurance provider that offers affordable policies with guaranteed acceptance. The company has been in business for over 60 years and offers a range of policy options with different coverage amounts. While policy options are limited to term and whole life insurance, Colonial Penn Life Insurance can be a good choice for individuals who are looking for straightforward and affordable coverage.