Penn Colonial Life Insurance is a leading provider of life insurance solutions in the United States. Established in 1965, the company has been offering quality coverage to individuals, families, and businesses for over five decades. This article aims to provide a comprehensive guide to Penn Colonial Life Insurance, its products, services, and benefits.
Overview of Penn Colonial Life Insurance
Penn Colonial Life Insurance is a subsidiary of The Penn Mutual Life Insurance Company, one of the oldest and most respected life insurance providers in the United States. The company has an A+ rating from A.M. Best, a leading insurance rating agency, indicating its financial strength and stability. Penn Colonial Life Insurance is headquartered in Horsham, Pennsylvania, and has a nationwide network of agents and brokers.
The company offers a range of life insurance products, including term life insurance, whole life insurance, and universal life insurance. It also provides various riders and endorsements to customize coverage to meet individual needs. Penn Colonial Life Insurance is committed to providing affordable, reliable, and flexible coverage to its policyholders.
Company History
Penn Colonial Life Insurance was founded in 1965 as a subsidiary of American Founders Life Insurance Company. In 1991, Penn Mutual acquired American Founders and merged it with Penn Colonial Life Insurance. Since then, Penn Colonial Life Insurance has been a wholly owned subsidiary of Penn Mutual.
The company has a long-standing tradition of excellence in customer service and has been recognized for its commitment to policyholders. In 2015, it was named one of the “Top Workplaces in Philadelphia” by The Philadelphia Inquirer.
Financial Strength
Penn Colonial Life Insurance has an A+ rating from A.M. Best, a leading insurance rating agency. This rating reflects the company’s strong financial stability, operational efficiency, and ability to meet its obligations to policyholders. It also indicates that Penn Colonial Life Insurance has a low risk of defaulting on its financial obligations.
With more than $32 billion in total assets, Penn Mutual is one of the largest mutual life insurance companies in the United States. This financial strength enables Penn Colonial Life Insurance to provide reliable and sustainable coverage to its policyholders.
Life Insurance Products
Penn Colonial Life Insurance offers a range of life insurance products to meet the needs of individuals, families, and businesses. These products include:
Product Type |
Description |
|---|---|
Term Life Insurance |
Provides coverage for a specific period, typically 10, 20, or 30 years. |
Whole Life Insurance |
Provides permanent coverage with a guaranteed death benefit and cash value accumulation. |
Universal Life Insurance |
Provides flexible coverage with adjustable premiums and death benefits, as well as cash value accumulation. |
Penn Colonial Life Insurance also offers various riders and endorsements to customize coverage to meet individual needs. These include:
- Accidental Death Benefit Rider
- Waiver of Premium Rider
- Child Rider
- Long-Term Care Rider
- Disability Income Rider
Term Life Insurance
Term life insurance provides coverage for a specific period, typically 10, 20, or 30 years. This type of coverage is ideal for individuals who want to protect their family’s financial future during a specific period, such as while their children are growing up or while they are paying off a mortgage or other debt.
Penn Colonial Life Insurance offers term life insurance with the following features:
- Guaranteed level premium for the duration of the policy term
- Renewable and convertible options
- Death benefit payout in the event of the insured’s death
Term life insurance is typically more affordable than other types of life insurance, making it an attractive option for those on a budget.
Whole Life Insurance
Whole life insurance provides permanent coverage with a guaranteed death benefit and cash value accumulation. This type of coverage is ideal for individuals who want to ensure that their loved ones are taken care of financially, regardless of when they pass away.
Penn Colonial Life Insurance offers whole life insurance with the following features:
- Guaranteed level premium for the duration of the policy
- Guaranteed death benefit payout
- Cash value accumulation that can be used for loans, withdrawals, or to pay premiums
Whole life insurance is typically more expensive than term life insurance, but it provides permanent coverage and can be an excellent investment for the long term.
Universal Life Insurance
Universal life insurance provides flexible coverage with adjustable premiums and death benefits, as well as cash value accumulation. This type of coverage is ideal for individuals who want more control over their policy and the ability to adjust their coverage and premiums as their needs change.
Penn Colonial Life Insurance offers universal life insurance with the following features:
- Flexible coverage and premium options
- Adjustable death benefit payout
- Cash value accumulation that can be used for loans, withdrawals, or to pay premiums
Universal life insurance is typically more expensive than term life insurance, but it provides more flexibility and control over the policy.
Benefits of Penn Colonial Life Insurance
Penn Colonial Life Insurance offers a range of benefits to its policyholders, including:
- Financial security and peace of mind for policyholders and their loved ones
- Flexible coverage options to meet individual needs and budget
- Customizable coverage with riders and endorsements
- Stable and reliable coverage from a top-rated insurance provider
- Access to a nationwide network of agents and brokers
- Competitive pricing and discounts for healthy living and other factors
Penn Colonial Life Insurance also offers excellent customer service and support, with 24/7 claims reporting and processing and a dedicated customer service team to answer any questions or concerns.
FAQs
Is Penn Colonial Life Insurance a good company?
Yes, Penn Colonial Life Insurance is a top-rated insurance provider with an A+ rating from A.M. Best. The company has a long-standing tradition of excellence in customer service and financial stability, making it a reliable choice for life insurance coverage.
What types of life insurance does Penn Colonial Life Insurance offer?
Penn Colonial Life Insurance offers term life insurance, whole life insurance, and universal life insurance, as well as riders and endorsements to customize coverage to meet individual needs.
What is the difference between term life insurance and whole life insurance?
Term life insurance provides coverage for a specific period, typically 10, 20, or 30 years, while whole life insurance provides permanent coverage with a guaranteed death benefit and cash value accumulation. Term life insurance is typically more affordable than whole life insurance but provides temporary coverage, while whole life insurance is more expensive but provides permanent coverage and an investment component.
Can I customize my life insurance coverage with Penn Colonial Life Insurance?
Yes, Penn Colonial Life Insurance offers various riders and endorsements to customize coverage to meet individual needs, including accidental death benefit, long-term care, and disability income riders, among others.
How do I apply for a life insurance policy with Penn Colonial Life Insurance?
You can apply for a life insurance policy with Penn Colonial Life Insurance by contacting a licensed agent or broker in your area. You will need to provide personal and medical information and undergo a health assessment to determine your eligibility and premium rate.
Is Penn Colonial Life Insurance more expensive than other life insurance providers?
The cost of life insurance coverage with Penn Colonial Life Insurance will depend on various factors, including your age, health, and coverage needs. However, the company offers competitive pricing and discounts for healthy living and other factors, making it an affordable option for many individuals and families.
Conclusion
Penn Colonial Life Insurance is a top-rated insurance provider that offers a range of reliable, flexible, and customizable life insurance solutions to individuals, families, and businesses. With its long-standing tradition of excellence in financial stability and customer service, Penn Colonial Life Insurance is a trusted choice for life insurance coverage.