Colonial Penn Life insurance Reviews, Quotes, Pros and Cons

Colonial Penn Life Insurance reviews, Pros and Cons. Is it a stable and reliable company? How much are term and Permanent( guaranteed, whole) quotes and premiums? how are coverages and discounts? Colonial Penn is one of the Best Life Insurance Companies.

Founded in 1968 in Philadelphia, the Company is the brainchild of philanthropist and AARP co-founder, Leonard Davis. The company is owned by CNO Financial Group, a financial services organization headquartered in Carmel, Indiana. Colonial Penn’s original focus was on people over age 65.

Colonial Penn Life Insurance Company reviews

With several decades of experience under its belt, Colonial Penn’s history has helped it to earn a reputation as a stable company. Coverages are available in 49 out of 50 states, as well as DC, Puerto Rico, and the Virgin Islands. However, term policies are not offered in all states. Colonial Penn is a subsidiary of CNO Financial Group, which serves more than four million customers across the nation.

A medical examination is not required for Colonial Penn’s term and whole-life policies, which have a maximum death benefit of $50,000. However, premiums are generally higher than other companies. Check out other companies like the transamerica life insurance reviews and aarp life insurance reviews . If you want to get information about what is insurance and how insurance works, Prudential life insurance reviews click here.

Colonial Penn Life insurance Reviews $9.95 plan and policy
Colonial Penn Life Insurance Reviews

Colonial Penn Life Insurance riders

  • Disability Coverage: If you are disabled, no additional benefit will paid out.
  • Premium Waiver: Some companies offer coverage of premiums if you are to become disabled. However, Colonial Penn does not offer this type of protection.
  • Kids Life Insurance Rider: Colonial Penn does not offer a rider to add additional insurance for your children or minors.
  • Living Benefits: Sometimes companies offer early access to the death benefit if there is a terminal illness that is diagnosed. This type of option is not available for Colonial Penn’s policies.

Best For

  • Older adults who need final expense coverage
  • Adults concerned about needing funding for a critical illness

Policy types

  • Term Life Insurance: Colonial Penn offers shoppers a renewable term policy. But You must be between the ages of 18 and 75 with the option to renew up to age 90. Be careful, Colonial Penn’s term rates increase in time when your life insurance policy renews when you’re older. Colonial Penn term life face amounts go up to $50,000.
  • Whole Life Insurance: Beginning at age 40, you can buy Colonial Penn’s whole life policy. You do need to prequalify for this policy to be approved, but there is no medical exam required. Colonial Penn’s whole-life policy will grow cash value like all whole life policies. The maximum face amount for their whole life policy is $50,000.
  • Guaranteed acceptance(whole) Life Insurance: More than likely this is the policy you’ve seen advertised on TV. Colonial Penn’s guaranteed issue whole life insurance policy is available for ages 50 to 85. Like other final expense life policies, it does not require a medical exam but is a graded benefit.
Colonial Penn Life insurance Pros and Cons, quotes, rates and discounts
The Colonial Penn Life Insurance Pros and Cons

Pros And Cons of Colonial Penn Insurance

Pros of Colonial Penn life insurance

  • No medical exams are required for coverage
  • Guaranteed acceptance policies are available
  • Whole life fixed premium
  • Trusted, well-known name.
  • Living insurance that makes benefits available while you’re still alive
  • Easy application process. Apply right over the phone.
  • Offers life insurance with an accelerated death benefit
  • Guaranteed coverage is available to applicants up to age 85.
  • Offers guaranteed-issue life insurance
  • Offers term and whole life insurance
  • No health questions.
  • Everyone qualifies for their guaranteed acceptance life insurance.
  • Don’t worry about being rejected—acceptance is guaranteed
  • 30-day risk-free try-it-on-period
  • Backed by the independently-rated holding company, CNO Financial
  • Renewable term policies with guaranteed coverage up to age 90
  • Get a quote online
  • Colonial Penn is a large insurance company in the United States with 2 subsidiaries: Liberty National Life Insurance and Family Heritage Life Insurance
  • Their current financial ratings are A– with A.M. Best and BBB+ with S&P.

Cons of Colonial Penn life insurance

  • The minimum age is 40. The maximum age is 75 for the whole life policy.
  • Small coverage amounts, Coverage capped at $50,000 for whole life and term policies
  • Premiums are higher compared to some other companies
  • Coverage provided without a medical exam may be more expensive
  • Their policies are expensive. You can usually find better rates with other companies.
  • Offers life insurance with an accelerated death benefit
  • 2-year wait for full benefits with guaranteed-issue life insurance
  • No mobile app
  • Far more complaints to regulators than expected for a company its size.
  • Not all plans are available in New York or the Virgin Islands
  • Guaranteed and whole life policies only available to certain age groups
  • It only offers Colonial Penn products. No variety.
  • Options are minimal.
  • They do not offer Universal Life Insurance.
  • The minimum age is 18. The maximum age is 75 for the term policy.
  • You can only choose 10, 20, or 30 years for term insurance.
  • $10,000 is the minimum coverage amount.

Colonial Penn Life Insurance Reviews

Positive Colonial Penn Insurance Reviews

  • Have had Colonial life insurance for several years (over 15). I have filed cancer, sickness, and accident claims and have always got prompt settlements. I received notifications when my claim was received and also when they mailed the payments. The mail claims that I sent were usually about a 10 -14 day turnaround and the faxed claims were about half that. I am very pleased with Colonial life and would recommend it to anyone.

Colonial Penn Negative Reviews

  • I wouldn’t advise anyone to get life insurance with Colonial Penn. The application on their website is a false advertisement.
  • A commercial ad tells you NO medical questions and NO medical exam. ” Guaranteed Acceptance.” I filled out an application online and did have to answer medical questions. After giving payment information and getting a confirmation email. Finally, a week later I received a letter telling me they denied me due to my medical questions. Absolutely ridiculous and deceiving
  • Term and whole life insurance products don’t require a medical exam and have a maximum death benefit of $50,000. This means you’ll typically pay higher premiums and won’t be able to purchase a greater amount of coverage should your financial needs change

Rates chart by age

Colonial Penn life insurance rates vary based on age, gender, tobacco history, and the benefit amount. The minimum coverage is $10,000 and the maximum coverage is $50,000. This plan is only available to adults aged 40-75.

Here is a sample rate chart for for ages 40-85:

AgeMale Non-SmokerFemale Non-SmokerMale SmokerFemale Smoker
Colonial Penn life insurance rate chart by age

Please note that these rates are subject to change and may not be accurate at the time of your inquiry.

Colonial Penn’s $9.95 plan reviews

The Colonial Penn $9.95 plan is a guaranteed issue policy with a waiting period of two years. It’s a permanent plan with a premium that will never increase and builds cash value. There are no health questions or exams to determine your eligibility (approval is guaranteed).

The Colonial Penn $9.95 plan provides coverage of up to $50,000. However, each unit of coverage costs $9.95 and gives you around $1,000 of coverage. Therefore, you may need multiple units to meet your needs. The amount of life insurance you can get from $9.95 for a month, depends on your age and gender. The most you can get is $2,000 if you are a 50-year-old woman. On the other hand, if you are an 85-year-old man, you get only $418 of coverage for your $9.95 a month premium payment.

Please note that the policy has a waiting period of two years, meaning that the full benefit is not paid until the third year. So if death occurs within the first two years of the policy, only the premiums paid will refunded to your beneficiary.

Colonial Penn life insurance reviews: $9.95 plan

According to Colonial Penn’s $9.95 plan reviews, it is a good option for those who are looking for a simple and affordable policy with no medical exam required. However, other sources suggest that the plan is not what it seems and that it is objectively one of the worst life insurance options for seniors.

It’s important to note that the amount of life insurance you can get from Colonial Penn for $9.95 a month depends on your age and gender. The most you can get is $2,000 if you are a 50-year-old woman. On the other hand, if you are an 85-year-old man, you will get only $418 of coverage for your $9.95 a month premium payment.

Ultimately, whether or not the Colonial Penn $9.95 plan is worth it depends on your individual needs and circumstances. However, we recommend that you do some research and compare different policies before making a decision.

Colonial Penn life insurance reviews: claims (claim form)

To file a claim with Colonial Penn, you can visit their website and click on the “File a Claim” link at the bottom of the page. You can also log in to your account to keep track of your policies and file a claim.

Most claims are processed upon receipt of a claimant’s statement completed by the named beneficiary (s), and a certified death certificate for the insured. The original insurance contract (s) should also returned, if available. See Lemonade Life Insurance Reviews, Pros and Cons.

Colonial Penn reviews

The Colonial Penn offers whole life insurance policies to people aged 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). The coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York).

Colonial Penn’s whole life insurance policies are best suited for people who are looking for a small amount of coverage and are willing to pay higher premiums. The policies are also ideal for those who have health conditions that make it difficult for them to qualify for other types of policies.

As Colonial Penn negative reviews, Company policies might be worth considering if you have health conditions that will make a standard life insurance policy unaffordable or unattainable. the company’s term, whole, and guaranteed acceptance policies, combine simplified underwriting with a limited death benefit.

Colonial Penn whole life insurance reviews

Colonial Penn’s whole life insurance is a type of permanent policy that provides coverage for the entire life of the insured. The policy remains in force for as long as the premiums are paid. So the death benefit is paid out to the beneficiaries upon the death of the insured.

Colonial Penn’s permanent whole life insurance policies offer coverage amounts ranging from $10,000 to $50,000. The policy starts to build cash value after the first year of coverage.

The company’s whole life insurance offers permanent protection that doesn’t require medical exams. You can answer some simple questions on your application which will help determine your eligibility.

Colonial Penn whole life insurance complaints

Based on Colonial Penn life insurance reviews, it receives positive feedback regarding its quick and simple claims process. However, the company receives a significant number of complaints about its aggressive sales tactics targeting the elderly. So many people felt they purchased the wrong product or didn’t understand the product before buying it.

One customer reported that the benefit wasn’t valid for 2 years, resulting in a payout of only $120 after their mother’s death. In the last three years, it received a total of 183 complaints, with the majority related to a problem with a product or service. Also over three years, Colonial Penn drew far more than the expected number of complaints to state regulators for a company of its size.

Colonial Penn offers whole life insurance with no medical exams and guaranteed issues, which means you can’t turned down Even if you have medical conditions. However, it has a low maximum coverage amount of $50,000.

Colonial Penn Life Insurance reviews: benefits

Colonial Penn offers up to $50,000 in coverage for people ages 50 to 85 in most states. In every state except Minnesota, New Jersey, and Pennsylvania, Colonial Penn’s guaranteed acceptance policy is available to people ages 50 to 85. The age range is 50 to 75 in Minnesota and 56 to 85 in Pennsylvania. So Several units can purchased to build a bigger death benefit.

Also, it offers whole life insurance to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York) 2.

Colonial Penn offers several coverage options that include simplified underwriting and a limited death benefit. Including renewable term, guaranteed acceptance, and permanent life insurance with an optional living benefit rider.

Colonial Penn life insurance provider portal and phone number

You can access the Colonial Penn provider portal by visiting the website and clicking on the “Provider Login” button at the top right corner of the page. You will be redirected to a login page where you can enter your username and password to access your account.

If you have not yet registered for an account, you can do so by clicking on the “Register” button on the same page. This service allows access to specific policy benefits and claims status information for Medicare Supplement policies only.

Alternatively, you can also contact Colonial Penn customer service at 1-800-523-9100 for assistance with your provider portal account or any other questions you may have. The customer service team is available Monday through Friday from 8:30 AM to 5:30 PM ET 4.

You can also visit the website and click on the “Contact Us” link at the bottom of the page to access additional contact information such as email addresses and mailing addresses.

FAQ – Frequently Asked Questions

How much coverage for $9.95?

Everyone pays just $9.95 per month for a single unit of coverage with Colonial Penn. How much coverage you get for a unit of coverage varies depending on your age and gender. For example, a 50-year-old male would receive $1,000 of coverage for one unit, while a 75-year-old female would receive $500 of coverage for one unit.

If you need more coverage than what one unit provides, you can purchase additional units. Simply multiply $9.95 times the number of units you’re interested in.

What are the Colonial Penn life insurance reviews?

Reviews of Colonial Penn Life Insurance are generally mixed. Some customers have complained about confusing and overwhelming sales tactics, lack of product understanding, and high prices. However, the company has an A- rating from A.M. Best.

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