Colonial Penn Life Insurance Prices - Colonial Penn offers a variety of life policies that combine simplified underwriting with a limited death benefit. They are best suited to consumers who do not need high payments, perhaps just enough to cover funeral costs, and would normally struggle to buy cover elsewhere due to age or medical history.
This company offers competitive prices for their final costs, but if you are young or healthy, you should probably compare quotes from other insurance companies. Colonial Penn annuity and life insurance products do not require a medical exam and have a maximum death benefit of $50,000, which means you will typically pay higher premiums and not be able to purchase additional coverage later if your financial needs change.
Colonial Penn Life Insurance Prices
Colonial Penn specializes in life insurance products with smaller death benefits and limited underwriting. These products are often called final expense insurance and make the most sense for people who want quick coverage.
Colonial Penn Life Insurance Review (see Rates & Apply)
For example, someone in poor health may only need a small payment to cover funeral expenses, a loan or other limited financial obligation.
The sample premium is for a 50-year-old male. The range represents the difference between the minimum and maximum coverage offered.
All Colonial Penn life insurance products can be applied for online and none require a medical exam. This is convenient for consumers who want to purchase coverage quickly. Although Colonial Penn also advertises a 30-day money-back guarantee, this feature is not unique and should not be the reason you choose to buy from them.
Most states have "free look" laws that require insurers to provide full reimbursement within 10 to 30 days of purchase upon request.
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Colonial Penn offers annual life insurance, which means you basically start a new term each year. A term whole life policy also has a limited death benefit with a maximum value of $50,000 that can be assigned to one or two beneficiaries.
Since the policy has a one-year term, the premium you pay increases as you age, usually in five-year increments. For example, a woman who buys $50,000 of coverage will pay:
If you know you want coverage for a longer period of time, you'll pay a higher average premium with Colonial Penn than if you bought a longer-term policy elsewhere (for example, 10 or 20 years) on your risk. the profile increases with age. Plus, you can find lower prices elsewhere with significantly more coverage because Colonial Penn has a limited underwriting process without a medical exam. This increases premiums because they cannot verify your health.
With these factors in mind, if you're reasonably healthy and don't worry about being able to pass the medical exam (they're simple and only take about 30 minutes), you can save a lot of money over time by getting a fully-underwritten policy elsewhere. .
Year Term Life Insurance
Colonial Penn does not offer term life insurance in Maine, Massachusetts, Montana, New York or Vermont. New policies are only available until age 75, but if you already have coverage with Colonial Penn, you can continue to renew each year and maintain coverage until age 90.
Colonial Penn's Guaranteed Acceptance Program is a whole life policy with a limited death benefit and is often offered to seniors who want to reduce the financial impact on their family in the event of death.
Unlike some final expense insurance products that let you choose a certain payout, Colonial Penn collects your age, gender and location and assigns you a "unit" of coverage (insureds can buy up to eight units). As the price is fixed, the amount of cover available per unit varies according to your risk profile. The minimum cover unit value is approximately $400 and the maximum is approximately $2,100, which means that the maximum death benefit you can choose is approximately $16,800.
For example, suppose a unit of coverage provides a 60-year-old woman with $1,621 upon death. If you want the policy to cover all of your funeral expenses, which typically average $10,000, you will need to purchase seven units of coverage. This policy will give your beneficiary a total benefit of $11,347 when you die.
Average Cost Of Life Insurance (2023): Rates By Age And Gender
Because guaranteed acceptance coverage is a form of whole life insurance, it creates cash value that can be negotiated at an annual interest rate of 8%.
Monthly premiums are directly tied to the number of units purchased and each unit costs $9.95 per month. You can buy up to eight units, so the maximum monthly premium is $79.60. If you pay annually, you get a discount of one month's premium or a discount of 8.3% per year.
A guaranteed acceptance policy can only be purchased between the ages of 50 and 85 and the death benefit of this policy is limited during the first two years of coverage. If you die within the first two years, barring an accident, your beneficiaries will receive a lower payment (the sum of your premium payments with 7% interest compounded annually). These types of clauses are regularly included by all insurers offering a guaranteed acceptance policy as it would otherwise be uneconomical for them to offer this product.
If you're ready to answer your health questions or you're under 50, Colonial Penn offers traditional whole life insurance as an alternative to the Guaranteed Acceptance program. Since the company can better assess your risk through health questions, the death benefit on this policy can be as high as $50,000. However, it is still significantly lower than what is available with other insurers.
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Colonial Penn's whole life policy allows you to choose the specific death benefit you want, which means premiums vary based on your risk profile. To give you an idea of the range of monthly premiums, we have selected sample rates for the maximum and minimum coverage amounts offered:
These quotations are illustrative and not binding. You may be offered a different amount based on your personal information.
Colonial Penn does not offer whole life insurance in Maine, New York or Vermont, and policies can only be purchased between ages 40 and 75.
Colonial Penn has a financial strength rating of A- (Excellent) by A.M. Best of all, that means you have enough resources to pay the claims. Consumers also frequently provide positive feedback about Colonial Penn's quick and easy claims process.
Colonial Penn Life Insurance Company Review
However, Colonial Penn receives a significant number of complaints about its aggressive sales tactics aimed at seniors. Many people also felt that they bought the wrong product or that they did not understand the product before purchasing it.
While this is true of any insurance product, if you are considering purchasing life insurance from Colonial Penn, it is incredibly important to review all documents and materials before submitting an application or purchasing coverage.
Payments are automatically deducted from your bank account. In some cases, the first check payment must be made before EFT can be implemented.
For a 50-year-old male, Colonial Penn life insurance rates can range from $13 to $57 per month. Guaranteed acceptance policies ranged from $10 to $80 per month, while whole life insurance was the most expensive at $30 to $133. Ultimately, the cost of your life insurance will depend on your age, gender and the amount of coverage you choose.
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We think Colonial Penn makes more sense if you want a little coverage for funeral and other end-of-life expenses rather than full coverage. Colonial Penn's low underwriting requirements are especially beneficial if you have difficulty obtaining coverage elsewhere due to advanced age or a complicated medical history.
In addition to Colonial Penn, we recommend checking out final expense insurance from providers like AAA, AIG, and Gerber. These companies offer competitive rates for coverage options that are very similar to what Colonial Penn offers. For a more in-depth look at these providers, read our guide to final expense insurance.
To get an insurance quote over the phone, call: (855) 596-3655 | Agents are available 24/7! You may have seen Alex Trebek on TV talking about a great life insurance product from Colonial Penn Life Insurance Company or Colonial Penn for only $9.95 a month and wondered exactly how it works.
Based in Philadelphia, Colonial Penn offers affordable options for older Americans to get life insurance for ages 60+.
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This Colonial Penn review will walk you through the policy options and help you determine if the $9.95 rate lock product or any of the company's other offerings is right for you.
Colonial Penn is one of the many options you can find when shopping around for affordable coverage. This summary of Colonial Penn ratings can help you understand how the company performs with customer service, whether the company is stable and financially able to weather tough times, and whether it will meet your needs.
As a rating provider, they monitor the financial health and credit strength of companies. As a consumer, you want to make sure you choose an insurance company that is structured for longevity. When you need to make a claim, you want to make sure your provider will be there.
AM Best gives Colonial Penn a financial strength rating of A- (Excellent).
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