Your rates will be determined when you are initially approved for the plan and they will stay the same throughout the life of the policy.
This plan offers a maximum benefit of $50,000. This coverage is not guaranteed issue, which means that Colonial Penn could theoretically deny you coverage if your health is poor enough. While you won’t have to take a medical exam in order to qualify for this coverage, you will have to answer some health questions as part of your application.
This is a great option for anyone who wants more extensive coverage for the rest of their life. Permanent Whole Life InsuranceĬolonial Penn also offers permanent whole life insurance for clients between the ages of 40 and 75. You can decide how often you want to make your premium payments – they offer monthly, quarterly, semi-annual, and annual payment plans. These policies do come with a cash value component as well.
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This means that if the insured person passes away within the first two years of purchasing the policy, their beneficiaries won’t receive the full insurance amount. They do have a two-year limited benefit period for this policy. These policies are usually used just to cover funeral expenses rather than pay off debt or support family members.Ĭolonial Penn’s guaranteed acceptance life insurance policy is available for people between the ages of 50 and 85. The exact benefit amount is going to depend on your individual situation. However, the benefits are not as extensive as they would be for a traditional whole life insurance policy. It differs from a traditional whole life insurance policy in that you do not have to take a medical exam or answer any health questions in order to qualify. Guaranteed issue life insurance provides coverage from the issue date until the end of your life. It has attracted a lot of attention because of how affordable it is – their policies start at $9.95 per month. This is Colonial Penn’s most popular insurance policy on the market.
Types of Life Insurance OfferedĬolonial Penn has a few different types of life insurance policies to choose from. In this article, we’ll take a look at Colonial Penn Life Insurance and the policies they offer to see if they are the right fit for your needs. With so many different life insurance companies on the market, it can be difficult to choose the one that is best for your needs. They currently offer coverage in all 50 states, although their coverage in New York is offered through a separate subsidiary. However, they do offer life insurance coverage for younger adults as well.Ĭolonial Penn Life Insurance has been a subsidiary of CNO Financial Group since 1997. They are known for catering to customers over the age of 50. They were founded in 1968 and have a variety of life insurance options available. Colonial Penn is a life insurance company based in Philadelphia, Pennsylvania.
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