Colonial Penn Life Insurance Review;- In sum, Colonial Penn offers quick coverage, but on the other hand, it has limited payouts. That’s good news for some, but a bad one for others.
Are you looking for quick coverage? Maybe you need a final expenses insurance policy. More or less a flexible coverage period? Then Colonial Penn Life Insurance would be the best option for you. But it still has its bad side.
Thus, the features above also have a downside. That is to say, Colonial Penn Life Insurance is not favorable for people with health challenges. More so, for people who want insurance to replace their income. Finally, for people who are looking for a low-cost term life insurance coverage.
Colonial Penn Life Insurance Review
At a glance, Colonial Penn provides users with a more easy and simple underwriting, but that’s with a limited death benefit. So, if you are not interested in a large payout.
However, you need to know that the payout sometimes can cover death expenses. The best of it all is the fact that Colonial Penn offers coverage to people who on a normal will find it difficult to access coverage from other insurers. Why? Because of their age or medical history.
That said, I would suggest you sign up with other insurers, especially if you’re in good health or young. But if you have health issues and you want to cover funeral expenses. You should try final expenses insurance from colonial Penn.
So, let’s say, you have someone in poor health. Or you are in a poor health condition. But you have a need for a small payout to cover funeral expenses, a loan, or other limited financial obligations.
Colonial Penn Life Insurance Policy
Here I will discuss the different life insurance policies or products one can access or sign up for with Colonial Penn. To make it simple, colonial Penn offers three sets of a life insurance policy:
- Term Life Insurance
- Guaranteed Acceptance Program
- Whole Life Insurance
Note: It’s important to know that you can sign up for all Colonial Penn policy both online and offline with no medical exam. More so, after sign up, you can get your money back within 30days of sign up.
Term Life Insurance
The term life insurance from colonial Penn is a one-year term offer that’s renewed on a yearly basis. The term life has a limited death benefit and a max payout of $50,000. During sign up, you can choose to add up to two beneficiaries.
You also need to know that the premium cost for the term insurance increase as the benefactor gets older. The reason for the premium increase as you get old is to cover for the fact that you didn’t pass Medical exams and it’s actually a risk on their own part.
Although they exist some states where the term life insurance policy by Colonial Penn isn’t made available. Places like Maine, Massachusetts, Montana, and New York.
Guaranteed Acceptance Program
Here comes a Colonial Penn insurance policy for seniors who want to make provision for their funeral expenses before their death.
The downside is that you can only buy this product if you are within the age of 50 to 85. But does it have a limited death benefit? Yes, it has a limited death benefit.
The Guaranteed acceptance program offers maximum death benefits of $17,000. But the sign-up process is different. In that, your gender, age, and location determine the unit assigned to you.
How much is a unit of Colonial Penn Life Insurance?
Though each person can buy a maximum of 8 units which has a fixed price of $9.95. (Colonial Penn life insurance 9.95 per month). Having said that, the Guaranteed Acceptance coverage is a form of whole life insurance. As such, its cash value can be borrowed against at an 8% annual interest rate.
Whole Life Insurance
Whole Life Insurance is for people who are below 50 years. Signing for Whole Life will require a medical exam. With a maximum death benefit of $50,000. Though such payout is low compared to other insurers out there that measures your health risk. The cost for a Whole Life is based on the death benefit you chose during sign up. Also, your premium is tied to your health profile.
Colonial Penn life insurance login
To keep track of your policies and manage your account online. But for that to take place, you will need to login via the login portal with the account login credentials created during account sign-up. Thus, all you need to do is to visit https://www.mycolonialpenn.com/
- After this, tap on the login button.
- You will be asked to enter your username and your password.
- Next, click on the sign-in ribbon.
Customer Service Reviews & Complaints
According to A.M. Best, Colonial has little complaints from customers. This is simply because they have a smooth process in claiming benefits. As a result, they are rated as an excellent insurance company.
Although there is a complaint against their marketing tactics by a good number of customers. Stating that they target mostly the elderly. Added with the fact that they aren’t clear with their product offers.
That said, If you are signing for any product with Colonial It’s important you go through every single information about the product to really know what you are buying and its features.
Life Insurance Payments
You can pay for any Colonial Penn insurance policy through several means. The payment system is so flexible that you can pay with credit cards. Do Electronic Funds Transfers as well as through direct billing. All of this depends on the most convenient means of payment you would want to use.
Colonial Penn Life Insurance Co.
399 Market Street
Philadelphia, PA 19106
Colonial Penn Life insurance phone number
Mon – Fri: 8:30 a.m. – 10 p.m. ET
Sat: 9 a.m. – 5 p.m. ET