Colonial Penn Life Insurance $9.95 Plan
Colonial Penn Life Insurance Review
If you are looking for life insurance coverage, Colonial Penn is an excellent option. Colonial Penn has been in business for more than six decades. They sell policies in 49 states, Puerto Rico, and the Virgin Islands. This company sells life insurance policies for customers of all ages, ranging from 18 to 85 years of age. You can compare the various policies offered by Colonial Penn to find one that fits your needs and budget. Read on to discover the pros and cons of this company.
The Colonial Penn Life Insurance Company is a Philadelphia-based insurance company that specializes in affordable options for older Americans. They offer a $9.95 rate lock product, and Alex Trebek has spoken highly of the company. In this Colonial Penn review, we’ll walk you through their policy options, as well as the other products they offer. We’ll also cover what these policies can do for you, and whether they’re right for you.
First and foremost, you’ll find out exactly how affordable Colonial Penn is by reviewing the company’s rating with the Better Business Bureau. While Colonial Penn offers life insurance without a medical exam, they have received complaints for their claims processing and service. In addition, they’ve been accused of misleading advertising, with the company marketing policies that advertise coverage at $9.95 per month when the market’s average is ten times that price. However, you’ll find lower prices elsewhere.
Colonial Penn offers a 30 day “Try-It-On” period in which you can cancel the policy without paying a single cent and still receive your full refund. Customers may also take advantage of the 30-day trial period to cancel their policies without paying premiums. Though the 30-day period may not be ideal for every situation, you should consider it if you don’t need life insurance. If it’s a good deal, you’ll enjoy peace of mind and be happy with your new policy.
Depending on your needs, Colonial Penn can offer a guaranteed acceptance policy, a term life policy, or both. The premiums for these policies are set by law. The Colonial Penn underwriting department determines your rate based on your age, gender, health, and other factors. The company’s website also offers a verification discount for annual premium payments. Once you’ve determined what type of coverage you need, you can begin shopping around for the perfect policy.
The Colonial Penn life insurance company has two websites. The first site provides general information about their products and features Alex Trebek as a paid endorser. The second site offers links to featured products. The company offers term life insurance for individuals aged 18 to 75 and a universal life policy for people ages 40 to 75. Colonial Penn’s advertising focuses on its guaranteed acceptance life insurance product. An example commercial features “Jeopardy” host Alex Trebek.
When it comes to insurance underwriting, the company has a good reputation and an A.M. Best rating. However, if you’re looking for the best insurance policy for your needs, you should consider your personal circumstances and whether you’d prefer a different company. While the company’s financial strength rating may be an indicator of its reliability, it is not enough to choose an insurance company based on its A.M. Best rating. Instead, consider the type of insurance policy offered by Colonial Penn.
Colonial Penn has a solid financial strength rating, which puts it among the top five in the nation. While this doesn’t mean the company is without faults, it also means that you can expect a level of customer service that matches its ratings. In particular, AM Best rates Colonial Penn as “Excellent,” meaning the company has excellent financial strength and is likely to meet its ongoing obligations. To learn more about its underwriting capabilities, visit the company’s website. You can read basic policy details and access an extensive FAQ section for answers to common questions.
If you’re thinking about buying a life insurance policy from Colonial Penn, consider how much coverage is needed and whether you’ll be satisfied with the premiums. Most Colonial Penn products have small death benefits and are referred to as final expense insurance. The company’s sample premiums are based on a 50-year-old male. The premium ranges represent the difference between the minimum and maximum coverage offered. A policy with a lower maximum is likely to be sufficient for final expenses, but you’ll still want to ensure you have the proper coverage.
While the company’s underwriting is a little more conservative than other companies, it still demonstrates an excellent reputation and a good financial strength. In fact, A.M. Best has rated Colonial Penn Life Insurance Limited A-. Despite its modest financial health, the company’s ad campaigns have gotten the attention of many celebrities, including football legends Joe Theismann and NFL star Ed McMahon.
Smaller death benefit
Colonial Penn offers limited underwriting life insurance with a smaller death benefit. This policy is meant for people who are looking for quick life insurance coverage. You can generally get better coverage for less money by switching to another insurer. It does require a minimum premium. Depending on your age, gender, and location, you may be able to get as many as eight units. There is a deductible as well, but this is usually worth it if the policy is for a short period of time.
Consumer complaints about Colonial Penn Life Insurance vary. Some consumers are happy with the insurance company’s guaranteed acceptance coverage, while others are not. Customers tend to give Colonial Penn a high-quality rating for final services, but many are disappointed with the amount of coverage available. Colonial Penn does not appear on the J.D. Power’s 2020 U.S. Life Insurance Study. While it has an A rating with the Better Business Bureau, it has a high complaint ratio. Customers have said that the company is misleading in its advertising. The company advertises a $10,000 death benefit for $9.95 a month, but you can find a cheaper life insurance plan somewhere else.
However, Colonial Penn offers a permanent life insurance policy that builds cash value after the first year of coverage. It also has a no-medical exam requirement. Colonial Penn offers benefit amounts of up to $50,000. This is one of the highest death benefits among permanent life insurance policies. There are also a variety of other policies available, but Colonial Penn Life Insurance has a smaller death benefit. There are many benefits to Colonial Penn Life Insurance.
The premiums for Colonial Penn Life Insurance are higher than those of other life insurance companies. However, this company’s policy features simplified underwriting and a smaller death benefit. The company’s product line includes term and whole life insurance policies, renewable term life insurance, and guaranteed acceptance life insurance with optional living benefit rider. Unlike other life insurance companies, Colonial Penn Life Insurance does not require a medical exam and is a captive insurance company.
Poor customer service
Consumers have mixed reviews about Colonial Penn Life Insurance. Its coverage limits are high compared to most other insurers, and it does not require medical underwriting. However, consumers are often disappointed when they receive poor customer service or have to wait for their policy to be processed. There are three main reasons for this, including poor communication and limited customer service hours. To avoid dealing with this problem, read online reviews and talk to past policyholders to learn about their experiences with the company.
Although Colonial Penn Life Insurance holds an A rating with the Better Business Bureau, consumers have reported that their service is not the best. They’ve reported misinformation, and they’ve been left confused about the details of their coverage. They’ve also complained about aggressive sales tactics, which target elderly customers. Additionally, some customers reported receiving a lower payout than expected for their coverage. Despite the complaints, the company maintains a strong financial status, with a prestigious A rating from A.M. Best and a solid A rating from Fitch Group.
The company is a long-standing leader in the life insurance industry. Its products are offered in 49 states and the Virgin Islands. Its policies are designed to address the needs of the mature market. For example, Colonial Penn offers a guaranteed acceptance life insurance plan for people over 50 years old. It also offers life insurance policies for all ages, from 18 to 85 years old. But, unfortunately, the company has been a source of poor customer service in the past.
Colonial Penn does not offer any discounts for bundled plans or military veterans. Prices for their policies vary depending on age, state, health status, and other factors. Policies for younger and older buyers cost less. And, if you pay annually, you’ll get a 8.3% discount. Ultimately, this makes Colonial Penn a better value for money than other companies’ policies. If you’re considering getting a term policy from Colonial Penn, make sure you compare prices before making a decision.
See Instant Rates
We want to help you protect your loved ones with a life insurance policy that’s not only easy to get, but affordable as well. Our agents are happy to answer any questions you may have and make the process as simple as possible. We build you a personalized plan that you can afford.