Shopping for life insurance can be a daunting task. There are so many companies to choose from and it can be hard to determine which one is right for you. That’s why we’re here to help! We’ve done the research and come up with this comprehensive review of Colonial Penn Life Insurance.
From the company’s history, features, and customer reviews, we provide an in-depth look at what this company has to offer. Read on to find out if Colonial Penn Life Insurance is a good fit for your needs.
What is Colonial Penn Life Insurance?
Colonial Penn Life Insurance Company is a life insurance company located in the United States. The company was founded in 1968 and offers life insurance, annuities, and long-term care insurance products. Colonial Penn is a subsidiary of CNO Financial Group.
The company markets its life insurance products through television infomercials featuring Alex Trebek as the spokesperson. Colonial Penn offers whole life insurance policies with face values ranging from $9,000 to $25,000 for people between the ages of 50 and 85. The policies do not require a medical exam, but applicants must answer questions about their health history.
Policies are issued by Colonial Penn Life Insurance Company and underwritten by Bankers Conseco Life Insurance Company, both subsidiaries of CNO Financial Group.
How Does Colonial Penn Life Insurance Work?
Colonial Penn life insurance works by providing coverage to policyholders who are age 50-85. The company offers whole life insurance policies with face values ranging from $5,000 to $25,000. Coverage is provided for a set period of time, typically 20 years. At the end of the coverage period, policyholders can either renew their policies or cash them out for the death benefit.
Whole life insurance policies from Colonial Penn are designed to provide financial security for policyholders and their loved ones. The death benefit can be used to cover final expenses, pay off debts, or provide income replacement. Whole life insurance policies also have a cash value component that builds over time. Policyholders can borrow against the cash value of their policies if they need extra funds for major expenses like home repairs or medical bills.
The Pros and Cons of Colonial Penn Life Insurance
There are a few pros and cons to Colonial Penn Life Insurance that potential customers should be aware of. On the plus side, the company has been around for over 200 years and is one of the most established life insurance providers in the country. They offer a variety of policy options and riders that can be tailored to fit most any budget or coverage need. Another pro is that they have an A.M. Best rating of “A-”, which is considered Excellent.
On the downside, some customers have complained about high pressure sales tactics used by some agents, as well as confusing and often complicated policy terms. In addition, while they do have a wide range of product offerings, some may find their pricing to be on the high side compared to other companies. Overall, however, most customers seem happy with their experience with Colonial Penn Life Insurance.
How Much Does Colonial Penn Life Insurance Cost?
The cost of a Colonial Penn life insurance policy depends on a number of factors, including your age, health, and the amount of coverage you need. However, you can get an idea of how much a policy might cost by getting a quote from the company.
A healthy 40-year-old who wants $500,000 in coverage can expect to pay about $50 per month for a term life policy from Colonial Penn. That same policy for a 60-year-old would cost about $200 per month.
Of course, these are just estimates, and your actual premium will depend on your individual circumstances. However, Colonial Penn is generally considered to be one of the more affordable life insurance companies out there.
Are There Any Alternatives to Colonial Penn Life Insurance?
Colonial Penn Life Insurance offers many different types of life insurance policies, but there are some alternatives to their products that you may want to consider. Some other companies offer similar products to Colonial Penn, such as whole life insurance or term life insurance. You can also get life insurance through your employer or a professional association.
In conclusion, Colonial Penn Life Insurance reviews are overwhelmingly positive and speak to their commitment to customer satisfaction. They offer a wide range of life insurance products that accommodate different needs and budgets, making them a great choice for anyone looking for the right life insurance policy. If you’re in the market for life insurance coverage, make sure you take advantage of all that Colonial Penn has to offer.