Colonial Penn Life Insurance $9.95 Per Month Review
Senior life insurance company was founded in the 1960s and is a subsidiary of Conseco Group, a Fortune 500 company. Colonial Penn Life Insurance and Conseco are committed to providing affordable life insurance and financial products to families and seniors.
However, Colonial Penn offers include: term life insurance for people up to 75 years of age; Five-year renewable term insurance up to age 75 with no medical exams denominations of $5,000, $10,000, $15,000, $20,000, and $25,000.
Colonial Penn Life Insurance
This company provides aggressive pricing for its final-expense merchandise, however in case you’re younger or healthy, you must in all probability evaluate quotes from different insurers. Colonial Penn’s time period and complete life insurance coverage merchandise do not require a medical examination and have a most dying good thing about $50,000, that means you may usually pay increased premiums and might’t purchase extra protection in a while in case your monetary wants change.
Colonial Penn life insurance coverage merchandise by sort
|Term Life Insurance coverage||Guaranteed Acceptance Program||Complete Life Insurance coverage|
|Month-to-month premium vary||$12.48 – $56.47|
$9.96 – $79.61
$29.64 – $133.23
|Modifications in premium?||Sure||No||No|
|Demise profit||$10,000 – $50,000||$400 – $17,000|| $17,000|
$10,000 – $50,000
Colonial Penn term life insurance coverage
Colonial Penn provides a one-year stage time period life insurance coverage coverage, that means you basically begina brand new time period annually. The time period life coverage additionally has a restricted dying profit, with a most worth of $50,000, which could be designated to both one or two beneficiaries.
Colonial Penn doesn’t provide time period life insurance coverage in Maine, Massachusetts, Montana, New York or Vermont. New insurance policies are solely out there till age 75.
Colonial Penn guaranteed acceptance program
Colonial Penn’s assured acceptance program is a complete life insurance coverage coverage with a restricted dying profit, and is usually marketed to seniors who wish to scale back their household’s monetary impression upon their dying. Because the assured acceptance protection is a type of complete life insurance coverage, it accumulates a money worth that may be borrowed towards at an 8% annual rate of interest.
Month-to-month premiums are instantly tied to the variety of models bought, and every unit prices $9.96 monthly. You should purchase as much as eight models, so the utmost month-to-month premium is $79.60.
A assured acceptance coverage can solely be bought between the ages of 50 and 85, and the coverage’s dying profit is restricted for the primary two years of protection. When you die in the course of the first two years, except as a result of an accident, your beneficiaries would obtain a smaller payout.
Colonial Penn whole life insurance coverage
When you’re prepared to reply well being questions on your self or have not but reached 50, Colonial Penn provides conventional complete life insurance coverage as a substitute for the assured acceptance program. Colonial Penn’s complete life coverage allows you to select the actual dying profit you need, that means premiums fluctuate based mostly in your threat profile.
Colonial Penn doesn’t provide complete life insurance coverage in Maine, New York or Vermont, and insurance policies can solely be bought between the ages of 40 and 75.
Colonial Penn customer reviews and complaints
Colonial Penn has a Monetary Energy Ranking of A or Glorious, which implies it has loads of sources available to pay claims. Shoppers additionally have a tendency to provide optimistic suggestions relating to Colonial Penn’s fast and easy claims course of. Nevertheless, Colonial Penn receives a major variety of complaints about its aggressive gross sales ways focusing on the aged.
Colonial Penn Life Insurance $9.95 Per Month
Life insurance policies with a term of 20 years will secure premiums without a physical exam for those aged 25 to 75 years old age. And accelerated death benefits available in the event of an incurable disease.
Colonial Penn was one of the first life insurance companies to offer for seniors. Now Colonial Penn life insurance $9.95 per month with guaranteed acceptance plans. Life insurance with low amounts. It has high premiums and no medical examination.
Cheap life insurance marketing is primarily aimed at seniors. Lot of people with health problems that make them uninsurable to most other insurance companies. And people with families for protection who add life insurance to their budget relatively late.
Affordable Life Insurance $9.95 Per Month
Colonial Penn uses famous older celebrities such as Ed McMahon and Fox channel who advertise. Its products in highly produced, almost absurdly dramatized television and radio commercials.
It was investigated and sued for collecting unusually high premiums that were allegedly not risk-justified. Its not fully disclosed at the point of sale. The company does not receive the highest ratings from independent rating agencies for insurance and financial institutions.
Standard and Poor’s only give them BB +, and A.M. It’s best to just give them a B ++. Fitch gives them a BBB and Moody’s a Ba1; Both ratings are roughly the same as Best.
Term Life Insurance 20 Years
For example, Colonial Penn’s guaranteed 20 year life insurance for a standard 38 year old man costs “only” $9.95 per month in premiums.
What is wrong with that?
What is wrong is that there are many other $9.95 per month life insurance companies here. It would give the same policy to the same man. It except that he would have $500,000 in death benefit. The difference would be that these other life insurance companies don’t have guaranteed acceptance guidelines. They would require a medical examination.
Guaranteed life insurance is usually a bad idea at first time. It only someone in such poor health that there is no other way they can get life insurance should consider one.
But Colonial Penn is pushing this policy as the biggest thing since slicing. It markets it primarily to seniors, people between the ages of 50 and 75. With celebrities, to strengthen their pitch, they play with older people’s fears of not being insurable.
They also play with the sad fact that most non-financial seniors are very ignorant of complete financial pictures. Even if they own stocks and bonds. These people may believe that all they need for life insurance is a “funeral policy” to fund their funeral.
Guaranteed Acceptance Life Insurance
Life insurance is not just about being buried. If you are buying a burial insurance policy for this purpose. You’d better make sure you have enough real money to cover it.
And even if seniors have to pay higher premiums when buying new Colonial Penn life insurance $9.95 per month. They save no money at all with a guaranteed acceptance insurance – they throw it away.
However, the most seniors are insurable, only to have to pay higher premiums for the same death benefit than younger people of the same sex. However, these rates are still much lower than the guaranteed acceptance guidelines. “
Best Colonial Penn agents may very well believe that they are providing good service to people in need. But when they do, they have been had by their own company and those expensive celebrity commercials. Few people would really benefit from these products.
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