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.
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 $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.
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.
- Colonial Penn Life Insurance $9.95 Per Month Review. Get free compare quotes with cheap rates.