In-Depth Assessment of Colonial Penn Life Insurance

Shopping for the right life insurance policy can be stressful. There are just so many details to consider; how can one possibly make an educated choice about a company and policy, especially when they may know nothing about life insurance?

While there are several factors to keep in mind, having a simple checklist handy when comparing companies and policies can help to keep you focused on the task at hand.

Before You Begin

  • Decide what you want your life insurance policy to do for you. Whether it's to give you the ability to contribute to your childrens' education or pay for funeral expenses, knowing is half the battle.
  • Identifying who you would like to be covered under your life insurance policy is another thing to consider before starting your shopping. This will help to greatly reduce the time it takes to find the right policy for your needs.
  • Knowing how long you want coverage for is key. A good tip for estimating length of coverage is to look at your mortgage's amortization period, as this can often provide a feasible length of time for coverage.

Compare, Compare, Compare

Experts agree that the first thing anyone should do when looking for an insurance company or policy is to comparison shop, mainly where it comes to quotes. This is because rates can vary widely. As well, many factors, such as your age and policy chosen will affect how much you end up paying.

However, it's also important that you are comparing the same prices. What this means is, a standard policy from one company should be compared to the standard policy of another. Comparing apples to oranges will do you no good where premium payments are being considered.

Availability Matters

Ensuring that your broker will be available to answer your questions will be crucial if a change to your policy is needed or you have questions. A broker should be easily accessible, whether they provide you with an email address or telephone number. You may get more availability from a broker offering extended service hours or a toll-free number.

Discover Your Options

Can you renew your policy if it expires? Will you need a medical if this is the case? Both are important questions that your broker should be able to answer. In addition to these questions, it may also be a good idea to ask your broker whether or not your renewed premiums will be guaranteed to stay stable during your policy's second term.

Can You Convert?

Knowing whether or not you can convert your policy if your needs change may be important to you. If it is, then asking your broker about any age limits when you convert will be important. Most times, you will be able to convert your policy only until you reach the age of 60 or 65. As well, the more options you are given for converting, the better.

The ability to receive quality advice from an experienced broker is priceless. And so looking into their qualifications is just as important an inclusion on your checklist as the details associated with your policy.

Of the many life insurance providers available to you, Colonial Penn is one that has a long history, having been founded over fifty years ago. Their dedication to 'old-fashioned customer service' not only exists in their brick and mortar offices, but can also be found in their online component in the form of easily-understood policies and representatives who are available to answer questions over the phone.

Based in Philadelphia, Colonial Penn's specialty is guaranteed acceptance whole life insurance for those aged 50 or better. However, it does offer other insurance products.

Understanding the Benefits of Colonial Penn

The main types of plans offered by Colonial Penn Life Insurance are permanent, term and whole life policies. Many of these policies are geared toward customers of a specific age and offer unique benefits to each age group.

Permanent life insurance with this company allow for benefits to be paid up to $25,000. It also offers the following:

  • No medical exam required
  • No decrease in benefit for the life of coverage
  • No increase in rates, guaranteed
  • Coverage builds cash value after the initial year

The answers to just a few simple health questions are needed to qualify with Colonial Penn. The guarantee of no rate increase means that premium payments can be easily budgeted for. And the cash value that your coverage builds can benefit you when you need a financial boost.

The term life component provides the same amount of benefits, with guaranteed rates for the term you select, which is 5 or 20 years. You won't have to worry about decreasing benefits or medical exams with this policy type.

The Details: Guaranteed Acceptance Life Insurance

The Guaranteed Acceptance product is offered to those aged 50-85, without any requirements for physicals or the answering of medical questions. Rates are locked in with this option, and aging will not cause your benefits to decrease. Another benefit of the Guaranteed Acceptance product is that no one else can cancel your coverage as long as you pay your premiums.

Colonial Penn also offers a money-back guarantee. If you aren't satisfied, simply return your policy to them within 30 days, and you will receive a full refund of any premiums you paid.

The Details: Whole Life Insurance

Colonial Penn offers this policy option to those aged 45-75 in most states. This coverage can be used to generate needed cash for major life expenses, such as tuition, mortgage, final expenses and credit card bills. It can also be obtained in order to supplement existing coverage. Benefits are available in five amounts ranging from $5,000 to $25,000.

Other Products Offered By Colonial Penn

For those needing coverage that are between the ages of 18 and 75, the 5 Year Renewable Term Life Insurance product is available. Like the whole life, the renewable term life option offers five levels of benefits, from $5,000 to $25,000, and also with no medical exam needed to determine eligibility.

For ages 18-77, the 20 Year Term Life Insurance option is available, which also offers five levels of benefits and does not require any medical exam to qualify for coverage.

Will You Be Able to Take Advantage of Affordable Coverage With Colonial Penn?

Researching life insurance companies that can offer you services you value, and enable you to more quickly choose a plan that offers you the coverage you need (at an affordable rate) is our goal here.  We have asked and answered many of those frequently asked questions related to this process.

By providing an easy methodology to compare life insurance companies, you can more quickly get to the business of weighing your options, rather than starting from scratch.  We have done a lot of the initial legwork, which can save you time.

There are some states where Colonial Penn life insurance plans are not available. These include Vermont, Massachusetts, Washington, Maine and Montana.  It's always a good idea to check the life insurance companies in your state before getting too deeply involved in your research about specific benefits, policies and plans.

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