قالب وردپرس درنا توس
Home / Insurance / Colonial Penn Life Insurance Review

Colonial Penn Life Insurance Review

  colonial penn logo

News 2021 for Colonial Penn Life Insurance

How has Covid-19 affected Colonial Penn Life Insurance

The company responded to this challenging time by changing workers to distant positions while maintaining normal business operations for customers. Colonial Penn provided extended time periods for customers who have difficulty paying monthly premiums.

New Products or Changes

Colonial recently introduced a new insurance called Living Insurance . This gives a payout of 50% before death to pay for serious illness.

Colonial Penn Life Insurance in the News

The company filed a Florida lawsuit in April 2021

. Allegations relate to several phone calls from brokers or independent agents. The complainant, Nancy Lang, reported, "I have not requested any information from any insurance company in over a decade."

2021 Latest Colonial Penn Life Insurance Reviews

Frank from Nevada rated Colonial Penn as 1 out of 5 in February 2021 because his elderly parents paid over $ 40,000 in premiums for insurance that only pays out $ 21,000 in death benefits. He expressed concern that the company had misled its parents.

A February 2021 Better Business Bureau complaint reported that a customer was affected by a lapse policy due to a debit card expiration. The company admitted that they were wrong but still asked the customer to redo the medical examination and paperwork so that the policy could start again.

ValuePenguin updated its Colonial Penn Review in April 2021 and reports that customers can easily apply online for all life insurance products.

If you are reading reviews because you are looking for the right insurance, you may be wondering why anyone would use Colonial Penn Life Insurance.

Tell thousands of Colonial Penn insurance customers who have saved time and money with this purchase.

Sure, their prices are higher than average …

… but the amount you pay for your life insurance is not the only factor you need to consider when buying insurance.

Confused? Let me explain below.

Quick guide / Contents:

  Colonial pen logo Colonial pen background

I know nothing about insurance companies .. can you tell me a little about Colonial Penn Life Insurance?

Sure can, let's go!

Colonial Penn Life Insurance Reviews is a dime a dozen, but we're really digging deep.

Here's a little background on Colonial Penn Life Insurance. After all, it's good to get as much information about a company as you can when considering them for your insurance needs.

Colonial Penn & # 39 ;s HQ is in Philadelphia and they were founded in 1968. [19659032] They specialize in covering people between the ages of 50 and 85 and / or people with serious medical conditions. In other words, they are very accepting of high-risk applicants who may otherwise have difficulty finding reasonable life insurance.

Colonial Penn Life Insurance Products

Hmmm, can you tell me a little more about their offer?

Colonial Penn Life has three life insurance products …

… and they are relatively standard – not that there is anything wrong with that. Let's check them out now:

Guaranteed acceptance Life insurance

  • Guaranteed coverage
  • Locked in benefit
  • Locked in premiums
  • Choose between paying premiums monthly, quarterly, semi-annually or annually [19659049] Life insurance ( 19659045] Available for people between 18-75 years
  • Cheap premiums, temporary coverage (ie 10, 20, 30 years)

Permanent life insurance

  • Available for people 40-75 (paid until 121 years of age) [19659045] Cash value build-up component
  • Permanent cover, but more expensive premiums

*** IMPORTANT !! We'll be exploring why it's so important a little later … if you can not already guess, it's 1965

The Pros [19659029] Chris – it sounds like this is an interesting company – but why should I consider them ? They have a u nikt offer.

Let's take a look …

Good! Now that you know more about Colonial Penn, let's explore their life insurance offering a little deeper.

YES, there are some VERY good reasons for you to consider purchasing Colonial Penn Life Insurance . Let's take a gander now:

Quick benefits:

  • They are lenient when it comes to their life insurance policies and even have guaranteed acceptance policies
  • No medical examination required
  • You can get protection quickly
  • Getting a quote is fast and convenient

Colonial welcomes high risk and older policyholders

Let's get started with some of the good stuff. First of all, Colonial Penn Insurance will cover almost anyone .

This means that if you have been denied coverage because you are considered a high risk applicant Colonial Penn Life Insurance will welcome you with open arms.

One of the disadvantages of this agility is that their policies are more expensive than the majority of their competitors.

But guess what? High-risk applicants still pay through the ceiling for their life insurance – even with the cheaper companies.

This is because most life insurance companies require medical examinations, so they will end up taking into account your health issues in the cost of your premiums .

Check out Colonial Penn even if you have been rejected!

Colonial Penn Insurance is a great choice for people with medical problems who want to cover at least some of the final expenses of their family. Did you know that a funeral can cost more than $ 10,000? Yes, that number was also shocking to me!

To make matters worse, only one in six funeral homes puts complete price lists online, making it difficult to compare costs, a new study by the Funeral Consumers Alliance and the Consumer Federation of America of 26 American cities found.
Without the opportunity to shop online, you can spend much more than you planned on a funeral or cremation, consumer groups warn.
"American families often face grief from the organizing office with sticker shock," the report states. "Many grieving people hate to question the price tag, even though they may regret it later." Why this group wants you to know the cost of burying your loved one – AZCentral

Perhaps more importantly, it is very unlikely that you will be denied coverage .

Many people with health problems, especially those who are not expected to live a long life, find it difficult to be accepted by most life insurance companies.

This means that families have to pay for final costs and more out of their own pockets .

19659026] The exciting news is that Colonial Penn Insurance will not hang you or your family to dry, regardless of your health condition.

No medical examination needed

It is very unusual for me to recommend no-exam life insurance. Why?

Because it is expensive and 9 times out of 10, you get a better deal if you choose a futures policy that requires medical checkup.

The simple fact is, life insurance companies do not take additional risks without costing their customers. This means that your premiums will be COST.

That being said, there are people who would be turned down for traditional sight policy because they are VERY high risk and insurers would not recommend the company to go that route.

If you fall into that category, Colonial Penn Life Insurance may well be the right insurer for you.

The truth is, if you & # 39; you are sick, even if you could find a company to insure, you would be rated and pay your nose anyway. So Colonial Penn Insurance seems to be a lot less hassle.

In a nutshell, medical examinations are slow. the whole process because they have to be scheduled and the results analyzed.

Because Colonial Penn Life Insurance omits the medical examination for all their insurances, you will be accepted almost immediately . For this reason, Colonial Penn can help you when most insurance companies can & # 39; t.


Colonial Penn's mild approval and no medical examinations are also [19659037] PERFECT for people who need quick coverage. In fact, even their policies and lifespan do not require a medical examination, which is extremely rare.

What are the benefits of this?

Well, if you have to take a medical examination, then it will take longer for your application to be reviewed and accepted. For people with serious medical conditions, this is not an option .

In addition to this, your prices will not be higher due to medical conditions, because you do not have to disclose your health problems.

Get Quick Quotes

Nothing is without challenges. Are instant quotes EVER as simple as they sound?

When you look at the Colonial Penn Insurance website, you see that immediately announces a quote for your life insurance premiums.

Skeptical? [19659032] Yes, so was I. Therefore, I started plug-in information to see how fast it really would be.

The first step is to choose which life insurance product you want to buy:

I chose a period life insurance, for …

… yes, let's save that debate for another time!

Anyway, the next thing you need to do is connect your date of birth, state, gender and email. I attended a random birthday party to see what the prices of life insurance would be for a 38-year-old man from Massachusetts.

Remember that your age, gender and condition have an impact on the price. of your premiums. So for a 38-year-old man from Massachusetts, I got these rough estimates:

Well, I have to leave it to Colonial Penn Life Insurance – their quote is pretty immediate . No hassle no mouse!

The Disadvantages

Wow! Colonial Penn Life Insurance looks pretty promising – so are there any downsides?

YES Absolutely, because Colonial Penn Insurance has a unique offering, it's not for everyone . Let's check out some details that may make you slow down …

Rates …

At the end of the day, most people who come to my site are looking for information on how much their life insurance will be cost them.

Yes, of course, the other details I provide are appreciated and help them navigate through the system.

… but saving tips and advice for finding the best and CHEAPEST policy is one of the most important parts of any review.

So, how does Colonial Penn gather life insurance next to its competitors?

If you are new to life insurance, the figures I published above may look like a bargain …

… but that's exactly why the main rule in life insurance is to shop for companies before deciding for an insurance .

As with all types of insurance, it pays to shop around to make sure you get the best deal, whether you are buying insurance for the first time or already have coverage. 19659032] However, the small pressure varies between insurers, so make sure you know exactly what you are signing up for. Five Ways to Get Cheaper Life Insurance, BT

As I mentioned above – Colonial Penn Life Insurance is EXPENSIVE

Yes, these rates are actually significantly higher than most life insurance policies [19659043]. But there is a solid reason for this.

Colonial Penn is set with high-risk applicants in mind. This means that the insurer takes greater risk with its applicants and they transfer the risk to you through increased premiums.

If you are healthy, I would not recommend a carrier like Colonial Penn. But if you are considered high risk and would be rated after a health check, this is a pretty good deal.

So let's check out some rates for different periods of your life now:

Term Life Insurance Quotes Colonial Penn Life Insurance

Age $ 20,000 $ 30,000 $ 40,000 $ 50,000
38 year old male $ 14.98 $ 21.72 28.47 $ $ 35.21 [19659] Old male $ 23.48 [19659148] $ 34.47 $ 45.46 $ 56.46
58 year old male $ 40.82 $ 60.47 $ 80.13 $ 99.79 [1965916]] $ 77.51 $ 115.52 $ 153.53 $ 191.53

* Life insurance rates based on a male, non-smoker *

So the next step is to compare them with one of our traditional insurance companies like Transamerica Life Insurance …

Wait a minute – I have high blood pressure. What will it do with this quote? I'm worried about the medical examination …

Good news! Blood pressure, if well controlled, is not a life insurance company that makes it difficult for you.

But let's say for the sake of argument that you only qualify for a standard rating with Transamerica ……

Term Life Insurance Quote Transamerica Life Insurance

Age $ 25,000 $ 50,000 $ 75,000 $ 100,000
38 year old male $ 10.23 $ 15.31 $ 20.38 20.55 $
48 $ 14.96 $ 24.77 $ 34.57 $ 35.43
58 year old male $ 29.33 $ 53.49 $ 77 , 66 $ 78.78
6859 NA NA $ 229.28

As you can see, Transamerica Colonial Penn Insurance beats EVERY TIME. * Life insurance courses based on a male, non-smoker in standard health *

Plus look at the coverage!

I will go into this more below. It's easy to see why I direct almost all my clients towards traditional degree life insurance.

… and check prices in your later years, Transamerica does not even offer the super low coverage figures. You need to look at a company like American General Life Insurance.

This leads us to Colonial Penn Life Insurance values:

Incredibly low face values ​​

Unfortunately it gets worse

The maximum coverage for Colonial Penn Term and Whole Life Insurance is $ 50,000, which is absurdly low. For the record, it is not uncommon for people to take out life insurance policies that are much higher than $ 500,000!

Basically, this means that the insurance is really only useful to cover final costs and other last minute costs.

In most cases, $ 50,000 is not enough to continue supporting your family after you have passed away. Therefore, if you have any debts, such as a mortgage or relatives, such as children, Colonial Penn's policy will not not cut it.

Financial Rating: Yikes

What if my beneficiaries want to make a claim? Is Colonial Penn Life Insurance In The Game For A Long Time?

Well … this is another area of ​​potential weakness if you ask me …

The financial rating of an insurance company is a great indicator of its stability.

Why is this important?

Well, if you invest a significant amount of money in the insurer to protect your family, it is important that the company is financially sound … especially when it comes to life insurance.

Rating agencies such as AM Bäst specialized in calculating the financial strength of insurance companies.

Let's take a look at how Colonial Penn Life Insurance does in this category:

  • M. Best – B ++
  • S&P – BBB
  • Fitch – BBB

Although these ratings indicate that the company is relatively safe … let's be honest. Compared to most of their competitors, these ratings are some of the worst we have seen.

Ideally, you would like to see at least an A rating to be absolutely sure that an insurance company can meet its ongoing obligations.

They are half a degree from being mediocre – it does not exactly contribute to your peace of mind as a policyholder.


It is clear that Colonial Penn Life Insurance specializes in covering applicants who are considered high risk . On the one hand, it is good for the elderly or people with medical conditions because they will be able to get some form of coverage from Colonial Penn.

On the other hand, this means that prices are more expensive and the available coverage is quite limited.

Therefore, if you do not really struggle to find a life insurance company that covers you, you will better go with another company .

It's just the cold, hard facts.

So what do I honestly think of Colonial Penn?

Well, I think it's a great option for a very small number of customers: [19659249] Colonial Penn is a good choice for people who are considered very high risk applicants

  • If you need to cover you fast Colonial Penn will not disappoint you
  • Their bidding process is one of the easiest out there
  • … but a bad option when it comes to: [19659249] People with decent health , Colonial Penn Is Not Worth The Cost

  • Colonial Penn's Financial Strength – It Is Doubtful
  • Face Value – The $ 50,000 ceiling is not enough for most people / families
  • While Colonial Penn Insurance is costly and can be economical shaky ground, there is a time and a place where I can recommend them!

    For the average applicant, no way, but for those with poor health, Colonial Penn is a respectable company that will give you at least some protection – no questions asked.

    Call us today

    What I suggest is that you call one of our independent life insurance agents today! Especially if you are looking for Colonial Penn Life Insurance Reviews.

    There is no obligation to proceed with us, but we may review your options with you.

    To be honest, if you are considering Colonial Penn Life Insurance you really need to talk to someone who knows the ins and outs of the best life insurance companies guidelines.

    In my experience, people overestimate their medical conditions because they are worried that they will be completely rejected.

    At Huntley Wealth, we specialize in high-risk life insurance.

    You would be VERY surprised to find out how many hopeless cases we have solved through creative thinking.

    If you have high blood pressure, high cholesterol, diabetes or a previous history of cancer, we can help.

    ASSUME not only Colonial Penn is the only insurance company that insures you.

    In my humble opinion, the True Superheroes in life are the people who protect those they love with adequate coverage. Do not leave your family to the bill.

    A little planning can save them from economic ruin.

    Call us at Huntley Wealth today! 888-603-2876

    * While doing our utmost to keep our website up to date, please be aware that "current" information on this site, such as quotation estimates or relevant company information, may only be accurate from and with the last edit date. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Please contact your own legal or tax advisor.

    Source link