Colonial Penn Insurance is extending life insurance coverage to consumers at affordable prices. The company focuses their efforts primarily on seniors and their loved ones. The company is so popular, many search the web by mistakenly typing colonialpenn com whole life insurance to locate them. In this article we explain the process for obtaining a Colonial Penn life insurance quote. Compare other insurance carrier rates by clicking on “View Your Quotes” button above.
Colonial Penn Life Products and Markets
Colonial Penn sells life insurance products for ages 18-85, and all their products help ease financial burdens at a stressful time. Their most popular plan is the Guaranteed Acceptance Life Insurance, available for ages 50 and over. Plus, they offer “easy–issue” term life insurance and permanent, whole life insurance. You can buy term and whole life valued up to $50,000 – without a medical exam, just complete a few health questions. Their rates can be found at my colonial penn com, mycolonialpenn or mycolonialpenn com
Renewable Term Life
Level term life insurance guaranteed renewable up to age 90. Your rate is the same until you reach a new age band. Rates rise as you enter a new age bracket.
Permanent Whole Life
Colonial Penn is offering permanent, whole life insurance that continues for a lifetime. Once insured, your premium rate will not increase for the life of the policy.
Guaranteed Acceptance Life Insurance
Acceptance Guaranteed, No medical exam, no health questions.
What Does A Guaranteed Issue Whole Life Policy-Guarantee?
The death benefit is guaranteed, therefore it will not lower over the life of the policy. Your premium is guaranteed and will not increase as long as you make premium payments on time. In other words, your premium is fixed for the life of the policy.
It is important to know what kind of policy you are buying if Colonial Penn is your choice. You must fully grasp what the “Graded Death Benefit” clause means because you’ll end up buying the wrong policy. Colonial Penn is paying the full benefit on their guaranteed issue product only after the first two years of the policy.
Can I Get a Colonial Penn Quote for Term Life Insurance Coverage?
Absolutely yes, however you should be very careful. The Colonial Penn term life insurance products have a initial premium to start, however that increases as you age. The premium (the cost you pay for your insurance) rises as you get older. This is a renewable term insurance policy and is often sold to many unsuspecting seniors and their families. The problem—it becomes too expensive and unaffordable in later years after you’ve already paid in thousands of dollars for coverage.
This is hardly a unique feature only offered by Colonial Penn, several insurance companies provide policies that have premiums that increase over time. Although there maybe some circumstances, rarely is this a good deal for the policyholder in the long run. A good rule of thumb to follow before buying any insurance is to see what will you be paying in 10, 15 or even 20 years down the road. An independent licensed professional will help you determine all the factors to consider before making your purchase.
Your Insurance Company Should Have a Stellar Record of Paying Claims
It is very important when looking at life insurance companies; you research the financial strength of the company as well. A.M. Best rates the insurance carriers on financial strength. Finding out the financial rating of every company that you plan on purchasing a policy from is crucial. The financial rating of a company shows the solvency and their ability to pay claims. Make sure that the company you choose has a solid history of paying death benefits to families like yours.