Seven Dirty Lies About Colonial Penn Burial Insurance?

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Colonial Penn Insurance provides a type of life insurance called burial insurance to consumers at affordable prices. The company focuses primarily on seniors and their loved ones. Colonial Penn’s whole life burial insurance plan is very popular among families as a way to cover final expenses when a loved passes away.  So in this article we explain the process for obtaining a Colonial Penn life insurance quote. You may also 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 are designed to 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 offereasyissueterm 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 will rise as you reach a new age band. If you have the vitality to live past 90 you may be deemed uninsurable due to a medical condition and lose your coverage since “guaranteed renewable” only applies until age 90. And as we earlier stated, your premium rates rise as you enter each new age bracket.

Permanent Whole Life

Colonial Penn offers burial insurance in the form of a permanent, whole life insurance policy that continues for a just as it says for your whole life. These types of policies are generally written to cover you up until the age of 121.  So unless you’ve got the vitality of Methuselah, the coverage will be in place once you pass away. 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.

Colonial Penn’s guaranteed acceptance insurance means you will not be turned down because of your health. Alex Tribek has been their chief spokesman promoting their no exam burial insurance program. This is a permanent, whole life insurance product with no health questions asked and no physical or medical exam to take. Your premium rate is somewhat steep, but its locked in for life.
Guaranteed issue whole life insurance is two-year graded death benefit insurance program. There are other limitations that you should know about. For example, if you die in the first two years the policy will only refund your premium plus interest. The full death benefit is paid only if death was due to an accident as defined in the policy. So you should read the fine print carefully before purchasing this type of policy. Failing to do so could leave your surviving loved ones without money to pay for funeral expenses.
So why even bother getting a quote from Colonial Penn if it has these serious limitations to the coverage?  In most cases consumers that buy from Colonial Penn have been declined by other insurance carriers in the past. They cannot purchase a standard burial insurance plan that provides full immediate death benefits due to their medical condition.  The problem is Colonial Penn knows this and charges extremely high rates for their funeral insurance plans.  Their customers are like someone with poor credit paying a shark for a high interest rate loan. They do so because they’ve been declined by the regular banks offering lower interest rates.
In this article we will offer some alternatives to consider. You may also check better rate options to consider as well.

What Does A Guaranteed Issue Whole Life Policy-Guarantee?

Don’t misunderstand, there is some real value to a guaranteed issue burial insurance policy.  For example, 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 should understand what the “Graded Death Benefit” clause means, if not you’ll end up buying the wrong policy. A Graded Death Benefit means Colonial Penn pays the full benefit 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 when purchasing this type of policy for burial insurance. Colonial Penn generally starts you at a low initial premium ie $1 per month, but they increase your rates as you age. The monthly premium (the cost you pay for your insurance) rises as you get older and reach certain age bands. This type of increasing premium is called renewable term and is often sold to unsuspecting seniors. 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 unique to Colonial Penn, several insurance carriers sell burial insurance policies where your premiums increase over time. Although there maybe some circumstances, rarely is this a good deal for the policyholder in the long run. Renewable term policies often cause the buyer to abandon the policy later in life because they simply cannot afford the increasing cost. A good rule of thumb to follow before buying any insurance is to see what you’ll 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.

When you are choosing which insurance plan is best for you, it can be a confusing process. We walk our customers through the myriad of factors involved in purchasing life insurance. Our licensed professionals help individuals like you obtain the right kind of coverage. We help you Insure the Future with what’s best for you–whole life or a term life.  Picking the wrong type of burial insurance could leave your family with debts that make the situation worse. Contact our licensed professional, we’ll walk you through the entire process and get the insurance protection your family deserves.
Colonial Penn may seem to be your best fit, but we have more attractive options available. To find out about other lower priced options available to you, speak with a  licensed agent by calling  866-936-3831. Gary W Blackmon is licensed in 25 states and helps consumers from California to New York find cheap burial insurance.
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