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 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 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.
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.