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Colonial Penn Life Insurance Review Most are often led to think that assured life insurance or no exam are the only two avenues for obtaining life insurance. This is how firms like Colonial Penn, who spend millions on marketing annually dominate this sector. Colonial Penn Life Insurance Details When Colonial Penn’s plans are examined, it is obvious its schemes are meant for aging customers who won’t go through the details. Although these options are decent enough, there are better alternative companies out there, with better benefits compared to Colonial Penn plans. Is Colonial Penn Taking Advantage of Elderly Citizens? Colonial Penn offers guaranteed life insurance plans, which do not require medical exams, have low face amounts and cost high premiums. It is targeted at previously uninsured elderly people. Using famous celebrities, it sells its schemes to a vulnerable group, without mentioning coverage inadequacies and absurdly high premiums. Disgruntled Customers and Company Lawsuits For lack of transparency, the company has faced several lawsuits regarding its high premiums. People have often had problems collecting owed benefits, with the benefits lower than initially promised. Those considering Colonial Penn’s services should carefully examine all contract details and its credibility before making a decision. No Exam Policy Alternatives You may try the following companies if you feel hesitant about engaging Colonial Penn’s services. ● ● ●

Haven Life - Life insurance policies available without medical exams. Fidelity - A prominent market leader in the life insurance sector. AIG Direct - The company has a solid reputation and is ranked at the top globally.


Premium Pricing at Colonial Penn Insurance premiums are on a per-unit basis, with each costing $9.95 depending on various factors. A unit’s value is between $500-$2500, an incredibly low figure. For instance, a Texas-based male aged 38, has to pay around $9.95 monthly for 20 years to obtain a policy valued at $5000. For $25000, he has to pay a lot more. For the same amount, other companies would provide him over $500000 in coverage, a staggering upgrade over Colonial Penn’s paltry amount. Benefits are Limited for First 2 Years Colonial Penn does not pay out benefits if the policyholder passes away before 24 months have elapsed since the policy was signed. Many have been wronged due to this clause. While it isn’t a problem for everyone, it is vital that you know of this clause. These terms are usually rare for a conventional life insurance policy. Obtaining Assured Life Insurance Policies are Not Ideal These schemes are terrible unless you have no other choice due to a severe health crisis. But Colonial Penn pushes these schemes as ideal and proclaim insurance as only about covering funeral costs. However, it is more than that, since people can receive over $500000 from non-assured life insurance policies. Life insurance ought to be about enabling financial security for loved ones. However, most people fail to receive benefits from policies by Colonial Penn. There are tons of other better options for people belonging to all ages and classes, provided by several companies with the proper coverage you seek. Rate Lock At Colonial Penn Colonial Penn does have advantages though. Their lock-in rates enable premiums to remain the same throughout the term, which isn’t offered by most other companies. While the rates can be expensive, they’ll never change. However, it isn’t necessarily a good thing. Benefits or payouts will also never decrease when policies are from Colonial Penn. Some lower death benefit and coverage amounts as maximum age approaches but not Colonial Penn. However, you can discover several companies offering the same benefit as well.


It is important to note they have faced lawsuits for non-payments, so you may not actually receive these amounts. How Much Coverage Do You Require? Most people buy way too much insurance and overpay for their coverage. If you are purchasing for final needs-related policies, purchase only what’s required. Budget your funeral costs and save up on premiums. Take a good, hard look at the expense bills, save them up and hand it over to your family. This will eliminate the need for obtaining excess protection. Alternatives to Colonial Penn We don’t back Colonial Penn policies, which is why we recommend you check out other companies. We recommend the following: ● ● ●

Banner Life - If you’re looking for customer service and flexibility. AIG Direct - If you’re looking for a solid company reputation Haven Life - If you’re looking for swift coverage.

We hope you’ve found an answer to your question!

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Colonial Penn Life Insurance Review  

https://nodlb.com/review-of-colonial-penn-life-insurance-not-great/ This is a description of the pro's and con's of the Colonial Penn Li...

Colonial Penn Life Insurance Review  

https://nodlb.com/review-of-colonial-penn-life-insurance-not-great/ This is a description of the pro's and con's of the Colonial Penn Li...

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