These types of life insurance policies offer riders as well, and often times are more customizable than term life insurance policies.Ĭolonial Penn’s whole life insurance product does have medical questions, but there is no exam. This is more expensive than term, but some policies offer some interesting features such as cash value appreciation and investment options. Whole life insurance insures you for your whole life. Almost anyone on the open market can beat their pricing and guarantees. I don’t even know why they even have this product on the shelf. Without a doubt, you can find similar coverage that remains level for the rest of your life for around the same price as Colonial Penn’s term life insurance offering. Their term life insurance policy increases in price every 5 years and expires at age 90. Riders can be added to policies that allow for additional coverage and flexibility. Often times, they can be renewed at the end of their term or converted into a whole life policy. Generally, these policies are the least expensive type of life insurance. Usually, this is between 10 and 30 years and comes in 5-year increments such as 10, 15, 20, 25, 30 years. Term life insurance is life insurance coverage for a specific period of time. If you are looking for final expense life insurance, compare Colonial Penn alongside other top life insurance carriers like Globe Life Insurance before deciding on a policy. You can almost always find a better policy. Even with significant health complications like COPD or Multiple Sclerosis.Įven if you’re in poor health and need a guaranteed issue policy, there is likely a better burial insurance option for you than Colonial Penn. We’ve replaced Colonial Penn life insurance policies consistently with better priced coverage and day 1 benefits (no 2 waiting period like Colonial Penn has). We find that most people don’t need a guaranteed issue life insurance policy. With that said, there is a 2 year waiting period for benefits to be paid out. Now, Colonial Penn’s guaranteed policy is the most expensive type of life insurance policy, because they have the highest risk to insurers. This is one of the biggest selling points.īy far, this is Colonial Penn’s number one selling product. So no matter your pre-existing conditions, health record, age, or anything else, you can apply and be approved for it. Colonial Penn Guaranteed Acceptance Life InsuranceĬolonial Penn offers guaranteed acceptance life insurance policies, which function as their “burial insurance” policy because it has no medical underwriting and is, as the name suggests, guaranteed. Below we will explain what they are, and help you decide if it’s the right type of insurance for you. Types of Policies Offered by Colonial PennĬolonial Penn offers 3 different kinds of life insurance. You can see that they do have good financial ratings, which ensure your policy is likely to get paid out.īut how does Colonial Penn compare to other top life insurance companies in terms of policies and rates? Colonial Penn’s Financial Ratingsįirst things first, let’s look at how reputable the company is, and how safe your money is.Ĭolonial Penn has received strong financial ratings from the following agencies: Company The company was among one of the first to design life insurance products for older individuals and they became one of the first to offer their guaranteed acceptance plan for those 50 years or older back in 1968. The company uses a combination of call centers, websites, mail, and television to reach people and share with them life insurance options. They have an easy application process & trusted name, but Colonial Penn policies are usually more expensive than other carriers.Ĭolonial Penn has offered life insurance policies for over 60 years. They offer guaranteed acceptance, term, & whole life insurance, usually targeting seniors. Let’s Get To The Root Of It! Here are the key takeaways…Ĭolonial Penn Life Insurance has an “A-” (excellent) rating with A.M.
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