Colonial Penn Life Insurance Review

Colonial Penn offers three basic life insurance products if you’re looking for inexpensive, guaranteed coverage for a limited period. You may pay using one of four different methods, which gives you some financial freedom.

The maximum whole or term life insurance coverage offered by this firm is $50,000, which is much less than the $50,000 offered by other companies that need medical tests.

Additionally, the firm is receiving more complaints than usual. If you’re not satisfied with Colonial Penn insurance after 30 days, you’ll receive a full refund of your money. However, as long as you search about and obtain the best deal, you may get the most bang for your dollars. For additional information, here’s a Colonial Penn Life Insurance Review.

Pros and Cons of Colonial Penn

Colonial Penn Life Insurance Review - Colonial Penn Life Insurance Logo

Pros

  • No medical examinations or assessments of health status are necessary.
  • Unchangeable premiums, as well as assured acceptance on whole-life insurance.
  • Monthly, quarterly, semi-annual, and yearly payments are all available.
  • Money-back guarantee of 30 days

Cons

  • A $50,000 coverage maximum, far less than the industry standard of $50,000 to $500,000.
  • Maine, New York, Vermont, and Montana all prohibit full or term life insurance, as well as term life in Vermont, due to their low use.
  • Numerous complaints have been lodged regarding coerced sales tactics and clients being unable to obtain a refund.

Colonial Penn life insurance rates

We were able to obtain 2021 rates for a $500,000, 20-year term life insurance policy for a healthy married couple by using Colonial Penn’s online quotation tool. Rates are generally competitive for plans of this size and length. With the exception of 35-year-old males, Colonial Penn consumers pay more than the national average.

  • Age 20. Male $13.96, Female $11.87
  • Age 25. Male $18.96, Female $14.12
  • Age 30. Male $23.96, Female $19.12
  • Age 35. Male $28.92, Female $24.12
  • Age 40. Male $35.21, Female $29.12
  • Age 45. Male $45.12, Female $35.21
  • Age 50. Male $56.46, Female $45.21
  • Age 55. Male $76.46, Female $56.46
  • Age 60. Male $99.79, Female $71.46
  • Age 65. Male $140.12, Female $98.83
  • Age 70. Male $191.53, Female $128.29

Factors that affect life insurance rates

When it comes to establishing your insurance premiums, you will not find detailed information regarding these characteristics on Colonial Penn’s website.

  • Conditional on health. The fatality rates of wheelchair users, hospitalized patients, and home health care recipients may have increased during the last three years.
  • This condition, if left untreated, can be lethal. Anyone over the age of five who has had surgery or diagnostic tests for a chronic ailment is eligible to apply.
  • For an extended duration. In the last three years, you’ve been diagnosed with a chronic illness such as diabetes, heart, lung, or liver disease, or cancer.
  • Utilization of depressants and/or intoxicants. Individuals who have used drugs or alcohol during the last three years are at a higher risk of being impacted.
  • Circulating blood pressure in the arteries and veins. Individuals whose blood pressure has recently exceeded 150/95 may be charged at a higher rate.

How to get a quote from Colonial Penn life insurance

To obtain an online estimate from Colonial Penn, call 877-877-8052 or follow the instructions below:

  1. Select your birthday and state from the drop-down boxes on the Colonial Penn website, then click Get Quote.
  2. To proceed with your application, you must get a quote, which may be picked from a selection of quotations.
  3. Required fields include your full name, postal address, and e-mail address. Kindly complete these to the best of your abilities. To obtain a quote, click the Request a quote button.
  4. You may add additional coverage to your insurance by selecting from a drop-down menu. Begin the application process by selecting the Apply Now button and providing your information.
  5. Clicking can provide answers to health-related questions. Again, enter the recipient’s information.
  6. After you have reviewed and electronically signed your papers, a licensed agent will contact you to complete the transaction.
  7. After acceptance, you may access your account to pay your premium, amend your contact information, or examine your policy.

Colonial Penn offers term and permanent life insurance

Colonial Penn’s term and whole life insurance plans offer limited benefits and do not need medical checkups.

  • There’s no risk of rejection. Thanks to a thorough plan, your health will never be a consideration in determining your ability to receive life insurance. Your premiums will never alter after you’ve purchased insurance.
  • Existence during a certain time period. Colonial Penn’s term life insurance policies renew every five years based on your age and can be renewed up to the age of 90. As you age, your insurance premiums will increase.
  • For the remainder of my years. This insurance provides lifetime coverage with cash-value accumulation, and your premiums are fixed at the time of purchase.

Does Colonial Penn offer burial insurance?

Yes. Colonial Penn’s guaranteed acceptance policy functions as a sort of burial insurance. As is traditional, this insurance is only available to seniors aged 50 to 85 and does not need a medical examination. The coverage, however, is restricted and comes with a large deductible.

Any premiums paid, including yearly compounded interest, will be fully refunded if you die naturally during the first two years, regardless of the cause of death. When this time period expires, the insurer will pay the total death benefit.

Colonial Penn only offers 2 policy add-ons

Colonial Penn is unique in that it offers only two types of riders, although most insurers offer additional coverage such as child or disability insurance. Coverage is affected by state, age, and gender.

  • Rider for increased death benefit. If you have a heart attack, a stroke, cancer, or any other chronic illness, you may be entitled for up to half of your life insurance policy’s face value.
  • Accidental death insurance rider. If you are killed in an accident, such as a car accident, this policy gives your dependents an extra death benefit.

Colonial Penn life has mixed reviews

Colonial Penn’s customer service has an A+ rating with the Better Business Bureau. The BBB received 116 complaints against life insurance businesses in the past three years, which is about typical. Customers rate the insurance an unsatisfactory 1.08 out of 5 stars after years of payments and denials for policy acceptance. Colonial Penn has a 3.2-star rating on TrustPilot, although there has been only one review.

Colonial Penn life stands out for no-exam policies, but at a cost

Colonial Penn’s specialties include term life insurance that renews every five years and whole life insurance with guaranteed approval. These options are not accessible in every location.

While Colonial Penn is the best option for no-exam insurance, other companies provide additional coverage and plan options. The costs of its programs vary significantly by age and health status.

For instance, a healthy 30-year-old guy will pay $17 per month for a $250,000, 20-year term insurance policy, which is typical in today’s market. Term life insurance from Colonial Penn is initially inexpensive, but as you age, the premiums increase to several hundred dollars, rendering the coverage insufficient.

Find more life insurance companies

Are you curious how Colonial Penn stacks up against the competition? Through our provider assessments, you may learn more about alternative insurance firms.

For another insurance review, visit our review of Colonial Life Insurance Review.

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