Colonial Penn's Guaranteed Life Insurance: Is It Worth It?

Colonial Penn's guaranteed acceptance whole life insurance is a type of permanent life insurance policy that lasts an entire lifetime. The plan is popular because applicants are not required to be in perfect health to get coverage, and they do not need to undergo a physical examination or answer health questions. Acceptance is guaranteed regardless of pre-existing conditions. The plan offers coverage options starting at $9.95 a month for those aged 50-85 in most states. However, Colonial Penn has an extremely high level of complaints about its life insurance, with delays in paying claims and poor policyholder service.

No medical exam or health questions

Colonial Penn's guaranteed acceptance whole life insurance is a type of insurance that does not require a medical exam or health questions. This means that applicants are issued a policy regardless of their health, and their acceptance is guaranteed. This is especially useful for individuals with pre-existing conditions that would otherwise prevent them from being approved for traditional life insurance policies.

The guaranteed acceptance life insurance plan has a two-year limited benefit period. This means that if the insured person passes away within the first two years of the policy and their death is non-accidental, the beneficiaries will receive the premiums paid plus 7% compounded annual interest. If the insured person dies from accidental causes during the first two years, the full face amount of the policy will be paid. After the first two years, the full face amount will be paid out regardless of the cause of death.

The guaranteed acceptance life insurance plan has locked-in premium rates that start at $9.95 a month and are offered in units. The number of units purchased corresponds to the life insurance benefit amount. Coverage amounts are based on age, gender, and state of residence. The price per unit is a fixed amount, and multiple units can be purchased to build a larger death benefit.

Colonial Penn's guaranteed acceptance whole life insurance plan also offers flexible payment options, allowing customers to pay premiums monthly, quarterly, semi-annually, or annually. The plan also has a 30-day "try-it-on" period, during which customers can cancel their plan and receive a full refund if they are unsatisfied.

Locked-in premium rate

Colonial Penn's guaranteed acceptance whole life insurance offers a locked-in premium rate that starts at $9.95 per month for those aged 50-85 (in most states). This rate is locked in when coverage takes effect and will not change for the life of the policy. The locked-in premium rate is guaranteed to never increase for as long as your coverage lasts.

The locked-in premium rate is a key feature of Colonial Penn's guaranteed acceptance whole life insurance plan. This means that once you are insured, your premium rate will remain the same and will not increase over time. This can be especially beneficial for individuals who want to ensure that their insurance coverage remains affordable and predictable in the long run.

The premium rate is based on age, gender, and state of residence. In Montana, the rate is based only on age. The price per unit of coverage is a fixed amount, and multiple units can be purchased to build a larger death benefit. The benefit amount is also locked in and will not decrease due to age or health changes.

Colonial Penn's guaranteed acceptance whole life insurance is designed to ease the burden of final expenses, such as funeral and burial costs, and provide peace of mind for individuals and their loved ones. The locked-in premium rate feature ensures that policyholders can maintain their coverage without worrying about rate increases as they age or experience health changes.

Coverage for pre-existing conditions

Colonial Penn's guaranteed acceptance whole life insurance offers coverage for pre-existing conditions. This means that applicants are issued a policy regardless of their health. There are no medical exams or health questions required to get this insurance, so acceptance is guaranteed regardless of pre-existing conditions.

Colonial Penn's guaranteed acceptance whole life insurance is a permanent life insurance policy that lasts your entire life. The policy begins to build cash value after the first year, which can be borrowed against at a guaranteed rate. The premium rates are locked in when the coverage takes effect and will not change for the life of the policy. This insurance is often purchased by individuals who have pre-existing conditions that prevent them from being approved for traditional life insurance policies.

The coverage amounts are based on age, gender (in Montana, age only), and state of residence. The price per unit is a fixed amount, and multiple units can be purchased to build a larger death benefit. The most popular coverage option is for those aged 50-85 in most states, with locked-in premium rates starting at $9.95 per month.

With Colonial Penn's guaranteed acceptance whole life insurance, you can rest assured that your final expenses won't be a burden on your family. Your coverage can't be cancelled as long as you pay your premiums, and your rate will never increase due to your health.

Whole life insurance

Colonial Penn's guaranteed acceptance whole life insurance is a type of whole life insurance that offers guaranteed acceptance regardless of health. It is designed to ease the financial burden on loved ones after the policyholder's death and offers coverage starting at $9.95 a month. This plan is ideal for those who want to ensure their funeral and burial costs are covered and don't want to leave behind medical or hospital expenses.

The cost of whole life insurance depends on various factors, including age, occupation, and health history. The earlier in life one starts a whole life insurance policy, the lower the premiums tend to be. It is important to work with an agent to find a policy that fits within one's budget and helps achieve financial goals.

High level of complaints

Colonial Penn's complaint level for individual life insurance is extremely high, with the company receiving more than seven times the industry average. The National Association of Insurance Commissioners (NAIC) collects complaint data from state insurance departments across the US, and according to their data, most complaints against Colonial Penn are about delays in paying claims and poor policyholder service.

Given the high level of complaints, it is recommended that consumers look for life insurance from a company with fewer complaints, a higher death benefit, and lower premiums.

Colonial Penn's guaranteed acceptance whole life insurance is a type of whole life insurance that is available to people aged 50 to 85 in most states. It offers coverage options with no medical exams or health questions, and the rates are locked in at $9.95 per month. The benefit amount varies based on age, gender, and state of residence. The policy also has a two-year limited benefit period, during which beneficiaries will receive a reduced payout if the insured person dies of non-accidental causes. After the two-year period, the full death benefit will be paid out regardless of the cause of death.

While Colonial Penn's guaranteed acceptance life insurance may be suitable for individuals with pre-existing conditions who cannot qualify for traditional life insurance, it is important to consider the high level of complaints and compare different options before purchasing any insurance product.

Frequently asked questions