Colonial Penn Life Insurance For Seniors Over 60

Colonial Penn offers guaranteed acceptance whole life insurance coverage for people aged 50-85 in most states, with options starting at $9.95 a month. The company was the first insurance provider to sell guaranteed acceptance life insurance directly to seniors and has specialised in making life insurance simple and accessible since 1957. Their coverage offers a locked-in premium rate, flexible payment options, and no medical exam or health questions. However, it's important to note that Colonial Penn has received an extremely high number of negative consumer complaints, and there is a two-year waiting period before coverage for natural causes of death.

Guaranteed acceptance life insurance for those aged 50-85

Colonial Penn offers guaranteed acceptance whole life insurance for individuals aged 50-85 in most states. This policy provides permanent coverage, meaning it lasts for the entirety of the policyholder's life.

The plan is designed to ease the financial burden of final expenses, such as funeral costs, and offers a simple and accessible way to obtain life insurance. With no medical exam or health questions required, individuals with pre-existing conditions can obtain coverage, making it a viable option for those who may be deemed ineligible for traditional life insurance policies.

The policy builds cash value over time, which can be borrowed against, and offers a locked-in premium rate that remains unchanged for the duration of the policy. The cost of coverage is based on a unit system, with each unit priced at $9.95 per month. The number of units purchased determines the total monthly premium and the corresponding death benefit amount, which varies depending on age, gender, and state of residence.

It is important to note that Colonial Penn has received a high volume of consumer complaints, primarily regarding delays in paying claims and poor policyholder service. Prospective policyholders should carefully review the terms, conditions, and customer feedback before making a decision.

Features of the Guaranteed Acceptance Life Insurance Policy:

• No medical exam or health questionnaire required
• Locked-in premium rate with no rate increases
• Flexible payment options
• Coverage cannot be cancelled as long as premiums are paid
• Builds cash value after the first year, which can be borrowed against
• Available for individuals aged 50-85 in most states
• Units of coverage priced at $9.95 per month
• Death benefit amount varies based on age, gender, and state of residence

In summary, Colonial Penn's guaranteed acceptance life insurance provides permanent coverage for individuals aged 50-85, offering a simple and accessible option for those with pre-existing conditions. However, it is important to carefully review the policy details and consider the high volume of consumer complaints before making a decision.

No medical exam or health questions required

Colonial Penn offers guaranteed acceptance whole life insurance for those aged 50-85, with no medical exam or health questions required. This means that you cannot be turned down due to your health, and your rate will never increase.

The guaranteed acceptance policy is offered in units, with each unit corresponding to a fixed life insurance benefit amount. The number of units you can purchase is dependent on your age, gender, and state of residence. The price per unit is $9.95, and multiple units can be purchased to build a larger death benefit.

The guaranteed acceptance policy has a two-year graded death benefit for non-accidental deaths. If the insured person dies within the first two years of the policy, beneficiaries will receive the premiums paid plus 7% compounded annual interest. After the first two years, the full face amount will be paid out in the event of death, regardless of the cause.

Colonial Penn's guaranteed acceptance whole life insurance is a good option for those who want to ease the burden of final expenses without undergoing a medical exam or disclosing health information.

Premiums locked in, with no rate increases

Colonial Penn's guaranteed acceptance whole life insurance offers a locked-in premium rate that won't increase over time. This means that once you are insured, your rate will remain the same and will never go up. This can be especially beneficial for those on a fixed income or those who want to ensure their insurance premiums remain consistent and affordable.

The guaranteed acceptance policy offers coverage for individuals aged 50 to 85 (in most states) with options starting at $9.95 per month. The coverage amount is based on age, gender (in Montana, age only), and state of residence. The price per unit of coverage is a fixed amount, and multiple units can be purchased to increase the death benefit. This flexibility allows individuals to customise their coverage based on their specific needs and budget.

One of the key advantages of Colonial Penn's guaranteed acceptance insurance is that it does not require a medical exam or health questions. This means that individuals cannot be turned down due to their health, making it an attractive option for those with pre-existing conditions. The coverage lasts for the entire lifetime of the insured and provides peace of mind in knowing that the rate will never increase.

The locked-in premium rate ensures that individuals can plan their finances effectively, as they know their insurance costs will remain stable. It is important to note that the benefit amount may vary based on age and gender, so it is recommended to review the specific details of the policy to understand the coverage provided.

Overall, the locked-in premium rate with no rate increases offered by Colonial Penn's guaranteed acceptance whole life insurance provides individuals with the assurance that their insurance coverage will remain affordable and consistent throughout their lifetime.

Coverage cannot be cancelled if premiums are paid

Colonial Penn's guaranteed acceptance whole life insurance offers coverage for those aged 50 to 85 (in most states). Their policies are guaranteed acceptance, meaning there are no medical exams or health questions required to be eligible for coverage. This makes their policies ideal for those who have pre-existing health conditions that would otherwise make a standard life insurance policy unaffordable or unattainable.

Colonial Penn's life insurance policies are priced at a fixed rate of $9.95 per unit of coverage. The amount of coverage per unit depends on the age and gender of the insured, with older individuals receiving less coverage per unit than younger individuals. For example, a 50-year-old male would receive $1,669 in coverage, while a 50-year-old female would receive $2,000. The number of units purchased can be increased to build a larger death benefit.

Colonial Penn's policies include a locked-in premium rate that won't increase over time. Additionally, coverage cannot be cancelled as long as premiums are paid. This means that once insured, the rate will never increase, and coverage will continue for the insured's lifetime as long as premiums are paid.

However, it is important to note that Colonial Penn's life insurance policies have a two-year waiting period for non-accidental deaths. If the insured person passes away from non-accidental causes within the first two years of the policy, beneficiaries will receive the premiums paid plus 7% compounded annual interest. After the first two years, the full face amount of the policy will be paid out regardless of the cause of death.

Low starting cost of $9.95 per month

Colonial Penn's life insurance coverage is available to people aged 50 to 85 in most states, with options starting at $9.95 per month. The $9.95 plan is their most popular life insurance plan, offering guaranteed acceptance with no health questions, medical exams, or other underwriting requirements. The plan is especially appealing to those with pre-existing conditions who may be unable to obtain traditional life insurance policies.

The $9.95 plan uses a "unit" system, where each unit provides a certain amount of coverage, with the actual coverage amount varying based on age and gender. Each unit costs $9.95 per month, and you can purchase multiple units to build a larger death benefit. For example, a 66-year-old male would get $846 in life insurance from a single unit. The number of units you need will depend on your desired coverage amount.

Colonial Penn's guaranteed acceptance life insurance offers several benefits, including a locked-in premium rate that won't increase, flexible payment options, and the assurance that your coverage can't be cancelled as long as you pay your premiums. Additionally, there is no waiting period for coverage, and you can add an accidental death benefit rider for a small additional fee, doubling the death benefit payout in case of an accident.

While the low starting cost of $9.95 per month is attractive, it's important to note that the coverage amount per unit may be relatively small, and the total cost will depend on the number of units purchased. It's also worth considering that Colonial Penn has received a high number of consumer complaints, mainly regarding delays in paying claims and poor policyholder service.

Frequently asked questions