Colonial Penn Life Insurance: What You Need To Know

Colonial Penn Life Insurance Company, often known simply as Colonial Penn, is an American life insurance company based in Philadelphia, Pennsylvania. It was founded by philanthropist and AARP co-founder Leonard Davis and is currently owned by CNO Financial Group. Colonial Penn offers guaranteed acceptance whole life insurance to people aged 50-85, with coverage starting at $9.95 a month. The company has been in business for over 50 years and is rated A (Excellent) by AM Best, indicating an excellent ability to meet ongoing insurance obligations.

No medical exam needed

Colonial Penn Life Insurance Company, often known as simply Colonial Penn, is an American life insurance company based in Philadelphia, Pennsylvania. It was founded by philanthropist and AARP co-founder Leonard Davis and is currently owned by CNO Financial Group.

Colonial Penn offers guaranteed acceptance whole life insurance for those aged 50-85 (in most states) with options starting at $9.95 a month. The company's life insurance policies are designed for anyone who needs coverage but might not be eligible due to their age or health status.

Colonial Penn's life insurance products do not require a medical exam, making them convenient for consumers who want to quickly purchase coverage. This is especially beneficial for those who have trouble obtaining coverage elsewhere due to advanced age or a complicated medical history. With no medical exam required, individuals can easily apply for Colonial Penn's life insurance products online.

The company's guaranteed acceptance coverage is a form of whole life insurance that accumulates a cash value that can be borrowed against at an 8% annual interest rate. This coverage is often marketed to seniors who want to reduce their family's financial burden upon their death.

Colonial Penn's term and whole life insurance products also do not require a medical exam, but they have a maximum death benefit of $50,000. This means that policyholders will typically pay higher premiums and cannot buy more coverage later on if their financial needs change.

In summary, Colonial Penn's life insurance options without a medical exam provide quick and simple coverage for individuals who may have difficulty obtaining insurance due to age or health status. However, it is important to compare rates and coverage options with other insurers to ensure the best fit for your needs.

Premium rate locked in

Colonial Penn Life Insurance Company, based in Philadelphia, Pennsylvania, offers guaranteed acceptance whole life insurance to people aged 50-85. The company was founded by philanthropist and AARP co-founder Leonard Davis and is currently owned by CNO Financial Group.

Colonial Penn's life insurance coverage rates are offered in units, with each unit costing $9.95 per month. The number of units purchased determines the death benefit, which can be increased by buying multiple units. The price per unit is a fixed amount and will not increase over time, meaning that customers benefit from a locked-in premium rate.

The amount of coverage per unit varies based on the age and gender of the insured individual. For example, a 50-year-old male would receive $1,669 in coverage, while a 50-year-old female would receive $2,000. As the age of the insured individual increases, the coverage amount per unit decreases.

Colonial Penn's locked-in premium rate provides customers with the assurance that their insurance rates will remain stable. This feature allows for predictable budgeting and financial planning, as customers can be certain that their insurance premiums will not unexpectedly increase over time.

In addition to the locked-in premium rate, Colonial Penn also offers other benefits such as guaranteed acceptance without medical exams or health questions, flexible payment options, and coverage that cannot be cancelled as long as premiums are paid. These features make Colonial Penn's life insurance policies accessible and appealing to individuals seeking straightforward and affordable coverage.

Coverage starting at $9.95/month

Colonial Penn Life Insurance Company is an American life insurance company based in Philadelphia, Pennsylvania. It was founded by philanthropist and AARP co-founder Leonard Davis and is currently owned by CNO Financial Group. The company's name comes from the state it was founded in (Pennsylvania), which was part of colonial America.

Colonial Penn offers guaranteed acceptance whole life insurance for those aged 50-85 in most states. Their coverage options start at $9.95 per month, with no medical exam, health questions, or rate increases required. This means that, regardless of your health status, you are guaranteed acceptance and your rate will never increase.

The $9.95 insurance plan offers flexible payment options, allowing you to pay premiums monthly, quarterly, semi-annually, or annually. Additionally, your coverage cannot be cancelled as long as you pay your premiums. This plan also includes a 30-day "Try-It-On" period, during which you can cancel your plan for a full refund if you decide it isn't right for you.

With the $9.95 insurance plan, you can rest assured that your final expenses won't burden your family. This plan can help ease the financial strain of final medical and hospital bills, funeral and burial expenses, unpaid credit cards, and home or car loans.

Colonial Penn has been in the business of simplifying life insurance since 1957. Rated A (Excellent) by AM Best, the company currently has over 810,000 life insurance policies in force, providing peace of mind to numerous Americans.

Available in all 50 states

Colonial Penn Life Insurance Company is an American life insurance company based in Philadelphia, Pennsylvania. It was founded by philanthropist and AARP co-founder Leonard Davis and is currently owned by CNO Financial Group. Colonial Penn offers guaranteed acceptance whole life insurance to people aged 50 to 85 in most states. This type of policy guarantees acceptance regardless of health status, meaning there is no medical exam or health questions required for coverage. The coverage amount is based on age, gender, and state of residence, and the price per unit is fixed. The company has been assigned an A (Excellent) rating by AM Best, indicating its ability to meet ongoing insurance obligations.

Colonial Penn's life insurance policies are available in all 50 states, providing nationwide access to their services. This wide reach allows individuals across the country to benefit from their simple and accessible insurance options. While the specific terms and conditions may vary by state, the core principles of their offerings remain consistent. This includes their focus on affordability, flexibility, and peace of mind for individuals and their loved ones.

The company's marketing campaigns have traditionally targeted individuals aged 50 and above through television commercials during classic and elderly-oriented TV shows. Their spokesperson, Jonathan Lawson, a Colonial Penn sales manager, has featured prominently in these advertisements. The company's website also serves as a valuable resource for potential customers, providing information on their life insurance products and allowing users to select their state to view applicable plans and rates.

Colonial Penn's guaranteed acceptance life insurance offers a range of benefits. Firstly, it provides coverage for individuals who might not be eligible due to their age or health status. Secondly, it ensures peace of mind by easing the financial burden of final expenses, such as funeral costs, for the policyholder's family. Additionally, the policy features locked-in premium rates that won't increase over time and flexible payment options to suit different budgets.

Colonial Penn's life insurance plans are designed to be straightforward and affordable. With their guaranteed acceptance policy, individuals can secure coverage without undergoing medical exams or answering health questions. This accessibility is further enhanced by the option to manage policies online and the availability of customer support through phone and email. The company's long-standing presence in the industry, since 1957, and its positive rating from AM Best, reflect its reliability and ability to meet insurance obligations.

Founded in 1957

Colonial Penn Life Insurance Company, founded in 1957, is based in Philadelphia, Pennsylvania. The company was founded by philanthropist and AARP co-founder Leonard Davis, and is now owned by the CNO Financial Group. Colonial Penn has been in the business of life insurance for over 60 years, specialising in making insurance simple and accessible by offering it directly to consumers at affordable prices. The company's name is derived from the state it was founded in (Pennsylvania), which was part of colonial America, hence "Colonial Penn".

Colonial Penn has become a household name in the insurance industry, renowned for its dedication to providing accessible and affordable life insurance solutions for individuals across the United States. The company has built a legacy on transparency and integrity, consistently evolving to meet the changing needs of its customers. Colonial Penn stands out for its focus on guaranteed acceptance life insurance, catering to individuals who may have difficulties qualifying for traditional policies due to age or health conditions.

Colonial Penn was a pioneer in creating insurance products tailored to the mature market. In 1968, the company became one of the first insurers to offer a Guaranteed Acceptance Life Insurance plan exclusively for people aged 50 and above. This plan, with rates starting at $9.95 per month, offers coverage regardless of pre-existing health conditions and provides peace of mind to individuals and their families. The company's commitment to simplicity and customer care has earned the trust of countless customers, solidifying its position as a leader in the life insurance industry.

Frequently asked questions