Colonial Penn Life Insurance: Is It Enough?

Colonial Penn Life Insurance offers a range of coverage options for seniors aged 50-85. Their plans don't require a medical exam, which can be appealing to those with pre-existing conditions. The company has over $3.6 billion of life insurance in force and currently has over 810,000 life insurance policies in place. Their most popular plan is the $9.95 guaranteed acceptance policy, which uses a unit system to determine coverage amounts. The actual coverage amount varies based on age and gender, with each unit providing a certain amount of coverage.

Colonial Penn's $9.95 plan

It's important to note that this plan has a two-year waiting period. If the policyholder dies within the first 24 months, Colonial Penn will only refund the premiums plus interest (approximately 8%). In most states, an accidental death benefit rider can be added for a small fee, doubling the death benefit payout if the policyholder dies from an accident.

The $9.95 plan is Colonial Penn's most popular life insurance plan, but it's important to compare the different coverage options to determine which best fits your needs.

Guaranteed acceptance life insurance

Colonial Penn Life Insurance company has over $3.6 billion of life insurance in force and currently has over 810,000 life insurance policies in force. The company targets seniors aged 50-85 with life insurance plans that don’t require a medical exam.

Colonial Penn's guaranteed acceptance life insurance is sold in "units", with each unit costing $9.95. You can buy up to 25 units, and the sum of these units is the total amount of money that will be paid out to your beneficiaries when you die. The coverage amount is locked in and doesn't go up or down over time. The actual coverage amount varies based on your age and gender.

There is a two-year waiting period for this policy, which means that if the insured person dies during the first two years of taking out the policy, the full life insurance death benefit won’t be paid out. Instead, Colonial Penn will refund your premiums plus roughly 8% interest. In most states, you can add an accidental death benefit rider for a small additional fee that doubles the death benefit payout if you die from an accident.

Whole life insurance

Colonial Penn Life Insurance offers whole life insurance to men aged 50 to 73 and women aged 50 to 75 in New York. The coverage amounts range from $5,000 to $25,000. The company has over $3.6 billion of life insurance in force and currently has over 810,000 life insurance policies in force.

Colonial Penn's whole life insurance is a guaranteed acceptance policy with no health questions, medical exams, or other underwriting requirements. There is a two-year waiting period, however, and if you die during the first 24 months, the company will only refund your premiums (plus roughly 8% interest).

The company's most popular plan is the $9.95 plan, which uses a "unit" system, where each unit provides a certain amount of coverage. The actual coverage amount varies based on your age and gender. You can buy up to 25 units, and the sum of these units is the total amount of money that will be paid out to your beneficiaries when you die.

No medical exam required

Colonial Penn Life Insurance offers a range of policies, including guaranteed acceptance life insurance and whole life insurance. The company has over $3.6 billion of life insurance in force and over 810,000 life insurance policies in force.

Colonial Penn's life insurance plans do not require a medical exam, which can be appealing to those with pre-existing conditions. The popular $9.95 plan is a guaranteed acceptance policy with no health questions, medical exams, or other underwriting requirements. Each unit costs $9.95, and you can buy up to 25 units. The sum of these units is the total amount of money that will be paid out to your beneficiaries when you die. The actual coverage amount varies based on your age and gender.

It's important to note that the guaranteed acceptance policy has a two-year waiting period. If you die during the first 24 months, Colonial Penn will only refund your premiums plus interest. After the waiting period, the coverage amount is locked in and doesn't go up or down over time.

Colonial Penn's whole life insurance is available in New York for men aged 50 to 73 and women aged 50 to 75. The coverage amounts range from $5,000 to $25,000.

Coverage amounts

Colonial Penn Life Insurance company has over $3.6 billion of life insurance in force. The company currently has over 810,000 life insurance policies in force, providing peace of mind to many Americans.

Colonial Penn offers guaranteed acceptance life insurance, which is targeted at seniors aged 50-85. The company's popular $9.95 plan uses a "unit" system, where each unit provides a certain amount of coverage. The actual coverage amount varies based on your age and gender. Each unit costs $9.95 and you can buy up to 25 units. The sum of these units is the total amount of money that will be paid out to your beneficiaries when you die. In other words, the coverage amount is locked in and doesn't go up or down over time.

Colonial Penn's whole life insurance coverage amounts range from $5,000 to $25,000. This policy is typically open to people aged 50 to 85, although age eligibility varies by state.

It's important to note that Colonial Penn's policies don't require a medical exam, which can be beneficial for those with pre-existing conditions. However, there is a waiting period, which means that the full life insurance death benefit won't be paid out if the insured person dies during the first two years of taking out a policy.

Frequently asked questions