When purchasing life insurance, one way to save money on your life insurance policy is to compare rates from different providers.
Colonial Penn offers rate charts that show how much premiums will cost for different age ranges and coverage amounts. You can use these charts to find the best deal on life insurance.
Who Is Colonial Penn Life Insurance Company?
Colonial Penn is one of the most well-known life insurance companies in the insurance industry, and has been around for over 80 years. They offer both whole life insurance and term life insurance policies as well as other forms of protection such as critical illness coverage.
Within its permanent whole life insurance products, it has two options: guaranteed acceptance policies and traditional final expense insurance policies.
You can contact Colonial Penn by calling them at (800) 526-7539, visiting their website at colonialpenn.com or mailing them at: Colonial Penn, P.O. Box 5569, Camp Hill, PA 17001.
What Is A Whole Life Insurance Policy?
Whole life insurance is a type of permanent insurance that provides lifetime protection. It builds cash value over time, and the policy can operate either on a “pay-as-you-go” or “pre-need basis” depending on if you decide to make payments while living or if you choose to pay in advance for coverage after death.
In addition to offering insurance for life, whole life policies typically include a guaranteed cash value as well as the option to borrow from the policy’s cash value at a certain interest rate.
Types Of Coverage
Colonial Penn offers different types of coverage including term and permanent insurance.
Term insurance is temporary insurance that is in place for a set number of years.
Permanent insurance, or whole life insurance as it is called by Colonial Penn, will stay in place for your entire lifetime. The factor that changes the price of the policy is how much longer you want to insure yourself.
Death Benefit Amounts
Your life insurance benefit amount will vary with Colonial Penn. death benefit amounts when purchasing whole life insurance.
These start at $10,000 and go up by $10,000, all the way up to a maximum death benefit of $50,000.
How Much Life Insurance Coverage To Get
The amount of coverage you need depends on individual factors including your income, debts and lifestyle. There is a minimum amount of coverage required by law.
The least you should be getting is 10 times your annual income, but this may not be enough to keep your family going if something happened to you.
Guaranteed Acceptance Life Insurance Policy
Colonial Penn’s guaranteed acceptance life insurance policy is designed for people who are unable to obtain any other form of life insurance because of poor health, age or occupation.
Even if you have a medical condition, you can still qualify for this type of coverage.
As with all Colonial Penn life insurance policies, there is no medical exam. And for guaranteed acceptance coverage specifically, you will not have to answer any health questions.
Colonial Penn Life Insurance Rate Charts
You can use Colonial Penn’s life insurance rate charts to compare different plans and see how much coverage will cost you.
These rate charts are offered for term, whole life, guaranteed acceptance and universal policies. There are also separate charts for preferred plus rates as well as rates for smokers.
Colonial Penn FAQs
What is a unit of colonial penn life insurance?
A unit of colonial penn life insurance is a percentage of the death benefit that each premium payment will purchase. The number of units you have when you buy coverage will determine how much your premiums cost and the amount of protection you have in place for your family.
How much is a unit of colonial penn life insurance?
Each unit costs $9.95. You can calculate how much units are worth by multiplying your total annual premium by the number of units you have.
How much life insurance do you get from colonial penn for $9.95 a month?
With a policy for $9.95 a month, you would have eight units and pay an annual premium of $114.40 (8 x $11.16 = $88.88 plus the one-time set up cost of $25.00). For this much coverage, your death benefit would be $1,000,000 and your cash value would be $50,000 at the end of your first year. Your guaranteed cash surrender value (the amount you could get if you canceled your policy) is $500.
Is colonial penn insurance worth it?
Colonial Penn is one of the best insurance companies out there, making their products well worth it. It does not matter if you are buying term or whole life insurance because they both offer great rates and benefits.
Is colonial penn insurance term or whole life insurance?
Colonial Penn offers both term and whole life insurance. Term insurance is temporary and in place for a set number of years while whole life policies stay in place for your entire lifetime. Colonial Penn also offers guaranteed acceptance policy, which is designed for people who are unable to get any other type of coverage due to poor health, age or occupation.
Who is Colonial Penn’s parent company?
Colonial Penn’s parent company is CNO Financial Group.
What Is Colonial Penn’s Better Business Bureau Rating (BBB Rating)?
Colonial Penn has an A+ rating from the Better Business Bureau. The BBB gave them this rating because of their positive history of complaint resolution.
Is colonial penn a scam?
Colonial Penn is not a scam and has an A+ rating from the Better Business Bureau. Colonial Penn has been in business for over 75 years and remains one of the top insurance companies out there
Who is the new Colonial Penn spokesperson (now that Alex Trebek has passed)?
Colonial Penn’s new spokesperson is Harvey Golub.
The table below shows Colonial Penn’s whole life insurance rates for women aged 60-85.