Colonial Penn Life Insurance Review

Shawn Plummer

CEO, The Annuity Expert

Shopping for the best affordable life insurance policies and considering Colonial Penn Life Insurance? Well, you’ve come to the right place if your buying a policy because we’ve researched for you. After reading this review, help yourself with the free quotes below and apply for coverage without the hassle.

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Colonial Penn Life Insurance Overview

Colonial Penn offers a variety of life insurance plans that combine simplified underwriting with a limited death benefit. They’re ideal for people who don’t need a large payout — perhaps just enough to cover funeral costs — and would typically have difficulty purchasing coverage elsewhere due to age or medical history.

For its final expense insurance (burial insurance) products, this company provides reasonable pricing, but if you’re young or healthy, you should compare prices from other providers.

A medical examination is not required for Colonial Penn’s term and whole life insurance policies, which have a maximum death benefit of $50,000. Premiums are generally higher than other life insurance companies.

Colonial Penn Life Insurance Pros and Cons

Pros

Cons

  • Colonial Penn Life Insurance only offers Colonial Penn products. No variety.
  • Options are minimal.
  • They do not offer Universal Life Insurance.
  • The minimum age is 18. The maximum age is 75 for the term policy.
  • The minimum age is 40. The maximum age is 75 for the whole life policy.
  • The cost can be expensive compared to other life insurance company’s rates.
  • You can only choose 10, 20, or 30 years for term insurance.
  • Coverage maximum amounts are limited to $50,000 for the term and whole life policy.
  • $10,000 is the minimum coverage amount.

Colonial Penn Life Insurance Policies

Colonial Penn offers several types of life insurance coverage:

Term life insurance

A one-year-level term life insurance policy is available through Colonial Penn. You start a new plan every year. The death benefit on a term life policy is limited, with a maximum value of $50,000 that may be allocated to one or two beneficiaries.

Term life insurance can be bought by customers who are 18-75 years old. You don’t need a medical exam, but there are some health questions on the application.

This policy cost is based on age and gender. It can be renewed until you are 90 years old.

Whole life insurance

If you’re OK with responding to health questions about yourself or haven’t yet reached age 50, Colonial Penn offers standard whole life insurance instead of the guaranteed acceptance program.

Applicants ages 40-75 can purchase up to $50,000 of whole life insurance coverage. You need to answer health questions, but there is no medical exam. The price depends on your age and gender.

Guaranteed whole life insurance

Colonial Penn Insurance Company’s guaranteed acceptance policy is a whole life insurance plan with a restricted death benefit that is frequently marketed to senior citizens who wish to decrease the financial burden on their families upon their death.

Applicants who are 50 to 85 years old can apply, and they will be accepted. There are no questions about your health and there is no medical exam.

Coverage amounts depend on the person. But if they die during the first two years, you won’t get all of the money that you paid.

Some companies require an exam for their life insurance. But not this one. They don’t need any medical information about you. However, you can get a better price from other companies if they take more information into account, like your health and age.

You can buy life insurance with a rider that will help you if you get sick. And it’s not available for guaranteed acceptance policies.

You can choose Living Benefits Insurance coverage for certain medical conditions or illnesses. If you develop one of these conditions, or if you’re diagnosed as terminally ill (with a life expectancy of 12 months or less), you can get a portion of the death benefit while you’re still alive to help pay for these expenses.

Colonial Penn Financial Strength

Colonial Penn meets all of the requirements for a top-rated insurance provider, according to A.M. Best’s Financial Strength Rating, which means it has plenty of cash on hand to pay claims. Consumers also seem to like Colonial Penn’s quick and easy claim procedure.

Before You Buy Life Insurance

Before you start comparing companies, choose the type of life insurance that you want. Then decide which other parts of the policy that you want the life insurance to include.

You need to calculate how much life insurance you need and the length of time that coverage should last. You also want to make sure that the insurers you are considering offer the coverage you want.

When you are comparing rates, be sure that you are getting quotes for the same amount of coverage. You also need to make sure that the medical requirements on the policy match your needs.


Compare Colonial Penn Life Insurance Quotes With Other Insurance Companies

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The Solution

Run a life insurance quote below with our quoting tool. Unlike Colonial Penn Life Insurance, you can compare from 18 insurance companies. From those 18 companies, you can choose between supplemental and permanent insurance, including:

By offering these options, you can find the best life insurance policy at the cheapest cost and save money.

Buying Life Insurance

Shopping and comparing quotes from multiple companies is the first step in purchasing a life policy. The process is very similar to shopping for auto insurance.

The best rates are the policies with the cheapest rates since life insurance is primarily for death benefit planning.

I would recommend purchasing life insurance with a company that maintains an A.M. Best rating of “A-” or above.

We do not hand-select the insurance companies. We use a 3rd party software that generates unbiased quotes to benefit you. We also include universal life, whole life, and final expense insurance.

What makes us different from Colonial Penn Life Insurance?

You can generate a life policy comparison from 18 insurance companies, most of which are “A” rated. We use a third-party software company that generates the results for you. You get to control which policy you’d like to purchase without the hassle.

Find The Best Life Insurance Coverage At The Cheapest Cost!

Compare life insurance quotes from 25 companies in seconds. Then, apply for coverage in less than 10 minutes.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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