What are the pros and cons of Colonial Penn Insurance?
Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina.
He has also earned an MFA in screenwriting from Chapman Univer…
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Written by
Jeffrey Johnson
Insurance Lawyer
Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.
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Reviewed by
Benji Carr
Former Licensed Life Insurance Agent
UPDATED: Feb 12, 2022
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The Facts of Life
Colonial Penn Life Insurance offers whole and final expense life insurance, and supplemental health insurance
Age, gender, occupational habits, and more affect your Colonial Penn Life Insurance rates
Colonial Penn Life Insurance has an A.M. Best score of A- (Excellent)
Tons of unpredictable financial obligations can leave your loved ones accountable for any negative repercussions once you have passed. Fortunately, purchasing a life insurance policy is the best way to protect your loved ones from these repercussions.
Investing in a life insurance policy guarantees financial security for your beneficiaries after you pass. However, the difficulty often lies in finding the best life insurance companies and policies for your needs.
In this Colonial Penn Life Insurance review, we have done some of the work for you. Colonial Penn Life Insurance Company is a reputable insurance agency with more than 50 years of experience in the insurance industry. It sells various life insurance products, including whole life insurance and more.
Keep reading to learn more about the pros and cons of Colonial Penn Life Insurance, including Colonial Penn Life Insurance quotes, products, ratings, and other life insurance terms.
Before jumping in, enter your ZIP code into our free online tool for instant life insurance quotes from companies in your area today.
What are the pros and cons of Colonial Penn Insurance?
Colonial Penn Life Insurance Company was founded in 1968 and is currently owned by CNO Financial Group, an Indiana-based holding company. With more than 50 years of experience in the insurance industry, Colonial Penn Life Insurance is equipped to serve its customers with various life insurance products.
Take a look at the following table for quick information regarding Colonial Penn Life Insurance company.
Headquartered in Philadelphia, Pennsylvania, Colonial Penn Life Insurance offers a variety of life insurance products that help ease financial burdens for families going through a difficult time. The company is a subsidiary of CNO Financial Group, which means that Colonial Life is financially strong and stable.
Be sure to talk about your Colonial Insurance options with an agent before deciding on a policy. A conversation with an agent will help narrow the wide range of choices available to you and point you on the right path for your needs.
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Which types of life insurance does Colonial Penn Life Insurance sell?
Colonial Penn Life offers multiple life insurance policies to choose from, including whole life insurance. Specifically, Colonial Penn Life Insurance Company offers:
Guaranteed Acceptance Life Insurance
Permanent Whole Life Insurance
Living Insurance
Colonial Penn does not offer term life insurance but has plenty of additional options from which customers can choose. Because Colonial Penn specializes in insuring individuals who need coverage later in life, more options are focused on that clientele.
Although it is more expensive than term life insurance, whole life insurance has perks. For example, whole life insurance covers you for your entire life without an expiration date. In addition, part of your premium with a whole life policy goes into building a cash value over time, from which you can pull in the event of emergencies.
Final expense is a type of permanent life insurance policy that explicitly helps older individuals cover end-of-life expenses like funeral costs and more.
Colonial Penn is well-known for its Guaranteed Acceptance Life Insurance policies, which allow customers to purchase life insurance regardless of pre-existing conditions. This is also known as a Colonial Penn 9.95 plan because it is offered to seniors at as low as $9.95 a month.
Living Insurance is another popular life insurance option that combines a whole life insurance policy with an early payout option. Colonial Penn Living Insurance includes three early payout options: access of 50 percent of your life insurance benefit for heart attack or stroke, 25 percent if you are diagnosed with cancer, and 50 percent for a chronic illness.
These life insurance options, Guaranteed Acceptance and Living Insurance are great for those in need of insurance coverage at a later stage in life. Life-altering situations often come unannounced, so having a life insurance policy that works for you is critical.
Colonial Penn Life Insurance does not currently offer colonial disability insurance.
Other Types of Insurance Products
Besides whole life insurance, Colonial Penn Life Insurance offers Active Care Supplemental Insurance. Washington National Insurance Company underwrites this specific insurance plan. It acts as a supplemental Colonial health insurance plan to help pay for unexpected costs of a covered accident or illness.
Many people choose supplemental insurance policies because these policies often cover medical expenses that your current policy may not cover.
Again, if you are unsure which life insurance or supplemental insurance policy to choose, talk your options over with an insurance agent before you decide.
What are Colonial Penn Life Insurance rates?
Unfortunately, we were unable to find Colonial Penn Life Insurance rates online. However, the following table includes average life insurance rates for non-smoking men and women of varying ages to help you understand what you will pay for a life insurance policy.
As with any insurance policy and company, a few things affect your life insurance rates. Some of the factors that insurance companies will take into account when giving you a quote include:
Gender
Your age
Occupational risks
Dangerous hobbies
Smoking or drinking habits
Health class: preferred plus, preferred, standard plus, or standard
Across the board, the fastest and most efficient way to find the cheapest life insurance rates is to compare quotes from multiple life insurance companies. Comparing multiple quotes gives you an understanding of what you will pay for life insurance and helps you get the most out of your policy.
What are Colonial Penn Life Insurance reviews ratings?
Customer reviews and ratings from reputable rating services are invaluable when comparing life insurance companies. In addition, financial ratings and customer feedback give you insight into how well a company values customer service and how strong the company is financially.
The National Association of Insurance Commissioners (NAIC) is a reputable resource for understanding customer satisfaction with a company. Unfortunately, Colonial Penn scores poorly on the NAIC Complaint Index, with a 2.12 rating, meaning more customers made complaints than the national average that year.
Similarly, it is beneficial to consider a company’s financial standing, as a poor financial standing indicates that a specific company is likely not to cover you well. For example, Colonial Penn has an A.M. Best score of A- (Excellent) regarding financial strength. A high A.M. Best score reflects a company’s strong financial standing and, subsequently, its ability to cover you if needed.
If you are unsure whether a company can cover you, talk with an insurance agent.
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Pros and Cons of Colonial Penn Insurance: the Bottom Line
Colonial Penn Life Insurance is a reputable insurance agency with more than 50 years of experience in the insurance industry. The company’s commitment to customer service and satisfaction guarantees that Colonial Penn Life Insurance customers will have an easy buying experience.
Colonial Penn Life offers a few life insurance policies to choose from, including various Colonial Penn whole life insurance policies and supplemental health insurance. Specifically, Colonial Penn life insurance for seniors is offered for as low as $9.95 a month through the company’s Guaranteed Acceptance Life Insurance policy. Colonial Penn has strong financial ratings but not excellent customer satisfaction reviews with top rating companies, A.M. Best and NAIC.
To find the best life insurance rates and companies for your needs, be sure to compare the pros and cons of Colonial Penn Life Insurance and multiple other life insurance companies before deciding.
Ready to start comparing life insurance quotes? Enter your ZIP code into our free tool below for instant life insurance quotes from companies near you today.
