Colonial Penn Life Insurance
Colonial Penn Life Insurance is an American Life Insurance company that was founded in 1968 Pennsylvania. The company specializes in providing life insurance to older adults, usually between the age of 50 to 85. It provides insurance to people above 18, but the maximum coverage amount is not sufficient for most of them. Therefore, Colonial Pen is an ideal insurance company for those who either do not need large coverage pay-outs or face challenges in applying for insurance in other companies due to health or age factors.
The company has a rating of A+ from Better Business Bureau and A- for AM Best.
Life insurance from Colonial Penn is usually for death or final expenses that require no medical exam and provides a maximum death benefit of $50,000. Depending on one’s preference, the company offers three life insurances:
- Guaranteed Acceptance Life Insurance
- Renewable Term Life Insurance
- Whole Life Insurance
Colonial Penn Life Insurance Policies
Years Of Experience
Whole Life Insurance
The whole life insurance provides lifetime coverage to people in 40 – 75 years. Premium payment is decided according to the person’s age and gender, but once set, it remains constant throughout the period, which can be paid monthly, quarterly, semi-annually, or annually. There is no medical exam required, but a questionnaire is filled to determine the eligibility. The cash value is built up against the premiums after the first year, which can be borrowed later on. The maximum life insurance benefit as per this policy is $50,000.
Renewable Term Life Insurance
Renewable Term Life insurance provides a maximum life insurance benefit of $50,000 for adults of all ages from 18 to 75. The policy is renewable at the age of 90. The premium rate is determined by the age and gender of the person and changes with every new age band. With a flexible payment schedule, it can be paid monthly, quarterly, semi-annually, or annually. There is no medical exam required to get this policy. However, a questionnaire is to be filled to check the eligibility of the person.
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