Colonial Penn Life Insurance

Colonial Penn Life Insurance

Colonial Penn Life Insurance is an American company founded in 1968 in Pennsylvania. The company provides life insurance to older adults, usually between the age of 50 to 85. Moreover, it provides insurance to people above 18, but you need to increase the amount for maximum coverage. 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 an A- for AM Best.

Life insurance from Colonial Penn is usually for final expenses that require no medical exam and provides a maximum death benefit of $50,000. However, depending on one’s preference, the company offers three life insurances:

  1. Guaranteed Acceptance of Life Insurance
  2. Renewable Term Life Insurance
  3. Whole Life Insurance
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Colonial Penn Life Insurance Policies

Guaranteed Acceptance Program

The guaranteed acceptance program is for people who lie in the age bracket of 50 to 85 years. The program offers complete life insurance coverage with no requirement for medical exams. Additionally, the premium payments remain consistent throughout the period, and you can pay these payments monthly, quarterly, semi-annually, or annually.

However, the policy has a two-year limited benefit period resulting in a pay-out of the death benefit in the first two years. Also, the insurance company uses a certain amount of payment to build the cash value, which you can withdraw in times of need at the annual interest rate of 8%. The maximum benefit of a guaranteed acceptance program varies according to the policy.

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