Colonial Penn Life Insurance Review

There are three basic life insurance options offered by Colonial Penn if you want affordable, guaranteed coverage for a limited time. You may choose from four different payment methods, giving you some financial flexibility.

This company’s maximum whole or term life insurance coverage is $50,000, which is much less than the $50,000 given by other companies that need medical examinations.

There are also more complaints than normal received by the company. If you don’t like Colonial Penn insurance after trying it out for 30 days, you’ll get a full refund of your premium. As long as you shop about, though, you may get the most bang for your buck by shopping around and getting the greatest offer.

Pros and Cons of Colonial Penn

Colonial Penn Life Insurance Review - Colonial Penn Life Insurance Logo

Pros

  • Medical exams and health surveys are not required.
  • Unchangeable premiums, as well as whole-life policies that are guaranteed to be accepted.
  • Payment options include monthly, quarterly, semi-annual, and annually.
  • 30 day money back guarantee

Cons

  • A $50,000 coverage cap that is far lower than the norm $50,000 to $500,000
  • Maine, New York, Vermont, and Montana all prohibit full or term life, as well as term life in Vermont, because there are so few individuals utilizing them.
  • More than a few complaints have been made concerning forced sales methods and customers being unable to get their money back.

Colonial Penn life insurance rates

Using Colonial Penn’s online quote tool, we were able to get 2021 prices for a $500,000, 20-year term life insurance policy for a healthy married couple. Overall, rates are reasonable for policies of this size and term duration. Colonial Penn clients pay higher than the national average, with the exception of 35-year-old men.

  • Age 20. Male $13.96, Female $11.87
  • Age 25. Male $18.96, Female $14.12
  • Age 30. Male $23.96, Female $19.12
  • Age 35. Male $28.92, Female $24.12
  • Age 40. Male $35.21, Female $29.12
  • Age 45. Male $45.12, Female $35.21
  • Age 50. Male $56.46, Female $45.21
  • Age 55. Male $76.46, Female $56.46
  • Age 60. Male $99.79, Female $71.46
  • Age 65. Male $140.12, Female $98.83
  • Age 70. Male $191.53, Female $128.29

Factors that affect life insurance rates

You won’t find specific information about these traits on Colonial Penn’s website when it comes to setting your insurance rates.

  • Conditional on health. The death rates of wheelchair users, those who have been hospitalized, and those who have received home health care may have increased during the past three years.
  • If left untreated, this can be fatal Anyone who has had surgery or diagnostic tests for a chronic disease in the previous five years is eligible to apply.
  • For a lengthy period of time. A chronic ailment such as diabetes, heart, lung, or liver disease or cancer in the past three years.
  • Depressant and/or intoxicant use. Those who have used drugs or alcohol in the past three years are more likely to be affected.
  • Pressure in the arteries and veins. Those whose blood pressure has lately been above 150/95 may be charged higher rates.

How to get a quote from Colonial Penn life insurance

In order to receive an online quotation from Colonial Penn, call them at 877-877-8052 or follow these steps:

  1. On the Colonial Penn website, choose your birthday and state from the drop-down boxes, then click Get Quote.
  2. Get a quote to proceed with your application and can be selected from the list of quotations.
  3. Your complete name, mailing and e-mail addresses are required fields. Please fill them out to the best of your ability. To get a quote, click on the Get a quote now button.
  4. You may choose from a drop-down menu to add additional coverage to your policy. Enter the application process by submitting your information by clicking on the Apply Now button.
  5. Health-related queries can be answered by clicking. Once again, type in the details for your recipient.
  6. Once you’ve seen and e-signed your documentation, a licensed agent will contact you to finalize the transaction.
  7. Once you’ve been accepted, you may go into your account to pay your premium, update your contact information, or review your policy.

Colonial Penn offers term and permanent life insurance

Colonial Penn’s term and whole life insurance policies are provided with limited coverage and no medical examinations.

  • There’s no risk of rejection. Your health will never be a factor in your ability to obtain life insurance, thanks to a comprehensive plan. After signing up for a policy, your premiums will never change.
  • Existence for a set period of time. Term life insurance plans from Colonial Penn renew every five years based on your age and can be renewed up to age 90.. As you become older, your insurance prices will go up.
  • For the rest of my days. This policy provides cash-value-building lifetime coverage, and your premiums are fixed at the time of purchase.

Does Colonial Penn offer burial insurance?

Yes. The guaranteed acceptance policy of Colonial Penn serves as a form of burial insurance. As is customary, this insurance is targeted at seniors aged 50 to 85 and does not need a medical exam. However, the coverage is limited and has a high deductible.

Any premiums you’ve paid plus interest compounded annually will be paid out in full if you die naturally during the first two years, regardless of the cause of death. The insurer will pay out the entire death benefit when this time period has passed.

Colonial Penn only offers 2 policy add-ons

Colonial Penn is unique in that it only offers two types of riders, although other insurers provide options like kid or disability insurance. State, age, and gender all have an impact on coverage.

  • Rider for increased death benefit. If you have a heart attack, a stroke, cancer, or any chronic condition, you may be eligible for up to half of your life insurance amount.
  • Rider for accidental death insurance. If you’re killed in an accident, such as a vehicle accident, this policy provides an additional death benefit to your beneficiaries.

Colonial Penn life has mixed reviews

Colonial Penn has an A+ rating with the Better Business Bureau for their customer service. In the previous three years, the BBB has received 116 complaints about life insurance companies, which is about average. After years of payments and denials for policy acceptance, customers give the insurer an unimpressive 1.08 out of 5 stars.

Colonial Penn has a TrustPilot rating of 3.2 out of 5, however there has just been one review.

Colonial Penn life stands out for no-exam policies, but at a cost

Term life insurance that renews every five years or whole life policies with assured approval are two of Colonial Penn’s specialties. These choices aren’t available everywhere.

Colonial Penn is the best option if you’re seeking for no-exam insurance, but other firms provide better coverage and more plans. The cost of its plans varies greatly according to your age and health status.

As an example, a healthy 30-year-old male will pay $17 a month for a $250,000, 20-year term insurance, which is average in the market today. Term life insurance from Colonial Penn begins out at a cheap cost, but as you become older, the cost rises to several hundred dollars, making the coverage it provides insufficient.

Find more life insurance companies

Do you want to know how Colonial Penn compares against the competition? Find more about other insurance companies through our provider evaluations.

For another insurance review, visit our review of Colonial Life Insurance Review.