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Colonial Penn Life Insurance Review 2018 – 2021 – INVESTING

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  • Seniors with health conditions can qualify for whole life coverage.
  • No medical examination is required.
  • Some whole life policies are available to people up to age 85.

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Overview

You may know Colonial Penn from his television commercials with pitchman Alex Trebek. The company promotes life insurance that does not require applicants to take a medical exam.

  • Financial strength
  • Complaints

am Best financial strength rating: A- (excellent)

Colonial Penn’s financial strength is “excellent,” according to rating agency AM Better.

Financial strength is important because it indicates how well an insurer can pay a claim. It is especially important when choosing a life insurance company, as claims may not be made until decades after you buy a policy.

Consumer complaints: worse than median

Colonial Penn attracts more complaints to state regulators than the national median for life insurance companies of its size.

Colonial Penn’s complaint ratio ratio for individual life policies was 1.71 in 2016. The score is the number of complaints adjusted for the insurer’s market share. The national median is 1. Scores higher than 1 mean more complaints.

Colonial Penn Life Insurance Coverage Options

Colonial Penn offers term life insurance and two types of whole life insurance. Applicants do not have to undergo a medical exam, but they do have to answer health questions for term of life and for some whole life policies.

The company’s products have two key disadvantages:

  • Only small amounts of coverage are available.
  • The price per $ 1,000 of coverage is higher than for policies that take more medical information into account during the application process.

Term of life insurance

It can be applied to ages18 to 75
Answer health questions to applyYes
May be rejected for coverageYes
Maximum coverage$ 50,000
PriceBased on age and gender at the time of application, and increases with age
Available inAll states except Maine, Massachusetts, Montana, New York, and Vermont

Colonial Penn offers two types of permanent life insurance: whole life and guaranteed acceptance of a lifetime. Both types of policies do not require medical exams, provide lifetime coverage, and accumulate cash value. Applicants do not have to answer medical questions, and cannot be turned down for guaranteed acceptance guaranteed life insurance.

Guaranteed lifetime acceptance of the insurance.Whole life insurance
Availability by age50 to 8540 to 75
Health questions?NotYes
Can it be rejected?NotYes
Maximum coverage$ 3,344 to $ 16,664, according to age and gender$ 50,000
Payment if you die within the first two years of coveragePremiums paid plus 7% interest compounded annually. Full payment if it was an accidental death.Total amount, except in cases of suicide, in which the payment is premiums plus interest *
Not available inMassachusetts and WashingtonMaine, Massachusetts, Montana, New York, Vermont, and Washington
* Applies for one year only in Colorado, Montana, and North Dakota, and does not apply in Kentucky.

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