Colonial Penn Life Insurance is a life insurance business that specializes in providing affordable coverage for life to individuals and families. It is a subsidiary of the CNO Financial Group and has been providing life insurance for over 100 years. Colonial Penn Life Insurance provides a range of life insurance policies, from term life insurance to whole death benefits, to meet the needs of its customers.
Colonial Penn Life Insurance Review
Additionally, Colonial Penn Life Insurance offers annuities, long-term care coverage, and disability income insurance. To help make its coverage more affordable, the company also provides various kinds of discounts, like a multi-policy discount and a senior discount.
About Colonial Penn
Leonard Davis, the co-founder of AARP’s, founded the Colonial Penn insurance company more than 50 years ago. They are owned by CNO Financial Group.
They were among the first organizations to provide life insurance with guaranteed acceptance. Founded in Philadelphia, their current corporate headquarters, with 5,000 employees, is located in Carmel, Indiana. Tim Arnold is the current CEO.
Alex Trebek, the host of Jeopardy, was the facial expression of the Pennsylvania life insurance firm for many years and was heavily televised on cable networks.
Until his death on November 8, 2020, he worked as a paid brand ambassador. Meredith Viera has taken over as their paid spokesperson.
Colonial Penn Life Insurance Policies
Colonial Penn Life Insurance offers a variety of life insurance policies, from term life coverage to whole life coverage, to help meet the needs of its customers.
Term Life Insurance
Except for California, Montana, New York State, and the Virgin Islands, the renewable term policy on life insurance is available in all states.
The policy is available to people aged 18 to 75, and it is renewable until the age of 90. The death benefit is limited to $50,000. Rates are determined by age and gender, and the monthly premium rises as you get older.
Whole Life Insurance
Except for applicants from New York State or the Virgin Islands, the permanent whole life insurance policy is available to customers aged 40 to 75.
The legislation does not require a medical examination; however, you have to complete a health questionnaire to determine coverage eligibility.
This whole life insurance policy will cover you for the rest of your life. If something happens to you, the policy will pay out a maximum of $50,000. After the first year, the policy begins to accrue cash value.
The coverage is fixed, but even the premium cost varies with age and gender. In Montana, however, premiums are based solely on age.
Benefits of Colonial Penn Life Insurance
Colonial Penn Life Insurance offers several advantages to its customers. To meet the needs of its customers, the company provides competitive rates, a variety of discounts, and a variety of coverage options. Annuities, long-term care costs, and disability income insurance are among the additional services provided by the company.
Colonial Penn Life Insurance also offers excellent customer service, with a huge staff of agents on hand to answer questions and assist customers. Customers can also manage their policies, make payments, and access their policy documents through the company’s online portal.
Colonial Penn Life Insurance Discounts
Colonial Penn Life Insurance provides a number of discounts to make its coverage more affordable.
A multi-policy discount, which allows customers to save money when purchasing multiple policies, and a senior discount, which is accessible to consumers over the age of 55, are two examples. Members of certain agencies, such as the military or the AARP, are also eligible for discounts.
Customers who pay their premium increases in full or on an annual basis, as well as those who enroll in automatic payments, are eligible for discounts from Colonial Penn Life Insurance. These discounts can assist customers in making life insurance coverage more affordable.
Colonial Penn Life Insurance Claims Process
Colonial Penn Life Insurance has a simple claims procedure. Customers can file a claim online or over the phone, and the company will review it and respond within a few days. Customers can also contact the company’s customer service team for help filing a claim or with any other questions.
How to Get a Quote Online at Colonial Penn
The process of getting a Quote online is very easy, all you have to do is follow the steps below;
- Go to the official website of Colonial Penn Insurance. com/
- When you get to the home page, click on “get a quote” at the top right part of the page.
- This leads you to a new page. Here, you will be required to enter your first name, last name, state, zip code, gender, date of birth, Phone number, and email.
- After doing all these, click “get a quote”
Colonial Penn Life Insurance Phone Number
If you have any issues when trying to navigate the website of Colonial Penn Life Insurance, contact the customer service team. You can access their phone number at their official website.
Frequently Asked Question
How Much Coverage Do You Get with Colonial Penn Life Insurance?
Colonial Penn provides whole life insurance to people between the ages of 40 and 75. (50 to 73 for men and 50 to 75 for women in New York). In New York, coverage amount ranges from $10,000 to $50,000. Although the application includes health-related questions, the insurer does not require a medical exam.
What Is a Unit of Life Insurance Coverage?
A unit of life insurance is the smallest amount of coverage available, and any increase in coverage is multiplied by that basic unit. Units are assigned by insurance companies based on risk factors such as age, gender, and state requirements.
What Type of Life Insurance Is Best?
If cost is your primary concern, term life insurance may be the best option. If you have a large number of dependents, whole life insurance may be a better option.
However, if financial planning and cash value are your top priorities, universal life insurance may be a good choice.
Conclusion
Colonial Penn Life Insurance is a dependable and affordable life insurance company that offers a wide range of coverage options, discounts, and extra services to meet the needs of its customers. To ensure a positive experience for its customers, the company also provides excellent customer service and a simple claims process.
