Colonial Penn Insurance is a well-known company that offers insurance policies for people over 50 years old. With its affordable rates and excellent customer service, it has gained popularity among seniors who want to protect their families from financial difficulties. In this article, we will review Colonial Penn Insurance and help you decide whether it is the right insurance company for you or not.
What is Colonial Penn Insurance?
Colonial Penn Insurance is a subsidiary of the CNO Financial Group, Inc., a company that provides financial services to middle-income Americans. Colonial Penn Insurance offers a variety of insurance policies, including term life, whole life, and guaranteed acceptance life insurance, to people over 50 years old. It has been in business since 1968 and has sold over 800,000 policies to date.
Colonial Penn Insurance is known for its affordable rates and simple application process. It does not require a medical exam or health questions for its guaranteed acceptance life insurance policies, making it an attractive option for people with pre-existing medical conditions.
Colonial Penn Insurance Reviews: What Do Customers Say?
The best way to evaluate an insurance company is to read customer reviews. We have gathered information from several sources, including the Better Business Bureau (BBB) and Trustpilot, to give you an overview of what customers say about Colonial Penn Insurance.
Better Business Bureau (BBB) Rating
The BBB gives Colonial Penn Insurance an A+ rating, which is the highest possible rating. This rating reflects the company’s commitment to resolving customer complaints and providing excellent customer service.
Trustpilot Reviews
Trustpilot is a website that collects customer reviews for various companies. Colonial Penn Insurance has a Trustpilot score of 3.3 out of 5 stars, based on over 150 reviews. Here are some of the pros and cons mentioned in the reviews.
- Pros: Affordable rates, easy application process, excellent customer service
- Cons: Limited coverage options, long processing times, high cancellation fees
It is important to note that customer reviews are subjective and should be taken with a grain of salt. However, they can give you an idea of what to expect from a company.
Colonial Penn Insurance Policies
Colonial Penn Insurance offers three types of life insurance policies: term life, whole life, and guaranteed acceptance life insurance. Here are the details of each policy.
Term Life Insurance
Term life insurance is a policy that provides coverage for a specified period, usually between 10 and 30 years. Colonial Penn Insurance offers term life insurance to people between 18 and 75 years old. The policy can be renewed until the age of 90, and coverage amounts range from $10,000 to $50,000.
Term life insurance is a good option for people who want affordable coverage for a specific period, such as paying off a mortgage or supporting their children until they become financially independent.
Whole Life Insurance
Whole life insurance is a policy that provides coverage for the policyholder’s entire life, as long as premiums are paid. Colonial Penn Insurance offers whole life insurance to people between 40 and 75 years old. The policy can provide coverage amounts from $10,000 to $50,000.
Whole life insurance is a good option for people who want lifelong coverage and a guaranteed death benefit for their families.
Guaranteed Acceptance Life Insurance
Guaranteed acceptance life insurance is a policy that provides coverage for people who cannot qualify for traditional life insurance due to pre-existing medical conditions. Colonial Penn Insurance offers guaranteed acceptance life insurance to people between 50 and 85 years old. The policy can provide coverage amounts from $2,000 to $25,000.
Guaranteed acceptance life insurance is a good option for people who want coverage without having to answer health questions or undergo a medical exam.
Colonial Penn Insurance Rates
Colonial Penn Insurance rates are affordable compared to other insurance companies. The exact rate depends on several factors, such as age, gender, and health status. Here are some sample rates for a $10,000 guaranteed acceptance life insurance policy for a 65-year-old woman.
Smoker/Non-smoker |
Monthly Premium |
Non-smoker |
$53.87 |
Smoker |
$70.30 |
It is important to note that rates may vary depending on the state and coverage amount. It is recommended to get a personalized quote from Colonial Penn Insurance to know the exact rate.
Frequently Asked Questions (FAQ)
Is Colonial Penn Insurance a good company?
Colonial Penn Insurance has an A+ rating from the BBB, reflecting its commitment to customer service. However, customer reviews are mixed, with some praising its affordable rates and excellent customer service, while others criticize its limited coverage options and long processing times.
What types of insurance policies does Colonial Penn Insurance offer?
Colonial Penn Insurance offers term life, whole life, and guaranteed acceptance life insurance policies to people over 50 years old.
What is guaranteed acceptance life insurance?
Guaranteed acceptance life insurance is a policy that provides coverage for people who cannot qualify for traditional life insurance due to pre-existing medical conditions. It does not require a medical exam or health questions, making it an attractive option for people with pre-existing conditions.
How much coverage can I get from Colonial Penn Insurance?
Colonial Penn Insurance offers coverage amounts from $2,000 to $50,000, depending on the policy type and age.
Can I cancel my policy with Colonial Penn Insurance?
Yes, you can cancel your policy at any time. However, there may be cancellation fees depending on the policy type and duration. It is recommended to read the policy terms and conditions before cancelling.
Conclusion
Colonial Penn Insurance is a good option for people over 50 years old who want affordable life insurance policies. It offers a variety of policies, including term life, whole life, and guaranteed acceptance life insurance, to meet different needs. While customer reviews are mixed, Colonial Penn Insurance has an A+ rating from the BBB, reflecting its commitment to customer service.
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