Everything You Need to Know About Colonial Pen Insurance

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Colonial Pen Insurance is a trusted name in the insurance industry, offering various insurance products to consumers for more than 60 years. This company is known for its affordable coverage options and excellent customer service. In this article, we’ll dive into the details of what Colonial Pen Insurance has to offer.

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What Is Colonial Pen Insurance?

Colonial Pen Insurance is a subsidiary of the CNO Financial Group, which is a publicly traded holding company headquartered in Indiana. The company specializes in insurance products that cater to the needs of seniors, including life insurance, Medicare supplement plans, and other supplemental health insurance products.

Colonial Pen Insurance prides itself on its financial stability and its A- rating from A.M. Best Company, the leading provider of ratings, news, and financial data for the insurance industry. With this rating, customers can be assured that Colonial Pen Insurance has the financial strength to pay claims.

Life Insurance Plans

Life insurance is a key product offered by Colonial Pen Insurance. The company offers both term and whole life policies, each with its unique benefits and coverage options.

Term Life Insurance

Term life insurance policies from Colonial Pen Insurance offer affordable coverage for a set period, typically 10 to 30 years. These policies are a good option for those who want to provide financial protection for their loved ones in case of their untimely death.

Colonial Pen Insurance offers guaranteed level premiums on term life policies, meaning the premiums will not increase during the coverage period. Policyholders can also convert their term life policy into a whole life policy without needing to undergo a medical exam.

Whole Life Insurance

Whole life insurance is a permanent life insurance policy that provides coverage for the rest of the policyholder’s life, as long as the premiums are paid. Colonial Pen Insurance offers three types of whole life policies:

Policy Type
Description
Level Premium Whole Life
Offers level premiums and guaranteed death benefits
Graded Death Benefit Whole Life
Offers lower premiums but a graded death benefit during the first few policy years
Modified Whole Life
Offers lower premiums but a graded death benefit during the first few policy years and limited death benefits during the first two years of the policy

Medicare Supplement Plans

Colonial Pen Insurance also offers Medicare supplement plans, also known as Medigap plans, which help to cover the out-of-pocket expenses that original Medicare does not cover. Customers can choose from a variety of plans, ranging from Plan A to Plan N.

Plan F is one of the most popular Medigap plans offered by Colonial Pen Insurance. This plan covers all out-of-pocket expenses, including deductibles, coinsurance, and copayments.

Other Supplemental Health Insurance Products

Aside from life insurance and Medicare supplement plans, Colonial Pen Insurance also offers other supplemental health insurance products that can help customers cover their medical expenses. These products include:

  • Cancer Insurance
  • Heart Insurance
  • Accident Insurance
  • Hospital Indemnity Insurance

FAQs

What Is Colonial Pen Insurance?

Colonial Pen Insurance is an insurance company that specializes in insurance products for seniors, including life insurance, Medicare supplement plans, and other supplemental health insurance products. It is a subsidiary of the CNO Financial Group.

What Types of Life Insurance Does Colonial Pen Insurance Offer?

Colonial Pen Insurance offers both term and whole life insurance policies. Term life insurance provides coverage for a set period, while whole life insurance provides permanent coverage.

What Are Medicare Supplement Plans?

Medicare supplement plans, also known as Medigap plans, help to cover the out-of-pocket expenses that original Medicare does not cover. Colonial Pen Insurance offers a variety of Medigap plans to choose from.

What Other Supplemental Health Insurance Products Does Colonial Pen Insurance Offer?

Colonial Pen Insurance offers several other supplemental health insurance products, including cancer insurance, heart insurance, accident insurance, and hospital indemnity insurance.

Is Colonial Pen Insurance Financially Stable?

Yes, Colonial Pen Insurance has an A- rating from A.M. Best Company, which means it has the financial strength to pay claims.

How Can I Get a Quote from Colonial Pen Insurance?

You can get a quote from Colonial Pen Insurance by visiting their website or by calling their customer service hotline. Make sure to have your personal information and coverage needs on hand when requesting a quote.

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