Colonial Penn Life Insurance Rates: A Comprehensive Guide

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Life insurance is a crucial aspect of financial planning, as it provides financial protection to your loved ones in case of your untimely demise. With numerous life insurance providers in the market, it can be overwhelming to choose the best one that suits your needs. One such provider is Colonial Penn Life Insurance. In this article, we will discuss everything you need to know about Colonial Penn Life Insurance rates.

Table Contents show

What is Colonial Penn Life Insurance?

Colonial Penn is a life insurance company that was founded in 1968. It offers guaranteed issue whole life insurance policies, which means that no medical exam is required during the application process, making it easier for people with health issues to qualify for coverage. Colonial Penn is a subsidiary of CNO Financial Group, a holding company that offers health and life insurance products.

Colonial Penn offers three types of life insurance policies:

  1. Guaranteed Issue Whole Life Insurance
  2. Term Life Insurance
  3. Permanent Life Insurance

Now that we have an understanding of what Colonial Penn Life Insurance is, let’s dive into their rates.

Colonial Penn Guaranteed Issue Whole Life Insurance Rates

Guaranteed issue whole life insurance is a type of life insurance that is designed for people who have health issues or are unable to qualify for traditional life insurance policies. The premiums for guaranteed issue whole life insurance policies are typically higher than traditional policies, and the death benefit is lower. However, it provides coverage for life and does not require a medical exam during the application process.

Colonial Penn offers guaranteed issue whole life insurance policies with coverage amounts ranging from $1,000 to $50,000. The premiums for these policies vary based on age, gender, and coverage amount.

Age
Male
Female
50
$25.16
$20.83
55
$32.55
$26.11
60
$43.03
$33.90
65
$58.58
$45.55
70
$86.10
$62.43

As you can see from the table above, the premiums for guaranteed issue whole life insurance policies increase with age and are higher for males than females.

FAQ

Can anyone qualify for guaranteed issue whole life insurance?

Yes, anyone can qualify for guaranteed issue whole life insurance, as long as they meet the age requirements (50-85) and the coverage amount requirements ($1,000-$50,000).

What is the death benefit for guaranteed issue whole life insurance policies?

The death benefit for guaranteed issue whole life insurance policies ranges from $1,000 to $50,000, depending on the coverage amount chosen.

Can I cancel my guaranteed issue whole life insurance policy?

Yes, you can cancel your guaranteed issue whole life insurance policy at any time. However, if you cancel within the first two years, you may only receive a portion of the premiums paid.

Colonial Penn Term Life Insurance Rates

Term life insurance is a type of life insurance that provides coverage for a specific period, typically 10, 20, or 30 years. The premiums for term life insurance policies are typically lower than whole life insurance policies, and the death benefit is higher. However, it does not provide coverage for life.

Colonial Penn offers term life insurance policies with coverage amounts ranging from $50,000 to $500,000. The premiums for these policies vary based on age, gender, health status, and coverage amount.

The table below shows the monthly premiums for a 20-year term life insurance policy with a coverage amount of $100,000 for a non-smoking male and female.

Age
Male
Female
30
$7.15
$6.35
35
$7.68
$6.79
40
$10.33
$8.69
45
$15.15
$11.98
50
$22.87
$17.50

As you can see from the table above, the premiums for term life insurance policies increase with age and are higher for males than females.

FAQ

What happens if I outlive my term life insurance policy?

If you outlive your term life insurance policy, the coverage ends, and you will not receive any benefits. However, you can renew your policy or convert it to a permanent life insurance policy.

Can I increase the coverage amount of my term life insurance policy?

Yes, you can increase the coverage amount of your term life insurance policy by applying for additional coverage or converting it to a permanent life insurance policy.

Can I cancel my term life insurance policy?

Yes, you can cancel your term life insurance policy at any time. However, if you cancel before the end of the term, you may not receive any benefits.

Colonial Penn Permanent Life Insurance Rates

Permanent life insurance is a type of life insurance that provides coverage for life and has a cash value component. The premiums for permanent life insurance policies are typically higher than term life insurance policies, and the death benefit is lower. However, it provides coverage for life and has a cash value component that you can borrow against.

Colonial Penn offers permanent life insurance policies with coverage amounts ranging from $10,000 to $50,000. The premiums for these policies vary based on age, gender, and coverage amount.

The table below shows the monthly premiums for a $25,000 permanent life insurance policy for a non-smoking male and female.

Age
Male
Female
50
$186.90
$156.55
55
$222.35
$185.20
60
$282.14
$237.97
65
$373.84
$308.78
70
$549.50
$457.67

As you can see from the table above, the premiums for permanent life insurance policies increase with age and are higher for males than females.

FAQ

What is the cash value component of a permanent life insurance policy?

The cash value component of a permanent life insurance policy is a savings component that accumulates over time. You can borrow against the cash value or use it to pay premiums.

What happens to the cash value of a permanent life insurance policy when I die?

The cash value of a permanent life insurance policy is paid out to the beneficiaries along with the death benefit.

Can I cancel my permanent life insurance policy?

Yes, you can cancel your permanent life insurance policy at any time. However, if you cancel before the cash value has accumulated, you may have to pay surrender charges.

Conclusion

Colonial Penn Life Insurance offers a range of life insurance policies, including guaranteed issue whole life insurance, term life insurance, and permanent life insurance. The rates for these policies vary based on age, gender, health status, and coverage amount.

Before choosing a life insurance policy, it is essential to evaluate your needs and budget. Consider factors such as your age, health status, income, and financial goals to determine the best policy for you.

If you have any questions about Colonial Penn Life Insurance rates or policies, do not hesitate to contact their customer service team for assistance.

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