Life Insurance Colonial Penn is a company that specializes in providing life insurance policies to individuals and families. With over 60 years of experience in the industry, Colonial Penn has been a trusted name in life insurance. In this article, we will discuss the different types of life insurance policies that Colonial Penn offers and answer some frequently asked questions about their services.
Types of Life Insurance Policies
Colonial Penn offers two types of life insurance policies: Term Life Insurance and Permanent Life Insurance.
Term Life Insurance
Term Life Insurance is an affordable way to provide protection for a specific period of time. Colonial Penn offers five-year, ten-year, and fifteen-year term life insurance policies.
The premiums for term life insurance policies are generally lower than for permanent life insurance policies. This makes it an attractive option for individuals who want coverage for a short period of time or who have limited funds.
Term life insurance policies do not accumulate cash value, meaning that there is no savings component to the policy. However, the death benefit is paid out to the beneficiary tax-free if the policyholder dies while the policy is still in effect.
Colonial Penn’s term life insurance policies are renewable up to age 90, meaning that policyholders can continue coverage beyond the initial term. They also offer a conversion option, which allows policyholders to convert their term life insurance policy to a permanent life insurance policy without the need for a medical exam.
Permanent Life Insurance
Permanent Life Insurance provides lifelong protection and also accumulates cash value over time. Colonial Penn offers two types of permanent life insurance policies: Whole Life Insurance and Guaranteed Acceptance Life Insurance.
Whole Life Insurance provides a guaranteed death benefit and a guaranteed cash value that grows over time. The premiums for whole life insurance policies are typically higher than for term life insurance policies, but the policyholder is guaranteed coverage for life as long as premiums are paid.
Guaranteed Acceptance Life Insurance is a type of whole life insurance policy that is designed for individuals who may not qualify for traditional life insurance due to age or health status. This policy does not require a medical exam or any health questions to be answered. However, the premiums for guaranteed acceptance life insurance policies are higher than for traditional whole life insurance policies.
Colonial Penn’s permanent life insurance policies also offer a variety of riders, or additional benefits that can be added to the policy for an additional cost. These riders include accidental death benefit, child rider, and waiver of premium.
FAQ
What is the minimum age to apply for Colonial Penn’s life insurance policies?
Colonial Penn’s life insurance policies are available to individuals between the ages of 18 and 85.
How much life insurance coverage can I purchase?
Colonial Penn offers life insurance coverage up to $50,000 for term life insurance policies and up to $50,000 for whole life insurance policies. Guaranteed acceptance life insurance policies offer coverage up to $15,000.
How do I apply for a Colonial Penn life insurance policy?
Individuals can apply for Colonial Penn’s life insurance policies online or over the phone. The application process is simple and usually takes less than 15 minutes to complete.
What happens if I miss a premium payment?
If a premium payment is missed, policyholders have a 31-day grace period to make the payment before the policy lapses. If the policy lapses, the coverage terminates and the policyholder is no longer protected.
Can I cancel my Colonial Penn life insurance policy?
Yes, policyholders can cancel their life insurance policy at any time. However, it is important to note that if the policy is cancelled, the policyholder will no longer have coverage and will not receive any of the premiums paid back.
Conclusion
Life Insurance Colonial Penn offers a variety of life insurance policies to meet the needs of individuals and families. Their term life insurance policies provide coverage for a specific period of time at an affordable price, while their permanent life insurance policies provide lifelong protection and cash value accumulation. If you are in need of life insurance coverage, consider contacting Colonial Penn to learn more about their policies and services.
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