Bottom line: With more complaints than expected for a corporation of its size and comparatively low coverage limits, Colonial Penn is unlikely to be the simplest option available to you.
- COLONIAL PENN life assurance
- Rated 2.5 stars out of 5 by Us.
- No checkup is required for a term or whole life.
- The coverage amounts are minimal.
Colonial Penn life assurance
Overall, Colonial Penn received 2.5 ratings out of 5 stars. Our editorial team determines our ratings. The scoring formula takes into consideration consumer experience, complaint data from the National Association of Insurance Commissioners, and financial strength ratings.Colonial Penn life insurance positives and negatives
Positives | Negatives |
No medical exams are required for coverage. | For a corporation of its scale, there were far more complaints to regulators than expected. |
Guaranteed coverage is available to applicants up to age 85. | Coverage amounts are relatively low. |
Colonial Penn life assurance policies
Life insurance options from Colonial Penn include
Whole life. Up to $50,000 of whole life assurance is available for applicants ages 40 to 75. the appliance asks health questions, but there isn't a checkup. The worth is predicated on age and gender and can stay an equivalent throughout the lifetime of the policy. Acceptance is guaranteed throughout your life. People between the ages of 50 and 85 (or 50 and 75 in New York) are eligible to apply, and approval is assured. There are not any health questions or checkups. Coverage amounts are generally small and depend upon the applicant. The full benefit isn't paid out if the insured dies during the prior two years. No life assurance checkup is required for any of the company's policies. Healthy people can generally recover prices from companies that consider more medical information when setting rates. Colonial Penn's whole life policies also are available under its "Living Insurance" option that permits you to receive a part of your benefit if you're diagnosed with a selected health condition. This feature isn't available for guaranteed acceptance policies. You can choose Living coverage for attack or stroke, certain cancers, or a debilitating chronic illness. If you develop the condition you chose or are diagnosed as terminally ill (with an anticipation of 12 months or less), you'll get 25% to 50% of the benefit while you're still alive. The chronic illness option isn't available to applicants ages 65 to 75.Colonial Penn customer complaints
Over three years, Colonial Penn has drawn much more complaints to state regulators than expected for a corporation of its size, consistent with our analysis of knowledge from the National Association of Insurance Commissioners.Life insurance buying guide
Before you begin comparing companies:- Choose the sort of life assurance you would like, like the term or whole life.
- Calculate what proportion of life assurance you would like and the way long you would like the coverage to last.
- Decide which life assurance riders, if any, you would like the policy to incorporate. Make sure the insurers you're considering offer the coverage you're trying to find.