A life insurance helps to protect you and your family financially. Even when they are not present, all parents want their children to be cared for. Life insurance ensures that your loved ones are not financially harmed in the event of your death. Although no insurance policy can replace a loved one, life insurance planning can at least help to meet the financial demands of the family.

The Colonial Penn offers one such advantageous life insurance plan. Colonial Penn is known to provide life insurance for almost six decades. This company offers its life insurance plans in 49 states, Puerto Rico, the District of Columbia, and the Virgin Islands. Colonial Penn offers life insurance plans to those aged 18 to 85. But how does it help the senior citizens? To learn about it, make sure to read this post till the end.

Overview Of Colonial Penn Life Insurance

Colonial Penn offers several life insurance plans with streamlined underwriting and low death benefits. They’re perfect for people who don’t require a substantial payment, such as just enough to cover funeral costs, but might have trouble finding coverage elsewhere due to their age or medical history.

This organization offers reasonable pricing for its final expense insurance (burial insurance) options, but you should consider this if you’re young or healthy. Colonial Penn’s term and whole life insurance policies, which have a maximum death benefit of $50,000, do not require a medical examination. As a result, premiums are often more significant than those charged by other life insurance providers.

 It offers the following benefits:

  • Guaranteed acceptance policies available: You may qualify for the guaranteed acceptance policy without the need for a medical exam if you’re between the ages of 50 and 85. You will not be asked any health-related questions, and you will not be turned down because of your health.
  • Get a quote and online: While many insurance companies need you to speak with an agent to obtain a quote, Colonial Penn lets you obtain a price and purchase select policies online.
  • 30-day try-it-on period: You get 30 days after signing up for a Colonial Penn plan to try it out. If you decide it isn’t suitable for you, you may cancel it for a full refund within 30 days after the activation date.

Available Plans

Colonial Penn has various options to pick from if you’re looking for an economical plan to cover your final expenses or coverage that can grow cash worth.

Guaranteed Acceptance

You are eligible for Colonial Penn 995 plan guaranteed acceptance coverage if you are between 50 and 85. There is no need for a medical exam, and you are not needed to answer any health-related questions. Because the policy has a two-year limited benefit duration, it is guaranteed. You are entitled to the full coverage pay-out after the initial two-year period. As long as your coverage is in place, your premium is guaranteed not to increase.

Permanent Whole Life

People between the ages of 40 and 75 can purchase permanent whole life insurance. You can receive up to $50,000 in coverage, and whole life insurance covers you for the rest of your life. In addition, the policy accrues cash value, which you can use to borrow money if necessary. Whole life insurance doesn’t require any medical exam, but underwriters will evaluate your responses on your application to establish your policy eligibility.

Renewable Term Life

Colonial Life’s only plan for persons under the age of 40 is renewable term life insurance. Anyone between the ages of 18 and 75 can purchase a term life insurance policy, providing coverage of up to $50,000.

The term life plans offered by Colonial Penn have level terms and are guaranteed renewed up to the age of 90. There is no need for a medical check-up, but your eligibility is established by the answers you provide on the insurance application.

Importance Of Colonial Penn Life Insurance for Senior Citizens

Colonial Penn may not be the best insurer if someone is seeking for insurance plans that offers all kinds of benefits such as car, home or company insurances. Although certain life insurers offer insurance for the same, but Colonial Penn keeps things simple by focusing solely on supplemental health insurance and life insurance.

Colonial Penn insurance has minimum death benefit restrictions as well. Their whole and term life insurance both have a $50,000 maximum death pay-out, significantly less than the plans offered by other life insurers.

On the other hand, Colonial Penn can be a wonderful choice for consumers seeking whole life coverage. If you already have a pre-existing condition that could stop you from getting life insurance policies from another company, Colonial Penn’s Guaranteed Acceptance Plan could be the answer.

Colonial Penn’s term life insurance products have some advantages over those given by other insurance companies. They don’t need a medical check-up, and hence, if you keep the term life insurance policy renewed, it may accumulate cash value. Colonial Penn also extends coverage until age 90, when other insurers offer only the term life plans that can cover you until you reach the age of 85. All the Colonial Penn insurance comes with a trial period of 30-day. If you cancel or alter your insurance within the initial 30 days of insurance coverage, your insurer will refund the whole premium.

Additional Plans Provided by Colonial Penn

Colonial Penn’s Active Care supplemental health insurance plan can help you supplement your life insurance policy by providing asset protection when you need it the most.

Even if you have medical insurance, today’s high healthcare costs might put a strain on your finances. Colonial Penn’s Active Care coverage can assist pay for a range of health-related expenses, such as:

  • Accidental injuries
  • Alzheimer’s disease
  • Cancer
  • Diabetic complications
  • Heart attacks
  • Strokes

Final Takeaway

Choose the type of life insurance you want before you start comparing firms. Then determine whatever other components of the policy you wish to include in your life insurance. Make sure you’re getting quotations for the same amount of coverage while comparing rates. You must also ensure that the policy’s medical standards are appropriate for your needs.