Colonial Penn Life Insurance Company
The Colonial Penn Life Insurance Company has been around for more than half a century, and became one of the first companies to offer guaranteed life insurance in 1968. This particular guaranteed life insurance policy is designed for individuals aged 50 or older. Not just for senior citizens, Colonial Penn has policies designed for all ages and insurance needs. Currently, the company serves over 800,000 policyholders. This adds up to a total of $2.6 million. The company is known for its high customer service standards and variety of different policies to meet different needs.
There are several different insurance products offered by the Colonial Penn Life Insurance Company. One is guaranteed acceptance life insurance. This type of coverage is for individuals between the ages of 50 and 85. There are no health examinations required to obtain this type of insurance coverage. You will not even be asked any questions pertaining to your health. This policy is guaranteed because of the two year period of benefits. The coverage builds value after the first year, and the policy comes with a satisfaction guarantee. Your policy cannot be canceled except by you, as long as the premiums are paid as required.
Another product Colonial Penn offers is Life Choice Whole Life Insurance. This policy type can cover your family with as much as $25,000 in whole life insurance. There are cheaper policies you can choose as well, if less coverage suits your budget. Your rates don't go up, and coverage does not decrease. After the first year, your policy accumulates cash value. This category of life insurance policy also comes with a money back guarantee. Unlike the guaranteed acceptance policy, this policy is for a wider age range.
Five Year Renewable Term Life Insurance is another product offered by Colonial Penn Life Insurance Company. For this policy there is no medical exam or questions required. You get the full benefits from the first day of coverage. Like the other policies, there are different amounts of coverage up to $25,000. There is a money back guarantee, and an accelerated death benefit to provide additional assistance during a stressful time.
Finally, Colonial Penn Life Insurance Company offers 20 year term life insurance. Like all the other policies, this policy comes with a money back guarantee. This policy allows you to lock in your benefits and premium price for 20 years. This policy is for any age between 18 and 77. There are no medical exams, and varying levels of coverage to suit your price range. As you can see, this company has a variety of different products you can learn more about by speaking with an insurance representative. They can answer your questions, help you choose the right policy for you and even take your application.
You can even apply for insurance online. After your application is submitted, an agent will review it and verify the information with you. The application will then go to the underwriting department for a more detailed review. The Colonial Penn Life Insurance Company's underwriting specialists will determine whether your application is approved or denied. From there you will get all your policy details mailed to you and information about your coverage and how to file a claim and use any other benefits that come with your policy.