Why Colonial Penn Insurance Is Important for Senior Citizens

Why Colonial Penn Insurance Is Important for Senior Citizens

April 7, 2022 Off By Laxman

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 help meet the family’s financial demands. 

Colonial Penn offers one such advantageous life insurance plan for senior citizens. Founded by Leonard Davis, this insurance company has provided life insurance for almost six decades, starting from 1957. It offers life insurance plans in 49 states, the District of Columbia, Puerto Rico, and the Virgin Islands. Colonial Penn sells life insurance to those aged 18 to 85. At present, more than 760000 people in the US are using their policies which cost around 3.5 billion dollars. 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. Their experts will not ask any health-related questions, and you will not be turned down because of your health. If you have a pre-existing condition that can avoid you from getting life insurance from other companies, Colonial Penn’s Guaranteed Acceptance Plan can be an ideal answer.
  • Get a quote and online: When many insurance companies need you to speak with an agent to obtain a quote, Colonial Penn allows you to 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 economic 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 accrued cash value, which you can use to borrow money if necessary. The whole life insurance does not need a 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 40 is renewable term life insurance. Anyone between 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.

Living Insurance

This is excellent insurance offering you the chance of enjoying all the benefits of permanent whole life insurance along with taking out an option of 25-50%, in case you are seriously sick. In the case of heart diseases or chronic illness, you can withdraw up to 50%, whereas in the case of cancer, you can get up to 25%. 

Why Colonial Penn Life Insurance for Senior Citizens

Colonial Penn is a wonderful choice for consumers seeking whole life coverage. Colonial Penn’s term life insurance products have a few advantages over those given by some of its competitors. If you keep the term life insurance policy renewed, this may accumulate the cash value. Moreover, Colonial Penn also tends to extend coverage until age 90, while many insurers offer term life plans that could cover you until the age of 85.

The global rating company, The AM Best, has given Colonial Penn A rating for its offerings and service to the insurance industry. It has also joined hands with AHA or the American GHeart Association in 2020 and started a Healthy for Good Campaign to make people aware of healthy living and lead a balanced life. Moreover, you can contact their experts between 98.30 am and 5.30 pm from Monday to Friday for inquiries regarding insurance plans. 

Additional policies offered 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.

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