The insurer is also registered with each state department of insurance and may have a state-specific ID number. The company operates under the National Association of Insurance Commissioners (NAIC) ID number 62065. The company is headquartered in Pennsylvania and is licensed to do business in all 50 states, Washington D.C., and Puerto Rico. In this section, we’ll go over some company facts and background to help you vet the insurer.Ĭolonial Penn has been around for over 60 years, assisting mature policyholders with obtaining life insurance coverage despite their age or medical history. Here are sample rates for a 50-year-old male in Illinois: Coverageīefore you start your application with Colonial Penn, you should know a little more about the company.
Colonial Penn life insurance costĪs mentioned, your premiums and coverage will vary based on your: In some states, some products or product features may not be available. The cash value schedule is located in the policy packet of paying customers.Ĭolonial Penn’s coverage varies depending on where you live.
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Skin cancer is excluded.)Ĭolonial Penn Life Insurance coverage Coverage Cancer (up to 25% of your death benefit.Eligible illnesses could include one or more of the following: Living insurance is a whole life policy that offers an accelerated death benefit, allowing you to access up to 50% of your life insurance benefit if you are diagnosed with a qualifying illness. The monthly premium for 15 units, the maximum amount available, would be $149.25 for a death benefit of about $25,000.Īn 85-year-old male, in this example, can purchase one unit for $9.95 per month for just over a $400 death benefit, while 15 units would cost about $150 per month for a death benefit of around $6,200. For example, a 50-year-old man in Florida could purchase one unit of coverage for as little as $9.95 per month for a death benefit of around $1,700. Guaranteed acceptance policies are sold in units which determine the amount of coverage you’ll get with your policy. The same 40-year-old Florida man could get up to a combined $100,000 in coverage by adding the accidental death benefit rider for about $85 per month. You can choose an extra $10,000 to $50,000 accidental death benefit rider (available up to age 65) for just a few dollars more per month. A 40-year-old man in the state of Florida would pay the following monthly premium: Policy amount Benefit amounts vary based on age, gender and stateĪlthough premiums vary based on several factors, you can get an instant quote on Colonial Penn’s website by entering just a few personal details.
Locked-in premium rate & flexible payment options.Builds cash value after the first year of coverage.
For this reason, your coverage amounts will typically be higher with a permanent whole life policy versus a guaranteed acceptance policy. In contrast, the guaranteed acceptance policy doesn’t require completion of a medical questionnaire. You should also know that there’s a two-year limited benefit period, which means that the death benefit is limited if the insured expires within 24 months of purchasing the policy.Īlthough neither policy requires a medical exam, the permanent life insurance policy requires you to answer medical questions to determine your eligibility and coverage amounts. Colonial Penn’s primary products are permanent whole life insurance and guaranteed acceptance life insurance.īoth lock in your premium rate and give you 30 days to cancel if you are dissatisfied with your policy. Colonial Penn offers both permanent whole life policies and guaranteed acceptance life insurance policies.Ĭolonial Penn’s whole life insurance policies are designed for people who need life insurance coverage but may not be eligible due to age and/or health.
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