Which Colonial Penn Life Insurance Plan Is Best
Colonial Penns individual whole life insurance plan will offer the best coverage. The life insurance plan can offer a better selection in coverage amounts and lower premiums. Plus, there is no waiting period on the death benefit payout.
However, suppose you have a complicated medical history with significant health issues like heart disease or cancer. In that case, youre not likely to qualify for an individual whole life insurance plan and will have to consider choosing a guaranteed acceptance plan where you cannot be turned down for coverage.
With the median cost of a funeral with burial and a viewing costing about $7,900, either of the two plans should offer enough coverage to deal with funeral costs and other expenses.
How To Find Better Options Than Colonial Penn Final Expense Insurance
If you are looking for life insurance for a senior, you can 100% get a much lower price elsewhere.
In addition, you can likely get coverage with no waiting period.
The biggest issue with Alex Trebeks life insurance is that youre dealing with a captive insurance company.
When you speak to a Colonial Penn agent, they cannot shop around and show you another final expense insurance company that could potentially give you a better deal.
The trick to finding the best and most affordable burial life insurance is to work with an independent insurance agency. Only an independent agency can compare offers from multiple providers.
An independent broker such as Choice Mutual will shop the market for you to determine which insurance carrier has the best price and coverage based on your unique situation.
Believe it or not, it does not cost you a fee to work with an independent agency, and the insurance itself isnt more expensive.
Working with an independent agency can save you as much as 70% on your life insurance .
You can call us at 1-800-644-2926, and we can assist you. Were independent and have over 15 different A rated companies that we will shop for you. Final expense life insurance is our specialty. Its all we do.
Below are genuine reviews from past customers who allowed us to serve them.
One unit of Colonial Penn Life insurance costs $9.95 per month, regardless of your age or gender.
Final Expense Insurance For Seniors
Final expense insurance also called burial insurance or funeral insurance is a type of whole life insurance meant to help your loved ones with funeral costs and other end-of-life expenses like unpaid medical bills. Today, funerals more than $9,000 according to the National Funeral Directors Association. Final expense policies are popular with seniors because you often dont have to take a medical exam to qualify coverage is issued based on answers to health questions on the application. Policy rates are typically more affordable than other types of life insurance because the policy amount is usually much smaller, typically $10,000 $15,000.
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Best Life Insurance Companies For People Over 50
- Best for Financial Stability :Guardian
- Best for Term Insurance :Protective
- Best for Dividends:MassMutual
- Best for Final Expense :Mutual of Omaha
- Best for No-Medical-Exam Life Insurance :Penn Mutual
- Best for Seniors:New York Life
- AM Best Rating:AM Best is a credit rating agency that assigns insurance companies a letter grade from A++ to D. A companys grade indicates its ability to pay its claims and honor its financial obligations.A+
- Accepts Credit Cards:Yes
You generally can’t get an online quote for permanent coverage from any life insurance company. Call 1-844-457-7984. to get a quote for permanent coverage from Nationwide.
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Ranked second for customer satisfaction by J.D. Power
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Receives few customer complaints
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Three living benefits included on most policies
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Allows credit card payments
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Men over 50 not eligible for 30-year term policies
Its no surprise that Nationwide takes our top spot for best life insurance company for applicants over 50 years old, since its also our pick for best life insurance company of 2022. Nationwide is ranked second in J.D. Powers 2021 U.S. Individual Life Insurance Study for customer satisfaction, has an A+ financial strength rating from AM Best, and has received very few complaints over the past three years for a company of its size.It offers a wide range of policy types.
What Types Of Products Does Colonial Penn Life Have
Colonial Penn offers three types of life insurance products: a guaranteed acceptance policy, a whole life insurance policy, as well as several term life insurance policies.
Each policy has different issuing ages and a maximum amount of benefits. However, they all have in common one benefit: no medical exam requirement. Basically, you could look at it like youre paying for the convenience of not taking an exam.
If a company offers you no medical exams and no health questions, you pay more, but the face amount will be lower. Some policies have graded benefits, which means the policy wouldnt pay benefits for the first two to three years. So buyer beware.
Lets find out what each policy entails.
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What Is The Bottom Line On Colonial Penn Life Insurance
The bottom line? If you are healthy, avoid Colonial Penn. Even if you need a guaranteed issue policy, youll have no trouble finding something better.
Regardless of what company you choose to buy a policy with, two things are certain:
- Prices are fixed by law, which means you will not get a deal. The rates are calculated by the underwriting department based on gender, age, health, and history, to name a few.
- You still need to talk to someone. There is no way to buy a policy without talking to someone, even if you buy online.
Colonial Penn offers three life insurance products. Specifically, the company offers guaranteed acceptance, whole, and term life policies. However, there are some unique factors associated with Colonial Penns life insurance products.
When youre looking to buy coverage from Colonial Penn, youll find that the company sells units of coverage. The unit premium never changes, and you can purchase between one and eight units, with a single unit cost of $9.95. The max term life benefit with Colonial Penn is $50,000 for $45.12 per month.
Are you ready to buy Colonial Penn life insurance? To make sure youre getting the right Colonial Penn life insurance rates for your needs, its your responsibility as a consumer to do some homework and reach a conclusion.
Before you leave our Colonial Pen life insurance review, enter your ZIP code in our free tool to find quotes from companies near you.
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What Are The Advantages And Disadvantages Of Colonial Penns $995 Guaranteed Acceptance Life Insurance Plan
Advantages:
- The sign-up process is easy.
- Your coverage will not change as you age.
- Your life insurance rates will always stay the same.
- There are no medical exams to get life insurance coverage.
- You can add an accidental death benefit rider to your policy.
- You will get a full refund if you cancel your policy within the first 30 days.
Disadvantages:
- There are maximum age limits.
- You cant collect on your policy in the first two years.
- The way units work in setting your rate can be confusing.
- The policy cost can be high vs. the coverage amount.
There are options you can use for each of our disadvantages to increase your usage or benefits.
Policy coverage over age 75 may depend on your state or the current policy age limit. If you are 75 or older, you may qualify for a whole life insurance policy instead.
You can reduce your monthly charge to the minimum amount of payout coverage, lowering your cost. You can also add an accidental death rider to your policy that you pay for in the first two years. Each unit of Colonial Penn Guaranteed Acceptance Life Insurance will cost $9.95. Only the monthly cost and the coverage amount change.
Our chart below shows the coverage of a 51-year-old woman. Her unit cost is $9.95 a month, and one unit equals a policy payout of $1,942 for her.
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What Happens After You Are Approved For Coverage
Colonial Penn will send you a notification if you are approved for coverage. In addition, a physical copy of the policy is mailed to the address you included on the application form.
You can manage your policy by logging into your account online. The customer dashboard includes access to coverage amounts, cash value, payment history, and other details of your policy.
How Does Colonial Penn Stack Up Against Their Competitors
Many other final expense whole life insurance companies offer better pricing and underwriting.
For example, many carriers have superior prices or more lenient requirements for applicants than Colonial Penn does.
If youre interested in getting a quote from another company, give us a call at 380-3300, or fill out the quote box to the right, and you will see rates in seconds!
And stay away from companies like GLOBE Life, Colonial Penn, and AARP.
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How Do You Apply For Colonial Penn Life Insurance
Colonial Penn life insurance plans are only available for purchase by going directly through their company. Independent life insurance agents are not eligible to sell their life insurance coverage.
You can apply for Colonial Penn life insurance online or call Colonial Penns sales department. The online application is quick and straightforward. The application process will start with an initial quote. To receive a quote, you first need to provide some basic information, such as your age, gender, and the coverage amount.
After viewing rates, you can proceed to complete an online application if you decide you want to apply for a life insurance policy with Colonial Penn. As with most products in the insurance industry, Colonial Penns life insurance policies require you to provide the following information:
- Contact information
- Payment information
If you are applying for an individual whole life insurance plan, you must answer a few health questions and provide your height and weight measurements.
After submitting your application, the companys underwriters will review the details, assess your risk profile, and determine whether you are eligible for a plan. If approved, you can choose from several payment options, including a direct bill in the mail, automatic deduction from a checking or savings account, and a credit card.
Best Final Expense For Seniors: Aig
pros
Does not require a medical exam for all policies
Guaranteed acceptance for some policies
cons
Does not offer online quotes
COMPANY HIGHLIGHTS
J.D. Power : 737.2 AM Best Rating: A NAIC Complaint Index: N/A
MoneyGeek’s Take: Since AIG does not require a medical exam and offers guaranteed acceptance for most policies, its the best choice if youre looking for final expense insurance.
Company Description: If youre looking for an insurance policy to cover your funeral and burial expenses, AIG is MoneyGeeks top choice. The company offers a wide range of flexible policies and multiple rider options, and some of the policies offered do not require a medical exam and have guaranteed acceptance.
With AIGs guaranteed issue life insurance plan, you get lifelong coverage up to $25,000 and dont need to pass a medical exam or answer any health questions. This plan offers you guaranteed acceptance if youre between 50 and 80.
AIG accidental death insurance provides your family with $500,000 worth of coverage in case of your death or serious injury in an accident. If youre between 18 and 80, you dont need a medical exam to qualify.
This provider also offers quality of life insurance, which can provide financial support to your loved ones while youre still alive. Your beneficiaries can access these living benefits if youre diagnosed with a chronic illness, critical illness or terminal illness.
Policy Types Offered:
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Who Is Colonial Penn’s Life Insurance Good For
We think Colonial Penn makes the most sense if you just want a small amount of coverage for funeral costs and other end-of-life expenses rather than full coverage. Colonial Penn’s low underwriting requirements are especially beneficial if you have trouble obtaining coverage elsewhere due to advanced age or a complicated medical history.
Colonial Penn Life Insurance Rates By Age
Colonial Penn Life Insurance is a company that you may be thinking about researching. You may have seen their commercial on TV with Alex Trebek. Although were not affiliated with this company, we thought wed share a simple review with you and show you some sample rates using the Colonial Penn rate chart.
If you are interested in buying no exam life insurance from a highly rated company with you might want to consider comparing Colonial Penn Life Insurance rates by age. This company is known for offering final expense and other kinds of life insurance products like long-term care insurance for seniors. While they tend to target their life insurance to seniors and middle-aged people, younger adults can also purchase term life insurance from Colonial Penn. The good thing is they offer a rate chart to help you compare the best life insurance quotes based on your age and location.
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What Are The Red Flags For Colonial Penns Term Life Insurance
Colonial Penn Life claims that there is a cash value to the policy. This is unusual, and we dont know of any other companies in the life insurance industry that offer a term policy with a cash value, which is designed to help you build money over time.
Colonial Penns website states that depending on how long youve had your coverage, the cash value may be available to borrow against at a guaranteed interest rate.
Another consideration is that its too expensive for a no-exam policy. For example, a 41-year-old man would pay $45.12 for $50,000 in benefits with Colonial Penn Life, and his premium would increase every five years until the age of 90. When youre not in perfect health, it can be easier to get some type of no medical exam life insurance because they provide guaranteed acceptance coverage but its valuable to do some comparison shopping amongst guaranteed acceptance policies regardless of your health status.
The same individual could buy a no-exam $250,000, 30-year term policy with SBLI for $36.67 per month, and his premium would stay the same for 30 years. See our SBLI life insurance company review for more.
Colonial Penn Negative Reviews
Technically speaking, Colonial Penn is a legitimate life insurance provider. Their life insurance products are legal and well-regulated, and they will undoubtedly pay out on your claim if you buy a policy from them.
They have an A+ rating from the Better Business Bureau, and their parent company is the well-respected CNO Financial Group.
But practically speaking? The Colonial Penn whole life insurance $9.95 plan is far from a legitimately good purchase.
Once you realize how little life insurance you get for $9.95, it becomes easy to see that their policies are a ripoff and that their TV commercials are highly misleading.
Feel free to take a quick look at our piece on the pros and cons of Colonial Penn Insurance.
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Term Life Insurance For Seniors
Term insurance pays benefits only if death occurs during the term of the policy, which normally is from one to 30 years. Most term policies do not offer any other additional benefits. Term policies usually come in two types: level-term , or decreasing-term . Healthy men over 70 can expect to pay $122 to $435 for a ten-year term life insurance policy with a $200,000 death benefit. And healthy women will pay between $66 and $194 for the same policy.
Compare The Best Life Insurance Companies For People Over 50
| Overall Rating | Best For | AM Best RatingAM Best is a credit rating agency that assigns insurance companies a letter grade from A++ to D. A companys grade indicates its ability to pay its claims and honor its financial obligations. | Term Life Sample Cost |
|---|---|---|---|
| Final Expense, Indexed Universal , Term, Universal , Variable Universal , Whole | Yes | ||
| Indexed Universal , Term, Universal , Variable Universal , Whole | Yes | ||
| Term, Universal , Variable Universal , Whole | No | ||
| Final Expense, Indexed Universal , Term, Universal | Yes | ||
| Best for No-Medical-Exam Life Insurance | A+ | Term, Universal , Variable Universal , Whole | Yes |
| Term, Universal , Variable Universal , Whole | No | Get A Quote | Hide, not for me |
*Quotes above are examples of what a 40-year-old in excellent health might pay for a 30-year $250,000 policy. Get life insurance quotes from multiple companies to find your best rate.
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Best Whole Life For Seniors: Nationwide
pros
Most applicants require a medical exam
COMPANY HIGHLIGHTS
J.D. Power : 785.5 AM Best Rating: A+ NAIC Complaint Index: 0.10
MoneyGeek’s Take: Nationwide offers customizable policies with several rider options and multiple payment plans, making it the one of the best choices for whole life insurance for seniors.
Company Description: MoneyGeek researched the best whole life insurance for seniors and found that Nationwide is the best insurance provider, as it offers customizable whole life insurance policies with several rider options and payment plans.
With Nationwides whole life insurance policy, you get lifelong coverage, a tax-free death benefit and a guaranteed cash value that you can borrow against. Premiums remain fixed, and the policy remains active as long as you pay the premiums on time. The company also has two payment plan options called Whole Life 100 and 20-Pay Whole Life.
With Whole Life 100, youre required to pay premiums until age 100. The 20-Pay Whole Life plan offers you fixed premiums for 20 years, after which your policy is considered to be paid in full. The company offers policy customization according to your needs with multiple rider options for chronic illness, terminal illness, critical illness, accidental death, death of a child, disability and much more.
Nationwide has one of the highest customer satisfaction ratings of any insurance provider. To buy a policy, you have to contact an agent directly.
Policy Types Offered: