Colonial Penn Life InsuranceWhen it comes to financial planning, life insurance is a critical component. In the event of your untimely death, it gives your loved ones financial security. Colonial Penn Life Insurance is a well-known name in the life insurance industry.
With a long history of providing reliable coverage, Colonial Penn has become a trusted name in the insurance world. In this article, we will take a closer look at Colonial Penn Life Insurance, its history, the types of coverage it offers, and why you should consider it.
What is Colonial Penn Life Insurance?
Colonial Penn Life Insurance is a life insurance company that has been providing coverage for over 60 years. Founded in 1968, Colonial Penn offers affordable life insurance options to people of all ages. They offer coverage for term life insurance, whole life insurance, and guaranteed acceptance life insurance. Colonial Penn’s mission is to provide peace of mind to its policyholders by offering affordable and reliable coverage.
History of Colonial Penn Life Insurance
Colonial Penn Life Insurance was founded in 1968 by Leonard Davis, the founder of the American International Group (AIG). The company started as a direct mail marketing firm that offered life insurance policies to people over the age of 50. Davis saw a need for affordable and accessible life insurance for seniors, and he created Colonial Penn to fill that need.
In 1985, Colonial Penn was acquired by Conseco, a financial services company that also specializes in life insurance. The acquisition allowed Colonial Penn to expand its product offerings and provide coverage to a wider range of customers.
Today, Colonial Penn is a subsidiary of CNO Financial Group, a holding company for several insurance brands. With over 800,000 policyholders, Colonial Penn continues to provide affordable and reliable life insurance to people of all ages.
Types of Coverage Offered by Colonial Penn Life Insurance
Colonial Penn Life Insurance offers three types of coverage: term life insurance, whole life insurance, and guaranteed acceptance life insurance.
Term Life Insurance
Term life insurance provides coverage for a specific period of time, typically between 10 and 30 years. The beneficiaries receive the death benefit if the policyholder passes away within the policy’s term. If the policyholder outlives the term of the policy, the coverage ends.
Colonial Penn’s term life insurance policies are available in increments of five years, from 10 to 30 years. The coverage amount ranges from $10,000 to $50,000, and premiums are guaranteed to remain the same throughout the term of the policy.
Whole Life Insurance
Whole life insurance offers protection for the duration of the policyholder’s life. The policy includes a death benefit and a cash value component that grows over time. The cash value can be accessed during the policyholder’s lifetime through loans or withdrawals.
Colonial Penn’s whole life insurance policies are available in coverage amounts ranging from $10,000 to $50,000. Premiums are guaranteed to remain the same throughout the life of the policy, and the policy builds cash value over time.
Guaranteed Acceptance of Life Insurance
Guaranteed acceptance life insurance is designed for people who have difficulty getting approved for traditional life insurance due to age or health issues. This type of policy does not require a medical exam or health questionnaire, and coverage is guaranteed regardless of the policyholder’s health status.
Colonial Penn’s guaranteed acceptance life insurance policies are available in coverage amounts ranging from $2,000 to $25,000. Premiums are guaranteed to remain the same throughout the life of the policy, and the policy builds cash value over time.
Why Choose Colonial Penn Life Insurance?
There are many reasons to choose Colonial Penn Life Insurance for your life insurance needs. Here are some of the top benefits of choosing Colonial Penn:
With a history rooted in providing coverage for seniors, Colonial Penn has become a trusted name in the life insurance industry. If you are looking for a life insurance policy that provides peace of mind to you and your loved ones, consider Colonial Penn Life Insurance. Their commitment to providing affordable and reliable coverage makes them a top choice for life insurance.
Is Colonial Penn Life Insurance only for seniors?
No, Colonial Penn Life Insurance offers coverage to people of all ages.
How much coverage can I get with Colonial Penn Life Insurance?
Colonial Penn Life Insurance offers coverage amounts ranging from $2,000 to $50,000, depending on the type of policy you choose.
Does Colonial Penn Life Insurance require a medical exam?
For the guaranteed acceptance of life insurance, no medical exam or health questionnaire is required. For term life insurance and whole life insurance, a medical exam may be required depending on your age and health status.
Can I cancel my Colonial Penn Life Insurance policy?
Yes, you can cancel your policy at any time by contacting Colonial Penn Life Insurance.
How do I get a quote for Colonial Penn Life Insurance?
You can get a quote for Colonial Penn Life Insurance by visiting their website or calling their toll-free number.