Types of Policies Offered by Colonial PennĬolonial Penn offers 3 different kinds of life insurance. You can see that they do have good financial ratings, which ensure your policy is likely to get paid out.īut how does Colonial Penn compare to other top life insurance companies in terms of policies and rates? Colonial Penn’s Financial Ratingsįirst things first, let’s look at how reputable the company is, and how safe your money is.Ĭolonial Penn has received strong financial ratings from the following agencies: Company The company was among one of the first to design life insurance products for older individuals and they became one of the first to offer their guaranteed acceptance plan for those 50 years or older back in 1968. The company uses a combination of call centers, websites, mail, and television to reach people and share with them life insurance options. They have an easy application process & trusted name, but Colonial Penn policies are usually more expensive than other carriers.Ĭolonial Penn has offered life insurance policies for over 60 years.

They offer guaranteed acceptance, term, & whole life insurance, usually targeting seniors. Let’s Get To The Root Of It! Here are the key takeaways…Ĭolonial Penn Life Insurance has an “A-” (excellent) rating with A.M. The good news is, here at Final Expense Benefits, we work with companies that offer burial insurance with no waiting period and burial insurance with no medical exam.Life Insurance is Boring. Since this plan is a guaranteed issue life insurance, there is a two-year waiting period. If you were to die within the first two years of your policy being in force, then your beneficiary would not receive the death benefit. However, you need to keep in mind the terms and also the fine print associated with the Colonial Penn 995 plan. Like any burial insurance for seniors or whole life insurance plan, once the insured passes away, the designated beneficiary of that plan would receive the coverage amount. In the next section of this article, you’ll be able to read and learn about Colonial Penn negative reviews, so you can determine for yourself if the insurance plan is worth it. We are comparing the Top A+ Rated Carriers vs Colonial Penn 995 Plan. Below is a chart that estimates the cost of $10,000 of coverage. The same $10,000 of coverage for a male 70 years of age would be about $74 per month with Mutual of Omaha. you would need about 14 of those units to add up to $10,000 of coverage. How did we get that price? Well, remember, if you are 70 years old, one unit costs $9.95. With Colonial Penn, $9.95 a month would actually cost you about $138 per month. You want $10,000 of coverage to take care of your funeral expenses. Let’s say you are a 70-year-old male and in pretty good health. Let’s compare Colonial Penn life insurance $9.95 per month plan coverage to the same amount but with Mutual of Omaha. The easiest way to determine if the $9.95 plan is worth it is to compare to it’s competition.

Colonial penn reviews