If you’ve ever flipped through the channels during the daytime, you’ve probably seen an ad for this. The commercial is usually pretty simple: no medical exams, guaranteed acceptance, and policies designed for seniors. For many people, especially seniors, this is enough to catch their attention.
What Is Colonial Penn Life Insurance?
This is a life insurance company that has become well known for offering whole life insurance policies to senior citizens. The company has been operating for many years and is presently backed by CNO Financial Group, a well known insurance holding company.
Colonial is not like the usual insurance companies that provide complicated insurance products. Most insurance policies don’t ask for a medical exam, and some policies don’t even require answering any health questions.
The following are some reasons why people buy it
- They do not want medical exams
- They have been declined elsewhere
- They want to cover their funeral and final expenses
How Colonial Penn Life Insurance Rates Work
One of the biggest questions that people have is regarding the rates that are offered. This employs unit-based pricing rather than charging rates in relation to money. So, each unit offers a certain amount of coverage, and the price of a unit goes up as you get older.
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One reason why such pricing may be perplexing at first especially when you contrast it to a conventional life insurance policy. Although at a quick first glance it may seem that you are getting a nice deal, the price can very quickly go up if you want a higher coverage level.
What affects Colonial Penn Life Insurance rates?
- Your age at the time of enrolment
- Your gender
- The number of units that you purchase
- Pricing rules as per state-specific
The above factors are the reason that affects insurance rates, so when you are going buy this insurance, consider the above factors.
Colonial Penn Life Insurance Rates By Age
A rate chart for the life insurance policies, which is based on the age of the applicant, clearly indicates that as the applicant becomes older, the premiums become higher. For example, an adult who is in their early 50s will be charged less per unit as compared to another who is in their late 70s or early 80s.
When we look at the prices, it is obvious that as a person ages, the premiums become higher. This implies that people who postpone signing up for the program may be charged higher dues. Although the individual will be accepted, affordability becomes the key concern for many seniors. It is also essential to note that each unit has a limited death benefit.
How Much Is A $50,000 Life Insurance Policy From The Colonial Penn
The question is: How much does this life insurance policy costing $50,000 cost? The answer: It could be pricey. The reason is that a policy is unit-based. This means that in order to reach a policy value of $50,000, one would have to buy a lot of units. For seniors, this could mean that the cost of the policy is much higher than a similar policy from another carrier.
In some instances, a Colonial Penn policy may be more suited for smaller policy amounts. This would include
- Funeral expenses
- Medical bills
- Small debts
- End-of-life expenses
Colonial Penn Life Whole Insurance: Advantages And Disadvantages
| Pros | Cons |
| Guaranteed acceptance without medical exams | Premiums are higher than term insurance |
| Premiums are fixed for a lifetime | Units of coverage are limited |
| Benefits are also for a lifetime | Graded benefit period of two years on some contracts |
| Cash value builds over time | Confusing because of unit pricing |
Whole Life Insurance can prove to be a good option for seniors who are looking for hassle-free insurance that lasts for their lifetime. The insurance does not require any medical exams.
The premiums remain the same for a lifetime, and the cash value accumulates at a slow pace. However, the insurance can prove to be costly, the benefits are limited, and the unit-based pricing system can prove to be confusing.
Colonial Penn Life Insurance: Customer Real Reviews About It
These insurance reviews are mixed to some extent, which is pretty normal for most life insurance providers. Nevertheless, a good number of clients value how easy it is to apply and the fact that the company guarantees approval. Older adults especially like the fact that they do not have to disclose any details about their health to get the insurance.
There are a few complaints about the company raising the premiums more than expected, and the clients not fully understanding the coverage they got. Some people have also had trouble or a longer wait when dealing with customer support.
Its reputation is strongest with customers who value ease and guaranteed approval over saving money.
Colonial Penn Customer Services And Information About It
The customer service provided by the insurance is intended to assist policyholders with simple insurance needs, particularly the elderly, who value uncomplicated customer service. Customers can contact the company using phone customer service for assistance with policy information, payments, coverage, and more. The customer service representatives are recognized for their ability to break down information in simple terms, making it less confusing.
Aside from customer service, this also provides online services for customers to manage their payments and account information. Although the customer service is reliable, the waiting times can be unpredictable, and some customers feel that the options are limited compared to other larger insurance companies. Nevertheless, the priority is still on simplicity, not functionality.
Keypoints
- Phone customer service for policy and payment inquiries
- Communication style is simple and easy to understand
- Online bill pay and account access are available
- Customer service is primarily for seniors
- Customer service options are limited compared to larger insurers
Process To Make Payments For Colonial Penn Insurances
Paying your premium is easy, even if you are not tech-savvy. The bill pay system is designed to be easy to use. Many seniors opt for automatic payments so that they do not miss a due date. Making your payment on time is important because missed payments can impact your coverage.
Bill Pay Options
- Automatic bank drafts
- Mail-in checks
- Phone payments
Who Is Jonathan Lawson from Colonial Penn?
If you know from TV commercials, you may recognize Jonathan Lawson. He’s been the public face of the business for several years and is frequently confused with the founder.
Jonathan Lawson is a spokesperson, not an executive or an owner. His soothing and reassuring demeanor has come to be associated with the brand, which
This is why individuals search for information on these topics:
- Jonathan Lawson’s wife
- Jonathan Lawson’s net worth
Conclusion
The Insurance has earned its respect for being accessible and easy to understand, especially for seniors who may not want to undergo medical exams or complicated applications. For final expense insurance planning, it may be a good choice.
The life insurance prices generally stay at a higher level than average ones, and the unit-based pricing system may not be very suitable for all of the individuals. The key point is to understand what you are paying for and why.
Before purchasing any policy, make sure you spend some timecomparepoliciesquestionyouLife insurance is your decision, and the best policy is that which gives you peace of mind.
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