Non-tobacco user discount: Life insurance companies tend to reward customers who do not use tobacco products with cheaper premiums. Discounts offered to women: Life insurance companies often charge noticeably cheaper premiums on their policies to women over men in the same age bracket. While Colonial Penn does not make information about their discounts readily available to prospective customers through their website or direct inquiries, there are several standard discounts offered by many life insurance companies. What Life Insurance Discounts Does Colonial Penn Offer? Here are some sample monthly average prices for life insurance from Colonial Penn, broken down into age and gender categories. Colonial Penn Life Insurance Average Prices A widely chosen option provided by Colonial Penn is for customers aged 50-85. Limited benefit periods, such as two years, are offered on this coverage. This coverage is a kind of whole life insurance that doesn't require a medical exam or any health survey questions, so approval is guaranteed. Guaranteed acceptance life insurance is also offered by Colonial Penn. Permanent life insurance customers can enjoy guaranteed premiums that remain the same throughout their lives. Folks aged 40-75, in most areas, have the option to apply for coverage. Permanent, whole life insurance is available from Colonial Penn to provide customers with a policy that lasts their entire lifetime. Colonial Penn is a subsidiary of CNO Financial Group, which serves more than four million customers across the nation. However, term life insurance policies are not offered in all states. Coverage is available in 49 out of 50 states, as well as DC, Puerto Rico, and the Virgin Islands. With several decades of experience under its belt, Colonial Penn’s history has helped it to earn a reputation as a stable company. The carrier was one of the first on the market to begin offering guaranteed acceptance life insurance plans requiring no medical exam to senior citizens. What to Know about Colonial PennĬolonial Penn was founded in 1968, making it a well-established insurance carrier with more than half a century of experience in offering multiple insurance options to individuals in many different age brackets. If you’re in the market for affordable life insurance, Colonial Penn may just be the right insurance company for you. Renewable term life insurance (ages 18-75)įor individuals of almost any age, Colonial Penn offers a type of life insurance suited to their needs. Permanent whole life insurance (ages 40-75). Guaranteed acceptance (whole) life insurance (ages 50-85). They have a few coverage options available, including: What Type of Insurance Does Colonial Penn Offer?Ĭolonial Penn is a specialized insurance company that focuses on life insurance. No claims response time frame or official claims process provided. Customer complaints across multiple websites. Colonial Penn Insurance Company Pros and Cons: However, Colonial Penn does have excellent ratings through both AM Best and the BBB. 
A concerning volume of customer dissatisfaction overall knocks the carrier down a couple of stars automatically. The carrier also lacks an option for customers to file claims online or over the phone, which in comparison to other modern insurance companies, makes them seem extremely dated. In fact, during our updated review, it seems that customer reviews of this insurance company have only gotten worse.įurther, the carrier’s official website is sorely lacking in terms of important information like claims processes and response time frames. Several customers state that they were denied coverage by Colonial Penn based on their medical history or current health status. While the carrier promises it offers life insurance with no medical exam required, many concerning customer reviews have stated that this is false advertising.
awards Colonial Penn an overall rating of 2 out of 5 stars. Trusted Choice's Colonial Penn Insurance Score:
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