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Colonial Penn Life Insurance coverage for Seniors (2022)


Rachael Brennan has been working within the insurance coverage trade since 2006 when she started working as a licensed insurance coverage consultant for twenty first Century Insurance coverage, throughout which era she earned her Property and Casualty license in all 50 states.
After a number of years she expanded her insurance coverage experience, incomes her license in Well being and AD&D insurance coverage as effectively. She has labored for small well being in…

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Benjamin Carr was a licensed insurance coverage agent in Georgia and has two years’ expertise in life, well being, property and casualty protection. He has labored with State Farm and different danger administration companies. He’s additionally a strategic author and editor with a background in branding, advertising and marketing, and high quality assurance. He has been in navy newsrooms — actually on the frontline of journalism.

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Benji Carr


Former Licensed Life Insurance coverage Agent


UPDATED: Jan 19, 2022

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Fast Info

  • Colonial Penn Life Insurance coverage Firm operates below CNO Monetary Group
  • You possibly can select between two completely different entire life insurance coverage choices when procuring Colonial Penn life insurance coverage for seniors
  • Colonial Penn entire life insurance coverage insurance policies might be bought with no medical examination and with further residing advantages at an added price

In the event you’re an getting older grownup and you’ve got shut household to financially defend, you may need to take into account Colonial Penn life insurance coverage for seniors. In the event you’re in pursuit of everlasting life insurance coverage, Colonial Penn has choices for many seniors.

As a senior, it could be tough to resolve which coverage is greatest or in case you ought to belief one particular life insurance coverage firm. We’ll enable you decide whether or not or not Colonial Penn is a worthwhile life insurance coverage firm to buy a coverage from, and which sort could be greatest for you.

Proceed studying to be taught extra about Colonial Penn life insurance coverage for seniors or benefit from our free quote instrument above to get immediate quotes from the highest life insurance coverage corporations close to you.

Colonial Penn Life Insurance coverage for Seniors

Shopping for life insurance coverage is already a difficult course of as it’s. It turns into more and more tough the older you get as a result of many life insurance coverage corporations cost considerably extra for older adults. This makes it an increasing number of necessary to make sure that seniors select a dependable life insurance coverage firm.

Colonial Penn may not be the most well-liked firm on the market, however that doesn’t imply Colonial life insurance coverage is any much less priceless when in comparison with these bigger suppliers.

Although Colonial Penn has solely been round for roughly 50 years, the corporate seems to have robust infrastructure given it is part of a bigger entity, CNO Monetary Group. As a complete, CNO has beforehand been ranked by Forbes as a high 1000 firm value over 4 billion {dollars}.

In brief, Colonial Penn seems to have platform for monetary safety. By taking a deeper look into the Colonial Penn life insurance coverage critiques, we’ll be capable of get a greater understanding of how Colonial Penn stands financially general and whether or not seniors ought to even take into account investing within the firm.

Are the Colonial Life Insurance coverage Firm critiques good?

As a subsidiary, Colonial Penn needs to be in place financially, however that’s not at all times the case. Moreover, even monetary energy ranking doesn’t assure an organization is loyal to its prospects.

Beneath, you’ll see the important thing Colonial Penn life insurance coverage critiques:

  • A.M. Finest: A-
  • Fitch: A-
  • Moody’s: A3
  • Higher Enterprise Bureau: A+
  • NAIC Grievance Index: 2.11

Total, Colonial Penn life insurance coverage is extremely rated. Primarily based on the corporate’s scores from A.M. Finest, Fitch, and Moody’s, they’re financially secure and have a constructive future outlook. This tends to be the case for smaller corporations in the event that they function below a bigger entity or group of corporations.

Colonial Penn’s customer support seems to be respectable, however not distinctive primarily based on the obtainable info. The corporate’s NAIC Grievance Index means that it handles about two occasions as many complaints as related trade opponents.

On a constructive observe, Colonial Penn’s ranking from the BBB means that they’re no less than attentive to these complaints. Total, Colonial Penn seems to be reliable sufficient to put money into for seniors.

What’s the greatest Colonial Penn life insurance coverage for seniors?

Now that you already know Colonial Penn is value wanting into, it’s necessary to get a greater understanding of the insurance policies the corporate provides. In brief, Colonial Penn provides two commonplace coverage choices, every being a type of entire life insurance coverage. Every of Colonial Penn’s insurance policies comes void of a medical examination.

No examination life insurance coverage is usually most well-liked for many who both need to safe a coverage hassle-free or for many who might have underlying well being situations. For seniors, there’s a good probability {that a} medical examination would uncover medical situations that you could be or is probably not conscious of.

Colonial Penn entire life insurance coverage received’t be obtainable to all seniors, nevertheless. These plans have an age restriction of 40 to 75. In the event you’re near the standard retirement age, a Colonial Penn entire life insurance coverage coverage could possibly be an choice, though you’ll most probably pay a notable quantity every month as a result of money worth element.

Colonial Penn’s Assured Acceptance insurance policies can be found to extra seniors with an age vary of fifty to 85. The primary distinction between these insurance policies is that Assured Acceptance Life Insurance coverage from Colonial Penn has a two-year restricted advantages interval.

In any other case, each Colonial Penn life insurance coverage coverage choices will accrue money worth and might be bought and not using a medical examination. These insurance policies are simply accessible and could possibly be inexpensive with charges beginning as little as $9.95 monthly per the corporate’s web site.

Extra About Colonial Penn Life Insurance coverage for Seniors

Why ought to seniors select Colonial Penn life insurance coverage? For starters, no examination life insurance coverage insurance policies might be simpler to get and might typically be extra inexpensive than insurance policies secured after disclosing numerous well being points. This isn’t at all times the case, so that you do nonetheless need to examine charges from completely different suppliers earlier than you decide to a coverage.

In any other case, Colonial Penn does supply some good coverage advantages corresponding to Dwelling Insurance coverage®. This coverage characteristic might be added on to assist policyholders acquire entry to a portion of the demise profit ought to they change into critically sick. This helps deter some unexpected bills related to main sicknesses or cardiac occasions.

Total, Colonial Penn has some good coverage options for some seniors. It additionally looks like Colonial Penn’s consumer expertise is constructive. It doesn’t seem that the corporate provides a cell app, nevertheless, coverage info and funds might be accessed on-line.

Life insurance coverage claims with Colonial Penn look like user-friendly for beneficiaries as effectively. The types and make contact with info are all situated on the Colonial Penn web site.

Your life insurance coverage quotes are at all times free.

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Colonial Penn Life Insurance coverage for Seniors: The Backside Line

Whereas Colonial Penn may not supply a conventional time period life insurance coverage coverage, the corporate does supply a few everlasting life insurance coverage choices that could possibly be robust selections for seniors. Easy accessibility and versatile advantages may repay in the long term.

We hope you loved studying extra about Colonial Penn life insurance coverage for seniors. Earlier than you go, don’t neglect to benefit from our free quote instrument to get immediate charges from the highest life insurance coverage corporations in your space.

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