Colonial Penn offers guaranteed acceptance whole life coverage for those between 40 and 75, as well as whole life policies for those between 18 and 75. Both types of policies involve no medical exam, provide lifetime coverage and build cash value. The most significant disadvantage to Colonial Penn’s life insurance is the low coverage especially for guaranteed acceptance life insurance and declines as your age at application increases. Before you buy a guaranteed issue policy with Colonial Penn read this Colonial Penn Life Insurance Reviews and alternate options.
Colonial Penn Life Insurance Reviews
In this Colonial Penn Life Insurance Reviews we will discuss the positives as well as negatives, and the alternative to Colonial Penn. Continue reading our Colonial Penn Life Insurance Reviews to find out.
Interested ones also comment your reviews from here. If you want any queries need to reach the company directly, please call 1-877-877-8052 between 8:30am and 5:30pm Monday through Friday. New York policy holders should call 1-800-323-4542 instead.
Colonial Penn Life Insurance Company Overview
Colonial Penn Life Insurance Company formerly known as CONSECO Direct Life Insurance Company. The company was started in 1879 and is based in Philadelphia, Pennsylvania. Colonial Penn Life Insurance Company operates as a subsidiary of Conseco Life Insurance Co. of Texas. It provides life insurance products for men and women in United States (U.S). It offers guaranteed acceptance life insurance coverage and whole life insurance coverage. Its plans are designed to help in paying for funeral and burial expenses, and to ease financial burdens at a difficult time. The ColonialPenn Life Insurance Company focuses on providing life insurance protection directly through mails, TV, call center, and the Web.
The maximum benefit paid by Colonial Penn’s guaranteed life policy for 23 cents-per-day coverage is $1,764, and that is only if you are a 50-year-old woman. Be male or Anyplace up to age 85 and minimum premium amount gets an even lower benefit, all the way down to $349.
COMPANY SUMMARY
| Company Name | Colonial Penn Life Insurance Company |
| Address | 399 Market Street Philadelphia, PA 19106 |
| Phone Number | (877) 877-8052 |
| Website | www.colonialpenn.com |
| Policy Types Available | Term Whole Guaranteed |
| Company Ratings | A.M. Best (A-) Fitch (BBB+) Moody’s Investors Services (Baa1) Standard & Poor’s (BBB+) Comdex (62) |
Insurance Products
Life Insurance
- Guaranteed acceptance whole life
- Colonial Penn Patriot Program
- LifeChoice whole life
- Five-year renewable term life
- 20-year term life policies
Additional Products
Apart from life insurance, Colonial Penn also offers Medicare Supplement plans and other types of health insurance and retirement planning products:
- Long-term care and home health care policies
- Annuities
- Medicare supplement and prescription drug coverage
Colonial Penn Life sells “units of coverage.” The unit premium never changes, and they sell 1–8 units.
1 unit costs is $9.95
2 unit cost is $19.90
3 unit cost is $29.85, and so on up to 8 units, which cost $79.60.
50 Years Old Rates
| Unit of Coverage | Life Insurance Benefit Amount | Monthly Premium |
| 1 Units | $1,786 | $9.95 |
| 2 Units | $3,572 | $19.90 |
| 3 Units | $5,358 | $29.85 |
| 4 Units | $7,144 | $39.80 |
| 5 Units | $8,930 | $49.75 |
| 6 Units | $10,716 | $59.70 |
| 7 Units | $12,502 | $69.65 |
| 8 Units | $14,288 | $79.60 |
70 Years Old Rates
| Unit of Coverage | Life Insurance Benefit Amount | Monthly Premium |
| 1 Units | $717 | $9.95 |
| 2 Units | $1,434 | $19.90 |
| 3 Units | $2,151 | $29.85 |
| 4 Units | $2,868 | $39.80 |
| 5 Units | $3,585 | $49.75 |
| 6 Units | $4,302 | $59.70 |
| 7 Units | $5,019 | $69.65 |
| 8 Units | $5,736 | $79.60 |
Claims
Claims can be handled either phone or by email. To file a claim online, click the “Contact Us” tab on the Official web page of Colonial Penn.