An Introspect Into Colonial Penn Burial Life Insurance Policies
Colonial Penn has mainly known for providing guaranteed whole life insurance for people who are fifty years and above.
What people really like about it is that there is no need to take a medical exam for any of its policies, unlike what is seen with other insurance providers. It’s a very financially strong company which means that it can be relied upon to pay insurers for claims.
Colonial Penn Burial Life Insurance – A Review
It is to be noted that Colonial Penn is a leading life insurance company in the U.S. The key feature of its policies is that they have simple features, high premiums and don’t require medical exam.
If you are looking for an insurance policy that will help to build cash value over a period of time, against which you can even avail a loan, Colonial Penn is what you should be signing up for as its whole and term life plans enable you to do this. Here is a look at the policies types it offers:
Term Life – It can be applied people between ages 18 and 75 and the amount that they can avail is up to $50000. Policy benefits are available up to the age of 90.
Whole life – Those who are between ages 40 and 75 can apply for this type and coverage that can be availed is up to $50000.
Guaranteed Acceptance Whole Life – This one is available for people between ages 50 and 85 and maximum coverage provided is under $20000.
Why Opt For Colonial Penn Life Insurance?
The benefits of its policies can be availed only after first two years have passed. You can get a lower premium rate provided you are healthy; don’t have any risky lifestyle habits or criminal conviction.
Though there are many insurance companies out there, offering different types of policies, what sets this one apart is the fact that its coverage is only up to $50000.
This implies that it’s the coverage needed by those specifically seeking low life insurance coverage at an affordable cost for their family. Coverage can be obtained in a very short time as just ten minutes. No need to have AAA membership and all non-permanent plans that it offers can be converted.
How Much Is A Unit Of Colonial Penn Burial Life Insurance?
One unit of Colonial Penn Life insurance costs $9.95 per month regardless of your age or gender.
Now that we know what colonial Penn life insurance covers, you should also be aware of what it does not offer:
There is no coverage for children and neither are riders available to add this option to the selected plan
There is no additional benefits offered to the policy holder in the event that he or she becomes disabled or needs assisted living
No premium waivers is offered, a feature usually seen with other insurance companies, in the event of certain situations
In the event of severe health condition in which the policy holder might pass away within a short period of time, no access to policy benefits are given for even such dire circumstances.
In addition to the above, you will find that though online application is possible, certain plans are an exemption to this. The plans offered by this insurance companies are available in many locations but not New York.