Colonial Penn is undoubtedly popular bar stools on sale different guaranteed life insurance coverage programs. You’ve likely seen the face area of Alex Trebek advertising their products on tv, but there is more towards company than one product and one stream of advertising. When you purchase a product by Colonial Penn, you may want to read our review down below. This Colonial Penn Life Insurance Company review explores if they are one of the best life insurance companies, but is our own opinion.
Our Colonial Penn Life Insurance Company Review
Based in Philadelphia, and one of the younger life insurance carriers in the united states, Colonial Penn has still been with us for more than 50 many years. This half century old company is just not among our best term life insurance companies, but they certainly have got put their stake inside the ground with more compared to 750, 000 policies which boasts more than $3. 2B of in effect insurance.
Colonial Penn helped lay the foundation for guaranteed products being among the first companies to bring such a insurance plan to the market. This is still a strong backbone of the company since they continue to market to help mature and senior viewers.
With their core and largest section of business being in the actual senior market, Colonial Penn advertises in numerous different ways, including one on one mail, call centers, and also, of course, television. They have been known to have numerous paid endorsers, including Alex Trebek, Jim McMahon, and Joe Theismann.
As noted previously, by far the most prominent product Colonial Penn delivers is their guaranteed acceptance term life insurance. The program features absolutely no medical exams, minimal information is required, and you can not be declined that has a proper application. This, naturally, comes with a number of strings.
The product offers really low face amounts, or passing away benefits, and the cost for each thousand is relatively high due to lack of underwriting. Companies like Gerber have better usage of death benefits, and are definitely more competitively priced.
Colonial Penn also provides other products which are certainly not quite as highly publicized. Among them are some sort of both a term and whole life insurance coverage, neither of which require exams and just one or two health questions. While this specific seems great, once again and also mean lower maximum passing away benefits (just $50, 000) and also higher prices per thousands of.
Colonial Penn is really a subsidiary of CNO Economic Group, Inc., based out of Carmel, Indiana. CNO and subsidiaries, unfortunately do n’t have strong ratings, which reflects poorly around the company and its chance to meet its financial obligations ultimately. No ratings agency features awarded them an “A” and their Comdex is simply 55.
There have recently been several accounts of Colonial Penn getting sued over claims having not been paid, and consumer activism groups carry on and raid the doorsteps connected with Colonial Penn for focusing on seniors and elderly having outrageous premiums for not enough coverage.
This could be because the guaranteed policy is known for a two year waiting period, much like many some other guaranteed products. This usually brings about returned premium payments, furthermore possible interest, but the full death benefit can end up being denied.
There are superior, more reputable companies available, regardless of your health and fitness, and it may have your best interest to check elsewhere. While the company name is highly acknowledged and branded, it’s largely as a result of extraordinary amount of marketing Colonial Penn does, instead of product prowess.
|Company Name (and Subsidiaries)||CNO Financial Group, Inc.
|Company Ratings||A.M. Best (BB)
Moody’s Investors Services (Ba1)
Standard & Poor’s (BB)
|Headquarters (Address, Phone, Web)||399 Market Street
Philadelphia, PA 19106
|Policy Types Available||Term