Colonial Penn Life Insurance Review

There's only one way to make life insurance easy and that's using Colonial Penn Life Insurance.

By: admin Posted: September 28, 2010

The Good

Dedicated Support Staff • Low Premiums • Helpful Resources

The Bad

Focused on Pennsylvania Tri-State Area

Overview

Founded in 1968, Colonial Penn Life Insurance has continually provided quality life insurance for over 50 years. Located in downtown Philadelphia, Colonial Penn maintains its historic roots and is only a few blocks from Independence Hall and the Liberty Bell. There is no doubting the quality of Colonial Penn. They are the real deal.

Policies / Plans

Guaranteed Acceptance Life Insurance - This policy is exclusively for those aged 50-85. Nobody is turned down and no medical exam is needed.

Lifechoice Whole Life Insurance - This is a permanent life insurance policy that accumulates a cash value after one year. The primary benefits are offered in $5,000 increments. This policy is targeted for those between the ages of 45 and 75.

Five Year Renewable Term Life Insurance - Like the Lifechoice policy, Term life insurance is offered in $5,000 increments. This policy can be renewed every five years and only a few simple health questions are asked to determine eligibility. The policy is for 18-75 year old individuals.

Twenty Year Term Life Insurance - The only real difference between this policy and the five year term life insurance is the term length. This policy is obviously for twenty years and both the premium and benefit is locked in until the policy expires.

Pricing / Rates

Colonial Penn offers extremely competitive rates for their life insurance policies. Upon calling the toll-free number, a quote of $210 was offered for a lucrative policy. This premium is extremely cheap compared to most life insurance providers and the premium would be lowered if successful payments were made on time.

Getting A Quote

Colonial Penn offered both online and offline methods to receive a quote. Similar to other providers you can select the policy you want and request an online quote. Most of the quotes you receive will end up being the quote you will actually pay; there is no additional fees that some other life insurance providers tack onto your premium. You can also go the longer route and talk to an agent. They are extremely helpful and will guide you in the right direction.

Customer Service

Colonial Penn has superb support staff. Their customer service agents are not only smart but also extremely helpful. They will make sure your problems are taken care of in a swift and painless way. Their agents make sure you do not have to wait on the phone for a long time and are definitely rated in the top 5 out of all the insurance providers.

Summary

Overview:

Policies / Plans Rating:

Policies / Plans:

Colonial Penn Life Insurance has revolutionized the way life insurance is provided. Colonial Penn instituted the first guaranteed of life insurance for people over the age of 50, regardless of any health situation. Colonial Penn offers a variety of life insurance products, all of which are of a high quality. There are four main life insurance plans you can purchase form Colonial Penn. They are as follows: Guaranteed Acceptance Life Insurance - This policy is exclusively for those aged 50-85. Nobody is turned down and no medical exam is needed. Lifechoice Whole Life Insurance - This is a permanent life insurance policy that accumulates a cash value after one year. The primary benefits are offered in $5,000 increments. This policy is targeted for those between the ages of 45 and 75. Five Year Renewable Term Life Insurance - Like the Lifechoice policy, Term life insurance is offered in $5,000 increments. This policy can be renewed every five years and only a few simple health questions are asked to determine eligibility. The policy is for 18-75 year old individuals. Twenty Year Term Life Insurance - The only real difference between this policy and the five year term life insurance is the term length. This policy is obviously for twenty years and both the premium and benefit is locked in until the policy expires.

Pricing / Rates Rating:

Getting A Quote Rating:

Getting A Quote:

Customer Service Rating:

9.6

Overall Rating:

9.60

The only reason Colonial Penn didn't receive a 10 is due to the lack of nationwide coverage. They do provide service to 49 states however as mentioned, they seem to focus on the Mid-Atlantic area. They have top customer support, excellent policies, and helpful resources on their website to guide you towards a policy that is right for you. Colonial Penn Life Insurance is definitely a life insurance provider to consider.