Colonial Penn Insurance Company Wiki, Plans, Reviews, Pros, Cons

Colonial Penn Insurance Company Wiki, Plans, Reviews, Pros, Cons: Colonial Penn Insurance is a Life Insurance company to know more read ahead Colonial Penn Insurance Company Wiki, Plans, Reviews, Pros, Cons.

Colonial Penn Insurance Company Wiki

As I have already told Colonial Penn Insurance is a Life Insurance company.

The company is from Philadelphia. founded by a Philanthropist and AARP co-founder Leonard Davis.

The company originally focused on 65 who became the origins of insurance provided through American associations of the retired person (AARP), now has its marketing campaign aimed at the people age between 50 and 85.

Achievements

The company is one of the biggest players in the field of insurance.

 ratings of A.M.

They have “excellent” financial strength according to the ratings of A.M.

This is one of the Important indicators because it indicates how well an insurance company can pay claims (See the image above).

It becomes a more important indicator in case of life insurance as the company claims might not be made until the decades of purchasing insurance.

Colonial Penn Insurance Company Plans

The company offers two types of permanent life insurance- Whole Insurance and Guaranteed acceptance of Whole Life Insurance.

You must be saying like “What the Hell is Guaranteed acceptance Whole Life Insurance?

Guaranteed acceptance Whole Life Insurance is a type of Life Insurance that is available for the age 50-85 which requires on medical examination and can’t be rejected.

 

Guaranteed acceptance Whole Life Insurance Whole Life Insurance
Age Availablity 50- 85 years 40-75 years
Health Question No Yes
Can be Rejected? No Yes
Maximum Coverage $3,344 to $16644 $50,000
Payout if you die within the first two years of coverage
  • Premiums paid plus 7% interest compounded annually.
  • Full Payout if death is an accidental death.
Full Payment expects in the case of suicide.

Colonial Penn Insurance Claims

Talking about the most important part of this article is claims.

In order to submit your claim, you need to show the claimant’s statement completed by the named beneficiary(s) with other documents like a certified death certificate for the insured.

The following documents should be sent to their office.

To know more you can visit their official website

 

Colonial Penn Insurance Reviews

By now you must have understood Colonial Penn Insurance Company Wiki, Plans  now it’s time to understand Colonial Penn Insurance Reviews, Pros, Cons

I have told you a lot about Colonial Penn Insurance but now the question arises is it actually worth?

Pros:

  • No Medical Exam is required
  • Purchasing insurance is quite an easy process.
  • They have “excellent” financial strength according to the ratings of A.M.

Cons:

  • Colonial Penn Insurance complaint ratio was very high with 1.71 in 2016.
  • No mobile app available

Conclusion:

Overall This company is 100% Legit and sounds financially good but could have poor customer support. So, yes you can consider purchasing health insurance from this company.

Given Below is the Summary of the article:

Company Name: Colonial Penn

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Service: Insurance

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Specialize in: Life Insurance.

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Location: Philipedia.

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Founder: Philanthropist and AARP co-founder Leonard Davis.

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Achievements: They have “excellent” financial strength according to the ratings of A.M.

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Plans: The company offers two types of permanent life insurance- Whole Insurance and Guaranteed acceptance of Whole Life Insurance.

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I hope you found this review helpful and you must have understood Colonial Penn Insurance Company, Colonial Penn Insurance Wiki, Colonial Penn Insurance Plans, Colonial Penn Insurance Reviews, Colonial Penn Insurance Pros, Colonial Penn Insurance Cons, Colonial Penn Insurance Claims.

Also Read: Hiscox Insurance Wiki | Reviews | Ratings | Claims | Quotes

 

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Subham Sahuwala

Hello, Everyone, I am Subham and I am an Online Entrepreneur & Blogger Since 2015. I did have a Keen Interest in Finance Industry. So I decided to write Blog for you and I hope you'll are loving it. If you've any questions you can ask me at [email protected]

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