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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 Pen 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.

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

This is one of the biggest indicators because it indicates how well an insurance company can pay claims.

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 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 your die within 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 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.

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

 

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