Knowing the pros and cons of this insurance company can help you compare it with other competitors. Cash Value Life Insurance Pros And Cons. Colonial Penn has no medical exam life insurance, but it is a smaller coverage amount guaranteed issue whole life insurance. High premiums: Compared to other insurance products, Colonial life insurance premiums are high. There is no reason to get insurance coverage of $418 when you can still qualify for up to $25,000 with over a dozen other top guaranteed issue carriers like AIG and Gerber Life Insurance. 30-day money-back guarantee: If you decide Colonial Penn life insurance policy is not for you and cancel it before the 30 days, you get a full refund. Also, it’s worth noting that the ‘unit model’ is downright confusing and results in many unhappy customers. Unless death is through an accident. Thus Colonial also has some such features. or Colonial Penn certainly has a fit in the life insurance marketplace. Founded in 1937, Colonial Life offers many coverage options including life insurance, cancer insurance, and critical illness insurance. Medical benefits are not that great. As of the data received at the end of 2019, it’s customer complaint ratio was 50% higher than the national average. Colonial Penn, founded by the co-founder of AARP, has been around since 1968. We represent over 30 life insurance companies & transact business in every state. Some awesome people work at Colonial Penn, but they have promoted some evil petty underhanded individuals that will try to make your life hell there. This policy is offered on a guaranteed basis, meaning there is zero medical underwriting or health questions. Colonial Life has proved itself as a top-rated provider of employee benefits insurance products with over 75 years in business and high financial strength ratings. This review will teach you what you need to know before purchasing a guaranteed life insurance policy. If you’re considering buying a guaranteed life insurance policy through Colonial Penn, chances are you’ve seen one of their commercials. Colonial Penn Life Insurance Company 2017 Review. Colonial Penn Life Insurance is the brainchild of Leonard Davis, co-founder of AARP, who started the company in 1968 in Philadelphia. Maximum designation of 2 Beneficiaries: Both the term life policy and whole life policy allows the insured to denominate up to two donees. The Policy has No Medical Underwriting. I have been working at Colonial Life & Accident Insurance Co. for more than 5 years. Key critical illness cover pros and cons As with all types of insurance, there are pros and cons to critical illness cover . Unlike most other insurance companies, Colonial Penn does not offer riders or additional benefits with their policies. Like with anything you buy in life, do not fall victim to shiny ads with famous celebrities as the face. Before you buy life insurance from Colonial Penn, click here to read the pros and cons, and how can you save money, time and hassle. Knowing the pros and cons of this insurance company can help you compare it with other competitors. Their policy features a two-year graded death benefit limitation, which means if you die in the first two years of the policy, your premiums plus 7% interest will be returned. With all of the options currently available, you really need to shop around for a competitively priced policy. Use the following list of pros and cons to decide if a pre-paid funeral is right for you and your family. Pros and Cons of Pre-Paid Funeral Planning. Assurance Life is NOT affiliated with Colonial Penn Insurance. This entry was posted in Companies. The carrier has high ratings through A.M. Best and the BBB and is a financially stable company. Cons of Colonial Penn. If you are needing to contact Colonial Penn directly, you can reach them at 877-887-0490 or at www.colonialpenn.com . If that happens, Colonial Penn will pay the full amount of the policy immediately. If you’re reading reviews because you’re looking for the right policy, you may be wondering why anyone would use Colonial Penn Life Insurance. Colonial Penn offers shoppers a renewable term policy. Colonial Penn term life face amounts go up to $50,000. Guaranteed Issue Life Insurance Pros and Cons. Some policies are biased: It’s unfair for applicants who are relatively young and healthy not to undergo a medical test. Offers affordable rates on life insurance coverage. Colonial Penn is a highly recognized name brand offering life insurance direct to consumers. ... Pros and Cons of Colonial Penn Life. I get to write my own ticket, if I want I make more, I simply do more! Their coverage amounts are listed in “Units” instead of setting coverage amounts such as $5,000 or $15,000. Its complaint ratio in 2017 was 2.49, which is much higher than the national average of 1.00. No Exam Required, Fast Approval & Convenient: AARP life insurance program is convenient for its members. Management is beyond horrible the company should of been sue a long time ago for allowing all types of sexual harassment that goes on there but instead they reward the harrassers and put thrm on a pedestal. Colonial Penn No Exam Life Insurance Review. For example, one unit for a 50-year old male is $1,786 worth of coverage. Pros. For which your premiums + 7% interest will be returned, this is 3% less than the average premium return. Colonial Penn Cons Explained . It offers you guaranteed approval. We are licensed to sell life insurance in all 50 states, including the District of Columbia. As with all guaranteed acceptance products, people who select this type of policy are ones who have been declined for life insurance in the past. 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