Head Office
Colonial Penn Life Insurance Co.
399 Market Street
Philadelphia, PA 19106
United States
Support
Phone: 1-800-523-9100
Phone: 1-877-877-8052
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About Colonial Penn
As we grow older, we feel more and more insecure about the future and wonder if our existing investments and policies would be sufficient to see us through any challenge that life may throw at us. Making the future secure, and lending a helping hand to Americans between the ages of 18 and 85 is the Colonial Penn Life Insurance Company. It was founded in 1968 and has its headquarters in Philadelphia, Pennsylvania. The mainstay of its insurance popularity lies in its affordable rates and direct remittance policy. Colonial Penn is the pioneer in offering customized insurance plans for mature people over the age of 50. It operates in 49 states, Washington DC, Puerto Rico and Virgin Islands. Most popular from the Colonial Penn offerings are the Guaranteed Acceptance Life Insurance plan, Permanent whole life insurance, and Living Insurance and Active care Supplemental Insurance.
The first plan is the Guaranteed Acceptance Life Insurance plan that, as the name suggests, is a permanent lifetime insurance plan that will cover all your needs and at a fixed premium. Persons between the ages of 50 and 85 are eligible for this plan. The health condition at the time of applying or during the term of the plan does not make a difference to approvals or rates. Physical tests are also not required, making it one of the easiest insurance plans available. The maximum life insurance benefit varies and if you do not claim any insurance in the first year, your cash value increases and you can borrow against the amount at a fixed rate. The value of this plan is that when your insurance plan comes into effect, your premium value is locked and throughout your life, you would have to pay only that fixed rate as premium. You could opt to pay premiums as per your convenience – monthly, quarterly, bi-annually or annually.
The next offering by Colonial Penn is the Permanent Whole Life Insurance plan. This option is open for persons between the ages of 40 and 75 and is a lifetime coverage. Here too, you would not need to undergo medical examinations – you just need to fill in the application and based on your responses, your premium is fixed. Coverage remains the same even as you age and your premium payment is fixed for life. Therefore, you know how much you have to pay and what you are insured against – giving you clarity of the future. In this plan too, you could opt to pay premiums as per your convenience – monthly, quarterly, semi-annually or annually.
Each person has a different circumstance or requirement and it is not possible for one insurance plan to suit everyone’s needs. That is why at Colonial Penn, one can choose the option most suited to your special requirements. With plans available for as little as $9.95 a month, coverage by Colonial Penn insurance is within everyone’s reach. The plans are also very flexible- in case one becomes very ill, there is an option of collecting up to 50% through an early payout plan. After death, the family gets the remaining amount to manage the other expenses incurred.
If you are in doubt as to which plan is best suited to you, talk to one of the Colonial Penn representatives and they will help you decide. You will also get a trial period of 30 days to check whether you are comfortable with the plan or you get your money back.
