Colonial Penn Life Insurance Rates By Age
*Please note, we’re not affiliated with Colonial Penn Life Insurance Company. This is simple a review.
If you are interested in buying no exam life insurance from a highly rated company with fairly cheap rates, you might check Colonial Penn life insurance rate chart. This company is known for offering final expense and other kinds of life insurance products for seniors. While they tend to target their life insurance to seniors and middle-aged people, younger adults can also purchase term life insurance from Colonial Penn. Colonial Penn offers a rate chart to help you compare the best life insurance quotes based on your age and location.
If you’re in the market for a cheap life insurance policy, we want to be your one stop place on the Internet to compare cheap term life insurance rates. The good news is we work with some of the best rated life insurance companies in the nation to bring you no hassle life insurance fast and conveniently.
Hopefully, this comprehensive Colonial Penn life insurance review will help you decide if they are the best life insurance company for you. To help you learn more about this insurer and life insurance in general, this article will cover several topics. You can view some samples of Colonial Penn life insurance rates, learn about their various life insurance choices, and then see why they are one of the best rated life insurance companies.
Quick Review of Colonial Penn Life Insurance Products
These tables will help you compare the no exam life insurance products that you can purchase from Colonial Penn.
This list summarizes the guaranteed acceptance life insurance product:
- Ages: You can apply online for life insurance from age 50 to age 85.
- States: This life insurance product is available in all 50 states in the U.S.
- Underwriting: You don’t need to answer health questions on the life insurance application. You can also get this life insurance without an exam.
- Features: This is permanent life insurance that can grow a cash value. You can apply online, and your rates won’t change while you keep your policy active.
This list summarizes Colonial Penn’s regular whole life product:
- Ages: You can apply for life insurance online from age 40 to age 75.
- States: This life insurance product is sold in every state but ME, NY, or VT.
- Underwriting: You can get this whole life insurance without exams, but you will need to answer some medical questions.
- Features: This is permanent life insurance that can grow a cash value. You can apply online, and your rates won’t change while you keep your policy active. The company offers a maximum death benefit of $50,000.
This list describes the term life insurance from Colonial Penn:
- Ages: You can apply online for term life insurance from age 18 to age 75.
- States: This life insurance product is sold in every state but ME, NY, VT, MA, or
- Underwriting: You can get this term life insurance without exams, but you will need to answer some medical questions.
- Features: The premiums increase by age band. The company says that you can renew the life insurance policy up to age 90. They offer a maximum death benefit of $50,000.
Sample Colonial Penn Life Insurance Rate Chart
These are some sample Colonial Penn life insurance rates for a 65-year-old women who lives in Texas. Note that these life insurance rates are just samples for one individual on one day and may not represent your unique quotes. You should compare Colonial Penn life insurance rates for yourself, and you should also compare them with some of the other best rated life insurance companies in your state.
This is for a 10-year term life insurance without exams:
- $20,000: $38.83
- $50,000: $94.83
The company guarantees you can renew the term life insurance product quoted above up to age 100 even if your health changes, but they don’t guarantee you can renew your policy at the same price.
These are for whole life insurance without an exam:
- $10,000: $47.43
- $30,000: $134.97
You still need to answer health questions on an application, but these questions are mostly designed to filter out people who are already seriously ill. With whole life insurance, you don’t have to worry about your premiums increasing as you age as long as you keep your policy active.
These are for guaranteed issue whole life:
- $7,998: $59.70
- $10,664: $79.60
You don’t have to answer any health questions; however, you can see the rates will be higher for comparable amounts of life insurance. Premiums won’t increase for active guaranteed-issue policies.
These quotes are not even numbers because that’s the way the company sets pricing for their guaranteed acceptance product. Colonial Penn’s rate chart calculates premiums for death benefits in “units” that are each equal to $1,333.
How to Pay Colonial Penn Life Insurance Rates
You can pay your Colonial Penn life insurance rates in one of these ways:
- Direct billing: You can choose to get a monthly or annual bill to remind you to send in a check. The company offers a discount that’s equal to one month’s premium if you pay for a year in advance.
- Automatic drafts: You pay your first premium by check, but after that, you can have the premium deducted automatically from a checking or savings account. This option may help because it will keep you from forgetting to make a payment.
- Credit cards: In most states, you can charge your premiums to a credit card if you’d like. They don’t take credit cards in Pennsylvania. Accepted credit cards include Visa, MasterCard, or Discover.
What’s the best way to pay your Colonial Penn life insurance rates? If you forget to pay, your policy could terminate after 30 days. That might not be the best option for everybody, so you may prefer to pay by automatic draft. These days, that’s a popular option.
What Should You Know About Colonial Penn Life Insurance Company?
This insurance company was one of the first life insurance companies to offer final expense and other kinds of life insurance for seniors. They began offering guaranteed acceptance life back in the 1960s, and in those days, that was not a common option. They are an established, US-based company with offices in Pennsylvania and representatives all around the country. Even though many people think of this insurer as focused on life insurance for seniors, people can purchase their term life insurance policies as soon as they turn 18 years old.
Colonial Penn is one of the best rated insurers for financial stability too. A.M. Best has given them A+ ratings for their “Excellent” financial strength. The financial stability of an insurance company is extremely important because you may not rely upon them to pay your claims until many years or even decades after you buy a policy.
While you might not think of Colonial Penn as cheap life insurance, they have kept pricing fairly modest for most people. If you can find affordable pricing with a company that has good financial ratings, that’s always a plus. If you want more than $50,000 in coverage, you can’t buy it from this company even if you were willing to pay more.
Which No Exam Life Insurance is Best for You?
First, you should make sure you can afford Colonial Penn life insurance rates. You will want to buy something that you consider cheap life insurance to make sure you can afford it. The coverage won’t help you if you have to drop it. If you are buying this for seniors in your family, it’s fine if adult children or other relatives pay for it. Since the beneficiaries are obviously the ones who actually benefit from the coverage, this is quite common.
Of course, you might wonder if you should choose the guaranteed issue, regular whole life, or term life insurance policy. At first, term life insurance may seem like the cheap life insurance option. However, the company bands Colonial Penn life insurance rates for term by age, so even if it’s cheaper now, you need to review rates to find out if it will still seem life cheap life insurance at age 80.
The whole life policies may seem more expensive now, but the rates will stay the same while you keep the policy active. If you buy a policy at age 50, they will probably seem more like cheap life insurance at age 80 or 90. Also, the whole life policies do grow a cash value.
Should You Get Regular or Guaranteed Issue Whole Life?
If you are active for your age, not confined to a nursing home, and don’t suffer from a terminal disease, you can probably qualify for the regular policy. When you check the premium quotes, you will see that regular whole life gives you lower Colonial Penn life insurance rates.
Also, the guaranteed-issue policy may impose a waiting period that the insured person must survive before they can collect the whole death benefit. Whenever you review life insurance, you will find that it’s better to answer a few health questions if you can than to take the guaranteed-issue alternative. They design these kinds of policies so most seniors can pass through health underwriting. Those seniors who can’t might consider the guaranteed policy.
Our Colonial Penn Life Insurance Review Conclusion
The drawbacks of life insurance from Colonial Penn is that you can only get a maximum of $50,000 in coverage. While no exam life insurance is convenience, if you are relatively healthy, you may be able to get more coverage from another company at good rates if you do take a physical. No exam life insurance is handy, but it’s not the best choice for everybody.
If you want no exam life insurance, Colonial Penn is one company to consider. They offer some coverage to seniors up to age 85, and they even offer term life insurance for people who are 75. They only offer no exam life insurance, so you won’t have to bother with a physical to get accepted. Also, their life insurance rates are pretty competitive.