You should know a few things before applying for Colonial Penn life insurance.
Colonial Penn offers a money-back guarantee.
Colonial Penn offers a 30-day money-back guarantee. If you are not satisfied with your funeral insurance policy, you may return it within 30 days for a full refund.
This guarantee is nothing special. By law, all life insurance companies must offer what is known in the life insurance industry as a “free trial” period. They disguise it as a 30-day money-back guarantee, but it’s just clever marketing, and it’s nothing new.
They reject people with some pre-existing diseases.
There are some conditions for which Colonial Penn will deny your application for term or permanent life insurance (not guaranteed issue life insurance).
Suppose you have any of the following conditions. In that case, you may only be able to receive the funeral insurance policy, which is financially more limited but adequate to cover burial expenses and other funeral services in many states.
Some of these diseases are:
- Disability due to illness
- Receive home health care
- insulin-dependent diabetes
- Being a permanent wheelchair user
- Diabetic complications such as severe obesity, neuropathy, peripheral vascular disease, or retinopathy
- Use blood thinners like Plavix, Coumadin, or Warfarin
- Rely on an oxygen tank
- COPD
- Hepatitis
- congestive heart failure
- Renal insufficiency
- Sarcoidosis
- Muscular dystrophy
- Cystic fibrosis
- coronary artery disease
- Schizophrenia
- Multiple sclerosis
Colonial Penn Life Insurance Pros and Cons
Choosing a life insurance policy is not something to do in a hurry. One has to do homework.
It would be to your advantage to consider what costs you want your policy to cover, your current income, what bills might go unpaid, and who would depend on you if you were to die shortly.
Beyond this, you should consider the pros and cons of Colonial Penn life insurance.
Pros of Colonial Penn
- No health questions
- Everyone qualifies for your guaranteed acceptance of life insurance.
- Simple application process. It can be requested by phone.
- A reliable and recognized company
Cons of Colonial Penn
- Their policies are expensive. In general, you will be able to find better prices in other companies.
Life insurance companies better priced than Colonial Penn also have an easy application process with no health questions and are backed by names like AIG and Gerber.
In other words, you can get much better. And if you’ve already purchased a life insurance policy from Colonial Penn, you can cancel it at any time.
Compare Colonial Penn Life Insurance vs. Other Providers
Then, you should assess your overall health and get quotes from more than one company. Each case is different. Colonial Penn may or may not be the best option in your specific case.
Overall, Colonial Penn is a good option for those who prefer to avoid medical questions or exams. It has guaranteed permanent life insurance with stable premiums and never goes down.
On the other hand, their prices aren’t the lowest on the market, and they’re severely limited in how much coverage you can buy.
When applying for life insurance, the best thing you can do is get informed.
And the best way to do this is through an independent life insurance agent with whom you can talk about your financial needs, your current situation, and that of your family so that they can help you find the best option in terms of price policy and provider—coverage among the hundreds of options available.
Finding the best life insurance policy can be a simple and easy process if you put your mind to it. Save yourself the headache.
Give us a call and immediately compare Colonial Penn life insurance to other policies using our online quote engine. We’ve reviewed over 50 life insurance providers and agencies to help you compare prices and find the right company for your specific needs.
Below are some final expense life insurance companies to consider, along with Colonial Penn.
- Royal Neighbors Life Insurance
- Monumental Life Insurance
- Prosperity Life Insurance
- Aetna Burial Insurance
- United Home Life
- Globe Life
- AARP Life Insurance
