The company is owned by CNO Financial Group, a financial services organization headquartered in Carmel, Indiana. You can reach the company directly by calling 1-87 or visit online at .įounded in 1968 in Philadelphia, Colonial Penn Life Insurance Company is the brainchild of philanthropist and AARP co-founder, Leonard Davis.
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This allows them to check the status of their policies, make payments, and update their personal information.Whether you’re looking to secure an affordable policy to cover burial, cremation, final expenses, medical bills or personal debts, we can help you find the best company for your situation.ĭisclaimer: We are not Colonial Penn nor are we affiliated with Colonial Penn. Yes, policyholders can manage their policies online through Colonial Penn’s online portal.
Ensure you make payments on time to avoid any negative consequences. If you miss a payment, your policy may lapse or be canceled. Keep in mind that they only perform limited underwriting, which may affect your eligibility and rates. Yes, you will need to report your health condition when applying for Colonial Penn policies. Do I need to report my health condition if I apply for Colonial Penn policies? However, keep in mind that you may need to reapply and submit to medical underwriting. Yes, policyholders can renew their policies if they expire.
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No, if you cancel your policy after the free look period is over, you will not be eligible for any refund. Can I get a refund if I cancel my policy after the free look period is over? However, keep in mind that doing so will end the coverage, and there might be no refund available. Yes, policyholders can cancel their policies at any time. They only offer straightforward life insurance coverage. No, Colonial Penn policies do not offer any riders. Frequently Asked QuestionsĬolonial Penn offers term, whole life, and guaranteed issue policies, all of which are designed for seniors aged 50 and above. However, if you are looking for more extensive coverage, this might not be the best insurance provider for you. Overall, Colonial Penn offers affordable and straightforward coverage for seniors. This means that policyholders might not receive the best rate for their policy if their health condition is less than excellent. Limited underwritingĬolonial Penn policies only perform limited underwriting to assess a policyholder’s health condition and lifestyle. This means that policyholders do not have any cash value to withdraw or borrow against, which could be a concern for some. Unlike some other insurance policies, Colonial Penn policies do not accumulate cash value over time.
Additionally, policyholders may need to renew their policies regularly, which may be an inconvenience for some seniors. This means that those who are younger or older are not eligible for coverage. Age and eligibility restrictionsĪnother downside is that their policies are only available to those aged 50 to 85. This could be a concern for those who want more extensive coverage to provide for their loved ones after their passing. The maximum impact you can purchase is $50,000, which might not be sufficient for everyone. One disadvantage of Colonial Penn is that their coverage amounts are limited.
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