![]() Bills can be scheduled to be recurring quarterly (every 3 months), semi-annually (every 6 months), or annually (once a year). Online payments can be made using one’s banking information or credit card and there are additionally three manual pay options. This policy is offered to customers between the ages of 50-85. For example, policy-holders would be covered in the event of automotive or plane crash. The policy will also pay out if death is the result of an accident. After the two year waiting period,Īfter the two year waiting period has elapsed, the full policy value becomes effective and will remain so for one’s remaining life. Rather, paid premiums are refunded plus 7% interest compounded annually. Enrollees who pass away during this waiting period are not paid out the benefit amount. The waiting period is designated as two years. The waiting period for this plan is a result of the policy’s guaranteed acceptance without a required health screening or medical check. However, drawbacks include a waiting period and high price point which is largely more expensive than many competitors (specifically, Gerber Life and Mutual of Omaha offer a comparable product at a considerably lower price). Its terms are simple, monthly price will remain constant, and benefits will never decrease. This is a true permanent burial insurance plan. Of the two, the former is the most widely marketed to the public. The second is an easy issue whole life burial insurance plan which requires applicants to provide answers to some health related questions. The most popular offering is their guaranteed acceptance whole life burial insurance. The use of this “unit” system tends to be subversive and misleading.Ĭolonial Penn currently has two main burial insurance plans. Factors such as age and sex of an individual determine the amount of coverage provided in the policy. For example, 1 unit can represent $500 in burial insurance or it can represent $1,000 in coverage. For example, the practice of selling their policies on a “per unit” basis, Colonial Penn intentionally obfuscates its pricing models to subtly mislead the audience. However, while their policies are described in a manner which makes them appear to be an economical bargain, pricing is obscured in such a way that can be confusing to its customers. Colonial Penn also has strong web and direct mail advertisements targeted at individuals over the age of 50. They command a strong advertising presence with prolific figures such as Alex Trebek, Ed McMahon, and Joe Theismann endorsing the business. When looking for an insurance policy, it is often recommended to select a company with a rating no less than A-.ĭespite being the first insurance company to develop a no health question life insurance policy, Colonial Penn has struggled to deliver a quality burial insurance product to the marketplace. They a licensed in 49 states and currently rated as B++ by A.M. Started nearly fifty years ago by AARP co-founder, Leonard Davis, Colonial Penn is a subsidiary of CNO Financial Group Inc. The following review is an analysis of one of the most recognized players in its industry. Last Updated on Jby Matt Schmidt A Review of Colonial Penn Burial Insurance
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