Wherever you are in your life, it’s good to plan ahead. Therefore, one of the best things you can do for your family to protect their future needs is to look into life insurance. Unfortunately, many people delay or choose to ignore this whole process because they either find the process too difficult, too confusing, or tend to think they don’t really need life insurance. But what eventually happens is catastrophe strikes and individuals discover too late that life insurance is a fundamental part of having a reliable financial plan.
Another aspect that many people misunderstand is that they think life insurance is too expensive. But depending on the type of policy you need, life insurance can be relatively inexpensive. Plus, when you work with Colonial Penn, the whole process of getting life insurance can be quick, easy, and painless.
Why take out life insurance?
Before we explain how Colonial Penn can provide you with the coverage you need, let’s start with the basics and discuss why you really need life insurance. While there are many reasons, the most important are the following:
- Protect your family: If your family is financially dependent on you, life insurance is critical because it will replace your income in the event of your death. Life insurance gives your family the support they need to pay their bills and live their lives.
- Leave a legacy: A great way to give your children a stable financial future is to take out life insurance even if you have no other assets to pass on. When you buy a life insurance policy and name your children as your beneficiaries, you can ultimately create an inheritance for them.
- To add financial security: Every parent or spouse wants to know that their family will be taken care of after they are gone. Therefore, taking out a life insurance policy can give people the peace of mind that they can provide for their families even when they are not around.
- Pay off costs: One of the worst fears a person has is that his family will be left in financial turmoil after death. Fortunately, life insurance allows you to provide your loved ones with financial support or additional income that can cover living expenses, outstanding debts, and even costs associated with funeral and burial expenses.
Colonial Penn Life Insurance Review
Colonial Penn is a well-known life insurance company that offers direct-to-consumer guaranteed insurance, term life insurance, and full life insurance. Colonial Penn offers a limited number of plan options, making it a practical choice for individuals who have been denied life insurance because of their health in the past.
When you choose Colonial Penn Life Insurance, you not only receive great coverage, but you also receive the following benefits.
If you are a senior between the ages of 50 and 85, you are guaranteed to be accepted
With the guaranteed acceptance policy, Colonial Penn will not reject you as a customer based on medical history or pre-existing conditions. In fact, you do not need to do a medical examination.
Try the subscription for 30 days
When starting a plan, Colonial Penn gives you a 30-day trial to determine if you like it or not. With this trial, customers have the option to cancel their subscription within 30 days and receive a refund.
Request a quote online quickly
Most insurance companies require you to contact an agent to get a quote. Fortunately, with Colonial Penn, you can get a quote and purchase a policy online. Before deciding whether to choose Colonial Penn as your life insurance company, it is good practice to compare quotes from other companies as well.
The 995 plan. Is it really $9.95?
Yes, but this price is a bit misleading. Colonial Penn specializes in life insurance products with limited acceptance and smaller death benefits, making them suitable only for those who need very limited coverage quickly. You may want to consider other options more appropriate for your situation, and we’ve found that you can usually get better coverage and lower premiums by using a price comparison service, which you can try by clicking the button above.
The guaranteed acceptance program
When you choose Colonial Penn’s Guaranteed Acceptance Program, all you need to do is provide your age, gender, and location. At this point, Colonial Penn will assign you a “unit” of coverage that can be purchased for $9.95. If you want to buy more units (you can buy up to eight units of coverage), each unit price remains fixed at $9.95. But again, you should check out other alternatives such as Sproutt Life Insurance as you may be able to get better coverage from other companies for the same price. To find the most suitable coverage for your needs, click the button above to compare quotes.
Are there better alternatives?
Again, yes! We encourage all our readers to look around for plans with other companies. It doesn’t take that much time to do it. Choosing life insurance is a big financial decision. Don’t take it lightly. If Colonial Penn’s 995 life insurance plan does not meet your specific needs, check out other companies such as; Sproutt, or fill out the form at the top of this article to see a list of other affordable options that can give you the coverage you need, especially plans that can cover your final costs.
If you are between 40 and 75 years old, consider the permanent whole life plan
The full-life permanent plan provides coverage that lasts your entire life, but you can also get up to $50,000 in coverage. To be eligible for the whole life plan, you usually do not need to undergo a medical examination. However, insurers may review your application and the responses you provide to assess your eligibility for insurance.
Get a maximum of $50,000 with the renewable term
At Colonial Penn, this option is the only option for those age 40 and under. With this plan, you can get coverage of up to $50,000 and it’s available to anyone between the ages of 18 and 75.
Available riders under Colonial Penn
In addition to your standard coverage, you can also purchase riders or add-ons to your policies that can enhance or change your coverage. For example, you can add a life insurance policy to a renewable life insurance policy or the permanent whole life insurance policy. With this add-on, someone who has become ill with cancer, a chronic illness or a heart attack can prepay up to 50% of their coverage to help pay for care.
Don’t wait any longer and postpone this crucial financial investment. If you are looking for the best life insurance policy for you and your family, we invite you to compare rates by clicking the button below. After entering your zip code, the form will take you directly to BestInsurer, where the price comparison service will show you a list of insurers in your area with the best rates.
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